Overview

The Forex Rate and Charges API is available to partner institutions to allow their users to fetch the foreign exchange rate and charges before performing a RAKMoneyTransfer or Electronic Fund Transfers (SWIFT) transaction.

Partners can provide this service to two types of customers

• a pre-paid card customer of the partner, where the pre-paid card bin is sponsored by RAKBANK
• an IBAN customer of the partner, where the IBAN is linked to an account in RAKBANK

Customers can fetch two types of exchange rates and charges

• RAKMoneyTransfer rates and charges for instant account or cash transfers to registered beneficiaries for supported corridors - (transaction_type as 'RAKMoney' and transfer_type as 'OutsideUAE' or 'RAKMoneyCashPayout')
• SWIFT rates and charges for adhoc transfers to non-registered outside U.A.E beneficiaries or non-AED transfers within U.A.E - (transaction_type as 'BankTranfer')

Pre - requisites

• Before allowing their customer to utilize this service, partners must ensure that the customer is fully on-boarded at our end.
• Customer can select his pre-registered beneficiary (that was registered using Partner Beneficiary Management API) or enter details about the benficiary (in case of SWIFT transfers) and enter the transfer amount to even fetch the converted amount as per the exchange rate.

Next Steps

• Pass the rate received from this API to Partner External Transfers API to perform a SWIFT transfer.
• Or invoke Partner RAKMoneyTransfer API to go ahead with the instant tranfer.