Opening Personal Bank Account for Non-residentsRAKBANK (personal account for non-resident)

The UAE banking system is characterized by a high level of reliability and a variety of financial services offered by both local and international banks. UAE banks provide their clients with a wide range of banking products, including loans, accounts, investments, and insurance, as well as e-banking services and mobile applications.

There are about 50 national and foreign banks operating in the UAE, varying in their goals and specializations:

1. Central bank: the main financial regulator of the country's banking system, monitoring and controlling financial markets, currency issuance, inflation, and ensuring the stability of the UAE's financial system.
2. Commercial banks: financial institutions that accept deposits, provide loans, and offer various banking services to both individuals and businesses.
3. Investment banks: act as intermediaries between large enterprises and investors, providing services for capital placement, asset management, mergers, and acquisitions.
4. Corporate banks: specialize in serving enterprises and companies, providing financial support and lending in various sectors of the economy.
5. Islamic banks: financial institutions operating based on Shariah principles and on the basis of "financial justice", offering alternative banking solutions such as risk and profit-sharing between the bank and the client instead of a fixed interest rate.
6. Digital banks: provide banking services exclusively through digital communication channels in an online format, using mobile applications and internet banking.

RAKBANK is one of the oldest national banks in the UAE, offering a wide range of banking services to both individuals and businesses. Established in 1976, the bank is regulated by the Central Bank of the UAE and is focused on delivering innovative, accessible, and reliable financial solutions.

RAKBANK is actively expanding its operations across the UAE, strengthening its presence in the retail banking sector and solidifying its position among banks serving small and medium-sized enterprises. The bank offers a broad portfolio of products for personal and corporate clients, including solutions based on Islamic banking principles, and continuously implements advanced technologies to enhance service quality and accessibility.

Opening a bank account at RAKBANK offers a range of benefits and opportunities for both individuals and businesses:

• Reliability and stability. With over 45 years of successful operation and the backing of the Government of Ras Al Khaimah, the bank enjoys a strong reputation. Regulated by the Central Bank of the UAE and supported by high liquidity and capitalization, RAKBANK ensures financial stability and inspires long-term client confidence.
• Wide range of services. The bank offers a wide range of financial products for both individual and corporate clients, including accounts, loans, debit and credit cards, mortgage and auto finance, Islamic banking services through RAKislamic, and insurance solutions in partnership with RAK Insurance.
• Innovative technologies. Mobile and online banking, contactless payments, biometric authentication, the use of artificial intelligence, and advanced cybersecurity measures ensure convenience and security in financial transactions.
• Accessibility and convenience of service. With over 200 ATMs and branches across the UAE, 24/7 digital access via mobile and online banking, participation in the UAESWITCH ATM network, and fast international transfers through RAKMoneyTransfer, the bank ensures convenient and reliable access to financial services.
• Competitive terms. Favorable terms for loans, deposits, investment products, Islamic banking solutions, savings programs, and mortgages make the bank an attractive choice for both individual and corporate clients.
• Personalized service. The RAKBANK Elite program offers customized solutions for asset management, investments, and capital planning, along with a dedicated relationship manager, priority service, and support in obtaining a Golden Visa.
• Social responsibility. The bank supports sustainable development projects and eco-friendly financing aimed at reducing carbon emissions and improving the region's environmental conditions.
• International opportunities. Clients gain access to global markets through multicurrency accounts, transfers to over 175 countries, and investments, facilitating business operations abroad.
• Security. The bank employs advanced protection technologies, including two-factor authentication, biometric verification, data encryption, and transaction monitoring, ensuring the reliable protection of clients’ funds in online and mobile banking.
• Premium services. Exclusive privileges are offered to premium clients, such as access to airport lounges, a dedicated relationship manager, personalized credit card offers, and priority service, all designed to provide a high level of comfort and a distinctive experience.

RAKBANK offers a wide range of products and services designed to meet the needs of both individual and corporate clients.

