Banquells was born on 25 June 1917 in La Habana, Cuba, to Spanish parents.
[1] The family moved back to Spain and he went to primary school in Barcelona.
[1] Following the Spanish Civil War, they moved to France and then Mexico.
He was then married to the actress and TV producer Silvia Pinal and they had a daughter, Sylvia Pasquel; and he was last married to the actress Dina de Marco.
Their children are José Manuel, Rocío Banquells, Jeanette, Mary Paz, Ariadne and Rafael Jr. Rafael died on 27 October 1990 in Mexico City, at the age of 73.