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.
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.
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.
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.
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/-
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.
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.
