Key Fact Statement

The product is a domestic digital wallet issued by Al Maryah Community Bank LLC (A Specialized Bank Licensed by the Central Bank of UAE) for UAE residents. The digital wallet helps customer to perform all daily financial transactions such as sending, receiving, requesting, and paying money quickly, securely, and at your convenience. Have all your money transaction needs in one app, with the most advanced digital wallet in the UAE.

Key Features:

1.

Ability to send, receive, and request instant money from/to other Mwallet holders.

2.

Ability to send, and receive domestic fund transfer to any UAE bank using IBAN.

3.

Ability to send instant international remittance with competitive rates (Powered by Lulu Exchange).

4.

Ability to buy digital vouchers or send them as a gift.

5.

Ability to withdraw cash without a card at any of Mbank ATMs.

6.

Ability to withdraw cash using Emirates ID at any of Mbank ATMs.

7.

Ability to pay utility bill payments. (Coming Soon).

8.

Ability to top up wallet using Mbank Cash deposit machines.

9.

Ability to top up wallet using domestic cards. (Coming Soon).

10.

Ability to transfer your salary to Mwallet.

11.

Ability to have debit card to use it for cash withdrawal, merchants, and online transactions. (Coming Soon).

12.

Ability to make purchases in merchant using QR.

Mwallet Fees & Charges

Fee (AED) without VAT

Monthly Fee Free

Free

Virtual Card Issuance Fee (Coming Soon). Free

Free

First Physical card Issuance Fee (Coming Soon). Free

Free

Physical Card Replacement (lost/stolen) (Coming Soon). 25.00

25.00

Virtual Card Renewal (Every 5 Years)

Free

Physical Card Renewal (Every 5 years)

Free

Mbank ATM- Balance Inquiry

Free

Mbank ATM- Cash Withdrawal using Emirates ID Free

Free

Mbank ATM- Cash Withdrawal using QR Code Free

Free

Mbank ATM- Cash Withdrawal using Debit card (Coming Soon).

1.00

NON-Mbank Mbank - Cash Withdrawal

2.00

P2P transactions

Free

Fund transfer to Mbank Account Free

Free

Fund transfer to any UAE Account 2.00

2.00

Sending International Remittance 15.00

15.00

Cash Deposit via Mbank ATM

Free

Cash Deposit via Agent

Free

Annual fee

Free

Closure fee

Free

Product Name & Description Mwallet

Mwallet

Product details

  • Digital wallet for UAE residents to perform daily all financial transactions.

    • Eligibility

  • UAE residents above 18 years old

    • Account currency

  • AED

    • Minimum balance

  • Not Applicable

    • Interest rate

  • 1.5% per annum for updated rate please visit Mbank website

    • Interest payment frequency

  • Twice per month

    • Partial or early withdrawal penalty

  • Minus 2% of the applicable interest rate. No interest will be paid if the interest of the completed tenure of the deposit is 2% or less

    • Note: Applicable rate is the standard deposit interest rate applicable on the date the saving deposit was booked, for the period the withdrawn amount is maintained

    Additional Information

  • The Bank reserves the right to amend its Terms and Conditions, with a 60-day prior notice to you.
  • The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS.
  • You can contact the Bank for any inquiries, assistance, or suggestions at any of its branches or by contacting us on 600 57 1111 or info@mbankuae.com
  • The detailed terms and conditions are provided on the Bank’s website Terms & Conditions - Consolidated https://mwallet.ae/terms-conditions/
  • For any complaint, the customer can contact complaint@mbankuae.com mailbox.
  • All the information/options provided by the Bank are for the purpose of the customers’ informed decision-making and will not be deemed as specific advice or recommendation.
  • The Customer shall submit to the Bank all forms, documents, and evidence relating to the issuance of Mwallet that the Bank may require, in form and substance satisfactory to the Bank.
  • It is the Customer’s responsibility to always provide the Bank with an up-to-date postal address, mobile telephone number, and electronic mail address and to notify the Bank of any change of contact information previously provided to the Bank.
  • This Key Facts Statement shall be governed by and construed in accordance with the federal laws in the United Arab Emirates. Any, dispute concerning the interpretation of these terms and conditions shall be submitted to the exclusive jurisdiction of United Arab Emirates courts.

    • Warnings !!

    Warning

    Mbank may suspend or cancel the access of Mwallet if conduct is found unsatisfactory or against the Mbank Bank’s Compliance policy and/or Central Bank of the UAE regulations.

    Warning

    Consequences for failing to meet the Bank’s terms and conditions at any point either before or during the customer relationship may lead to rejection of request/service as deemed suitable by the Bank.

    Warning

    Consequences for failing to meet the Bank’s terms and conditions at any point either before or during the customer relationship may lead to rejection of request/service as deemed suitable by the Bank.

    ﻓﻲ ﺣﺎل وﺟﻮد اي ﺷﻜﻮى ﻳﺮﺟﻰ اﻟﺘﻮاﺻﻞ ﻣﻌﻨﺎ ﻋﻠﻰ اﻟﺒﺮﻳﺪ الإلكتروني

    complaint@mbankuae.com

    via us contact please complaints, any of case In

    ﺑﻨﻚ اﻟﻤﺎرﻳﺔ اﻟﻤﺤﻠﻲ ذ.م.م. ( ﺑﻨﻚ ﻣﺘﺨﺼﺺ ﻣﺮﺧﺺ ﻣﻦ ﻣﺼﺮف الإمارات اﻟﻌﺮﺑﻴﺔ اﻟﻤﺘﺤﺪة اﻟﻤﺮﻛﺰي )

    Al Maryah Community Bank LLC (A Specialized Bank licensed by the Central Bank of the UAE)