What is Rak Money Transfer ?
RAK Money transfer introduced by RAK Bank is a way of sending money to other countries within less amount of time say 60 seconds.
How does RAK Money Transfer work?
If you are living far from your home and you get notified from your family or friends that they need some money for their necessities, the nill balance of your account might cause trouble making you feel bewildered. In cases like that, you can approach RAK Money transfer which transfers money to any country and the beneficiary account will be credited within seconds.
RAK Money transfer comes to your rescue when you need to send money to someone who is in need of it when you don’t have any money in your account to pay. By using Rak Money Transfer, you can transfer money to many places like India, Philippines, Pakistan, etc.,
Added to this, you get more money with amicable rates that are as best as exchange houses and you can also send money anytime via RAK Bank digital banking application online.
Go through : Best ways to send money back home from UAE
Features of Rak Money Transfer
- Fast and reliable transfer of money to Axis bank and ICICI bank within seconds.
- Competitive rates of interests.
- Unlimited services round the clock.
- Remittance of money using your credit card or bank account.
Benefits of Rak Bank Money Transfer
-> Interest-free credit period up to 55 days
With the help of RAK money transfer, you can send money without the need to pay interest up to a period of 55 days.
-> Advantage of sending money frequently
With the help of RAK money transfer, you can make and send the desired remittances you want up to the maximum limit of remittances that are mentioned according to the rules of RAK Money transfer. Usually, the maximum limit of remittances are
- RED, VISA, Classic and Gold cards – 2500 AED
- Platinum and Titanium – 5000 AED
- World card – 7500 AED
- No cash advance fees will be charged.
-> Money can be sent from any place
You can send money via Rak Money Transfer from any place you are in by means of Digital Banking or from any of the branches that are nearby.
-> Good exchange rates
With the help of Rak Money transfer, you can get the advantage of a fair deal of exchange rates.
Transfer of money using RAK Money Transfer
Steps to Create a new beneficiary
- In order to transfer money to other countries using RAK Money transfer, one should first create a “New Beneficiary” in the “Funds Transfer” option.
- After creating a new beneficiary, select “Outside UAE” followed by choosing the desired country while you fill the other details including your name, bank details, etc.,
- Once you select the country, proceed with searching the IFSC code of the bank for which you are transferring the funds by entering the bank name and address
- Select the IFSC code aptly for the bank and then click to step further.
- An OTP will be sent to the registered mobile phone, enter that OTP and click on “Confirm Now”.
- This way you have your new beneficiary now.
Steps to Transfer funds using RAK Money Transfer
- Select the “Transfer funds”
- Choose “RAK Money transfer”
- Select your desired beneficiary.
- Go for the RAK Bank account from which you wish to transfer the funds.
- Then, choose “All charges to my account”.
- Choose the purpose for which you are transferring the funds.
- Click on “Proceed”
RAK Money transfer to India
With the help of RAK Money transfer, you can send money to India just in few seconds, say approximately 60 seconds.
Go through: Currency converter from AED to Indian Rupee
Features of sending money to India using Rak money transfer
- Instant and easy money transfer to Axis bank and ICICI bank within a few seconds i.e. 60 seconds
- Transfer of up to 2 lakhs to more than 27 important banks of India within 60 seconds and processing within half an hour processing to all other banks.
- Competitive rates
- Availability of services 24/7 in all 365 days.
- Remittance of money using a credit card and bank account
Banks to which the RAK money transfer can be done in India
| ICICI Bank | Barclays Bank | Central Bank Of India |
| Axis Bank | Canara Bank | City Union Of Bank |
| Andhra Bank | Catholic Syrian Bank | Corporation Bank |
| Bank Of Baroda | Dena Bank | Federal Bank |
| Bank Of Maharashtra | HDFC Bank | Indian Bank |
| Indian Overseas Bank | IndusInd Bank | Karnataka Bank Ltd., |
| Karur Vysya Bank | Kotak Mahindra Bank | Oriental Bank Of Commerce |
| Punjab National bank | South Indian Bank | State Bank Of India |
| Syndicate Bank | UCO | Union National Bank |
| YES Bank |
Charges involved in RAK Money transfer to India
| Transfer amount | Service charges |
| AED 0 – 500 | AED 5 |
| AED 500.1 – 1000 | AED 10 |
| AED 1000.1 and above | AED 15 |
Processing time involved
This is the time taken to process the amount you have sent or transferred to India.
