A non-home money deposit account that is held by a domestic bank (onshore) or bank in another country is known as a foreign currency bank account
Generally, domestic deposit systems do not protect foreign-exchange accounts. A foreign currency bank account may be used for business and personal necessities. Depending on your portfolio, your balance will also earn you interest.
A bank account is a form of account intended for a foreign currency other than local currency which may be deposited by a holder to the foreign currency bank account and administered by a bank locally or by a foreign bank.
Foreign Currency Bank Account Features
Generally, you transfer money to foreign currency transactions using your usual bank account. But you can give and get money into a foreign currency bank account in different currencies.
You save time for a simplified transaction and resources by eliminating heavy transfer costs. And you don’t have to be concerned about the changes that threaten your balance in the short-term currency.
The bank account for foreign exchange is considered a major part of the banking process when a foreigner or a member of any family who resides outside the country and earns for the foreign currency needs to pass money to them.
Best Investment Solutions in UAE Other Than Foreign Currency Bank Account
Though a foreign currency bank account considered one of the best investment solutions in UAE many other investment solutions are available for investors. Mashreq bank offers the best investment solutions in UAE.
- Savings Accounts
A broad liquidity savings account is one of the most popular alternatives. You can withdraw money from your bank account anytime and anywhere without problems. The most advanced savings accounts in Mashreq.
- Structured Solutions
Mashreq Bank offers coordinated solutions across all asset classes by including a number of instruments available to illustrate market demands and accomplish attractive objectives.
Principal drivers of capital growth and valuation are securities ideal for more risk-oriented investors. Mashreq’s 24-hour trading desk offers options for international markets with a wide geographical base.
- Mutual Fund
Mutual funds are instruments that allow you to manage a wide-ranging portfolio of shares, bonds, and other securities. Any shareholder shares directly in the fund’s profit or loss.
Shares are distributed and may be reimbursed on the basis of a requirement. The Net Asset Value of the Fund (NAV) is measured on a regular basis (or at a defined frequency), according to the terms of the fund. The investment prospectus is intended for each mutual fund account.
Mashreq’s fund website gives you access to funds from renowned international wealth management organizations in an open architecture.
- Certificate Of Deposit
With a 100% principal pledge in maturity, Mashreq provides a wide variety of certificates of deposits (CDs). CDs should serve as a medium to control liquidity and provide you with tailor-made tenors and regular returns.
- Available on tenors from 6 months to 10 years.
- AED, USD, GBP, and QAR are denominated*
- Guaranteed fixed/floating returns charged regularly (in the first/monthly/quarterly/half-yearly/annual/mature)
- The instrument for urgent fund needs may be collateralized
- Often available in a format that matches Shari’a