Here’s how to send a quick, affordable and secure money transfer to Oman.
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Compare money transfer services to Oman
Case study - Banks vs money transfer companiesFaheem Al Said arrived in the U.S. as a student. After the successful completion of his education he managed to get a job here. Once that happened, he decided to start sending some money back home to his aging parents. At that point, he figured he could send around $1,000 every month.
The bank Faheem had an account with permitted electronic fund transfers to Oman. However, he felt he could get a better deal by comparing his options. He did, and this is what he found.
|U.S. bank||Money transfer service|
|Exchange rate||$1 = $0.2478 OMR||$1 = $0.2668 OMR|
|Amount received for $1,000||$242.35 OMR||$266.80 OMR|
|Transfer time||3-5 days||1 day|
|Transfer options||Bank account||Bank account|
|Difference of||$24.45 OMR|
Faheem’s decision to go with the money transfer company came as no surprise. Not only did the money transfer company offer a more competitive exchange rate, it provided a no-fee service as well. This resulted in Faheem’s father receiving considerably more money than he would have through the bank. The fact that the money got to his father sooner also helped.
How do I compare transfer companies when sending money to Oman?
When you’re using the services of a money transfer company, several aspects require your attention.
- Exchange rate and fees. A seemingly great exchange rate does not necessarily translate into a good deal, especially if you end up paying fees on the higher side. Similarly, opting for a service provider that does not charge any fees may not work well if you get an unfavourable exchange rate. Looking at the total money the recipient stands to receive should give you a clear picture of which service provider to choose.
- Ways to send money. Banks that perform fund transfers to Oman can let you do so in person, online or over the phone. Some money transfer companies have stores and kiosks, which you can visit to send money to Oman. A number of businesses let you send money to Oman using the internet. Some let you initiate the process over the phone as well.
- Ways to receive money. The recipient can receive money directly into an Omani bank account. Another option is to collect money by visiting a cash pickup location.
- Using the same bank. Using a bank to send money to Oman can work in your favor if you and the recipient have accounts with the same bank. In this case, you can benefit through a quick turnaround time and reduced fees.
- Turnaround time. Transfers to bank accounts can take one to 10 or more business days, depending on the service provider you choose. Money transfer companies tend to process transfers quicker than banks. If you’re sending money to a cash pickup location, the transfer can happen in minutes.
- Customer service. Find out how you can contact a company representative, should the need arise. Ideally, you should be able to get in touch with one over the phone, via chat and via email.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
What are my options for sending money to Oman from the U.S.?
- Banks. Several U.S. banks let you transfer money to Omani bank accounts. Banks tend to charge fees for their services, and the turnaround time can vary from one bank to the next. Another option is to send a bank-issued check or money order via mail.
- Non-banks. Non-banking businesses such as Western Union and MoneyGram let you send money to Oman, to bank accounts as well as to cash pickup locations. Some money transfer companies limit their operations to the online world, giving you the ability to transfer funds directly into Omani bank accounts.
- PayPal. If you and the recipient have PayPal accounts, you can use its services for sending money to Oman from the U.S.
Emergency cash transfers in Oman
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
What are the steps to send money to Oman?
The steps involved in sending money to Oman from the U.S. depend on the chosen method.
- Transfer to bank account. You’ll have to provide the recipient’s name, account number, name of the bank and the bank’s routing number. If you’re sending money using the services of a money transfer company, you’ll have to provide your bank account, debit card or credit card details as well. Once you initiate the transfer, you should get a reference number, which you can use to track the transaction’s progress.
- Cash pickup. When sending money in person, you’ll have to provide the recipient’s name and a desired cash pickup location. If you’re doing this online or over the phone, you’ll also have to provide details of your bank account, debit card or credit card. Pass the reference number you get on to the recipient.
Tips for picking up cash in Oman
Picking up cash from a transfer agent in Oman? Follow a few simple steps to ensure that you and your money stay safe:
- Avoid any areas where crime is known to be a problem.
- Keep your wallet and/or bag safe and secure at all times.
- Take a friend along to provide additional security and peace of mind.
- Don’t flash your cash around in public.
- Don’t carry large sums of money around for any longer than is absolutely necessary.