Mashreq Banknot allowing balance of funds from account

I held an account (Gold/Premier customer) with Mashreq bank for 7years, as I had more than AED 1 Million in investment with them they provided me with free premier account. As I did not have Aussie bank account yet, before moving to Australia I inquired with my Mashreq personal relationship manager that what happens if I leave country permanently. And the response was you can keep the account and operate it online to transfer your money whenever you like - it's your money. Later when I needed to withdraw my funds from Australia (basically, withdraw all and close account) I could login into my internet account but was not allowed to withdraw/ transfer any funds to my Australia ANZ account.

On many calls the reason I was given was because account was dormant for months they have disabled any transfer out. The solution to the issue I was suggested is I have to visit a bank branch with my ID to activate it again. They don't have any branches anywhere near Australia so that means I have to travel to Middle-east. It took me more than a year to get back my money (sitting and not earning much interest with Mashreq).

I am now back in UAE (after 8years) and like to have feedback on banks - which bank is good for opening account. Barring Mashreq as I will never do business with them again.

Your valuable inputs will be appreciated

May 01, 2017

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