Can I Buy Bitcoin with Mashreq Bank?

Yes, Mashreq Bank account holders can purchase Bitcoin through licensed exchanges. The bank does not process digital asset transactions directly, but customers can transfer funds to crypto platforms in the UAE that are licensed by the Abu Dhabi Global Market (ADGM). These exchanges allow users to deposit AED through bank transfers or debit cards.

How to Buy Crypto with Mashreq Bank

Mashreq Bank customers can access crypto by using licensed exchanges that comply with UAE regulations. A reliable platform is Rain, which operates under the Abu Dhabi Global Market (ADGM) regulations (registration number 6561104). Rain offers more than 70 cryptocurrencies for trading, and users can deposit AED through bank transfers, debit cards, credit cards, Fawri and Fawri+.

Here’s a guide to buying crypto with Mashreq Bank:

1. Create an Account: Visit the Rain website and register for an account. Complete the verification process by uploading the necessary identification documents.
2. Deposit Funds: Head to the deposit section of the Rain platform, choose AED as your currency, and follow the instructions to transfer funds from your Mashreq Bank account.
3. Select a Cryptocurrency: Once your funds are reflected in your account, explore the platform’s wide range of cryptocurrencies.
4. Make Your Purchase: Enter the amount in AED you wish to invest in your chosen cryptocurrency. Confirm the details and finalize your transaction to complete the purchase.

What are the Fees?

Mashreq Bank customers planning to use Rain for cryptocurrency investments should understand the fee structure involved. Here’s a breakdown of the costs:

1. Deposits: Transferring AED from your Mashreq Bank account to Rain via bank transfer is free of charge. The entire amount sent is credited to your Rain account without deductions.
2. Withdrawals: Withdrawing AED back to your Mashreq Bank account through local bank transfers within the UAE is also free.
3. Trading Fees: Rain incorporates its fees into the quoted prices for buying, selling, or swapping cryptocurrencies. This pricing includes the source price and a small margin that fluctuates based on market conditions.

Unlike platforms like Coinbase, which often charge trading fees exceeding 2%, Rain’s transparent fee structure is comparatively more affordable.

Mashreq Bank Cryptocurrency Policy 

Mashreq Bank enables its customers to access the cryptocurrency market by facilitating AED transfers to exchanges licensed by the Abu Dhabi Global Market (ADGM). ‍The bank imposes a daily limit of 30 transactions and a monthly limit of 100 transactions, or 300,000 AED a month.

Demonstrating a commitment to innovation, Mashreq has actively explored blockchain technology. The bank partnered with the Dubai International Financial Centre (DIFC) and fintech firm Norbloc to launch the region's first production-ready blockchain Know Your Customer (KYC) data-sharing consortium.

About Mashreq Bank

Mashreq Bank, established in 1967, is the oldest privately owned bank in the United Arab Emirates, offering a comprehensive range of financial services, including retail banking, asset management, and investment banking. 

With a global presence spanning 16 overseas offices in 13 countries, Mashreq serves a diverse clientele through innovative products like Mashreq Neo, a full-service digital bank, and Mashreq Matrix, an integrated online banking platform for corporate clients.

Bottom Line

Mashreq Bank allows customers to transfer AED to regulated crypto exchanges such as Rain, which is licensed by the Abu Dhabi Global Market (ADGM).

With simple processes for depositing funds, executing trades, and making withdrawals, Mashreq clients can explore cryptocurrency investments securely and in compliance with UAE regulations.