RAKBANK UK POUND & EURO to UAE DIRHAM EXCHANGE RATES
| RAKBANK | MIN. TRANSFER | SPEED | FX MARGIN RATE | *GUIDE RATES | MORE DETAILS |
|---|---|---|---|---|---|
| GBP £ - to AED | NO MINIMUM | 5/7 DAYS | 2.3% | 4.427 |  |
| EUR € - to AED | NO MINIMUM | 5/7 DAYS | 2.3% | 3.85 | |
| BROKER RATES | MIN. TRANSFER | SPEED | FX MARGIN RATE | *GUIDE RATES | MORE DETAILS |
| GBP £ - to AED | From £100 | From 1 DAY | From 0.7% | 4.5 |  |
| EUR € - to AED | From £100 | From 1 DAY | From 0.7% | 3.913 | |
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
RAKBANK – RECOMMENDED CURRENCY TRANSFER SERVICES
| BROKER RATES: GBP/AED | MIN. TRANSFER | SPEED | FX MARGIN RATE | *GUIDE RATE: GBP/AED | MORE DETAILS |
|---|---|---|---|---|---|
| CURRENCIES DIRECT | £100 | 1 DAY | 0.7 to 1.0% | 4.486 to 4.5 |  |
| TORFX | £250 | 1 DAY | 0.7% | 4.495 | |
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Question: How many UAE dirhams will I receive for my currency transfer, after Rakbank fees and charges?
Answer: Using Rakbank services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
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Rakbank International Money Transfers
Save on the exchange rate conversion when transferring money or making payments overseas from your Rakbank account in AED, GBP, EURO, USD and other currencies. Rakbank international money transfers to or from the UAE have higher transaction charges, due to a less competitive exchange rate offered by Rakbank. Skip to: UAE Money Transfer Specialists
Typically, sending funds to or from your Rakbank account in UAE dirham to a UK pound, euro or US dollar overseas bank account will involve a margin rate of 2.3% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Currency Transfer Alternatives – Rakbank
Sending foreign currency to or from your Rakbank account in the UAE needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 UAE dirham (AED) using Rakbank services would have a transaction exchange rate margin of around 2.3% – or 2,300 AED. Using a specialist broker, in this example Currencies Direct – the exchange rate margin would work out at between 0.7 to 1.0% – or only 700 to 1,000 AED in total, which is a large saving over the bank service.
Rakbank – Other Useful Information
International money transfers from Rakbank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Rakbank account holder to use their services. Rakbank may charge a commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of £5000 or 20,000 UAE dirham.
Unless you pay a premium, Rakbank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Rakbank, UAE – About
Rakbank (also known as the National Bank of Ras Al-Khaimah) is a leading retail and small to medium business bank in the UAE, serving over 700,000 customers. Founded in 1976, Rakbank is one of the Arab Emirates oldest local financial institutions and provides conventional and Islamic retail, small business, and commercial banking services through a network of 38 banking branches in the UAE.
Rakbank – Head Office Address
National Bank of Ras Al-Khaimah PSC – RAK Operations Centre, Emirates Road, Ras Al Khaimah, United Arab Emirates
TRANSFER PROMOTIONS
