Faster and safer

The enhanced local electronic Funds Transfer System (UAEFTS) aims to improve payments and decrease processing times for electronic payments within the UAE. You can find below the different routing instructions for remittance in various currencies.

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Routing Instructions for Remittance in USD

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.S.C.)
Swift Code: NRAKAEAK
Beneficiary Name: (name as per account)
Beneficiary Account: (your 23-digit IBAN)


Cover to be effected through:

Standard Chartered Bank, New York, USA
SWIFT: SCBLUS33

OR

Citi Bank, New York, USA
SWIFT: CITIUS33

OR

JPMorgan Chase Bank, N.A.
SWIFT: CHASUS33

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Routing Instructions for Remittance in GBP

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.S.C.)
Swift Code: NRAKAEAK
Beneficiary Name: (name as per account)
Beneficiary Account: (your 23-digit IBAN)

Cover to be effected through:

Lloyds TSB Bank PLC, London, United Kingdom
SWIFT: LOYDGB2L

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Routing Instructions for Remittance in EUR

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.S.C.)
Swift Code: NRAKAEAK
Beneficiary Name: (name as per account)
Beneficiary Account: (your 23-digit IBAN)

Cover to be effected through:

DEUTSCHE BANK AG, FRANKFURT
SWIFT: DEUTDEFF

OR

BANCO SANTANDER S.A., SPAIN
SWIFT: BSCHESMM

OR

ING BELGIUM NV/SA, BRUSSELS
SWIFT: BBRUBEBB010

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Routing Instructions for Remittance in CAD

Beneficiary Bank: NATIONAL BANK OF RAS AL KHAIMAH (P.J.S.C.)
Swift Code: NRAKAEAK
Beneficiary Name: (name as per account)
Beneficiary Account: (your 23-digit IBAN)

Cover to be effected through:

Bank of Montreal, Canada
SWIFT: BOFMCAT2

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What are the UAE’s latest payments and remittance policies?

In its efforts to further enhance the speed and security of transfers, the Central Bank issued a series of updated policies.

Here’s what you need to know:

  • As of 30 September 2017, all customers are required to provide a valid reason for the transfer of both local and cross-border payments in AED to allow banks to accept and process payment instructions. Any payment instruction submitted to RAKBANK without a valid reason for the transfer (purpose of payment or transaction type code) may be rejected or delayed. Please note that salaries processed via the Wages Protection System (WPS) do not require a Transaction Type Code.

  • All domestic payment instructions are required to contain an International Bank Account Number (IBAN) in the beneficiary account number field. Any payment instructions, including WPS payments, submitted without an IBAN, with the exception of credit card payments, will be rejected. In addition, all credit to accounts held in banks operating in the UAE will be processed solely based on the beneficiary’s IBAN.

  • If you have standing orders or instructions for processing payments in the future, you are requested to amend the same by providing a valid reason for the transfer. This can be done through RAKBANK’s Digital Banking channel.

  • A valid reason for the transfer should be selected based on the type of customer relationship (individual or business customer) that you hold with RAKBANK and the type of the electronic payment to be made, namely local or cross-border.

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