Rakbank International Transfers & Exchange Rates

RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PJSC, which is headquartered in the United Arab Emirates. In 2013, Peter England was appointed CEO and in the same year, Rakbank rolled out plans to transition into a dedicated Islamic bank. As of September 2021, the bank reported total assets amounting to 54.5 billion AED (14.7 billionUSD) This review will focus on the international transfer services offered by the UAE bank.

About RAKBANK

RAKBANK is one of the oldest and well respected financial institutions in the UAE. The bank offers a myriad of financial services such as wealth management, payment cards, mortgages, auto finance, personal finance and insurance. There are Rakbank branches dotted across the United Arab Emirates, making the bank widely accessible. Shareholder ownership is divided into the following percentages: The Government of Ras Al Khaimah (52.76%), UAE Citizens (26.99%) and foreign ownership (20.25%). In this review of Rakbank we will be examining the specifications of this bank’s international money transfers, to evaluate how it compares to alternative specialist services.

Can I use RAKBANK for international bank transfers?

RAKBANK facilitates international money transfers between the most popular transfer corridors worldwide such as the United States, India, the Philippines and many more. The bank carries out money transfers via the traditional wire transferring method, which comes with limitations and fees as you will learn in the next section.

Exchange rates and fees

In this section we will examine RAKBANK’s transfer fees and exchange rate mark-up for international money transfers.

Exchange rate: the RAKBANK exchange rates are updated throughout the day so you can view the conversion rate before confirming the final transaction amount. The currency conversion amounts shown on the website use the UAE Dirham. RAKBANK applies profit margins to their currency conversions so the rate of exchange is not the best deal you can find online.

Transfer fee: the fee depends on the destination country and the amount you are sending. For European countries the fee structure is as follows:

• 25 AED fee when sending less than 2,000 EUR

• 35 AED fee when sending 2,000 EUR to 25,000 EUR

• 55 AED fee when sending 25,000 EUR to 50,000 EUR

• 100 AED fee when sending 50,000 EUR to 100,000 EUR

• 120 AED fee when sending above 100,000 EUR

Additional costs: there are no additional costs that you need to know about when sending money internationally.

How do RAKBANK transfer fees compare to using a money transfer provider?

The fees at RAKBANK for sending money abroad are not as bad as some traditional banks. The bank has a good fee structure which increases with the size of the transfer amount: this means smaller transfers are more affordable.

However, customers will enjoy much lower fees across the board when using dedicated money transfer operators, like Xe and Wise, whose service fees are more affordable across a wide range of transfers.

RAKBANK Pros and Cons

For a balanced overview of what RAKBANK offers, we will be taking a look at the bank’s leading pros and cons.

How to open an account and transfer money with RAKBANK Bank

Next we will demonstrate a step-by-step process of how to open a RAKBANK account and use it to transfer money.

Opening an account

To open an account online visit the official website using a desktop browser. Make sure to have a photo ID such as a passport or driver’s license as well as any relevant visa documentation and proof of residence. During the sign up process you can choose the primary currency for your account; options include AED, USD, GBP, EUR and more. Once you have filled out the form, wait for the customer service team to review the information.

Transferring money

The process of transferring money is similar to what you can expect at other traditional banks. Here is the step by step process to follow:

• Step 1: Log into your online account using your smartphone or desktop browser

• Step 2: Enter the recipient details such as their bank name, account number and other requested information

• Step 3: Choose the amount to send and from what currency account if you have several

• Step 4: Decide who will pay the fee: you, the recipient or both

• Step 5: Review the transaction before confirming and sending payment

Additional information

• Promotions: RAKBANK runs several promotions throughout the year. At the time of writing they had a promotion where 1 in 5 lucky winners get a chance of getting their transfer amount back (up to a maximum of 5,000 AED).

• Send money to India: RAKBANK offers instant money transfer services to India.

• Insurance: you can get insurance for assets such as cars and real estate.

• Blog: check out the Rakbank blog to find information about using the bank’s products, as well as international service updates.

What customer support options are available?

• Live chat: access the live chat feature by logging into your smartphone or account on a desktop browser

• Phone: you can give RAKBANK customer service a call on 600 54 4049

Summary

RAKBANK is a reputable bank with many useful traditional banking services such as personal and business accounts, insurance, wealth management and worldwide transfers available to those who wish to bank without borders. Services are widely accessible through the app, compatible with most mobile devices. However, RAKBANK charges steep transfer fees that add up to a significant amount for those who send multiple transfers each year. You can save money by using alternative money transfer providers such as Wise, Xe and CurrencyFair. These brands typically cap their fees when executing larger transfers and offer more affordable options for smaller transfers.

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