Opening a bank account in Oman

Hello Mr. Founder

it would be nice if fellow expats could share their knowledge and suggestions regarding this post. it would be really helpful for those planning to open a bank account here in Oman. (maybe me to0, someday )

I opened a bank account with Oman International Bank in February 2012 and had no problems.  I provided a letter from my company stating my salary; resicence card, passport and visa; and had a bank card within a few days.  Transfers back to my account in my home country were effected in a matter of hours.  ThiS continued until the end of October.  And then the problems started.

The merger between OIB and HSBC so far has been nothing short of a disaster.  It may have been restricted to the branch I use, but it took ages (more like two weeks of going to the bank just about everyday) to get a new card; then there were broblems with shops not being able to process card payments using the new card (fancy having your entire salary in the account but the card machine reads: "Insufficient funds.  Transaction terminated"); and ATMs not accepting my new HSBC card to draw cash to pay for the goods purchased, leaving me to pay with my home country's bank card for minor purchases, with huge costs. 

To top it all, after six days the bank has not been able to process a simple transfer from my HSBC account to my personal account in my home country.

Apart from this, and I hope OIB/HSBC will sort out the gremlins, I have not had any problems in Oman.  I was offered a credit card when I opened the account but did not need one; loans and overdraft facilities are available should I need them; and getting finance for a new vehicle was a breeze.

I trust this will assist those wanting to open an account. Make sure you take all of the documents to start with and thesre should not be a problem.

Andries O

Thanks for your contribution Andries O!

Harmonie.

Julien wrote:

Hi all,

is it difficult for expats to open a bank account in Oman ?

Not at all.

Which documents are required to open a bank account in Oman ?

1. A letter from the company stating the salary drawn, requesting the bank to open (usually) a 'Salary Transfer' account for the employee;

2. Copy of the passport's relevant pages like the first and last pages where the employee's personal details are recorded and the Visa page copy stating the visa's period validity; and,

3. Copy of the Resident Card.

How long does it take to open it ?

2-3 working days.

Is there any restriction for expats regarding the services (loans for instance)  ?

No.

'Guarantors' details need to be provided with supporting documentary evidence; a 'Salary Certificate' and a 'No Objection' certificate from the employer is required.

Which bank would you recommend ?

All banks offer the regular gamut of services to its account holders, but no bank is any better than the rest.

In my personal opinion all banks are equally appalling when it comes to customer service in particular, simply because they don't care for their account holders.

Once I had an issue with my credit card account and when the matter was not resolved even after 3 months of going back and forth, out of sheer frustration I threatened to close my account and the person behind the counter rattled me by casually saying 'Okay, write a letter and give'. I did so immediately. And a couple of weeks later I get a call from the bank asking me to come and collect my new card. When I went and told them that I had given a written application requesting my account be close, the person behind the counter nonchalantly responded 'Oh, the letter must have fallen down somewhere and got lost' !!! This is the level of customer service in "Oman's leading financial services provider".

This is a true incident that happened to me !!!!

Thanks in advance for your participation,

Julien