RAK (uae) Bank reviews?

[Nigital Domad]

Hello OCT comrades! Does anyone have current / recent experience using RAK BANK in UAE for a non-resident corporate account? Any positives or negatives?

 

[ecool]

You mean Rakbank? They are famous for closing bank accounts even for legit businesses. They give you 30 days to take out your funds and they close your account.

In addition to that, you are asking for non-resident corporate account. That is quite difficult to get in UAE

 

[Nigital Domad]

You mean Rakbank? They are famous for closing bank accounts even for legit businesses. They give you 30 days to take out your funds and they close your account.

In addition to that, you are asking for non-resident corporate account. That is quite difficult to get in UAE

Thank you. There must be some general reasons for why they suddenly close accounts? Maybe just for higher risk businesses?

 

[ecool]

Thank you. There must be some general reasons for why they suddenly close accounts? Maybe just for higher risk businesses?

Obviously they don’t tell you the reason. But the people I know had local legit businesses in Dubai and RAK and they had to move to other banks and never had issues with the other banks

 

[JimBeam]

If's the bank to avoid in UAE. I have no personal experience with it but a person I know that opens companies for it's clients told me that they are bad (and he has multiple decades of opening bank accounts for his clients in various jurisdictions).

So, if you can get it open - start working on opening another one just in case.

 

[Houdini]

So, if you can get it open - start working on opening another one just in case.

But then it would be better just to move on and forget to open any account there.

 

[JimBeam]

But then it would be better just to move on and forget to open any account there.

It is but if someone is already working on opening this one - or close to getting one - it's not bad to have something to start with. Depends on the situation and how quickly does he need a bank account. But once it's done - just apply at another bank and have a backup ready.