RAKBank Business banking provides easy access to money any time you want. With a low minimum balance and the advantage of local currencies and international currencies, it facilitates a very good option for business customers.
Features of RAKBank Business banking account
- Offers attractive interest rates on business current accounts.
- Dedicated Relationship Manager
- Provides facility of denomination in Dirham, US Dollars, Euros
- Detailed current account statement listing all the transactions
- Provides access to business financing products
- Cheque books facility without any conditions
- Best Foreign Exchange & Trade Finances rates
- Attractive rate of interest on Deposits including the fixed deposits
- 24/7 phone banking services
Apart from the above mentioned features and benefits, RAKstarter gets additional benefits which include free business insurance, free cloud accounts package supported by the bank.
RAKvalue SME is combined with the RAKstarter account by making an extra cost of AED 49 per month. The bank also provides a Point of Sale (POS) machine and it is fully equipped with advanced technology at a low cost portable machine at a reasonable price.
Business banking packages
If you are into business and you are looking to save more money on your business then RAKBank provides you with attractive packages.
RAKBank Business SME packages
You can boost your business with savings and best benefits with the RAKvalue SME pack. RAKbank offers two packages and they offer a world of benefits. Different businesses have different needs and requirements so according to their conditions the packages have been designed.
There are two packages RAKvalue plus and Max. These packages are designed in such a way that they provide savings up to AED 10,000/ year with many other benefits and convenience. It facilitates adding any of these packages to AED business accounts and you can enjoy the savings.
- RAKvalue SME plus
- RAKvalue SME Max
1. RAKvalue SME plus
To avail the benefits of this account you have to pay AED 49/month. It provides you with the best banking services, facility of cloud-based accounting software, business insurance and other benefits. The facilities have been categorised as follows.
- Banking Benefits
- Accounts management
- Business Insurance
- Other advantages
1. Banking Benefits
It provides Free International Remittances for 4/months but however, free domestic remittances are available under this package. Preferential US Dollar buy or sell rates are facilitated at 3.669/3.675 (this facility gets activated after two business days of package activation).
2. Accounts Management
The accounting software is supported by Versify Tech solutions and it offers everything in one package to business entrepreneurs. It includes Intuitive accounting, supporting the payments, online statements, accounting, payroll management, accounting and VAT. It is a FTA compliant VAT solution provider. It facilitates support and usage upto 4 users. It does not offer Inventory management under this package.
3. Business Insurance
It provides basic insurance coverage on Workmen’s compensation Cover including Employers Liability. Offers public liability cover upto AED 1 million. It does not offer property coverage under this package.
Related- All about business Insurance in the UAE
4. Other advantages
It offers mobile point of sale machines to the business. Mobile point of sale terminal also known as mPOS. RAKBANK offers low-cost mobile point of sale to the business which is the first of its kind in the UAE. A one-time setup fee of AED 599 and monthly service charge of AED 19 is levied.
2. RAKvalue SME Max
To avail benefits of this package you have to pay an amount of AED 149/month. An advanced featured accounting software for accounts is provided by the RAKbank which is cloud based accounting software. It provides advanced insurance cover. The facilities have been categorized into the following ways.
- Banking benefits
- Accounts management
- Business Insurance
- Other advantages
1. Banking Benefits
It provides free international remittances for 4/month, free domestic remittances, free non RAKbank ATM withdrawals for 5/month. Preferential US Dollar buy or sell rates are facilitated at 3.669/3.675 (this facility gets activated after two business days of package activation).
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2. Account management
It offers Intuitive accounting, along with connected banking which includes payments, statements and balances. It provides payroll management services, Accounting & VAT and Inventory management. It facilitates, support and usage for unlimited users.
3. Business Insurance
It provides an advanced insurance facility which includes workmen’s compensation cover including employers liability. Provides public liability cover upto AED 3 million. It also provides property coverage.
4. Other advantages
It offers mobile point of sale machines to the business. Mobile point of sale terminal also known as mPOS. Rakbank offers low cost mobile point of sale to the business which is the first of its kind in the UAE. A one time setup fee of AED 599 and monthly service charge of AED 19 is levied.
Take away
RAKbank provides RAKvalue SME plus and RAKvalue SME Max which are a host of all the features for your business which give you more savings and convenience for your business. Based on your business requirements you can select what suits you and enjoy the advantages of rakbank business banking.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
