How to open a bank account in RAKBANK

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November, 2019 December, 2021 September, 2020

GSL reference about the bank

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Key information and main requirements:
- 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, UAE offshore companies; personal accounts for residents and non-residents;
- the minimum average monthly balance in the account is AED 25 000* (~ USD 6 800 );
- the beneficial owner must visit the UAE for account opening;
- USD payments are possible;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- any 5 transactions per month are free of charge, further 6-20 transactions – ~ USD 2.7, any further transactions – ~ USD 6.8*;
- the account maintenance fee is charged if the account drops below the minimum balance and is ~ USD 14* per month;
- online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    6 180 No restrictions 6 180 0 No restrictions
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    Minimum balance, € The minimum average monthly balance in the account is AED 25 000* (~USD 6 800)
    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
    How fast payments are executed The payments are executed same day

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    4 4 150 N/A N/A
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    Outcoming transfer, € Аny 5 transactions per month are free of charge, further 6-20 transactions – ~ USD 2.7, any further transactions – ~ USD 6.8
    Incoming transfer, € Аny 5 transactions per month are free of charge, further 6-20 transactions – ~ USD 2.7, any further transactions – ~ USD 6.8
    Account maintenance, €/year Тhe account maintenance fee is charged if the account drops below the minimum balance and is ~ 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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank The 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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
     
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