RAKBANK (National Bank of Ras Al-Khaimah), UAE


RAKBANK was founded in 1976 as the national bank of the Emirate of Ras Al-Khaimah, owned by its government. This ensures high reliability, and RAKBANK is currently a market leader in providing a wide range of banking services within the UAE and abroad.

Rating agencies Fitch and Moody’s have assigned the bank ratings of BBB+ and Baa1, respectively.

Account Types

The bank caters to various clients, offering personal accounts for individuals, as well as current and trading accounts for companies.

The primary account currencies at RAKBANK are AED and USD, with others available upon request.

Account Opening Cost (Bank Tariff)

The bank does not charge fees for opening accounts for individuals or companies.

The minimum balance for personal accounts is 3,000 AED. For companies, the minimum balance depends on the service plan: 0 AED for RAKstarter Account, 25,000 AED for Business Current Account, and 500,000 AED for Business Elite. Failure to maintain the required minimum balance will result in monthly fees.

For account openings involving citizens of high-risk countries, RAKBANK may require a higher deposit or the purchase of additional banking services.

Account Management Accounts can be managed through the web version of internet banking, the RAKBANK mobile application, or by visiting a bank branch in the UAE.
Maintenance Fees

Free for individual accounts if the minimum balance is maintained. For corporate clients, the monthly maintenance fee is 103.95 AED.

Personal Accounts: Service fees depend on the chosen service plan: Personal Banking, Select, and Elite. RAKBANK does not charge additional fees for receiving incoming payments in AED or other currencies.

Outgoing Payments:

  • Transfers within the Emirates: From 0.5 AED or free for the Elite plan.
  • Transfers in foreign currency within the Emirates or abroad: 31.5 AED or free for Elite plan clients.

Corporate accounts:

  • Transfers in AED within the Emirates: 3.15 AED or free depending on the service plan.
  • Transfers in foreign currency within the Emirates or abroad: 26.25 AED or free depending on the client’s plan.

The bank may charge up to 105 AED monthly for internet banking access; the final fee depends on the service plan and the account’s minimum balance.

For more details on banking service costs, please refer to the links above. The current size of commissions and other fees should also be verified on the bank’s website.

Staff Fluent in English and Arabic.
Credit/Debit Cards

RAKBANK provides its clients with Mastercard debit cards free of charge, as well as various categories of credit cards upon request.

Cash Withdrawal Fees for Debit Cards:

  • At RAKBANK ATMs: No commission.
  • At other banks’ ATMs within the UAE: 2.1 AED per transaction.
  • At ATMs in GCC countries: 6.3 AED.
  • At ATMs in other foreign countries: 21 AED.

For Corporate Clients:

  • Cash withdrawals at RAKBANK ATMs: Free of charge.
  • At other ATMs in the UAE: 26.25 AED per transaction, free for Business Elite plan.

For more details on banking service costs, please refer to the links above. The current size of commissions and other fees should also be verified on the bank’s website.

Other Banking Products Like other major banks, RAKBANK offers a wide range of additional banking services. These include insurance, loans for personal and business needs, various investment products, and special options for organisations such as PoS terminals, acquiring services, issuance of letters of credit, bank guarantees, and other instruments.
Documents for Account Opening

For Individuals:

  • Passport;
  • Emirates ID;
  • Residence visa;
  • Mobile number in the Emirates.

If a personal bank account is being opened for a company owner (investor), the bank may require proof of rental of residential property in the UAE, such as an EJARI certificate in Dubai.

For ordinary employees, banks usually do not request these details but may ask for proof of salary from the employer.

For Legal Entities:

  • Main incorporation documents of the company: registration certificate, license, charter, memorandum of association, or other documents;
  • Copies of passports of directors, shareholders, and beneficiaries, as well as account signatories and company secretaries (if any);
  • If another legal entity acts as a director, shareholder, or secretary of the company, all the above documents must be provided for it as well;
  • Statement for the last 6 or 12 months for the company’s corporate accounts in banks outside the UAE;
  • For newly registered companies: a statement from the shareholder’s account confirming the availability of funds sufficient to start the business;
  • Proof of residence of the founders in the UAE.

The bank also reserves the right to request any other documents deemed necessary for KYC/AML procedures, such as the company’s business plan, proof of the source of funds, etc.

Account Opening Procedure

The company founder or account signatory must be physically present at the bank to open a corporate account. If the company is connected to high-risk jurisdictions, the bank may conduct a more thorough check of the organisation and its participants.

We are ready to assist in opening a bank account at RAKBANK, supporting the process at every stage.

Account Opening Duration From 30 days to several months depending on the completion of bank compliance procedures and the request for additional documents.
Company Formation in the UAE
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The purpose of the initial consultation is to introduce you to our services, as well as to discuss your individual needs related to company registration (maintenance) and opening a bank account.