Transferring funds from Oman to another country.

Dear All,

Subject says it all. Anyone please shed a light on transferring all the funds from NBO to another country. The procedures and the best way of doing if the amount is in five figures.

Someone has advised me on getting travelers cheques, however i still feel there must be another better solution to it.

Awaited responses. Thanks.

Hi schaz,

There are a few direct and indirect ways by which you can transfer your funds, legally.

One is through the bank directly, which is perhaps the best and the simplest way. But for that you must provide your new bank account name, account number, etc to be able to transfer the money. Also, you can negotiate for a slightly better rate of conversion depending on the size of your deposit. Banks usually oblige. This is by far the safest way.

Another legit way of transferring the funds is through the money exchange companies which you will find all over town. Even they will send it for you, but there is a cap on the daily transfer amount. So that may not really serve your purpose. The commission they will charge you for transferring the funds can of course be negotiated prior.

Another way of transferring the funds indirectly is to invest in some heavy gold ornaments / jewellery. Wear them on your person and enter the country. But even before you consider doing this, make sure you are fully aware of what the gold import policies of that country are. Once you settle down, go to some local jewellery stores and liquidate your golden assets back to cash. The only risk you will run is regarding the fluctuating gold rates, and the risk of theft / robbery. When you do the bank-to-bank transfer you do not have to fear of any such risks.

The best solution for you would be to discuss this issue in detail with your banker and seek their professional guidance and advice. They would be the best ones to tell you how to safely and easily transfer your bank balance most profitably and with the least amount of risks.

Thanks Mr. Sumitran,
You're right. I need to properly have a meeting with the bank people to segregate this out. I see risks in online transfers, though there has been a possibility of opening an online account at the other country which can be physically activated upon arrival. Funds can be transferred. However, i have some negative feedback from different people on this.

Will see and update here as it may help someone else who's doin the same.

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