Oman Exchange Firms Introduce Unified Service Charge

In a significant move towards enhancing customer experience and transparency, 13 money exchange companies operating in Oman have introduced a unified common service charge for international remittances to India, Pakistan, Bangladesh, Philippines and Sri Lanka, set at a minimum of OMR2 (US$5.21). This initiative aims to provide greater consistency and fairness in the fees associated with international money transfers, ensuring that customers receive a clear and uniform understanding of charges, said a statement.

Furthermore, the common exchange rate system will be applicable for remittances to India, Pakistan, Bangladesh, the Philippines, and Sri Lanka. Customers sending funds to these countries will benefit from a standardized exchange rate, which reflects the commitment of the Money Exchange Companies Forum to promote equitable and reliable financial services, it said.

The sources also added that as a very special social consideration, members shall offer a discounted charge of OMR1.2 (US$3.13) for small value transactions of up to OMR50  (US$130.22)to Bangladesh for a limited period through their own arrangements. While the common service charge applies to all specified countries, there will be additional bank-end charges or incentives applicable for remittances to the respective countries as per local policies of those countries, said the statement.