Cross Border Capital Advisors

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How to open a bank account in RAKBANK

Cross reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

  • 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

Mohamed Shabana Lead Consultant UAE Banking

Mohammed

Lead Consultant “cross-border-capital-advisors” UAE Banking 

 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

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

     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

    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

    Types of accounts

    Savings; Current

    Chances to open an account

    Predictable

    Bank

    The cost of opening an account, $

    Global rating

    Countrywide rating

    Cross rating

    Dubai Islamic Bank
    2 500
    N/A
    N/A
    3/5
    Arab African International Bank
    2 500
    N/A
    N/A
    2.5/5

    Sharjah Islamic Bank P.J.S.C

    2 500
    N/A
    N/A
    2.5/5
    Commercial Bank of Dubai (CBD)
    2 500
    N/A
    N/A
    3.5/5
    Banque Misr
    2 500
    N/A
    N/A
    3/5
    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

    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