Rakbank has added an option to instantly transfer money from Rak Bank to other banks in UAE.
The option to “Transfer Instantly” appeared on online banking portal of Rak Bank which provided the option to “Send Instantly (appicable for transfers upto 10,000 AED)
The money was credited on Emirates NBD account instantly in a second. This is an amazing development.
The fact that Rak Bank has this option means that Central Bank has rolled out the infrastructure necessary for instant transfers between banks. And we can expect other banks in UAE to follow suit and roll out instant transfers between every other bank in UAE.
With instant transfers, businesses and individuals will greatly benefit.
It is notable that Instant transfers are common in most other countries of the world. In India, such a feature is called an IMPS.