Here’s how to send a quick, affordable and secure money transfer to Oman.
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Oman
How do I compare transfer companies when sending money to Oman?
Before you settle on a single money transfer company, take the time to compare your options and know the ways they differ.
- Exchange rate and fees. A seemingly great exchange rate doesn’t necessarily translate into a good deal, especially if you end up paying high fees. Similarly, opting for a service provider that doesn’t charge any fees may not work well if you get an unfavorable 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 may even allow you to initiate the process over the phone.
- 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 your 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 multiple 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.
Banks vs money transfer companiesFaheem Al Said arrived in the US as a student. After he finished school, he scored a decent job with a respected company. Because he had extra money in the bank, he decided to start sending some money back home to his aging parents.
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.
|US 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 to 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 parents receiving considerably more money than he would have through the bank.
What are the steps to send money to Oman?
- Compare your money transfer options in the table above.
- Click Go to site when you’ve found a provider you want to work with.
- Create an account and start a transfer.
- Supply your recipient’s name and information.
- Pay for your transfer and save your tracking number.
You can use your tracking number to check on your transfer and make sure your recipient gets the money they need within the time cited by the transfer company.
Foreign exchange rates explained
Exchange rate determines how much one country’s currency is worth when converted to the currency of another country. A strong currency like the US dollar will generally yield much more money when exchanged with a weaker currency like the Omani rial. In September 2018, this amount was about 0.39 rial per 1 dollar. However, the exact amount you get will depend on the exchange rate given by your transfer company and the market value set by banks.
What are my options for sending money to Oman from the US?
- Banks. Several US banks let you transfer money to Omani bank accounts. Banks tend to charge high 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 US.
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.
Fast cash transfers
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’ll 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.