What Is Mashreq Neo? 📖
Mashreq Neo was launched by Mashreq Bank in 2017. Neo is a full-service digital bank with no branches. It is aimed at the digitally literate generation who feel no need to use a physical bank and spend a great deal of time on their internet-connected devices. The service promised to offer “a brilliant digital experience” upon its initial launch.
Mashreq said Neo was “created in response to the fast-evolving customer behaviours which we observed in the UAE”. The company said people of all ages were now spending a considerable amount of time on their smartphones and were in need of convenience. The company said its target users were incredibly active on social media sites and made purchases based on recommendations they had received. These customers also prioritised flexibility as one of their top reasons for opting for a specific bank.
The company decided to go branchless because it wanted to “embed banking into the daily life of our busy customers”. It said Neo wasn’t “just an account, or credit card, or digital wallet, adding that it was a full-service option with a vast suite of products in the palm of its customers’ hands. The bank was also the first in the GCC region to offer access to global markets for investment options like gold trading, foreign currency accounts and equities.
How Does Mashreq Neo Work? 👨🏫
Mashreq Neo offers a wide range of banking services, all of which are to be used online. Should a customer wish to seek support or speak to an advisor, they can get in touch with the call centre, or use the chatbot. They can also get help via the app and the website. The chatbot is integrated with Facebook Messenger. The team say new technologies gaining popularity in the UAE will be continually added to the range of services offered by Neo to enhance the customer experience. You can also pay utility bills with just a few taps of your screen.
Key Features of Mashreq Neo ⚙️
Aside from the features already mentioned above, Neo customers gain competitive rates on FX remittance and deposits. Free withdrawals are also available, and there are several other benefits to take advantage of. The registration process is simple, and customers can open an account within just a few minutes. Customers can sign up by downloading the app and scanning their Emirates ID. If you apply for an account through the app or online, your account will be opened immediately. A credit card will also be issued if approval is given.
Once a customer has been approved, they can expect to receive their welcome pack within just one day. This will include debit and credit cards alongside a chequebook. Neo offers Samsung Pay and Mashreq Pay wallet support, and you can send payments to companies from more than 100 countries. You can withdraw cash from ATMs without your card and transfer money from mobile-to-mobile. As a Neo customer, you’ll be able to purchase stocks in international stock markets such as New York and London. There are more than 30,000 stocks to trade in from more than 100 global stock exchanges. Gold and foreign currencies can be bought and sold on the trading platform.
There are also several benefits to choose from when you become a Mashreq Neo customer. You’ll be able to choose from a range of rewards and receive them instantly.
These include cashback, Salaam rewards and sMiles. Once you have been with Neo for three months, you can move to a different rewards programme if you wish. The changes will be made right away, so you won’t need to wait to receive these rewards. Neo also uses analytics to provide assistance with financial management. Analytics are also used to introduce you to the offers that are most relevant to you and your spending habits.
How Much Does Mashreq Neo Cost? 💸
You won’t need to pay anything to gain access to a Neo Basic Account, but you may need to maintain a minimum monthly balance of AED3000 if you opt for a Smart or Savings account. Fees may be charged if you’re unable to maintain the minimum monthly balance.
The Mashreq Neo App 📱
The Mashreq Neo app can be downloaded from Apple’s App Store and Google Play. This means it is available for the vast majority of smartphone users in the UAE.
Is Mashreq Neo Safe and Secure? 🔒
As Mashreq is one of the UAE’s oldest and most prestigious banks, your money should be incredibly safe when you become a Neo customer. Mashreq has a presence in various other countries around the world and has offices in Europe, Africa, Asia and the US.
Advantages of Mashreq Neo 👍
- Ideal for digital-savvy customers
- Neo Basic Account is free
- Can purchase stocks on international stock markets
Disadvantages of Mashreq Neo 👎
- No physical branches
- Charges incurred for Smart and Savings accounts
There are many great reasons for applying for a Mashreq Neo account if you don’t mind the lack of physical branches and you need to open a new account in the UAE. At the time of writing, you can receive early bird cashback of AED 350, and you can also get cashback on all first transactions including debit card use and quick remit within the first 30 days of opening your account. Transfer your salary to Neo and you could receive AED 2,500 cashback. You may also be able to earn up to 2,000 AED by referring friends to the service. You can also send money to friends and family members simply by using their phone numbers.
You’ll be able to withdraw cash from more than 400 Mashreq cash machines in the UAE once you get started with Neo, and you’ll also gain access to a free Visa International Platinum Debit Card. Neo enables you to get access to stock investments, loans and insurance without ever needing to visit a bank. The only obvious drawback is that Neo may not be right for you if you’re the kind of customer that prefers to speak to a banking expert in person.