National Bank of Umm Al Quwain (NBQ) Business Account

Minimum Salary
0,00 د.إ

Description

NBQ offers a single Business Current Account designed for SMEs and corporates with a straightforward fee structure: a minimum balance of AED 20,000, a monthly fall-below fee of AED 150, and unlimited free transactions. The account features multi-currency support, salary processing, bulk payments, and robust digital banking services via NBQ online and mobile platforms.

Features

Account Package Overview

Account Name: Business Current Account
Minimum Average Balance: AED 20,000
Monthly Fall-Below Fee: AED 150 (applies if average balance drops below AED 20,000)
Account Opening Fee: None
Monthly Maintenance Fee: None beyond fall-below charge
Free Transactions: Unlimited over-the-counter and digital transactions

Core Features & Benefits

Multi-Currency Accounts: Hold and transact in AED, USD, EUR, and GBP.
Digital Banking: 24/7 access via NBQ Business online portal and mobile app for transfers, bill payments, and bulk file uploads.
Salary Processing: WPS file uploads at AED 2 per beneficiary; Direct Debit and Standing Instruction setup at AED 100 per instruction.
Cheque Services: First cheque book free; stop payments, returns, and deposit services.
Cash Handling: Free over-the-counter cash deposits and withdrawals up to daily limits; bulk cash handling at 0.25% of amount.
Trade & Treasury: Trade finance advisory, letters of guarantee, and foreign exchange services with preferential rates for customers maintaining balances.

Eligibility Criteria

Business Type: UAE-incorporated entities (LLC, sole establishment, free-zone companies), branches of foreign companies, and registered freelancers.
Signatories: Authorized signatories must hold valid UAE residence visas and Emirates IDs.
Trade License: Valid, unexpired license matching the business’s primary activity.
KYC Compliance: Submission of required documentation and adherence to anti–money-laundering regulations.

Detailed Schedule of Fees

Account Maintenance & Balances

Service	Fee
Fall-Below Fee (avg. balance < AED 20K)	AED 150 per month
Dormant Account Charge	AED 315 per annum
Account Closure (≤ 6 months)	AED 150

Teller Transactions & Cash Handling

Service	Fee
Over-the-Counter Cash Deposit	Free
Over-the-Counter Cash Withdrawal	Free up to AED 20,000/day; AED 10 per transaction thereafter
Bulk Cash Deposit/Withdrawal (> AED 20,000/day)	0.25% of amount
Cheque Deposit (loose)	AED 5 per cheque
First Cheque Book (50 leaves)	Free
Additional Cheque Book (50 leaves)	AED 50 per book
Stop Payment Instruction	AED 95 per instruction
Cheque Return (inward/outward)	AED 150 per cheque

Funds Transfers & Remittances

Service	Branch Fee (AED)	Online Fee (AED)
NBQ⇄NBQ Transfers	Free	Free
NBQ⇄Other UAE Banks Transfers	AED 20	AED 3
Outward Remittance (International)	AED 31.50	AED 26.25
Inward Remittance (credit)	Free	N/A
SWIFT Copy	AED 21	Free
Amendment / Investigation	AED 78.75	N/A
Cancellation / Recall	AED 105	AED 78.75

Digital Banking & File Services

Service	Fee
Online Platform Access	Free
Mobile App Access	Free
WPS Salary File Upload (per file)	AED 105 + AED 2 per beneficiary
Standing Instruction Setup	AED 100 (one-time)
Standing Instruction Amendment/Cancellation	AED 100 per request
Bulk Payment File (non-WPS)	AED 105 + AED 2 per transaction

ATM & POS Services

Service	Fee
NBQ ATM Withdrawal (UAE)	Free
Non-NBQ ATM Withdrawal (UAE)	AED 2 per transaction
GCC ATM Withdrawal	AED 6 per transaction
International ATM Withdrawal	AED 20 per transaction
Balance Inquiry (non-NBQ ATM)	AED 1 per inquiry
POS Transactions (domestic)	Free
Foreign Currency Transaction Spread	1.99%

Account and Legal Services

Service	Fee
Duplicate Statement (branch)	Free up to 3 months; AED 5/page 3–12m; AED 50/page >12m
Balance/No-Liability Certificate	AED 100 per request
Audit Confirmation Report	AED 250 per request
Liability Letter	AED 100 per request
Trade License Renewal Grace Charge	AED 367.50 per month (>2 months)

Documents Required

Corporate Documentation:
- Trade License and Commercial Registration certificate
- Memorandum and Articles of Association (and any amendments)
- Board resolution authorizing the opening of the account and signatory powers
Identity Documentation (for each signatory):
- Passport copy with valid residency visa
- Emirates ID copy
Proof of Address:
- Ejari tenancy contract or recent utility bill (not older than three months)
- Bank statement showing residential address (if necessary)
Additional Documentation:
- Ultimate Beneficial Owner (UBO) structure documents for layered corporate structures
- VAT registration certificate (if applicable)
- Bank reference letters or audited financial statements (for enhanced account services)

Additional Info

The NBQ Business Current Account is ideal for SMEs requiring unlimited transactions, cost-effective salary processing, and comprehensive digital banking, provided they maintain the AED 20,000 average balance to avoid fall-below charges.