Overview
RAKBANK, at a glance.
RAKBANK is a bank headquartered in the United Arab Emirates, regulated by Central Bank of the UAE. Business accounts cost AED 210 a month. Opening an account takes 3–5 days.
The National Bank of Ras Al-Khaimah (P.S.C.) is a licensed bank in the UAE, regulated by the Central Bank of the UAE.
Why businesses pick RAKBANK
- A long-established UAE bank focused on SMEs
- Accounts in AED, USD, EUR and GBP
- Free digital transfers within the UAE in AED and foreign currency
- Applications processed in two to three business days
- A RAKstarter account with no minimum balance for a limited period
Watch out for
- AED 210 a month when the average balance falls below AED 100,000
- SWIFT payments in other currencies cost AED 78.75
- Branch transfers cost AED 26.25
- Physical Emirates ID validation and a UAE trade licence are needed
- Trustpilot score of 1.9 from 200 reviews
Business fit
Will RAKBANK accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on RAKBANK's published rules
Likely no
RAKBANK does not list United Kingdom among the countries where it accepts companies.
RAKBANK does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What RAKBANK publishes about the businesses it takes on.
Who RAKBANK serves
- Startups and SMEs
- Import and export
- E-commerce
- Professional services
Not supported
Industries and countries RAKBANK does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use RAKBANK?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
AED, USD, EUR and GBP
- EUR
- USD
- GBP
- AED
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United Arab Emirates
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Companies with a valid UAE trade licence
Pricing
What does RAKBANK cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Not published
Monthly fee
Free
Business Current Account
AED 0 per month
Setup fee not published
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Outgoing | ||
| SWIFT / international | AED 78.75 | Fixed fee · Other currencies; correspondent charges may apply |
| To another RAKBANK account | Free | No charge · Digital transfers within the UAE; AED 26.25 at a branch |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Not published |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is RAKBANK a bank?
Yes. The National Bank of Ras Al-Khaimah (P.S.C.), known as RAKBANK, is a licensed bank in the UAE, regulated by the Central Bank of the UAE.
How much does a RAKBANK business account cost?
There is no monthly fee while the average balance stays at AED 100,000 or more; below that it costs AED 210 a month. SWIFT payments in other currencies cost AED 78.75.
Who can open a RAKBANK business account?
Companies with a valid UAE trade licence. The digital application needs physical Emirates ID validation.
How long does opening take?
Two to three business days on average once the application and documents are complete.
Alternatives
How RAKBANK compares.
If RAKBANK is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 RAKBANKThis pageBank |  | SME bankingMulti-currency |
 Emirates NBDBank |     +4 | Business packagesVisa debit card |
 Mashreq NeoBizBank |   | Digital bankNo initial deposit |
 Zand BankBank | | Digital bank5 currencies |
 Wio BankBank | | Digital bank7 currencies |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.