online currency exchanges

Hi Richard E,

Online bank transferring of money will never get you the best rates. Don't go that route. You can get better rates elsewhere ...

Try the many money transfer outlets spread across all over Oman. Usually, the funds are credited to the overseas account within 24-working-hours.

I've been using Oman-UAE Exchange for quite sometime now. They are very good. There are scores others as well. Exchange rates are quite similar and competitive compared to direct online bank transfers.

Global Money Exchange, I am told, provides the best exchange rates. But I have not personally tried them.

Offline money transfer is any day better than personal online transferring.

Hi Sumitran
Thanks for the response.
I will go and look into this further. Do you know if the rates they offer is significantly better than the banks? Also how do you do it. Can you use a debit card to make the transaction or must it be cash?
Thanks

Hi Richard E,

Money Exchange companies cannot offer rates that are significantly better between companies as these are all governed by the fluctuating global currency markets, as well as closely monitored by the Central Bank of Oman. However, there could be slight variations in rates. This is because of whatever transaction fee / commissions that these companies charge could be a little less or more (but that also only in baizas). So in reality, unless you are transferring huge sums there would not be major differences. If you are indeed transferring huge sums (5-figures and upwards) you can negotiate for better rates and the companies would oblige given the volumes. Typically Bank money transfer rates would fetch lesser since the banks add on a lot of their overhead, infrastructure, maintenance and various other costs on to the customers.

Transferring money to any overseas account through these money exchange companies is a relatively simple process. Provide the bank account number to be credited, with full details of the account holder's name, the place, location etc. Use your debit card to transfer the required sum. Of course you need to provide your resident card, a copy of which they will attach along with your payment advice. Transfer done.

I wanted to send some money to US . When I approached one of the Exchanges in Ruwi , I was told, while they could do the same for me If I was sending the money to India account , they will not be able to do so to an US account and advised me to approach my banker.

Approached NBO , they did it for a fee of OMR 2.5 . Though I did not check for the slabs,looks like this wont vary on the basis of amount being remitted.....not atleast for the range  I had in mind.

The exchange rate i got was 2.5940 for a Rial. I thought it wasn't a bad deal at all !

However, as and when I have to send money to India, I shall use these Exchange Houses.