Bank Muscat is a well-established financial institution that offers seamless international transfer services to individuals, including students and professionals. With its robust network, Bank Muscat international transfer services enable users to send money abroad for tuition fees, living expenses, or any other financial requirement with confidence and ease.
Bank Muscat international transfer services are available in nearly 200 countries through the SWIFT network, ensuring secure and efficient transactions. Customers with access to Internet banking or the mobile banking app can initiate global remittances effortlessly, making it a reliable and convenient choice for overseas money transfers.
Table of contents
- Bank Muscat International Transfer Overview
- Features and Benefits of Bank Muscat International Transfers
- Types of Bank Muscat International Transfer
- How to Make a Bank Muscat International Transfer?
- Supported Currencies for Bank Muscat International Transfers
- Speed Transfer to India
- Transfer Limit
- Bank Muscat International Transfer Fees & Charges
- FAQs
Bank Muscat International Transfer Overview
Bank Muscat provides a fast and convenient way to send money overseas, with specialized services for Asian countries like India, Pakistan, Sri Lanka, the Philippines, and Bangladesh. In the case of Speed Transfers, it depends on the country. For example; instant credits are available for India, Pakistan, Sri Lanka, Bangladesh, Egypt and the Philippines.
The funds transferred using SWIFT Code & IBAN are credited to the beneficiary’s account within 3 working days, depending on the destination country.
Each outward remittance incurs specific local and overseas charges, which can either be borne entirely by the sender or shared between the sender and the recipient.
Processing Time for International Transfers
| Currencies | Processing Time |
| Eastern Currencies [Australian Dollar (AUD), New Zealand Dollar (NZD), Japanese Yen (JPY), Singapore Dollar (SGD), and Hong Kong Dollar] | By the next business day |
| Non-Eastern Currencies like United States Dollar (USD), British Pound Sterling (GBP), Indian Rupee (INR), etc | – On the same business day if the transfer is initiated before 2:00 pm GST. – On the next working day if the remittance is processed after 2:00 pm GST |
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Features and Benefits of Bank Muscat International Transfers
Bank Muscat offers several advantages to its customers for international transfers. With an extensive global network and partnerships with multiple banks worldwide, customers can securely transfer funds through online platforms such as Internet Banking and mBanking or by visiting a nearby branch.
Here are some key features and benefits:
- Reasonable Transaction Charges & Limits: Competitive fees and transaction limits make transfers cost-effective.
- Convenient Access: Available through branches, internet banking, and mobile banking for easy transactions.
- Wide Currency Support: Transfers are available in multiple international currencies.
- Fast & Reliable Transfers: Secure remittances through the SWIFT network.
- IBAN & Account Number Support: Ensures compliance with destination country regulations.
- Modify Beneficiary Details: Beneficiary details can be updated (subject to certain restrictions).
Types of Bank Muscat International Transfer
Bank Muscat provides multiple international transfer options catering to various needs. Customers can choose between Speed Transfer services for instant remittances or standard International Transfers for broader international transactions.
Speed Transfer Services
Speed Transfer is an online feature that allows users to send money instantly with ease, offering transparent fees and competitive exchange rates to selected countries, including India, Pakistan, Bangladesh, Sri Lanka, Egypt, and the Philippines.
The supported currencies for Speed Transfers are India (INR), Egypt (EGP), Sri Lanka (KLR), Philippines (PHP), Bangladesh (BDT), and Pakistan (PKR).
Features
- Instant transfer of funds to the beneficiary’s account
- Competitive exchange rates
- Transparent transaction fees
- Convenient transfer experience
Channels
Customers can initiate transfers securely through:
- Internet Banking
- mBanking App
- BM Remit App
International Transfers
The International Transfers feature enables customers to securely transfer funds worldwide. With an extensive network of partnered banks, Bank Muscat ensures seamless transactions via SWIFT Code and IBAN. Transfers are typically credited to the beneficiary’s account within three working days, depending on the destination country.
To receive international transfers into a Bank Muscat account, customers must provide:
- SWIFT CODE: BMUSOMRXXXX (Note: the “XXXX” is part of the code)
- Your unique IBAN is available under your account details on mBanking or Internet Banking.
