HomeGeneralRAK Money Transfer - Features & Steps to Transfer Money

RAK Money Transfer – Features & Steps to Transfer Money

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 BankBarclays BankCentral Bank Of India
Axis BankCanara BankCity Union Of Bank
Andhra BankCatholic Syrian BankCorporation Bank
Bank Of BarodaDena BankFederal Bank
Bank Of MaharashtraHDFC BankIndian Bank
Indian Overseas BankIndusInd BankKarnataka Bank Ltd.,
Karur Vysya BankKotak Mahindra BankOriental Bank Of Commerce
Punjab National bankSouth Indian BankState Bank Of India
Syndicate BankUCOUnion National Bank
YES Bank

Charges involved in RAK Money transfer to India

Transfer amount Service charges
AED 0 – 500AED 5
AED 500.1 – 1000AED 10
AED 1000.1 and aboveAED 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 BankMCB Islamic BankStandard Chartered Bank Pakistan
Allied Bank LimitedMeezan Bank LtdSummit Bank Ltd
Askari Bank LimitedMobilink Microframe Bank Ltd.Telenor Microfinance Bank Ltd
Bank AlFalah LimitedNational Bank Of PakistanThe Bank Of Punjab
Bank Al Habib LimitedNRSP Microfinance Bank Ltd.The First Microfinance Bank Ltd.
Bank Islami Pakistan LimitedPunjab ProvincialU 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.

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