What are the permitted transactions through Wasel Exchange?
Customers can make personal remittances to their Bank accounts and also permitted remittances for trade/other purposes up to a certain limit. Cash to cash transactions are also allowed subject to individual limits on number of remittance and amount fixed by each receiver country.
What are the documents required for doing a remittance?
Customer has to produce their IDs. Accepted IDs are resident cards for expats /ID card for nationals/passport for tourists. For high value remittance OMR 3000 and above, customer has to submit a declaration showing the source of funds and purpose of remittance. If the amount is tendered in cash he has to produce copy of Bank withdrawal slip as the evidence for source.
What are the details required for a Bank Transfer?
For Bank transfer the customer has to give the Beneficiary Name, Bank name, Branch name and the Account number. Customers are expected to verify the beneficiary Bank particulars especially the account number before tendering the cash.
How much time does it take for bank transfer for actual credit in beneficiary account?
This depends on country to country. For transfer to India the beneficiary account is credited in four to 24 hours on normal working days.
What is instant money transfer or cash pick-up?
Instant Money transfer are also called cash pick-up or cash to cash transfer. Here the amount is sent in the name of beneficiary and he can personally collect the amount in cash from the agents. We offer Western Union, Xpress Money and Transfast services in this context.
What are the documents required for this? What are the safety rules?
Beneficiary name and the ID number if available is required. After completing the transaction, the remitter will be given a unique number which he has to pass on to the beneficiary. The beneficiary can immediately approach the agent in the receiver country and receive cash by showing this unique number and his ID.
The remitter has to take care that the unique number is not given to any third party.
How is the currency exchange carried out?
Both sale and purchase of foreign currencies are done at our branches subject to availability. Customers can tender OMR and request for foreign currency or tender foreign currency and request for Omani Rial.
Is there any limit for carrying cash to different countries?
There are certain limits for carrying cash to different countries.
For example the limits for carrying cash to India are given below:
Passengers importing foreign currency notes in excess of value of US $5000 or its equivalent and total foreign exchange in the form of Currency notes, Bank Notes or Traveller’s Cheques of a value in excess of US $10,000 or its equivalent are required to declare to Customs and obtain Currency Declaration Form from Customs Counter, failing which, it may lead to seizure, confiscation, prosecution and penal action.
Import of Indian currency is not allowed except for passengers normally resident in India who are returning from a visit abroad. Such passengers can import Indian currency notes of value not exceeding Rs. 25,000/-.
What are the precautions to be taken while carrying cash to different countries?
One should be aware of the limits for carrying currency into that particular country.
He should also keep with him the currency exchange slip provided by the Money Exchange or bank as a proof of source of the currency.
Is it possible to cancel a remittance transaction?
It is possible to cancel a remittance transaction only if the money has not yet been credited to the Beneficiary account. The cancellation will be done at the rates available on the day of cancellation or on the date of remittance whichever is less.
What is the difference between NRE and NRO accounts in India?
NRE accounts are Non Resident External accounts: Only remittance from abroad can be credited to these accounts. Both SB and Fixed deposits can be opened. Interest income is free from Income Tax.
NRO accounts are Non Resident Ordinary accounts, normally opened for crediting domestic income. Interest income subject to Income tax.