Banking in Oman
Standard banking services are available in the wide array of banks in Oman.
Anyone who holds a residence visa is allowed to open a bank account in any of the banks in the country. Other requirements are passport-sized photos, photocopy of passport, and letter of no objection from the employer, tenancy agreement to prove residence and a certification of salary from the employer. Savings and deposit accounts may be opened. Different types with different rates and terms may be available. Utility bills may be arranged for direct debits or may be paid in cash at any bank.
International bank transfers are reliable and convenient in Oman. Funds are not declared upon entry and there are no restrictions on the inflows and outflows of funds in the country. Charges vary from one bank to another and from one method to another. The fastest system is usually the most expensive. Bank commission charges add up to the cost as well.
Outside the banking system, there are several money-changing companies. Rates are usually better but utmost care must be considered, as these are not regulated businesses. Currency exchanges and banking facilities are also offered at major airports but the rates can be expected to be unfavorable compared to banks.
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