The National Bank of Ras Al-Khaimah Ltd., more commonly known as Rakbank, has launched two prepaid cards in the United Arab Emirates, the bank announced March 1.
The institution is promoting the two MasterCard-branded cards to unbanked residents who lack traditional debit or credit cards, including students and stay-home mothers, according to a news release.
Consumers may top up the two reloadable magnetic stripe cards, called Rakbank Loaded and Rakbank Bling, either by depositing cash at a Rakbank electronic-deposit machine or by presenting cash at any of the bank’s exchange-house partners, which include UAE Exchange, Al Fardan Exchange, Redha Al-Ansari Exchange, Wall Street Exchange, Al Ansari Exchange, Sharaf Exchange and Al Razouki Exchange.
“Cardholders will be levied no currency-exchange fees,” a spokesperson for the bank tells PaymentsSource.
Additionally, cardholders with an existing Rakbank account or credit card may use the institution’s online and phone-banking services or a Rakbank ATM to load their card accounts.
Consumers pay 25 dirham (US$6 or 4.90 euros) to acquire a card, 10 dirham per cash withdrawal, and 25 dirham to redeem a card’s value in cash.
The cards come with a daily purchase limit of 10,000 dirham and a daily cash-withdrawal limit of 1,000 dirham.
