Mashreq Launches Cross-Border Accounts for Egyptians in UAE

UAE-based Mashreq Bank has launched digital non-resident accounts for Egyptian nationals living in the United Arab Emirates, enabling no-fee transfers between the UAE and Egypt.
The accounts can be opened in Egyptian pounds or US dollars through a fully digital process, without the need for paperwork or branch visits. The service is available to customers holding Mashreq NEO, Gold or Private accounts.
According to the bank, the Central Bank of Egypt has permitted the use of know-your-customer checks conducted in the UAE to facilitate the opening of these accounts, allowing for a streamlined onboarding process.
Mashreq said the product offers a no-fee remittance channel between the two countries, targeting a segment where transfers are often routed outside the banking system due to cost and convenience factors.
Beyond transfers, the accounts allow users to access investment products in Egypt, including certificates of deposit, directly through mobile banking.
The launch builds on similar cross-border offerings introduced by Mashreq in other markets, including Pakistan and India, as the bank expands its presence across key remittance corridors linked to the UAE.
The move comes as remittance flows to Egypt continue to grow, with the bank citing annual inflows of USD 41.5 billion, reflecting rising demand for faster and more cost-efficient transfer solutions.