- Instant transfer of money to ICICI and AXIS bank all 365 days 24/7.
- Instant transfer of money to more than 27 banks up to an amount of 2 lakh rupees from 6:30 am to 5:15 pm
- ICICI joint and company accounts will be credited with money within 2 hours during the working hours of 7:45 am to 5:30 pm.
- The amount received on the above-stated timings will be credited by the next working day
- If there occur any system issues in processing the transactions, the transactions might be routed through NEFT, hence the money can be credited within few hours on the working days between 7:45 am to 5:40 pm.
Conditions required while transferring money
- This RAK money transfer facility is available to retail individual customers of RAK Bank digital banking by using mobile, PC, tablet or by visiting RAK Bank branches.
- Any transfer using this service comes under Rak Bank’s Electronic Funds Transfer
- RAKValue and Eventage benefits are not applicable to RAK Money transfer.
RAK Money transfer to Pakistan
Features of RAK Money transfer to Pakistan
- Instant transfer of money for free of cost
- Instant transfer to AlFalah within a span of 60 seconds
- Transfer of money of up to 10 lakhs within a span of 60 seconds to almost 35 important banks of Pakistan and to all other banks within a period of 60 minutes.
- Cash collection from above 625 AlFalah bank branches of Pakistan
- No necessity of deducting money that has been sent to the beneficiary.
- Competitive interest rates
- Availability of services 24/7 throughout the year.
Banks for which RAK Money transfer is done in Pakistan
| AdvanceMicroFinance Ltd. | MCB Bank Ltd., | Soneri Bank Ltd |
| Al Baraka Bank | MCB Islamic Bank | Standard Chartered Bank Pakistan |
| Allied Bank Limited | Meezan Bank Ltd | Summit Bank Ltd |
| Askari Bank Limited | Mobilink Microframe Bank Ltd. | Telenor Microfinance Bank Ltd |
| Bank AlFalah Limited | National Bank Of Pakistan | The Bank Of Punjab |
| Bank Al Habib Limited | NRSP Microfinance Bank Ltd. | The First Microfinance Bank Ltd. |
| Bank Islami Pakistan Limited | Punjab Provincial | U Microfinance Bank Ltd |
| Dubai Islamic Bank Pakistan Ltd. | Samba Ltd. | United Bank Limited |
| Habib Metropolitan Bank Ltd. | Silk Bank Ltd. | Industrial And Commercial Bank Of China |
| JS Bank Ltd. | Sindh Bank Ltd. | SME Bank |
Processing charges
Processing and transfer fees are free in case of Pakistan.
Processing Timings
- Instant transfer of money to the bank AlFalah 24/7 throughout the year
- Instant transfer of money to more than 35 banks in Pakistan
- Transfer of up to 10 lakhs from 8 am to 2 pm according to the UAE timings.
- Money transferred after the above-mentioned timings will be credited on the next working day.
Conditions involved while transferring money
- This service of RAK Bank is applicable to all the customers of RAK Bank digital banking who use the service by using a mobile, computer or via RAK Bank branches.
- RAKvalue and Evantage benefits cannot be applicable to this facility of RAK money transfer.
RAK Money transfer to the Philippines
Features of RAK Money transfer to Philippines
- No deduction of money or funds that have been sent to the beneficiary.
- Competitive rates while transferring money
- Collection of cash at over 2,500 Cebuana Lhuillier branches all over the Philippines.
- You can visit the RAK Bank branches or use RAK Bank digital banking for the transfer of money.
Also go through : Currency converter from AED to Philippine Peso
Service charges included
- Generally, service charges of AED 20 will be charged for every transaction.
Conditions applied while transferring money
- Sending up to 50000 PHP for a single transaction in real time.
- This service is available for the customers through RAK Bank Digital banking using a mobile, tablet or by means of RAK Bank branches.
- RAKValue and Evantage will not come under RAK Money transfer.
RAK Money transfer is a beneficial move by the bank to transfer funds to various countries in case of financial insufficiency. In Addition to the countries mentioned above, funds can also be transferred to Nepal and Sri Lanka. The transfer is done either through credit card or through Xpress money.