Take advantage of low fees and competitive exchange rates when sending money to Oman.
The establishment of diplomatic ties between Australia and Oman took place in 1981. The Australian Embassy in the Kingdom of Saudi Arabia finds accreditation to Oman. However, in 2011, Australia appointed an Honorary Consul in Muscat. While the Ambassador of Oman in Japan overseas ties with Australia, Oman opened a Consulate-General in Melbourne in 2005.
Bilateral relations between the two nations are cooperative and friendly. Both are co-founders of the Indian Ocean Rim Association (IORA), working closely in areas such as maritime safety and security as well as fisheries. Two-way trade between Australia and Oman stood at $447 million during 2013 and 2014. TorFX guarantees to match any competitor's exchange rate. Conditions apply.
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In 2014, around 800 Omani students studied at Australian institutions. The Australian Agency for Education and Training (AAET) estimates that around 100 Omani students pursue education in Australia every year.
There are several instances of people wanting to send money to Oman. If you wish to as well, going through this guide is in your best interest.
Banks vs money transfer companies
Faheem Al Said arrived in Australia 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 ageing 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.
|Australian bank||Money transfer service|
|Exchange rate||$1 = OMR0.2478||$1 = OMR0.2668|
|Amount received for $1,000||OMR242.35||OMR266.80|
|Transfer time||3-5 days||1 day|
|Transfer options||Bank account||Bank account|
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 fee-free 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 transferring and receiving money via 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 centre.
- Additional methods. People who wish to send money to Oman periodically can deal with businesses that let them schedule regular payments. This takes away the need to go through the entire process every time. Some money transfer companies let you purchase forward contracts and market orders as well.
- Using the same bank. Using a bank to send money to Oman can work in your favour if you and the recipient have accounts with the bank in question. 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 centre, 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.
How do I send money to Oman from Australia?
When sending money to Oman, you get to choose from different methods.
- Banks. Several Australian 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 cheque 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 centres. Some money transfer companies limit their operations to the online world, giving you the ability to transfer funds directly into Omani bank accounts. If you and the recipient have PayPal accounts, you can use its services for sending money to Oman from Australia.
How do I receive money from Oman in Australia?
If you have to receive money from Oman in Australia, you have different options.
- Banks. One way is to provide the sender your bank account details and receive the money directly in your Australian account. This can happen through an Omani bank or a money transfer company. You can also receive money orders and cheques via mail.
- Non-banks. Money transfer companies such as Western Union and MoneyGram have cash pickup centres spread across Australia. You can get the sender to transfer funds to any of these centres and collect the money in person. PayPal allows fund transfers from Oman to Australia, so you can use its services as well. Withdrawing money from your PayPal account to your bank account is easy.
Emergency cash transfers in Oman
If you’re in Oman and end up losing your wallet, report your debit and credit cards as lost or stolen immediately. Next, you can think about getting some emergency money in these ways.
- Cash pickup. Locate a suitable cash pickup centre. Pass the details to a friend or family member who is willing to send you some money through a money transfer company.
- Credit card cash advance. If you have an existing Visa, Mastercard or American Express credit card you may be able to get an emergency cash advance by visiting a local participating bank.
- Travel insurance. The right kind of travel insurance can provide emergency money to deal with unexpected medical expenses, flight delays and cancellations as well as lost and misplaced luggage.
Western Union / MoneyGram branches in Oman
Western Union and MoneyGram have cash pickup centres across various locations in Oman. To collect cash from any of these centres, you’ll have to provide an acceptable form of ID such as your passport or driver’s license. If you plan to collect a large sum, you may want to call ahead of time to verify availability of funds. Here are some cash pickup centres in Oman.
- Grand Central Mall
Al Farsi Complex, Barkha Main Road
Plot No 354, P.O Box No. 1821
Open 10am to 10pm, Monday to Sunday
- Laxmidas Tharia Ved Exchange G
Shop No Gf 24 Muscat Grand M
Open 10am to 11:59pm, Monday to Sunday
- Asia Express Exchange Co
Lulu Hyper Market Al Burj
Open 8am to 11:30pm, Monday to Sunday
- Oman UAE Exchange Centre And Co LLC
Lulu Hypermarket Al Burj
Open 8:30am to 10:30pm, Monday to Sunday
- Majan Exchange LLC - Muscat - Al Thiqah
Building No A4981 Plot No 51 Block No: 307 Al Jifnine
Open 9am to 9pm, Monday to Sunday
- Asia Express Company
Al Bandar Complex Malewah
Open 9am to 9pm, Monday to Sunday
- Purshottam Kanji Exchange Company
Near Seeb Souk
Open 8:30am to 9:30am, Monday to Sunday
- Oman & UAE Exchange
Near Seeb International Airport
Open 8:30am to 10pm, Monday to Sunday
Tips for picking up cash in Oman
Crime levels in Oman are low. However, tourists can become victims of petty crimes such as theft and burglaries. When you collect money from a cash pickup centre, exercise normal safety precautions, as you would in Australia.
The Department of Foreign Affairs and Trade advises Australians against travelling to areas bordering Yemen because of ongoing conflict in the region. Avoid demonstrations and protests as they can turn violent. Exercise particular caution around Friday prayers.
When in Oman, carry your passport with you at all times for verification purposes. However, keep it carefully because it is attractive to criminals.Back to top
What are the steps to send money to Oman?
The steps involved in sending money to Oman from Australia 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 SWIFT code. 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 at any time.
- Cash pickup. When sending money in person, you’ll have to provide the recipient’s name and a desired cash pickup centre. 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 to the recipient.