Tag Archives: UAE mobile transfer

Mobile Money Transfer in The UAE With RAKBANK

By Mohammed Waseem

Money transfer at the touch of a button is a new trend in the money transfer space. In different places in the world, mobile solutions have been introduced to make this true, to enable senders to transfer money on the go from anywhere at any time, just by touching a button on their smartphone or tablet. Mobile apps are made available for different platforms to increase adaptability and to increase the customer base.

National Bank of Ras Al Khaimah (RAKBANK), a UAE based bank has introduced an excellent mobile app for UAE mobile phone users that promises easy money transfer on the go. The bank promises to make life more convenient by allowing users to make instant money transfers. The service is available in the bank’s present mobile app and not as a standalone app.

RAKBANKThe feature is called MobileCash and it allows UAE residents to make instant money transfer to anyone in the United Arab Emirates, at any time and from anywhere. Of course, senders need to be customers of the bank in order to be able to use the service.

No fee is chargeable for sending money using MobileCash and the service is ideal for sending smaller amounts, such as in case of sharing expenses, paying back a friend and so on. The sender needs to provide the mobile number of the recipient and their name in order to send money. The recipient has to visit any RAKBANK ATM and enter the code received by SMS and the amount being received, in order to withdraw the cash.

The code is valid for 24 hours, within which the money has to be withdrawn, failing to do which would result in the money being credited back to the sender. The app is a great introduction and similar to many such solutions available in other countries. With this feature introduced, the customers of RAKBANK have one more reason to remain loyal to them.