Barclays

Your guide to expatriate banking services in Oman

Introduction

The Sultanate of Oman is situated in the Middle East, on the eastern borders of Yemen, the United Arab Emirates (UAE) and Saudi Arabia.

The official language of Oman is Arabic, with English being widely spoken, along with a variety of Indian dialects. The unit of currency is the Omani Rial (OMR).

Banks

Central bank

• Central Bank of Oman

Commercial banks

• Bank Dhofar al-Omani al-Fransi SAOG
• Bank Muscat SAOG
• National Bank of Oman SAOG (NBO)
• Oman Arab Bank SAOC
• Oman International Bank SAOG

Foreign banks

• Bank of Baroda
• Banque Banorabe
• Barclays Bank
• Citibank
• HSBC
• National Bank of Abu Dhabi
• Standard Chartered Bank

Bank opening times in Oman

The usual bank opening times in Oman are:

• 8am to 12pm and from 2.30pm to 6pm Saturday to Wednesday
• 8am to 11.30am on Thursdays.

During Ramadan, it is usual for banks to open one hour later, at 9am.

Banking services in Oman

Many of the products and services offered by the Omani national banks reflect the range of financial services offered in the UK retail banking sector. Banking services in Oman are well regulated and open to competition between banks.

Internet banking in Oman is widely offered in either English or Arabic, as is telephone banking. Bank statements and correspondence can be provided in either Arabic or English, with many of the bank branches offering multi-lingual counter services.

The main types of bank account in Oman

The core banking accounts offered to banking customers are:

• Current accounts - typically multi-currency, with account tracking. Many accounts offer debit card and cheque facilities, easy access to funds, and no upper limit on banking transactions (except ATM withdrawals)
• Savings accounts - some savings accounts may limit access to funds, but banks such as National Bank of Oman offer unlimited access to funds, and provide debit cards with the savings accounts. Interest rates for savings accounts may be low
• Deposit accounts - many banks offer customers fixed-deposit and long-term deposit accounts (in a range of foreign currencies), with money being locked into an account for a fixed time period at a fixed interest rate. Access to funds may only be possible upon the maturity of the account

Opening a bank account when you arrive in Oman

Providing you meet the standard acceptance criteria, opening an account in Oman is relatively straightforward. You will need to provide proof of identity (e.g. your passport), an account opening form, a KYC (know your customer) form and a signature specimen card. Business applicants will need to supply company registration documents.

Opening a bank account before you arrive in Oman

An international account, which can be opened before you move to Oman, gives you access to a wide range of international banking services. These include secure online banking and offshore banking options, in addition to facilities such as international payments and money transfers and accounts in a range of foreign currencies (including sterling, euros and dollars).

An international account can help you make a smooth transition from a domestic to an international bank.

Banking facilities in Oman

Omani banks typically offer customers ATM and debit cards with both savings and current accounts. In many cases, these cards can be used at both the issuing bank, and also in other Omani banks and the wider network of ATMs, although charges may apply. Daily cash withdrawals generally have a daily limit applied (approximately 500 OMR / £825 GBP) and will be limited by the funds in your account.

Currency exchanges and banking facilities are available at major airports and, as well as exchange services in hotels, there are bureau de change in most towns and cities. It is advisable to shop around to find the most competitive rates.

Using credit, debit and charge cards in Oman
Visa and MasterCard are widely issued and accepted, with American Express and Diners Club also accepted in selected outlets and establishments. If you withdraw cash from ATMs using a credit card, expect to pay a fee.

The National Bank of Oman offer 'web shopper' cards, for secure internet purchases. These cards cannot be used in ATM machines, and do not have a PIN.

Using cheques in Oman
You should confirm if a cheque book can be supplied with the current account you are opening. Cheques are not as widely accepted as other forms of payment in Oman, where the preference is for cash or electronic payments. Ensure that the information written on cheques is correct, as banks are not required to refund you for payments made in error if you fill out a cheque with incorrect information.

Managing your account
In Oman, going overdrawn on your current account without prior authorisation is taken very seriously. Unauthorised overdrafts attract substantial penalty charges and fees. Issuing a cheque without the necessary funds in your account is considered a serious criminal offence, and can result in a criminal conviction.

Money transfers to and from Oman

Most of the major banks in Oman provide money-transfer services (fees may apply), and there are a number of specialist money transfer businesses too.

As of April 2010, there are no restrictions to the amount of money you can import into or export from Oman. However, it is advisable to confirm with Oman Customs before you plan to travel, to ensure that no changes have been applied.

Banking in Oman - other information

Omani ombudsman
If you require help or information about banking in Oman, contact the Oman Central Bank: www.cbo-oman.org.

More information on banking with Barclays International

To open an international banking, speak to a specialist at Barclays International by calling +44 (0)1624 684316†.

Alternatively, visit Barclays International online, and find out more about the range of expat banking and online banking services that are offered to expatriates and international residents.