# RAKBANK Business Banking in the UAE: Complete Guide

RAKBANK, officially the National Bank of Ras Al Khaimah P.J.S.C., was founded in 1976. Based in Ras Al Khaimah, it is one of the UAE’s long-established financial institutions, majority-owned by the Government of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange.

The bank offers a wide range of services, including personal banking, business banking, Islamic banking, wealth management, insurance, and investment-related advisory solutions. Its stated focus is on growth, innovation, and mutual success.

This guide focuses on RAKBANK’s business banking options to help UAE businesses choose an account that fits their stage, transaction needs, and banking requirements.

## RAKBANK Business Banking Products

RAKBANK offers three main business banking products:

- RAKstarter Account
- Business Current Account / RAKfinance
- Business Elite

## 1. RAKstarter Account

The RAKstarter Account is an entry-level business account designed for new startups, freelancers, and micro-businesses.

It is available in multiple currencies, including AED, USD, Euro, and GBP.

### Best suited for

- New startups
- Freelancers
- Micro-businesses
- Businesses looking for a basic account without a minimum balance requirement

### Key features

- No minimum monthly average balance requirement.
- No fall-below fee for not maintaining a minimum monthly average balance.
- Monthly maintenance fee of AED 103.95.
- Additional digital banking charge of AED 52.50.
- Teller transaction fee of AED 25 per transaction.
- One free cheque book; from the second cheque book onward, AED 75 each through digital banking.
- Local AED fund transfers within the UAE cost AED 1 through digital banking and AED 50 through branch intervention.
- International transfers or local non-AED currency transfers cost AED 25 through digital banking and AED 100 through the branch.
- No relationship manager is assigned.

## 2. Business Current Account / RAKfinance

The Business Current Account / RAKfinance option is designed for more established SMEs and companies with regular transaction activity.

It supports broader business banking needs such as vendor payments, client collections, foreign payments, and access to financing options such as overdraft or short-term working capital through RAKfinance.

### Best suited for

- Established SMEs
- Companies with steady monthly transactions
- Businesses requiring full-service banking
- Companies that may need working capital or overdraft options

### Key features

- Minimum monthly average balance requirement of AED 25,000.
- Fall-below fee of AED 52.50 if the minimum monthly average balance is not maintained.
- Monthly maintenance fee of AED 103.95.
- Additional digital banking charge of AED 52.50.
- Teller transaction fees:
  - 0 to 5 transactions: free
  - 6 to 20 transactions: AED 10 each
  - 21 or more transactions: AED 25 each
- One free cheque book; from the second cheque book onward, AED 75 each through the branch or AED 50 each through digital banking.
- Local AED fund transfers within the UAE cost AED 1 through digital banking and AED 50 through branch intervention.
- International transfers or local non-AED currency transfers cost AED 25 through digital banking and AED 50 through the branch.
- A relationship manager is assigned to assist users.

## 3. Business Elite

Business Elite is RAKBANK’s premium-tier business account for larger SMEs and companies maintaining higher balances. It offers improved interest or profit rates on balances.

### Best suited for

- Larger SMEs
- Companies with high account balances
- Businesses seeking premium banking support and reduced transaction charges

### Key features

- Minimum monthly average balance requirement of AED 500,000.
- Fall-below fee of AED 262.50 if the minimum monthly average balance is not maintained.
- No monthly maintenance fee.
- Additional digital banking charge of AED 52.50.
- No teller transaction fees.
- No cheque book issuance charges.
- Local AED fund transfers within the UAE are free through digital banking and cost AED 50 through the branch.
- International transfers or local non-AED currency transfers are free through digital banking and cost AED 50 through the branch.
- A relationship manager is assigned to assist users.

## Final Thoughts

RAKBANK’s business banking offering provides different account options for businesses at different stages, from startups and freelancers to established SMEs and larger companies with higher balances.

Its business banking products combine traditional banking support with digital banking services, allowing companies to choose an account based on balance requirements, transaction volume, relationship support, and cost structure.

BCL Globiz supports UAE businesses with end-to-end financial and compliance services, including accounting, VAT filings, and corporate tax return filings, helping business owners manage banking, finance, and regulatory obligations more efficiently.