Oman – Banking

What are the main banks in Oman?

The Central Bank of Oman (CBO) serves as the principal supervisory authority for the country’s banking sector and holds the exclusive mandate to issue banknotes and coins. A current register of all licensed banking institutions is available on the CBO’s official website at cbo.gov.om. Before committing to any institution, it is worth confirming its current authorisation status directly with the CBO.

Bank Muscat stands as Oman’s largest financial institution, reporting total assets of OMR 13.7 billion (roughly $35.6 billion) at the close of 2023. Founded in 1982, Bank Muscat has grown into a regional player, maintaining 173 branches across Oman alongside operations in Saudi Arabia and Kuwait, and representative offices in the UAE, Singapore, and Iran. You can reach the bank at bankmuscat.om or by calling +968 2479 5555.

Sohar International Bank — formed in 2023 through the merger of Bank Sohar and HSBC Oman — ranks as the second largest, with assets of OMR 6.9 billion. The National Bank of Oman (NBO) and Bank Dhofar occupy third and fourth position respectively, with assets of OMR 4.8 billion and OMR 4.7 billion.

The National Bank of Oman (NBO) holds the distinction of being the Sultanate’s first incorporated bank, established in 1973 as a joint stock company with shares listed on the Muscat Securities Market. Its operations span five core areas: retail banking, corporate banking, investment banking, treasury and international banking, and Islamic banking. More information is available at nbo.om.

Bank Dhofar serves customers through a network of 75 branches covering corporate, retail, and investment banking, including 11 dedicated branches under its Maisarah Islamic Banking Services arm. Visit bankdhofar.com or contact the bank on +968 2479 1111.

Oman Arab Bank (OAB) is a Muscat-based commercial institution founded in 1984 and recognised as one of the country’s leading banks. It delivers a comprehensive range of financial products and services to private clients, corporations, and institutional customers. Its website is oman-arabbank.com.

Islamic banking took root in Oman in 2012 following the enactment of Royal Decree 69/2012, which paved the way for Bank Nizwa to become the Sultanate’s first fully Sharia-compliant bank. Bank Nizwa’s website is banknizwa.om. Ahli Bank (ahlibank.om) and Sohar International (soharinternational.com) are further well-regarded names in the local market. As branch networks and contact details can change, it is advisable to verify current information directly with each institution.

Do any major international banks operate in Oman?

Oman’s banking landscape accommodates a number of foreign bank branches alongside its domestic players, although the international retail presence has shifted considerably in recent years.

Sohar International Bank was recognised as Euromoney’s best bank in Oman for 2024. Its landmark 2023 merger with HSBC Bank Oman brought substantial gains in assets, market coverage, and staff numbers. As a result, HSBC no longer functions as an independent retail banking entity in Oman — its former operations are now fully absorbed into Sohar International Bank.

According to the Central Bank of Oman’s annual report as at end-2019, the country hosted 7 local banks, 9 foreign banks, 8 Islamic banks and windows, and two specialised banks. The foreign bank contingent has historically comprised branches of regional institutions from across the Gulf and the broader Arab world. Citibank has long maintained a footprint in Oman, though its focus has been directed primarily at corporate and institutional clients rather than the general retail market.

If you currently hold accounts with a large international bank, it is worth contacting them directly to establish whether they maintain a branch or partnership arrangement in Oman. The Central Bank of Oman’s website publishes an up-to-date register of all licensed institutions, including foreign branch operations, making it the most reliable resource for confirming which international banks are currently authorised to operate in the Sultanate.

Do banks in Oman offer accounts or services specifically for expats?

Recognising the considerable size of Oman’s expatriate population, several of the country’s leading banks have developed dedicated products to serve their particular needs. These accounts generally pair the convenience of everyday banking with facilities for international remittances — a feature that sits high on most expats’ priority lists.

Bank Dhofar’s Expatriate Account is purpose-built for foreign nationals living in the Sultanate. It enables smooth access to funds whether the holder is in Oman or abroad, and includes integrated facilities for sending money overseas at competitive rates. Any expatriate aged 18 or above who is resident in Oman is eligible to apply. As of 2025, Bank Dhofar levies a charge of OMR 0.50 per month when the account balance drops below OMR 200 — confirm the current fee structure at bankdhofar.com or by calling +968 2479 1111.

Certain Omani banks also offer offshore accounts for expatriates and internationally active businesses. These accounts can be denominated in foreign currencies such as US dollars, euros, or British pounds, which may be advantageous for expats whose income arrives in a currency other than the Omani Rial.

Standard savings accounts in Oman accrue interest on deposited funds, although rates differ between providers. Some institutions require a minimum balance to be maintained before fees kick in. These accounts allow holders to access their money via ATMs, online platforms, and mobile banking applications.

Salary accounts cater to employees in regular receipt of monthly pay, though wages can equally be directed into an ordinary savings or current account. Some salary accounts carry no minimum balance requirement, and many banks bundle complimentary services — such as debit cards, chequebooks, and online banking access — as part of the package.

