Bank Muscat International Transfer: Process, Fees, Benefits

HSBC bank Account

As students start their study abroad journey to pursue the desired course, the need for efficient and secure international financial transactions becomes an important factor. Bank Muscat, a trusted name in banking services, offers a seamless solution for these students through its International Transfer services. Whether it’s tuition fees, living expenses, or any other financial need, Bank Muscat’s International Transfer service acts as a reliable partner.

Bank Muscat carries out international funds transfers to nearly 200 countries through the Society for Worldwide Interbank Financial Telecom (SWIFT) transfer network. Any account holder in this bank having an Internet banking account or using the mobile banking app of this financial institution can send money internationally in a reasonable time. The bank offers multiple overseas funds transfer types for all valid account holders. Let’s check all the details and understand how to make Bank Muscat international transfer.

Bank Muscat International Transfer Overview

Bank Muscat has special fast delivery services for its Asian allies- India, Pakistan, Sri Lanka, Philippines, and Bangladesh. Each outward remittance has certain local and overseas charges which need to be paid by the sender alone or shared between the sender and the beneficiary.

Tabulated below is the processing time for different types of overseas transfers at Bank Muscat:

CurrenciesProcessing Time
Eastern Currencies such as Australian Dollar (AUD), New Zealand Dollar (NZD), Japanese Yen (JPY), Singapore Dollar (SGD), and Hong Kong DollarBy the next business day
Non-Eastern Currencies like United States Dollar (USD), British Pound Sterling (GBP), Indian Rupee (INR), etcOn 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

Fly Finance offers the best international money transfer services at cheaper rates. Try Fly Finance Forex Services for fast, easy and safe money transfers abroad.

Types of Bank Muscat International Transfer

There are different types of international transfer services provided by Bank Muscat. This Oman-based financial institution allows the following types of outward remittances to send money internationally:

  • Instant international funds transfers
  • One-time future date funds transfers
  • Recurring standing instruction funds transfers

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.
Source: Bank Muscat

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: How to Easily Send Money Abroad from India?

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

Transfer Fees

The table below shows different types of charges levied on a Bank Muscat international transfer:

All Overseas Transactions: If the Sender bears all chargesTransfer Fee TypesTransfer Fees
One-Time Future Date Transfers (To be paid by the sender)Execution ChargesOMR 2
All Overseas Transactions: If Sender bears all chargesLocal and Overseas ChargesOMR 15
All Overseas Transactions: If Overseas Charges are borne by the beneficiaryLocal ChargesOMR 5

Also Read: PNB International Money Transfer

FAQs

How much money can I transfer from Bank Muscat to India?

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.

What are the types of Bank Muscat international transfers?

There are three types of transfers:
-Instant international funds transfers
-One-time future date funds transfers
-Recurring standing instruction funds transfers

How does Bank Muscat send money internationally?

The Bank sends overseas transfers via the SWIFT international transfer network. 

Is it necessary to have an account with Bank Muscat to make an international transfer?

Yes. You must have an active bank account with Bank Muscat in order to make an international money transfer.

How long does it take to make an international money transfer through Bank Muscat?

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.

Bank Muscat is 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.

To learn more about international money transfer options, stay connected with Fly Finance and Leverage Edu. To send money internationally, contact our forex team at 1800 572 126.

About Ankita Singh

Leave a Comment

3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time IBDI Education Loan Documents Required Checklist Education Loan Interest Rate Comparisons: Banks vs. NBFCs Indian Army Education Loan to Study Abroad: Know It All Here
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Want to transfer money abroad at the cheapest rates?