Personal Banking Accounts

• Current Accounts. Convenient solutions for everyday financial transactions with access to debit cards, transfers, and payments. RAKBANK and RAKislamic Current Accounts are available with a multi-currency option and a minimum monthly balance requirement.
• Savings Accounts. Products for saving with attractive interest rates and currency options. Available in both conventional and Islamic formats based on the Mudaraba model, offering various income calculation and payout options.
• Deposit Accounts. Accounts for clients who wish to lock in their funds for a fixed term with guaranteed returns. Available in both conventional and Islamic formats, with flexible tenures, currency choices, and various payout options.
• Investment Accounts. Solutions for clients seeking long-term capital preservation. The Gold Account provides direct access to buying and storing gold through online banking, protecting savings against inflation and currency risks.
• Salary Accounts. Accounts for salary deposits, offering simplified maintenance terms and access to additional banking privileges.
• Joint Accounts. Solutions for shared financial management. Joint Accounts provide equal access rights, individual debit cards, and full control over funds through online banking.

Credit Products:

• Home Loans. Solutions for purchasing or refinancing property in the UAE with flexible terms and competitive rates. Both conventional mortgage options and the Islamic Amal Home Finance model are available.
• Auto Loans. Financing options for the purchase of new or used vehicles, with flexible and convenient repayment terms. Offered as both conventional auto loans and Islamic car finance based on the Murabaha model.
• Personal Loans. Loans for a variety of purposes, such as education, travel, medical expenses, and more. Includes the conventional Personal Loan and the Islamic RAKislamic Personal Finance based on the Salam structure.
• Credit Cards. A wide selection of cards, from standard to premium, with benefits including cashback, air miles, discounts, installment plans, and loyalty rewards.

Corporate Banking Accounts:

• Current Accounts. Accounts for small, medium, and large businesses with multi-currency options, interest accrual, and access to online and mobile banking. RAKBANK and RAKislamic Current Accounts are available with monthly minimum balance requirements, as well as the RAKstarter Account for startups with no balance restrictions.
• Deposit Accounts. Fixed deposits for businesses with competitive rates and flexible tenures, offering auto-renewal and top-up options.
• Premium Accounts. Solutions for premium-segment companies with high transaction volumes. Includes a dedicated Relationship Manager, priority service, extended limits, and added privileges. Available options include RAKBANK and RAKislamic Business Elite Accounts, as well as the Commercial Elite Account.

Business Credit Products:

• Business Loans. Collateral-free loans of up to AED 3 million with flexible repayment terms to support business growth and expansion.
• Commercial Property Finance. Loans of up to AED 25 million for the purchase, construction, or refinancing of commercial properties.
• Trade and Working Capital Finance. Financing solutions for import and export activities, including letters of credit, trust receipts, export bill discounting, and receivables financing.
• POS and E-commerce Finance. Loans for businesses based on revenue from point-of-sale terminals and online sales, offered without collateral requirements.
• Business Credit Cards. Cards with high credit limits, no annual fees, cashback benefits, and supplementary cards for employees.

Investment Products:

• Asset Management. Customized investment solutions, advisory services, and portfolio strategies and support for high-net-worth clients.
• Investment Accounts and Deposits. Fixed-income products that allow clients to optimize their investments, including deposits, bonds, securities, Islamic Sukuk, and gold.
• Funds and Investment Solutions. Access to a wide range of capital growth instruments, including mutual funds and structured products.
• Insurance. Investment-linked insurance plans including flexible Invest Pro, regular Accelerator Pro with life and health coverage, and Shari’a-compliant Takaful options.

Digital and Mobile Solutions:

• Mobile Banking. Manage accounts via the bank’s mobile app, including transfers, bill payments, currency conversion, card activation and blocking, and more. Includes biometric authentication and in-app chat support.
• Online Banking. Access banking services through the internet to securely manage accounts, deposits, and cards, and perform transactions efficiently.
• RAKMoneyTransfer. International money transfer service available via mobile and online banking, allowing transfers to over 200 countries worldwide.
• RAKdirect. 24/7 phone banking that provides access to product information and account operations, including bill payments and account management by phone.