Given that account terms and fee structures are updated periodically, always review the latest conditions with your preferred bank before submitting an application. The Central Bank of Oman offers consumer guidance and maintains oversight of the sector.

What are typical bank opening hours in Oman?

Most banks in Oman conduct branch business from 8:00am to 2:00pm, Sunday through Thursday. This is an important distinction for newcomers from countries that observe a Monday-to-Friday working week — in Oman, as across the Gulf region, the weekend falls on Friday and Saturday, and bank branches are closed on both days.

During the holy month of Ramadan, banks typically delay their morning opening by around an hour. Reduced hours may also apply on public holidays. If you have a specific transaction that requires a branch visit, calling ahead or checking the bank’s website is always a sensible precaution, as some larger branches in Muscat’s commercial districts may keep marginally extended hours.

The majority of banks serve customers in multiple languages, and virtually all operate online banking platforms. An in-person branch visit remains necessary for the initial account opening, where you will need to present original documents. Once your account is up and running, however, routine transactions can be handled through internet and mobile banking at any hour, removing dependence on branch opening times. Telephone banking services are also widely available across the major institutions.

What do expats need to know about the banking system in Oman?

By the end of 2024, the total assets of Oman’s banking sector had reached OMR 44.6 billion, representing year-on-year growth of 6.6%, with capital adequacy ratios comfortably above the regulatory floor at 18.2%. The system is therefore robustly capitalised and broadly stable, though there are several characteristics that distinguish it from banking environments elsewhere.

The Omani Rial is pegged to the US dollar. The OMR is fixed to the USD at a rate of approximately 1 OMR to 2.60 USD, eliminating currency fluctuation risk for those who earn or save in US dollars. This is a fundamentally different dynamic from freely floating currencies such as the euro or the British pound, and it means that exchange rate exposure is concentrated in your non-USD home currency rather than in the OMR itself.

Deposit protection. Unlike frameworks such as the UK’s Financial Services Compensation Scheme (FSCS), which safeguards deposits up to £85,000, or the US Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000, Oman does not currently operate a comparable statutory deposit guarantee scheme. The majority of Omani banks are publicly listed companies on the Muscat Stock Exchange and are subject to CBO regulation. The sector as a whole is tightly regulated. For the most current information on any consumer protection measures in place, consult the Central Bank of Oman directly.

Bounced cheques carry serious legal consequences. Presenting a cheque drawn on an account with insufficient funds is treated as a serious offence in Oman and can result in severe repercussions. This stands in marked contrast to many other countries, where a bounced cheque is typically addressed as a civil or purely banking matter. Any chequebook issued to you should be handled with the utmost care.

The Wage Protection System. A major driver of banking uptake is the Wage Protection System, which obligates employers to pay salaries electronically via banks and authorised financial institutions under CBO supervision. This initiative promotes financial inclusion and generates demand for banking products including accounts and payment cards.

Language. English is the language of business in Oman, so communication barriers at major banks are minimal for English speakers. Arabic is also widely used, and most leading institutions provide customer-facing materials and digital interfaces in both languages.

The 2025 Banking Law represents a significant regulatory development, strengthening the CBO’s supervisory powers, raising capital requirements, and tightening financial regulations more broadly. This reflects a continuing commitment to regulatory modernisation. Always refer to the Central Bank of Oman’s website for the most current guidance.

How do I open a bank account in Oman as an expat?

Once you have your resident card and passport to hand, opening a bank account in Oman is a straightforward process — provided you choose a branch that is not excessively busy. The steps broadly resemble those in countries such as Canada or Australia, in that a personal branch visit with documentation is required, but the critical distinction is that you must first secure your residency status before proceeding.

1. Obtain your residence visa and resident card (Expatriate ID). A residence visa is generally required to open a personal account; corporate accounts may be opened using appropriate company registration documents. It is not normally possible to open a personal account before you have arrived in Oman and established your residency.
2. Choose your bank. Take time to compare the leading options — Bank Muscat, NBO, Bank Dhofar, Oman Arab Bank, Sohar International, and others — weighing account features, fee structures, proximity of branches to your home or workplace, and the usability of each bank’s mobile application. Opening an account at the same institution your employer uses can be advantageous, as transfers within the same bank are typically processed more swiftly than cross-bank transactions.
3. Gather your documents. You will generally need a copy of your passport and your resident ID, evidence of employment if you are in salaried work, and proof of address for non-resident applicants. A tenancy contract is accepted as proof of residence in Oman. Certain banks may additionally request passport-sized photographs or a reference letter from your previous bank, especially in the case of corporate account applications.
4. Complete any tax-related forms if required. US citizens, US tax residents, and Green Card holders are required to complete an IRS W-9 Form. All applicants must fill in the Common Reporting Standard (CRS) section of the account opening form — a globally applied requirement tied to international tax transparency, used in a similar fashion across the EU, Australia, and many other jurisdictions.
5. Visit a branch in person. Present both originals and copies of your documentation. While some banks restrict personal account opening to Oman residents, others will accommodate non-resident customers for current accounts. Non-residents will typically be asked to provide a written explanation of why they wish to open an account.
6. Make your initial deposit if required. Most accounts require a minimum average monthly balance of OMR 200 to be maintained; falling below this figure generally triggers a maintenance charge (as of 2025 — confirm the precise threshold and applicable fees directly with your chosen institution, as these differ by account type and bank).
7. Activate online and mobile banking. Once your account is active, you can manage it online or at any branch of your bank. Registering for internet and mobile banking at the time of account opening, or shortly afterwards, will give you convenient day-to-day access without the need to visit a branch.

