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Mashreq Neo Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?

Mashreq Neo - An online trading service provided by Mashreq Bank, with the ability invest in currencies, and stocks both on the local and international financial markets. It's good for people looking to buy shares in the Dubai and Abu Dhabi stock markets.

Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.

Mashreq Neo (Mashreq Bank) Broker has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.

Trustpilot Reviews of Mashreq Bank and Mashreq Neo

Here are a few reviews posted on Trustpilot regarding banking and brokerage services provided by Mashreq Bank and Mashreq Neo:

 

M Noor claims that he is one of the most difficult brokers to work with in the UAE.



Shafiq has said I've been attempting to fix an issue with not getting OTP on my mobile phone for about a month, which has resulted in my being unable to access my account from outside the UAE. Every time I make an international phone call to Mashreq Bank, I have to describe the situation to a different person who is very incompetent, and then nothing happens and the problem continues. I've complained about this on the internet around seven times without getting a response. I have contacted many people, but have received no answer. I've been using the same bank account and cellphone number for more than 10 years with no issues until recently. My cell service provider did all they could on their end and informed me that the issue was with the bank. I'm becoming frustrated with how long it's taking to resolve this. Mashreq Bank's customer service is really awful. This is a bank that I would not recommend at all. Very terrible customer service.



Soniya Bhopani claims that I have given them a one-star rating out of regret, but in reality, they deserve a -100000 rating. Customer assistance for Individual accounts is atrociously poor, to say the least. Deduction made for no apparent purpose. They don't bother to return phone calls or respond to emails. Specifically, their Agent who was behind you when you opened an account after that, they didn't even bother to show their face to you again. Disgusting.
 


Mashreq Bank, according to Jawhar Abboud, is the worst bank in Dubai. I would not recommend working with this bank because their customer service support is zero and they do not do their jobs at all. They closed my Mashreq business account without even attempting to contact me or notify me, and when I attempted to reactivate my account, they were completely unhelpful. This is the worst bank in Dubai.



"I can only concur with the other negative remarks," Ahmad Taha said of the reviews. That Mashreq just ignores these evaluations and does not respond to them demonstrates how much they value their customers' customer service experiences. Any respectable organisation will reply to them and make every effort to resolve them. Are they able to be reached through email if anybody has their contact information?

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CJ Prz declares that this is the worst bank ever! I purchased the ticket using my credit card and paid for it on the same day that I made the transaction. To my surprise, there is a 34 aed hidden charge at the end of the month, which they claim is for a conversion fee charge. They have a plethora of hidden fees, so be cautious!



Mohamad Ali Nasser is quoted as saying This is without a doubt the worst bank with which I have ever dealt in the United Arab Emirates. It took more than a month to establish an account. It was my decision to squander my time with them, not theirs, that caused the problem in the first place. Attempt to avoid at all costs. This is not encouraged.


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Tina Si expresses herself In the UAE, there are a plethora of financial institutions, and although their overall quality isn't outstanding, Mashreq is the worst. Far too many issues are being handled by individuals who have no clue what they are doing and who, on the whole, are unprofessional in their approach. It took me about two months to finally give up on trying to register my company with their digital bank despite virtually daily follow-ups. When I signed up with them for personal banking, I was given a credit card that I had not requested and had to cancel immediately. I applied for a credit card in early November, 1.5 years after my first application. During the registration process, the app crashed. I attempted to re-register multiple times, but the system indicates that I currently have a card application pending and that I am unable to re-register. I filed a formal complaint and demanded assistance. After multiple follow-ups, they responded again six weeks later, stating that they will dispatch someone to complete my application. "You have an application pending, you will not be able to register," says the guy who meets me and fills out the application online. Really??? He then said that he will communicate with his IT staff in order to rectify the issue. This occurred two weeks ago. I never received a response. After contacting another bank, I was able to have my credit card in my possession within a few days. So the bottom line is: don't spend your time reading this.



Sulfaf Am claims to have received the worst customer service in the UAE. Never, ever open an account with this bank. Their customer support representatives make fun of us and attempt to get us to accept a higher wage. They didn't provide you the option to terminate your account.



Hassan expresses himself as follows: Very terrible customer service. I submitted an application for the establishment of a bank account. It took them 25 days to send someone to verify the information they had. The scanner was unable to scan and capture the fingerprints, and the bank did not have a mechanism in place to resolve the problem.



Sooraj Surendran claims that he, too, had a negative experience, which was comparable to that of several of the persons who were rated negatively on this site. When I used the Mashreq online service on the 8th of January 2022, I requested an immediate cash from credit card. The money was deducted from my credit card, and the transaction queue status indicated that the transaction was finished, but the money has not yet been credited to my account. I've already submitted two service requests and made three phone calls, but to no avail. This was a terrible experience, and I'd never had anything like this happen with any other bank, including ENBD or DIB.



Mansoor Ahamed claims that he is a Mashreq Bank UAE client and that the bank provides the worst customer service he has ever experienced. A few of my inbound remittances were not deposited to my account as expected. I had been following up with the bank for almost 20 days when they eventually responded over the phone, stating that the cash had been returned to the remitters. When I requested that the bank write to me about the reason for the return, I got an unexpected answer, stating that they do not have a policy regarding customer complaints sent by email. The money has to be re-transferred by the sender a second time. The Mashreq system has been down for the previous number of days, preventing any inbound remittances from being received on schedule. I got a message stating that this will be fixed within 24 hours, however it has not been resolved as of yet. There's no use in visiting the branch or speaking with a customer support representative. The worst banking experience I've ever had!!



Susanne expresses herself Mohammed Raza, who works as a customer service officer at the Burjuman branch of Mashreq, is a very excellent and helpful assistant at the company. He was able to archive what we had been attempting for months in a single day.



Ali Thwaini reports that he went to the Mashreq Burjuman branch today and was greeted by Mr Mohammed Raza, who is a manager. He was really pleasant to talk to as well as quite professional. He was also quite efficient, and he was able to resolve my concerns in a short period of time. He is a valuable addition to the organisation.



Renezza, has informed me that I have just created my Mashreq Neo Current Account. So far, I have not encountered any difficulties. I attempted to contact their customer service department, and they were quite helpful. The service at mashreq is superior to that of my former bank. Try banking with DIB for a few days and you'll notice the difference.



Christan Panganiban expresses gratitude to Mr. Nikhil Muralee, stating that Mashreq should recruit employees with his qualities. In contrast to other Mashreq employees, we provide 7-star client service. Employees with the qualities of Mr. Nikhil Muralee are quite uncommon in Mashreq.

 

Learn more about online trading brokers for UAE citizens and residents.

Sites like Mashreq Bank and Mashreq Neo in the UAE

Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.

The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.

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Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.

 

 

 

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