Premium Services:

• RAKBANK Elite. A program for affluent UAE residents offering a dedicated Relationship Manager, tailored investment solutions, and World Elite privileges.
• Non-Resident Elite Banking. A premium program for non-residents of the UAE providing access to the UAE banking system, capital management, and priority services.
• RAKislamic Elite. A premium Islamic banking program for clients seeking Shari’a-compliant financial solutions with high-level personalized service.
• RAKBANK Select. Personalized banking and an extended range of products for affluent clients outside the Elite segment.
• Premium Credit Cards. Unique cards with exclusive privileges, including airport lounge access, rewards programs, personalized terms, and concierge services.

Islamic Banking:

• Shari’a-compliant solutions. RAKislamic offers products and services aligned with Islamic financial principles for individuals, businesses, and financial institutions, including current and savings accounts, loans, investments, insurance, and premium banking packages.

RAKBANK offers premium banking programs tailored for high-net-worth clients, including both Conventional and Islamic Banking services.

Non-Resident Elite Banking

• A premium program for affluent non-residents, offering direct access to the UAE banking system. Clients can open current and savings accounts, place funds, and access a wide range of international investment solutions. The program includes offshore investment options, personalized relationship management, and priority banking services.
• Minimum balance requirement: AED 250,000 across all accounts held with the Bank​
• Benefits:
  • Dedicated Relationship Manager
  • Travel Privileges: Fast Track services at airports, lounge access, concierge services, and exclusive discounts at hotels and restaurants as part of the Mastercard World Elite program
  • Personalized Strategy: advisory on fund placement, savings tools, and asset management solutions
• Debit Card: issued upon account opening, including the Elite Platinum Mastercard
• Credit Card: available subject to bank approval; a wide selection is offered, including the Elevate World Elite Credit Card, each with specific income and eligibility criteria.

RAKislamic Elite

• A premium Islamic banking program for affluent clients who prefer financial solutions aligned with Shari’a principles. It provides direct access to the UAE banking system, including account opening, investments, and asset management. The program offers dedicated relationship support, priority service, and tailored Shari’a-compliant financial solutions.
• Minimum balance requirement: AED 250,000 across all accounts held with the Bank
• Key Features:
  • All products are fully Shari’a-compliant
  • Accounts and investments are based on Shari’a-approved models
• Debit Card: premium cards issued upon account opening
• Credit Card: premium cards available subject to bank approval

RAKBANK offers the following types of personal banking accounts:

Current Account:

• Eligibility for UAE non-residents is limited to the Non-Resident Elite Banking program
• Monthly fee: AED 26.25, waived if the minimum average balance is maintained
• Minimum balance requirement: AED 3,000 starting from the fourth month after account opening
• Currency: AED, USD, EUR, GBP
• Debit Card: virtual and physical cards available for AED accounts only
• Credit Card: available subject to bank approval; a wide selection with varying terms and income requirements
• Cheque Book: one cheque book free upon account opening
  
  

Savings Accounts:

1. Savings Account
   • Eligibility for UAE non-residents requires an existing current or savings account with RAKBANK
   • Currency: AED, USD, EUR, GBP, CHF, JPY
   • Minimum balance requirement: AED 3,000, starting from the fourth month after account opening
   • Interest rate:
     • AED, USD, GBP: 0.25% per annum
     • EUR, CHF: 0%
     • JPY: -0.60%
   • Interest accrual: daily on closing balance
   • Interest payout: twice a year (June and December)
   • Top-ups: allowed
   • Partial or early closure: free access to funds
   • Debit Card: available only for AED accounts
   • Cheque Book: not available
     
     
2. RAKbooster Account
   • Eligibility for UAE non-residents requires an existing current or savings account with RAKBANK
   • Monthly fee: AED 26.25, waived if the minimum average balance is maintained
   • Minimum balance requirement: AED 3,000, starting from the fourth month after account opening
   • Interest rate:
     • AED from 25,000 to 1 million: 0.25% per annum
     • AED from 1 million to 10 million: 0.50% per annum
     • USD from 50,001 to 1.5 million: 0.15% per annum
     • USD from 1.5 to 6.5 million: 0.25% per annum
   • Interest accrual: daily, provided that the monthly accrued interest exceeds AED 10 or USD 3
   • Interest payout: twice a year (June and December)
   • Top-ups: allowed
   • Partial or early closure: to remain eligible for interest payout, a maximum of 1 cash withdrawal and/or 5 service payments per month is allowed
     
