Bank Muscat International Transfer Vs. M&T Bank International Transfer: While making any International Money Transfer, we often calculate the advantages and disadvantages before choosing any particular bank. Bank Muscat and M&T Bank are two of the most trusted banks internationally for money transfers. While Bank Muscat is an Oman-based financial institution carrying out transactions to nearly 200 countries; M&T Bank, founded in 1856, is a leading US-based bank that offers swift international wire transfer services to its customers.
In this blog, we aim to understand the services offered by these two financial institutions, the differences between the two in terms of international money transfers, and the reasons behind choosing one vis-a-vis the other.
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Bank Muscat vs. M&T Bank
Both Bank Muscat and M&T bank offer a plethora of top-notch services to their customers. M&T Bank offers a variety of credit cards based on different user requirements and financial profiles. It also provides different types of checking and savings accounts.
On the other hand, Bank Muscat is the largest financial institution in Oman and provides a contextual and personalised experience to its customers. Though Bank Muscat and M&T Bank have some similar features in terms of accessibility, fees, and services, choosing one over the other would largely depend on your location.
The difference between Bank Muscat and M&T bank is listed in the table given bleow:
| Feature/Service | Bank Muscat | M&T Bank |
|---|---|---|
| International Money Transfer | Offers ‘Speed Transfer Remittance’ to Asian countries like India, Bangladesh, Pakistan, Sri Lanka, and the Philippines. | Does not provide a similar feature for these countries. |
| Account Options | Limited choices for checking, savings, and investment accounts. | Offers a wide variety of checking, savings accounts, and investment options. |
| Certificates of Deposit | Limited options. | Offers certificates of deposit. |
| Expat Services | Provides efficient services for sending remittances from Oman, especially to Asian countries. | No specific mention of expat services. |
| Suitable for Students in the USA | Not mentioned specifically for students. | Good option for students due to widespread presence across the USA. Some accounts allow a waiver of incoming wire transfer fees. |
Bank Muscat International Transfer
Bank Muscat carries out international fund transfers through the Society for Worldwide Interbank Financial Telecom (SWIFT) transfer network. Any account holder of this bank can transfer funds internationally through Internet banking or by using the ‘BM Remit App’, the mobile banking app of Bank Muscat. Apart from Oman, the bank also has branches in Saudi Arabia and Kuwait; and operates representative offices in the UAE, Iran, and Singapore. The bank also provides fast delivery services for its allies – India, Bangladesh, Pakistan, Sri Lanka, and the Philippines.
Bank Muscat provides three types of outward remittances: instant international fund transfers, one-time future-date fund transfers, and recurring standing instruction fund transfers.
Also Read: PNB International Money Transfer
Reasons to Choose Bank Muscat for International Wire Transfer
- The bank provides ‘Speed Transfer Remittance’ services to a few Asian countries like India, Bangladesh, Pakistan, Sri Lanka, and the Philippines.
- Immediate Payment Service of Bank Muscat can be used to transfer money swiftly from Oman to India.
- Immediate transfers can be done even on bank holidays.
- Students can transfer up to INR 2 Lakh from Bank Muscat to India through its ‘Speed Transfer Service’.
M&T Bank International Transfer
M&T Bank also uses the SWIFT network to facilitate international wire transfers. The SWIFT network is a global network of banks and financial institutions used to carry out safe and seamless international transactions worldwide. For international wire transfers, a nominal fee may be applicable, and the processing time for the same may vary depending on the country to which the money is being transferred, and also on the recipient’s bank.
Also Read: A Comprehensive Guide To Track International Wire Transfer
Reasons to Choose M&T Bank for International Wire Transfer
- M&T Bank offers competitive exchange rates for international wire transfers that help in saving money on currency conversions.
- The bank provides prompt, accessible, and informative customer service support through its branches, mobile banking app, and customer service phone lines.
- The time taken by M&T Bank to process international wire transfers is less, making it easier to quickly transfer money to the recipient’s bank account.
- Customers are provided with detailed information about the fees charged on international wire transfers, thus making them aware of the fee structures and facilitating an informed decision-making approach.
Also Read: Canara Bank International Transfer
FAQs
A nominal fee is charged by both banks on international wire transfers. This fee varies depending on the destination country, currency exchange rates, and the amount being transferred.
Both banks provide a seamless and secure framework for international wire transfers and offer competitive currency exchange rates. Hence, choosing your preferred bank would largely depend on your location.
M&T Bank has 1000+ branches in 12 states across the United States, while Bank Muscat has 150+ branches in Oman, branches in Saudi Arabia and Kuwait, and representative offices in the UAE, Iran, and Singapore.
