Brand Overview: Rakbank
Rakbank, officially known as The National Bank of Ras Al Khaimah (P.S.C.), is a prominent retail and commercial financial institution based in the United Arab Emirates. Founded in 1976 and headquartered in the emirate of Ras Al Khaimah, it is a public joint-stock company listed on the Abu Dhabi Securities Exchange (ADX) and is majority-owned by the Government of Ras Al Khaimah.
Contact Info
Customer Support Email: [email protected]
Complaints Email: [email protected]
Phone Number: 600 54 4049 (UAE) or +971 600 54 4049 (International)
Industry and Operations
Rakbank operates in the banking and financial services sector, delivering conventional and Sharia-compliant solutions to individuals, small businesses, and commercial clients throughout the United Arab Emirates.
- Personal Banking: Current and savings accounts, fixed deposits, credit cards, personal loans, auto loans, and mortgages.
- Business and SME Banking: Tailored financial solutions for small and medium enterprises, including commercial accounts, business loans, and trade finance.
- Wholesale Banking: Corporate lending, cash management, institutional services, and treasury operations.
- Islamic Banking: Sharia-compliant banking and financing products managed under the RAKislamic division.
- Digital Banking: Online banking portals and mobile apps for fund transfers, bill payments, and card management.
User Sentiment
Customer feedback regarding Rakbank shows notable dissatisfaction, with users expressing frustration over service efficiency, fee transparency, and administrative delays across everyday banking operations.
- Unresponsive Customer Support: Customers frequently cite long waiting times on customer service hotlines, unhelpful responses from automated chat agents, and slow follow-ups on unresolved tickets.
- Unexpected Fees and Charges: Many account holders report unexpected account maintenance fees, administrative deductions, and disputed credit card interest or penalty charges.
- Account Freezes and KYC Delays: Frequent complaints mention sudden account holds or restricted access to funds during identity verification (KYC) or compliance reviews without prior notification.
- Difficulties with Account and Card Closures: Users report lengthy delays and cumbersome paperwork when requesting account closures, credit card cancellations, or loan liability clearance certificates.
- Digital Platform Glitches: Negative reviews point out occasional mobile application downtime, delayed one-time passwords (OTPs), and errors during fund transfers.
Share Your Experience
If you’ve experienced issues with Rakbank, you’re not alone. Share your experience or file a complaint on Xolvie to let your voice be heard.