RAKBank, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the oldest banks in the UAE. It has been a RippleNet member since 2017.
Today, according to a Gulf News article, RAKBank announced the enhancement of its current remittance footprint in the Philippines by partnering with BDO Unibank, a full-service universal bank in the Philippines.
RAKBank’s RAKMoneyTransfer (RMT) services will now enable customers to make instant and secure money transfer services to any bank account in the Philippines through RippleNet. This service will be free of charge until February 29, 2020.
Peter England (RAKBank CEO) mentioned that:
“We, at RAKBank are committed to increasing our international remittance footprint and are delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO. This partnership aims to offer the Filipino expat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees,.
BDO Unibank said its connection to RippleNet has broadened its worldwide reach to financial institutions and clients. Through RippleNet, BDO Unibank is now connected to RAKBank, which has become Philippine’s bridge to offering banking and financial services to the Filipino expat community in the UAE.
RAKBank is certainly making the most out of RippleNet, as it has already partnered with Cargills Bank to send money to Sri Lanka, and Axis Bank for remittances to India. RAKBank customers can send money through RAKMoney Transfer to India, Sri Lanka, Philippines, Nepal, and Pakistan.
BDO Unibank has been added to our Ripple Ecosystem.