Thursday, December 12, 2019
Home Oman Guide: Banking in Oman

Guide: Banking in Oman

As an expat, it is challenge to find a place where you can manage your finances. Good thing there are no shortages when it comes to banks in Oman as there are available locations anywhere in towns, cities, and villages. To help you find the right type of bank, we’ve collected information which you can read below.

Also Read: Do’s and Don’ts in Oman

Having a savings account is convenient for expats. Once you’ve opened an account, there is a guarantee that your funds are safe and less likely to go to the hands of hackers or thieves. With many types of banks in Oman, you will surely find the choice where you’re comfortable with other bank products aside from a savings account. To guide you on selecting the best choice for your needs, here are facts about banks in Oman.

Bank Vault

Bank Facts in Oman

  • If you want to open an account, you can choose from local, international or regional banks in Oman. These banks are well-managed in spite of the few setbacks and scandals in the financial industry.
  • Banks are healthy in general. You don’t have to worry because they are designed to cope with financial difficulties in the future.
  • There are bank categories you should be aware of: central banks, corporate banks, retail banks and investment banks.
  • Central banks usually operate as clearing banks that regulates funds.
  • Corporate banks are those that offer investment opportunities for corporate investors.
  • Investment banks are those that offer investment opportunities for high net worth individual investors.
  • Retail banks are the normal banks offering savings account, checking accounts, loans, mutual funds, etc. This is for everyday use.
  • Although investing through Islamic banks are very unlikely considering that it is not allowed to collect interests, you may still find it interesting to invest through them because of how Islamic banks handle good investments. Just make sure you study how the investment project work with them.
  • Generally, banks are open from 8:00 AM to 1:00 PM and resumes from 4:30 PM to 6:30 PM on Saturdays to Wednesdays. They are open from 8:00 AM to 12:00 PM usually on Thursdays.
  • Banks are closed on Fridays and holidays like private companies.
  • Banks in major international airports are 24 hours open.

Also Read: Top 10 Amazing Places to Visit in Oman

Banking Savings

To  transact with a bank, you must remember these facts. As an expat working in Oman, you will find yourself opening a savings account in one of the many international banks such as Citibank, Standard Chartered, and British Bank of the Middle East. Some of these establishment’s features are high-tech, with available drive-in services and mobile banking. Don’t forget to let your family and friends know about this guide, so they can manage their finances in Oman.

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