Customer Notice Board

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Dear Customer, 

To serve you better, we are enhancing our systems and our Credit, Debit, and Prepaid Card services will be unavailable from 3.30 am to 4.30 am on 19^th September 2018.

Transactions and payments will be unavailable during that time. 

We regret the service interruption and thank you for your understanding.

In case of queries during the affected time, please call us on 04-2130000.

Assuring you of our best services.

Regards,

RAKBANK Team

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Dear Customer,
 
Kindly note that effective immediately, remittances to the United States of America, United Kingdom and European countries will be allowed in all currencies except AED*.
 
Based on the above, AED remittances to the respective countries will be rejected by the Bank.
 
Thank you for banking with us.

Regards,

RAKBANK

*All Remittances are subject to approval at the Bank’s sole discretion.
 

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Dear Customer,

Kindly note that our Service & Price guides for a few RAKBANK & RAKislamic Banking Services will be updated effective 10^th August 2018.
 
Please click on the below links for details:

• RAKBANK Credit Cards
• RAKislamic Credit Cards
• RAKBANK Accounts and Remittances
• RAKislamic Accounts and Remittances
• RAKBANK Loans
• RAKislamic Finance

We thank you for your patronage and understanding.

Regards,

RAKBANK Team

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Dear Customer,

Kindly note that our foreign exchange card rates (for USD) will be revised effective 1st August 2018.

Please click here for our rate details, and for any further queries, call us on 04 2130000.

Thank you for banking with RAKBANK. 

Regards,

RAKBANK Team

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Dear Customer,

Kindly note that our Service & Price guides for all RAKBANK & RAKislamic Credit Cards have been updated effective 10th July 2018. 

Please click on the below links for details :

• RAKBANK Credit Cards
• RAKislamic Credit Cards

We thank you for your patronage and understanding.

Regards,
RAKBANK Team
 

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Dear Customer,

Effective 8th July 2018, our Trade Finance Centre in Sultan Business Centre - Oud Metha, Dubai will be open for business from 8am to 5pm, Sunday to Thursday.

You can also reach the Trade Finance team, on 8006789, from 8am to 6pm, Sunday to Thursday. 

We wish you Simply Better Banking with RAKBANK.

Regards, 
RAKBANK Team  

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Dear Customer,
 
Please note that our Service & Price guide for Wholesale Banking is updated & will be effective 28th June 2018. Kindly click here for details.

We thank you for banking with us.

Regards,
RAKBANK Team
 

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Dear Customer,

Our existing Electronic Fund Transfer (EFT) request form available on our website and at our branches has been revised based on a review of our business and Central Bank regulations.

The new form has been updated to facilitate VAT payments to the Federal Tax Authority through the UAEFTS system effective 18^th May 2018. 

This facility is available for Business Customers to pay VAT collected from their clients and for Individual Customers to make VAT payments on behalf of a taxable entity. 

You will now be required to enter the GIBAN (Generated IBAN) in the field “Account No/IBAN”. The GIBAN is the Generated IBAN representation of Tax Registration No of the Taxable Entity as obtained from the Federal Tax Authority.

Once you enter the GIBAN on the EFT form, the following fields will be auto populated with the values shown below:

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Dear Customer,

At RAKBANK, we constantly seek new ways to make your banking experience easier and more convenient.

We are moving our Rolla Branch to a new location from 5^th May 2018.
  
Plot No 39,
Mubarak Saeed Al Mansoori  Bldg,
Al Marija, Sharjah.

You can enjoy the same wide range of banking services in environment.

We look forward to welcoming you to our new branch soon. 

Regards,

RAKBANK

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Dear Customer,

As part of our efforts to enhance our existing business processes, please note that effective 8^th April 2018, when submitting any Funds Transfer Request, both Internal and External transfers through your authorized person, specific details should be mentioned on the cancelled RAKBANK cheques provided as part of the request. 

