Mashreq launches UAE's First Online Foreign Currency Account

A Fully Transactional Account offering Swift and Convenient digital solution for customers who need to maintain multiple foreign currencies

Dubai – UAE, September 10th 2015: Mashreq, one of the UAE’s leading financial institutions, is offering its customers an instant Foreign Currency Account (FCY) for those who have a natural need to maintain foreign currencies like USD, EUR, GBP and AUD. Customers can open the new account instantly without paper based forms at no additional cost and will have full transactional capability.

The Foreign Currency Account provides customers with complete digital experience, as it removes the hassle of additional account opening forms. With just online access, Mashreq customers will be granted full freedom to open and operate the Foreign Currency account with superb functionality. The account allows customers to transfer funds from any existing account to buy into the newly opened FCY denominated account. It can also be used for inward or outward remittances and is perfect for those who decide to diversify their currency holdings.

Tooran Asif, Head of Personal Banking, Mashreq said, “We understand our customers’ needs for convenient banking services, and we know the hassle people go through with currency exchange and services. Mashreq is currently the first bank in the UAE to offer the new instant Foreign Currency Account facility to customers. This is yet another showcase that Mashreq is advancing rapidly and we are committed to creating innovative products and services that provide quick and reliable solutions”.

Aref Al Ramli, Head of Electronic Business Innovation commented, “We want to provide our customers with the most advanced and secure platforms to carry out their everyday banking transactions. The Foreign Currency Account is aimed to provide customers with instant, efficient and a smooth service and with this service we reflect on Mashreq’s commitment to continue extending its customers with the best banking services and products.”

Mashreq’s easy-to-follow online services stand out amongst competitors; its key products make it as good as face-to-face banking. The online service highlights the evolution undergone by Mashreq and their commitment in effectively utilising digital space. For better accessibility, select Mashreq branches will allow USD, EUR and GBP balances to be withdrawn and customers will enjoy the benefits of convenience and speed that match their busy schedules.