Product Description

Wasel Exchange SAOC provides financial service that involves transfer of funds from one individual or entity to another, often across geographical distances. It serves as a way for people to send money to friends, family, or businesses in different locations, both domestically and internationally.

Key Facts

Sender and recipient

The sender is the person initiating the money transfer, while the recipient is the individual or entity receiving the funds. Remittances are commonly used by migrant workers sending money back to their families in their home countries.

Counterparties involved

Wasel Exchange SAOC maintains several counterparties to facilitate customers' remittance transactions. Upon receipt of a Remittance Order from customers, Wasel Exchange SAOC reserves the authority to select the counterparty for the execution of remittances. However, for International Money Transfers (IMTs), customers have the prerogative to choose their preferred counterparty. It is important to note that all counterparties engaged by Wasel Exchange SAOC have received approval from the Central Bank of Oman.

Fees

Remittance charges are subject to change in line with the remitting countries, and the amount of charges varies in line with the amount being transferred. Details of charges are available in all the branches.

Turnaround Time

Turnaround time (TT) for various remittance modes are as follows:
TT: Maximum of 2 working days
Immediate Payment Service (IMPS): Immediate
Cash pick-up: Immediate
The turnaround times listed above are subject to compliance clearance and there may be delays due to any technical issues on the counterparty’s side.

Refunds and cancellations

Refunds pertaining to transfers, or any additional remittance transactions that are returned unpaid for any cause shall be returned to the originator at the prevailing market purchasing rate or the transaction rate, whichever is lower. This recompense shall exclude the expenses associated with transmission; deductions originating from the beneficiary bank; charges linked to cancellation; and any supplementary expenditures sustained. Preceding the disbursement of restitution, it is mandatory to acquire an attestation denoting the absence of payment and the revocation of the initial directive from our affiliated bank or designated representative. To initiate the procedure of annulment, the initiator must furnish the original acknowledgment to the designated establishment.

Product Description

Wasel Exchange SAOC provides financial services that involve the exchange of foreign currency, which includes both the buying and selling of foreign currency.

Key Facts

Fees

Up to equivalent of RO 50.000 - Free
Above equivalent of RO 50.000 - 0.200 Bz

Availability of currency

The type of currencies held at each branch is at the discretion of the Management of Wasel Exchange SAOC, which is decided by taking into consideration the local population and market demand.

Refunds and cancellations

Currency, once bought or sold, can be returned only with a new transaction at the prevailing market rate. Neither the Exchange nor its employees will be held liable for any claims or shortages thereafter.

Complaint management

Customers may contact any branch to make a complaint and they can send their complaint and suggestions by email to info@waselexchange.com or call our customer service number on +968 9329 6713.

Key terms and conditions

- Wasel Exchange SAOC reserves the right to decline any customer request at its sole discretion.
- The fees and charges applicable to the products above are subject to change from time to time at Wasel Exchange SAOC’s absolute discretion in accordance with the Central Bank of Oman regulations.

Warnings

Wasel Exchange SAOC may refuse to execute any requests, instructions or services requested by the Customer if the Customer fails to comply with the necessary procedures, or if the information or data are incorrect or are in violation of the applicable laws and regulations.

Please count your money before leaving the counter and obtain a receipt for your transaction.

Neither Wasel Exchange SAOC nor its employees will be held liable for any claims or shortages thereafter. Wasel Exchange SAOC has the right to recover any amount paid in excess to the customer due to errors and oversights.

Product Description

Wasel Exchange SAOC provides ancillary services that involve recharge of your mobile number, payment of electricity, water & telecom bills and ROP fines through OIFC.

Key Facts

Fees

Free of charge.