Please be guided by the below details whilst submitting Fund Transfer Requests:

For AED Remittances:
 

• For a single AED remittance submitted through an authorized person, you must write the amount of the remittance on the front / face of the cancelled cheque. As seen below:

• For more than one AED remittance submitted through an authorized person, you must write the sum total of the remittance amounts on the front / face of the cancelled cheque. As seen below:

 
For Other & Multi Currency Remittances:

• For a single Foreign Currency remittance (e.g.: one or more remittances in USD) submitted through an authorized person, you must strike off “AED”, countersign and mention the currency and sum total of the remittance amounts on the front / face of the cancelled cheque. As seen below:

• For multiple remittances involving more than one currency submitted through an authorized person, you must mention the respective currency and sum total of amounts for each currency in figures on the rear of the cancelled cheque and countersign. As seen below:

 
Please remember that the cheques should be signed as per account mandate with RAKBANK.
 
We recommend that you register for our Digital Banking Services to facilitate convenient processing of your banking transactions including funds transfer requests. This will allow you to apply without the requirement of the cancelled cheques.
 
Please feel free to call us on 04-2130000 or chat with us for any further clarifications. 
 
We thank you for your continued support.
 
Regards,

RAKBANK

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Dear Customer,

At RAKBANK, we constantly strive to enhance your experience with us. As part of this commitment, we hope our e-mails have kept you up to date with our latest offers, new products, service updates and  important information. To improve your digital experience further, we are changing our e-mail address. Our updated e-mail address is supported by a new platform, which will deliver smartphone and tablet friendly e-mails, making it easy for you to stay in touch with us while on the move.
 
Going forward you will receive emails from [email protected]. We request you to mark our new email id [email protected] as a ‘Safe sender’ or ‘Not Spam’, to ensure you do not miss our emails.

Regards,
 

RAKBANK

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Dear Customer,

In line with our commitment to provide better financial solutions and tailored-service centered around customer requirements, we are pleased to inform you that RAKBANK will offer 8 a.m. to 8 p.m. banking at our Al Qusais branch starting February 3^rd 2018 to carry out your transactions at ease even after regular banking hours.

The branch will continue to offer regular banking services during extended hours, which include:

• Teller Services
• Account Opening
• Loans & Services
• Credit Cards & Services
• General Services (E.g. WPS, Statement requests, etc.)
• E-channels registration & Services

Assuring you of our best services at all times.

Regards,
 

RAKBANK

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Dear Customer,
 
Please note there are changes to the Service & Price guide for Business Banking Account Services effective 1st March 2018.
 
Click here to view the detailed Conventional Business Account Service and Price Guide.
Click here to view the detailed Islamic Business Account Service and Price Guide.
 
Thank you for your continued patronage.
 
Regards,

RAKBANK

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Dear Customer,

Our existing process for all cash withdrawals, including cheque encashments, over the counter will be revised as per a mandate received from the Central Bank of UAE.

Effective 7th December 2017, customers will be required to provide any one of the below mentioned original identification documents to withdraw cash at the teller counter. 

• Emirates ID Card
• Passport
• Family Book (Applicable only for UAE nationals)

We request you to kindly take note of this change and advise your beneficiaries of the revised requirements.

For any queries or to share your feedback, please call our 24X7 Contact Centre on 04 2130000 or write to us at [email protected].

Thank you for your continued patronage.

Regards, 

RAKBANK

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Dear Customer,
 
Further to the successful launch of our revamped automated Phone Banking service earlier this year, we are pleased to announce yet another enhancement to the service.
 
As part of our consistent efforts to provide you with peace of mind and an unparalleled customer experience, we are launching a new secured verification method on 04-2130000 along with a host of new features. 
 
Now, you need not answer multiple security questions to verify yourself. Instead, just call us and simply enter your Debit/Credit Card number and your PIN to access a customized set of menu options. 
 
This is a convenient and simple way to confirm that it is you who is calling us, so that we can dynamically present the most relevant information for you and save you more time. For example, now when you call us close to your Credit Card payment date, we will proactively inform you of your outstanding amount and payment due date. Likewise, there are many new dynamic features which will give you relevant information without having to speak to an agent at all. 
 
