How to open a bank account in RAKBANK
Cross reference about the bank
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- RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C);
- the bank opens savings (deposit) and business accounts;
- the bank only opens accounts to local companies: LLC, Free Zone Company, personal accounts for residents and non-residents;
- the bank does not open accounts for non-Emirati companies and offshore companies, even Emirati ones;
- minimum average monthly account balance – from AED 25 000 (~ USD 6 800);
- A visit from the account signatory / beneficiary of the UAE is required to open the account;
- open accounts in USD, AED EUR, GBP;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- 3 any transactions per month are free of charge, each subsequent transaction – 25 AED (~ 6,8 USD)*;
- the account maintenance fee is charged if the account drops below the minimum balance and is from AED 50 (~ USD 14) per month*;
- online banking in English
* These fees are indicative and may vary depending on the banking package chosen by the client
Cross rating
3.5/5
Beginning of cooperation
November, 2019
Last contact
October, 2023
Last update
October, 2023
Success based fee
2500 USD
Mohammed
Lead Consultant “cross-border-capital-advisors” UAE Banking
- General information and rating
Not rated
Global rating
Not rated
Countrywide rating
—
Countrywide rating of the head bank
—
Global rating of the head bank
Year of foundation
1976
History
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C) a Public Joint Stock Company, is one of the oldest and most dynamic banks in the UAE. Founded in 1976, the Bank underwent a major transformation in 2001, with a shift in focus from Corporate Banking to Personal and Business Banking.
Personnel
The staff speak English
Bank’s shareholders
The Bank is 52,76% owned by the Government of Ras Al-Khaimah and its shares are publicly traded on ADX
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
- Minimum requirements
6 200
Minimum balance, €
No restrictions
Transactions permitted per month
6 200
Initial deposit of funds, €
0
Deadline for the initial deposit, month
Minimum balance, €
Minimum average monthly account balance – AED 0, AED 25 000 (~ USD 6 800), AED 250 000 (~ USD 68 000) – depending on the tariff
Transactions permitted per month
The number of transfers is not restricted for business accounts
Initial deposit of funds, €
The initial deposit equals the minimum balance
Deadline for the initial deposit, month
The initial deposit is made at the time of opening the account
Minimum turnover, €/year
When opening an account
How fast payments are executed
The payments are executed same day
Order a consultation
- Tariffs and services
6
Outcoming transfer, €
6
Incoming transfer, €
144
Account maintenance, €/year
N/A
Payment limit for credit cards, €/day
Outcoming transfer, €
Аny 3 transactions per month are free of charge, each subsequent transaction – AED 25 (~ USD 6,8)
Incoming transfer, €
Аny 3 transactions per month are free of charge, each subsequent transaction – AED 25 (~ USD 6,8)
Account maintenance, €/year
Account maintenance fee is charged if the minimum balance decreases and is from AED 50 (~ USD 14) per month
Distant access to the account
Online banking in English
Financial products
clients, private banking, asset management, investments, and loans
Credit/debit cards
The bank issues both debit and credit cards
- Account opening procedure
Days to open for incoming transfers
Case by case
Days to open for outcoming transfers
Case by case
References
Not necessary
Purpose of the account
Savings & current
Visit to the bank
The account signatory / beneficial owner must visit the country for account opening
Required
For a corporate account: completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.
For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.
The list is not exhaustive. The bank may request any other documents and information
For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.
The list is not exhaustive. The bank may request any other documents and information
Types of accounts
Savings; Current
Chances to open an account
Predictable
- Banks of UAE
Bank
The cost of opening an account, $
Global rating
Countrywide rating
Cross rating
Dubai Islamic Bank
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Arab African International Bank
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Sharjah Islamic Bank P.J.S.C
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2.5/5
Commercial Bank of Dubai (CBD)
2 500
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Banque Misr
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N/A
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Emirates Islamic Bank
2 500
N/A
N/A
3.5/5
Abu Dhabi Islamic Bank (ADIB)
2 500
N/A
N/A
3/5
RAKBANK
2 500
N/A
N/A
3.5/5
Abu Dhabi Commercial Bank (ADCB)
2 500
N/A
N/A
3/5
Mashreqbank
2 500
N/A
N/A
3.5/5
Ajman Bank
2 500
N/A
N/A
2.5/5
Emirates NBD PJSC
2 500
239
1
3.5/5
- Banks of UAE
Bank
The cost of opening an account, $
Dubai Islamic Bank
2 500
Arab African International Bank
2 500
Sharjah Islamic Bank P.J.S.C
2 500
Commercial Bank of Dubai (CBD)
2 500
Banque Misr
2 500
Emirates Islamic Bank
2 500
Abu Dhabi Islamic Bank (ADIB)
2 500
RAKBANK
2 500
Abu Dhabi Commercial Bank (ADCB)
2 500
Mashreqbank
2 500
Ajman Bank
2 500
Emirates NBD PJSC
2 500
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