RAKBANK | ITA Business Consultants

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RAKBANK

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.

https://rakbank.ae/wps/portal/retail-banking

from 2 500 AED

Open Account

General Information

Banking products

Сlients, private banking, asset management, investments, and loans

Account Types

Private; Corporate; Savings

Minimal Requirements

Minimum balance, €

The minimum average monthly account balance - AED 0, AED 25 000 (~ USD 6 800), AED 250 000 (~ USD 68 000) - depending on the tariff

Permissible number of transfers per month

The number of transfers is not restricted for business accounts

Efficiency of payment

The payments are executed same day

Tariffs

Transfer, € (for the amount of € 50 000)

Аny 3 transactions per month are free of charge, each subsequent transaction - AED 25 (~ USD 6,8)

Crediting, € (for the amount of € 50,000)

Аny 3 transactions per month are free of charge, each subsequent transaction - AED 25 (~ USD 6,8)

Account maintenance, € / year

Account Opening

Requirements

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.

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.

Departure to the bank

The beneficial owner must visit the country for account opening

Duration of application, months

1-2 months