Of course, once you have verified yourself with your Card number and PIN, you can still speak to our experienced Phone Banking agents who will assist you with any further queries that you may have.
 
Post the 25th of November 2017, please remember that you will need your Debit/Credit Card number and PIN when you call us on 04-2130000. 
 
We wish you ‘Simply Better’ banking with RAKBANK.
 
Regards
 
RAKBANK

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Dear Customer,

Our existing Electronic Fund Transfer (EFT) request form available on our website and Branches has been revised as per a mandate received from the Central Bank of UAE. 

Effective 30 September 2017, all customers are required to provide a valid reason for the transfer for both Local and Cross-border payments in AED currency 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.

In addition, below are some important factors to bear in mind:

• 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 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 effected solely based on the beneficiary IBAN. 
• If you have standing orders or instructions for effecting payments in future, you are requested to amend the same, by providing a valid Reason for the transfer (Purpose of payment or Transaction Type Code). This can be done through RAKBANK Digital Banking Channel. 
• Valid Reason for the transfer (Purpose of payment or Transaction Type Code) should be selected based on the type of customer relationship (Individual or Business Customer) that you hold with RAKBANK and the type of electronic payment namely local or cross-border payment. The list of codes are available in the links below:

Click here to view the Individual Purpose of payment or Transaction Type Code

Click here to view the Business Purpose of payment or Transaction Type Code

Please feel free to share your feedback by calling our Contact Centre at 04-2130000 or writing to us at [email protected].

Thank you for your continued patronage.

Regards, 
RAKBANK 

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Dear Customer,

RAKBANK is always committed to delivering convenient and secure Digital Banking services to our customers.

We take our customers financial security seriously and have observed that some of our customers use outdated browser versions to access RAKBANK Digital Banking. This exposes them to fraudsters who can take advantage of the outdated technology to gain access to confidential information.
Please note that in order to ensure a safe and secure Digital Banking experience for our customers we will be phasing out support for old browsers by 30th September 2017.

From 1st October 2017 our Digital Banking will not allow access through older web browser versions.

We strongly recommend that you use the latest version of popular browsers such as Safari, Google Chrome, Firefox and IE to continue uninterrupted access to RAKBANK Digital Banking.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

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Dear Customers,

At RAKBANK we are committed to delivering the most secure and convenient banking experience to our customers.

In line with this objective, we constantly monitor Banking related security threats across the UAE and have noticed an increasing trend of fraud on “Cash” cheques presented through Clearing.

Hence, to eliminate the possible risk and fraud involved in “Cash” cheques and thereby protecting your funds and interests, it has been decided to discontinue the practice of accepting cheques through the Central Bank clearing system effective 1^st September 2017, wherein the beneficiary name is mentioned as “Cash”. 

The revised process is in line with our commitment to ensure the best interests of both our customers and the Bank by eliminating the possibility of any risk or fraud involved in the processing of “Cash” cheques. 

While bank will discontinue accepting “Cash” cheques for Central Bank Clearing, you can continue to withdraw cash against such cheques at RAKBANK teller counters. As for “Cash” cheques issued from other banks, you have the option of withdrawing the amount directly at the issuing bank teller counters. We strongly recommend however, that you discontinue the practice of issuing and accepting “Cash” cheques against your payments, as a measure of security.

Furthermore, we encourage you to use our Digital Banking services to make all your cash payments safely and conveniently. In case you are not registered for these services, you may click here to sign up.

To ensure that you are not inconvenienced and to give you adequate time to make any necessary arrangements, we will continue to accept “Cash” cheques in Clearing till 31^st August 2017, after which any “Cash” cheques presented through Clearing, will be returned for reason “Payee Name Differs”.

Here, we would like to emphasise that you will still enjoy the highest service standards that our customers deserve.