Features
- Convenient access to bank services through branches and online platforms
- Wide range of supported currencies
- Fast and reliable fund transfers using SWIFT
- Option to use IBAN or account number for mandatory countries
- Ability to modify beneficiary details (subject to restrictions)
- Reasonable transaction charges and limits
Channels
Transfers can be conducted securely through:
- Branches
- Internet Banking
- mBanking App
By offering flexible and reliable international transfer solutions, Bank Muscat ensures that customers can conveniently and securely send money across borders with confidence.
How to Make a Bank Muscat International Transfer?
Bank Muscat allows international transfers via the mobile banking app and internet banking feature of the bank. To make an overseas transfer from Oman, a Bank Muscat account holder needs to follow the below steps:
- Visit the mBanking app or the Internet banking portal
- Log in using your user ID and password
- Click on the “Transfers” option/tab
- Choose the “International Funds Transfer” option
- Select the “Initiate a Transfer” option
- Choose the “Add Beneficiary” tab
- Enter the “Name”, “Nickname”, “Sort Code” and “Account Number” of the beneficiary
- Choose the “Country” to which the transfer is destined
- Select the” Currency” in which the recipient will withdraw the funds
- Fill out the “SWIFT Code” of the beneficiary
- Click on “Get Bank Details” to select the “Bank” of the receiver
- Click on “Continue” and then on “Confirm” after reviewing the details
- Enter the “OTP” and select “Confirm”
- The beneficiary is added after 30 minutes
- After this, select the account from which you want to make the Bank Muscat International Transfer
- Select “Frequency Type”, “Transaction Date”, and click on “Continue”
- Choose the type of currency and the transfer amount
- Select “Purpose of Transaction”
- Click on “Confirm”
- Enter OTP and click on “Continue” to proceed with the transfer.
Supported Currencies for Bank Muscat International Transfers
Bank Muscat facilitates international transfers in a wide range of currencies, making it easier for customers to send money across borders without hassle. The supported currencies include:
- USD – US Dollar
- EUR – Euro
- AED – Emirati Dirham
- JPY – Japanese Yen
- GBP – British Pound Sterling
- AUD – Australian Dollar
- BHD – Bahraini Dinar
- CAD – Canadian Dollar
- CHF – Swiss Franc
- CNY – Chinese Yuan Renminbi
- HKD – Hong Kong Dollar
- INR – Indian Rupee
- JOD – Jordanian Dinar
- KWD – Kuwaiti Dinar
- LKR – Sri Lankan Rupee
- NOK – Norwegian Krone
- NZD – New Zealand Dollar
- PKR – Pakistani Rupee
- QAR – Qatari Rial
- SAR – Saudi Rial
- SGD – Singapore Dollar
- THB – Thai Baht
- ZAR – South African Rand
With a wide selection of supported currencies, customers can conveniently send money to numerous countries worldwide while benefiting from competitive exchange rates and secure transactions.
Speed Transfer to India
Bank Muscat offers ‘Speed Transfer Remittance’ services to some Asian nations namely, India, Bangladesh, Pakistan, Sri Lanka, and the Philippines. Here are some of the pertinent details about Bank Muscat Speed Transfer to India:
Immediate Transfer
Given below are the important features of this Bank Muscat international transfer to India:
- The bank uses IMPS (Immediate Payment Service) to transfer money from Oman to India.
- Bank Muscat allows outward remittances to all IMPS-enabled banks in the Republic of India.
- Immediate transfers are allowed 24/7, even on bank holidays.
- Money sent from Bank Muscat is transferred directly to the bank account of the beneficiary.
- The transaction limit for this transfer is INR 2,00,000.
- Bank Muscat charges OMR 2 on each transaction.
Also Read: This blog includes the details about Bank Muscat International Transfer Vs. M&T Bank International Transfer. Read the blog to know more.
Normal Transfer
To send Normal Transfers to India, bank account holders in Bank Muscat must know about the following specifications:
- A Bank Muscat Normal Transfer to India is initiated through an NEFT (National Electronic Funds Transfer) or a Real Time Gross Settlement (RTGS).
- The transfer amount is deposited into the bank account of the recipient in India within a few working hours.
- The bank permits a transfer of OMR 10,000 through Internet Banking and OMR 2500 through Moblie Banking.
- For each transaction, a sender has to pay OMR 1.5.
