We are pleased to announce that we’ve partnered with RAKBANK, one of the United Arab Emirates most progressive financial institutions, to help expand the latter’s remittance service to 20 new countries.
Founded in 1976, The National Bank of Ras Al Khaimah, or RAKBANK as it’s commonly known, started out as a corporate bank before shifting its focus to retail and small business banking following a rebrand in 2001. It has 38 branches along with telephone and digital banking services. In addition to its personal banking and corporate lending, RAKBANK offers Islamic banking solutions through its RAKislamic division.
RAKBANK’s award-winning RAKMoneyTransfer (RMT) service was previously available in India, Pakistan, the Philippines, Sri Lanka and Nepal. This partnership expands its reach to 25 countries across Asia, Africa, Europe and Australia including Bangladesh, Kenya, Vietnam and the United Kingdom. It allows RAKBANK customers to send money home from their bank account or credit card, while the receiver can pick up cash at one of Xpress Money’s 85,000 agents in RAKBANK’s territories (we have a global network of 200,000 agents). RMT customers still have access to highly competitive foreign exchange rates and the convenience of sending money at the click of a button through RAKBANK’s digital banking platform, as well as from its physical branches.
Both parties hailed the collaborative nature of the partnership. Peter England, Chief Executive of RAKBANK, commented on how it helps the bank expand its remittance footprint and offers its clients a more convenient way to transfer money. Furthermore, dealing with one of the world’s most well-known and dependable money transfer services provides RAKBANK’s customer with added peace of mind. Meanwhile, Xpress Money’s Chief Operating Office Sudhesh Giriyan welcomed the opportunity to extend our remittance service to RAKBANK’s customers and noted how this partnership builds on our existing network across 165 countries.
Here at Xpress Money, our mission is to make transferring money accessible and affordable. We strongly believe in the power of collaboration within the global financial ecosystem to deliver greater value to expats all over the world, as they look for a secure and convenient way to send their hard-earned money home to their loved ones. We’ve dedicated significant resources to building Xpress Money FLEX, our customizable remittance platform, which seamlessly interacts with the IT systems employed by other financial institutions, allowing us to onboard new partners quickly and easily.