     
3. RAKislamic Advantage Account
   • Eligibility for UAE non-residents is limited to those enrolled in the RAKislamic Elite program or holding a Select Account
   • Shari’a principle: Mudaraba (profit-sharing model)
   • Currency: AED, USD
   • Minimum balance requirement: AED 3,000
   • Profit accrual: based on average monthly balance
   • Profit payout: quarterly
   • Top-ups: allowed
   • Partial or early closure: free access to funds
   • Debit Card: provided (AED accounts only)
   • Cheque Book: not available

Recurring Deposit Account:

• Eligibility for UAE non-residents requires an existing current or savings account with RAKBANK
• Currency: AED
• Minimum deposit: from AED 350
• Minimum monthly contribution: AED 350 to AED 10,000
• Term: from 1 to 5 years
• Interest rate:
  • up to 2 years: 2% per annum
  • 3 to 5 years: 2.5% per annum
• Interest accrual: daily on closing balance
• Interest payout: at maturity
• Top-ups: monthly contributions required
• Early closure:
  • before 6 months: no interest paid
  • after 6 months: reduced interest rate applies
• Partial withdrawal: not allowed

Fixed Deposit Account:

• Eligibility for UAE non-residents requires an existing current or savings account with RAKBANK
• Currency: AED, USD
• Minimum deposit: AED 25,000 or USD 10,000
• Term: from 1 month to 3 years
• Interest rate: depends on currency, amount, and duration
  • AED up to 1 year: 0.05% – 0.35% per annum
  • AED up to 2 years: 0.25% – 0.65% per annum
  • AED 3 years: 0.30% – 0.70% per annum
  • USD up to 1 year: 0.03% – 0.20% per annum
  • USD up to 2 years: 0.20% – 0.45% per annum
  • USD 3 years: 0.30% – 0.50% per annum
• Interest accrual: daily
• Interest payout: at maturity
• Top-ups: not available
• Partial or early closure: 2% penalty on accrued interest

Gold Account:

• Eligibility for UAE non-residents requires an existing current or savings account with RAKBANK
• Operations: buy and sell gold through RAKBANK digital banking without commission
• Currency: gold
• Minimum investment amount: from 1 gram
• Interest rate: not applicable — no interest is paid
• Top-ups: allowed
• Payout: monthly, with physical gold delivery available from 10 grams
• Storage fee: AED 250 per month if physical gold is not claimed within the same month

AED, USD, EUR, GBP, CHF, JPY

The bank considers the following factors when deciding whether to approve or deny the opening of a personal bank account:

• Applicant’s nationality
• Political affiliation
• Insufficient or false documentation
• Unverified source of funds
• Involvement in money laundering
• Inclusion in sanctions lists (including through familial or business ties to sanctioned individuals)
• Involvement in criminal cases
• Involvement in high-risk activities (such as cryptocurrency, gambling, or unregulated currency exchange)
• Violation of UAE Central Bank regulations
• Poor credit or financial standing

RAKBANK operates a network of around 300 ATMs across the UAE, providing 24/7 access to a variety of banking services, including cash withdrawals and deposits, cheque deposits, loan payments, bill and utility payments, transfers, and other services. More than 170 ATMs support contactless transactions via NFC and mobile wallets, including Apple Pay, Samsung Pay, Google Pay, Garmin Pay, and Fitbit Pay.

RAKdirect Support Service:

• For Personal Banking:
  • Within UAE: 600 54 4049
  • International: +971 4 213 0000
• For Commercial Banking:
  • Within UAE: 600 54 4049; 800 6789
  • International: +971 4 213 0000
• For RAKislamic: 600 54 0044
• For RAKBANK Elite: [email protected]
• Email: [email protected], [email protected], [email protected] 
• Website: https://www.rakbank.ae/en/