Usually, getting a business account in UAE is not an easy task. It takes considerable time to get your business account approved and opened. This turnaround time can be even 2-3 months. Taking this complexity into consideration, a few top banks in the UAE like Emirates NBD and Mashreq Bank, have come up with an idea of digital banking services.
The digital banking service is provided through mobile applications where entrepreneurs, small business owners, etc. can avail banking services effortlessly and quickly using the app. Having a bank account is definitely a part of the business and currently, business owners in this region find banking as a difficult task. Now with the help of these digital apps, business banking customers can get their banking services done at ease.
After the successful appreciation Emirates NBD Liv. Account has received, Emirates NBD has come up with an initiative of the digital bank app for business customers which is called E20. This will enable their business banking customers to open an account, perform transactions and pay required bills quickly than ever before. Along with these, they can also generate invoices, track transactions, check VAT information and perform several other functions as well.
Emirates NBD E20. will beavailable to regular banking customers from the first quarter of 2020. Right now it will be available to their selected business banking customers who will test the app and the functions while availing the services parallelly.
Benefits provided on the Emirates NBD E20
Can manage business transactions easily using the app
A free debit card is provided
A free cheque book is provided
Can pay bills on the app
Perform transactions using the app
Mashreq has launched NeoBiz which is an exclusive app for business banking customers. Using this app, customers can perform all the banking services on their phones. Mashreq NeoBiz claims to open a business account in 20 mins. There are several benefits provided on the NeoBiz like free debit card, cheque book, chatbot called Emma to assist the customers online and it is also a business bank account with no minimum balance requirement.
There are 3 different NeoBiz accounts available i.e Trade Pro, Basic and Advance. Each of these account variants has its own benefits provided. The eligibility criteria to avail NeoBiz services are,
The company's annual turnover should not be more than AED 30 Million
Individuals must own the company, not other entities
The main signatory of the company must be UAE resident
Business owners can download the app on the Mashreq NeoBiz website.
While moving towards digitalization, this initiative by banks in UAE will be of great help for the business owners. It will make business banking easy and comfortable where business owners can concentrate on their businesses rather than banking.