Should you have any queries, please feel free to call us on 04-2130000.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

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Dear Customer,

Due diligence screening of transactions pertaining to RAKMoneyTransfer shall be done between 8am to 8pm. If the transactions gets in the screening queue after 8pm, the transactions shall then get cleared the next working day

We thank you for your patronage and understanding.

Regards,
RAKBANK Team

Dear Customer,

We would like to inform you that the Instant Finance portfolio held under RAK Islamic Finance Company (RAKIFC) shall be moved to THE NATIONAL BANK OF RAS AL KHAIMAH a Public Joint Stock Company (RAKBANK) Islamic Banking Division effective from 24-05-2017 with a new instant finance agreement number.

This means that your Instant Finance relationship and all the related issues, including your rights and obligations in relation whatsoever with your Instant Finance, shall be as of the Effective Date exclusively with RAKBANK Islamic Banking Division.

Therefore, starting the Effective Date all outstanding amounts, payments or other dues resulting from your Instant Finance shall be paid to RAKBANK Islamic Banking Division.

RAKBANK aims to offer you a unique banking experience and as part of this endeavor, it would like to offer you the opportunity to enjoy the Islamic products under its Islamic Banking Division. RAKBANK Islamic Banking Division, which is an exclusive Islamic Window for Sharia compliant Banking, has been functioning since 2013 under license granted by the UAE Central Bank. RAKBANK Islamic Banking Division offers a comprehensive range of products and services under Retail, Business and Wholesale Banking. As part of its strategic initiatives, RAKBANK is working on streamlining, enhancing and consolidating all Islamic products and services under the Islamic Banking Division.

In this context, the transfer of the Instant Finance portfolio held under RAKIFC will provide you, as a Instant Finance holder, access to multiple products and services within RAKBANK Islamic Banking Division. A vast majority of RAKBANK Islamic Instant Finance customers are enjoying Islamic products and services offered under its Islamic Banking Division. We would like to assure you that your Instant Finance shall continue operating strictly and exclusively under the regulations of Shariah Compliance. The RAKBANK Islamic Banking Division is a complete independent department and all records and accounts are being maintained separately from conventional Banking. The assets under RAKBANK Islamic Banking
Division are funded by Islamic liabilities whilst Treasury ensures that there is no asset, liability mismatch. RAKBANK Islamic Banking Division ensures to maintain independent policies, procedures and regulations with segregated financial books enabling it to separately manage the Islamic products and services and to record all Islamic transactions, apart from conventional banking and ensures to maintain its own Profit and Loss statement and
Balance Sheet.

The RAKBANK Islamic Banking Division has a Shariah Supervisory Board that approves all products and services. A quarterly Board meeting is held to review all operations. Shariah Audit is conducted regularly to review operations, documentation and to monitor Shariah Compliance. The audit results are submitted to the Shariah Supervisory Board which closely monitors its enforcement. The Sharia Supervisory Board has approved the launch of the Instant Finance through the RAKBANK Islamic Banking Division.

Kindly note that there will be absolutely no changes to the terms and conditions of your Instant Finance and that your EMI, Tenor and Maturity date will remain the same, and for further enquiries please call on 600 54 0044.

Finally we would like to draw your attention that you have 30 days starting from the date of your notification of the present letter to decide whether to accept the above-mentioned transfer of your Instant Finance and to continue your relationship with respect to your Instant Finance with RAKBANK Islamic Banking Division or to reject such transfer and to exit and cancel the relationship relating to your Instant Finance without any additional fees or charges.

In case you decide to reject the said transfer, kindly let us know by sending us a written notice by way of a closure request as per the applicable form through any RAKBANK Branches or contact center within the above–mentioned 30 days period, after you settle any outstanding amounts, payments or other dues resulting from your Instant Finance as per the RAKIFC Terms and Conditions. If we don’t receive any written notice from you within the said period of 30 days, then you shall be deemed having accepted irrevocably and finally the said transfer and your relationship regarding your Instant Finance shall continue starting the Effective Date with RAKBANK Islamic Banking Division.

We thank you for your patronage and understanding.

Regards,
RAKBANK Team