Given the global regulatory environment, Mashreqbank PSC (“Mashreq”/ “Bank”) is required to review its policies to meet international banking standards. The purpose is to safeguard the interest of its customers and the Bank.
Going forward, all USD outward payment instruction(s) received from the Bank’s customers would require supporting documents/ information before processing the fund transfer request. Supporting documents / information will be required at the time of initiating the funds transfer request through MashreqOnline and/or from any of the Mashreq branches.
The additional information is required from all Business Banking customers. Information requested has been categorized based on the type of payment.
Details below:
Type of Payment
Supporting document/information required
Service Payment
Type of Service Rendered
Country where the service is provided
Optional :
End user details – Name, Date of Birth and Nationality
Any additional documents that would support the Fund Transfer Application (FTA) request
Trade Payments
Port of Loading
Port of Discharge
Cargo/Vessel Name
Airway/IMO Number
Commercial Invoice / Performa Invoice Copies
Transport Document Copy [e.g. Bill of Lading; Airway Bill; Road Transport]
Optional:
End user – Name, Date of Birth and Nationality
Any additional documents that would support the Fund Transfer Application (FTA) request
Trade Advance Payments
Commercial Invoice / Performa Invoice Copies
Type of Goods: Detail of the merchandise being traded
Origin of Goods: Country name is required
Port of Loading
Port of Discharge or Destination
Optional:
Cargo/Vessel Name
Airway/IMO Number
End user – Name, Date of Birth and Nationality
IMPORTANT: Failure to provide the required documents / information may result in cancellation of Client’s instruction(s). The Bank will not be liable in any event whatsoever for any exchange loss as a result of declining any transactions.
The Bank may also require further documents / information subsequently in order to meet its regulatory obligation and satisfy beneficiary / correspondent bank’s requirements. In such circumstances, the Bank requests prompt response and complete cooperation from the Client in providing the details.
Please feel free to contact Bank’s customer service on +971 4 4244 763 or email on SMEFTdocs@mashreq.com for any further clarifications.
FAQ – EDD US DOLLAR OUTWARD PAYMENTS
The purpose is to safeguard customer’s interest by ensuring compliance to regulatory requirements and international banking standards. The Bank aims to be the cornerstone to safe and transparent processing of payments for all its Clients.
Applies to Outward Payments of US Dollar.
Applicable for all Business Banking customers.
Supporting documents will be requested for every transaction.
Old fund transfer forms will be replaced with new forms. New forms will be available at the branches.
Additional information is defined as per the payment type. This has been categorized into 3 groups:
Service Payments:
Type of service rendered
Country of Service: Location where the service is rendered.
Trade Payments:
Commercial Invoice/Performa Invoice
Transport Document Copy [e.g. Bill of Lading; Airway Bill; Road Transport]
Trade Advance Payments
Commercial Invoice/Performa Invoice
Type of Goods: Specify details of the merchandise being traded
Origin of Goods: Please provide the country name
Port of Loading:
Port of Discharge / Destination
If required or satisfactory documents are not available then the transaction may be declined. If declined, clients will receive notifications of the decline through Email, SMS and or call on registered contact details.
Clients will need to re-initiate the transaction either online or at the branches.
All branches of the Bank are equipped with capability to accept supporting documents which will be scanned along with forms for payment processing. It is advised that all mandatory sections are filled in the form and documentation is submitted along with the payment instruction.
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