Transfer Limit
Bank Muscat has a transaction limit of OMR 2000 per transaction. This money can be transferred via Internet Banking or Mobile Banking features of the financial institution.
Each transaction has a competitive exchange rate attached to it. The exchange rate charges vary according to the fluctuations in the foreign exchange market.
Bank Muscat International Transfer Fees & Charges
Bank Muscat ensures transparency in its pricing, allowing customers to make informed financial decisions when transferring money internationally. Understanding the charges involved in an international transfer is crucial. The table below shows different types of charges levied on a Bank Muscat international transfer:
| Charge Type | Particulars/Details | Charges (OMR) |
| OmanNet Account to Account Transfer | To OmanNet Debit Card | 0.200 |
| Mail Transfer | Per transaction | 1.000 |
| Standing Instruction – Account to Account Transfers | Within Bank Muscat Accounts | 0.500 |
| ACH (Local) | 1.000 | |
| RTGS (Local) | 4.250 | |
| Charges shared between remitter and receiver (SHA) | 5.000 | |
| Full charge on remitter (OUR) | 15.000 | |
| Speed Transfers – International | Remittances to India, Philippines, Sri Lanka, Pakistan, Bangladesh, Egypt | 1.500 |
| INR Remittances to India (IMPS) | 2.000 | |
| Transfers via Remit App – India, Pakistan, Bangladesh | 1.000 | |
| Inquiries/Investigation Fees | 5.000 | |
| Inward Telex Transfer – OMR Payment (VOSTRO) | Bank Muscat Customer Fees | NIL |
| Non-Bank Muscat Customer to Local Banks | 5.000 | |
| Non-Bank Muscat Customer to International Bank | 10.000 | |
| Amendment | 15.000 | |
| Cancellation | 15.000 | |
| Inward Telex Transfer – Foreign Currency (NOSTRO) | Bank Muscat Customer Fees | NIL |
| Non-Bank Muscat Customer to Local Bank | 5.000 | |
| Non-Bank Muscat Customer to International Banks | 10.000 | |
| Amendment | 15.000 | |
| Cancellation | 15.000 |
Also Read: Check out this blog on Bank Muscat Internet Banking and understand the application and registration process.
Bank Muscat is a reliable choice for international transfers, offering a seamless and secure platform for sending funds across borders. With its user-friendly interface, competitive exchange rates, and commitment to customer satisfaction, Bank Muscat provides a convenient and efficient solution for individuals and businesses alike.
FAQs
You can transfer INR 2,00,000 from Bank Muscat to India through the Speed Transfer service of this Oman-based financial institution. You can send money via the Immediate Transfer or Normal Transfer feature of the bank.
There are two types of transfers:
– Speed Transfers
– International Transfers
The Bank sends overseas transfers via the SWIFT international transfer network.
Yes. You must have an active bank account with Bank Muscat in order to make an international money transfer.
For SWIFT transactions, funds will be credited within 3 working days. Regarding Speed Transfers, the timeline varies depending on the country. For instance, “Speed Transfer” offers instant credits for India, Pakistan, Sri Lanka, and the Philippines.
Immediate transfers to India are available 24/7, even on bank holidays, using IMPS (Immediate Payment Service). NEFT and RTGS transactions take a few hours. Other options include internet/mobile banking (1-2 days), money transfer operators (1-3 days), agents (cash immediately or 1-2 days), foreign currency demand drafts (up to 3 working days), and SWIFT transfers (1-5 days)
– For Speed Transfers to India, Bank Muscat charges OMR 2 for immediate transfers and OMR 1.5 for normal transfers.
– Fees for international transfers through internet/mobile banking from Oman to India range from 1.73 – 3.22 OMR.
– Bank Muscat has a transaction limit of OMR 2000 per transaction via Internet Banking or Mobile Banking.
– For Speed Transfers to India, the transaction limit is INR 200,000. Transfers of OMR 10,000 are permitted through Internet Banking and OMR 2500 through Mobile Banking for normal transfers to India.
The SWIFT Code for receiving funds to a Bank Muscat account is BMUSOMRXXXX
For Speed Transfers to India, Bank Muscat charges OMR 2 on each immediate transfer transaction. For normal transfers, the sender pays OMR 1.5 per transaction.
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