Documentation requirements can change, so always refer to the individual bank’s official website or speak to branch staff for the most up-to-date guidance. The Central Bank of Oman is the authoritative reference point for regulatory requirements governing the account-opening process.

What banking and payment apps are widely used in Oman?

The digital payments environment in Oman has expanded at an impressive pace. As highlighted in the Central Bank of Oman’s Annual Report 2024, the country’s payment ecosystem underwent substantial transformation during the year, propelled by new digital channels, an improved regulatory framework, and a clear consumer shift away from cash towards electronic transactions.

The Mobile Payment Clearing Switch System was at the forefront of this growth, with transaction volumes climbing to 169.5 million in 2024, up sharply from 40.6 million the previous year. The total value of mobile transactions surged to OMR 5.56 billion, compared to OMR 1.72 billion in 2023, underscoring the rapid mainstream adoption of mobile-based transfers and merchant payments.

Every major domestic bank — Bank Muscat, NBO, Bank Dhofar, OAB, and Sohar International — maintains its own dedicated mobile banking application for both iOS and Android devices, covering account management, fund transfers, bill payments, and a range of additional services. The OmanNet Switch, which processes card and point-of-sale transactions across the country, recorded 432.9 million transactions in 2024, up from 329.5 million in 2023, with a combined value of OMR 6.88 billion.

Apple Pay became available in Oman in September 2024, bringing contactless payment capability to in-store purchases as well as in-app and online transactions. Samsung Pay followed in April 2024, launching in collaboration with NBO and Muzn Islamic Banking to enable contactless in-store payments and support in-app and online purchases.

Thawani is one of the most prominent homegrown payment gateway providers in Oman, specialising in e-commerce solutions. Licensed by the Central Bank of Oman and certified to the PCI-DSS standard, the platform ensures secure and seamless payment processing across merchants’ websites and applications.

For international services, the Revolut card is not currently available to Oman residents; Wise may be a more suitable alternative for those requiring multi-currency functionality. Although Omani PayPal account holders cannot make ATM cash withdrawals, the platform’s digital payment capability still permits users to send money and shop through online marketplaces. Wise offers transparent international transfers at the mid-market exchange rate with clearly disclosed fees, and its multi-currency accounts make it a popular tool for expats managing cross-border finances. As the availability and terms of international services can be subject to local regulatory changes, always verify current conditions directly with the respective provider.

How can expats manage money between Oman and their home country?

For the majority of expats, the ability to move money efficiently between Oman and their country of origin is a top financial priority. Oman’s banks and fintech sector provide a range of mechanisms for this purpose, and broader regional payment infrastructure is developing rapidly.

The Arabian Gulf System for Financial Automated Quick Payment Transfers (AFAQ) was launched in December 2021. Operated by the Gulf Payments Company, headquartered across the UAE and Saudi Arabia, AFAQ is designed to enable frictionless payments between the payment systems of all six GCC central banks and represents a landmark advance in regional cross-border transactions. By November 2024, 57 banks had joined the AFAQ network.

Oman Arab Bank’s iSend service allows customers to remit funds internationally at competitive rates to recipients in India, Pakistan, Bangladesh, Sri Lanka, Singapore, the UAE, and EU SEPA countries. Most other leading banks offer comparable SWIFT-based international wire transfer services directly through their mobile and online banking platforms. Fees and exchange rate margins differ between institutions, so it is worthwhile comparing the total cost before initiating a transfer.

Beyond the traditional banking channel, services such as Wise (formerly TransferWise) are accessible from Oman and are frequently used by expats seeking transparent, cost-effective transfers at or close to the mid-market exchange rate. Licensed money exchange companies — regulated by the CBO — are also widely available and are a popular choice for remittances to South Asia and Southeast Asia in particular.

Tax and reporting considerations. One notable advantage of living in Oman is the absence of personal income tax on expatriates’ earnings. However, your home country may still assert a tax claim on your overseas income. It is worth establishing whether a double taxation avoidance agreement (DTAA) is in force between Oman and your country of origin; if no such agreement exists, you may be liable to pay tax at home on wages earned in Oman. Seeking advice from a qualified accountant or financial adviser familiar with your specific circumstances is strongly recommended. Significant international transfers may also trigger additional compliance checks under Oman’s anti-money laundering framework. Retain documentation for all sizeable cross-border transactions, and consult the Central Bank of Oman or a professional adviser if you are uncertain about your reporting obligations.

Frequently Asked Questions

Can I open a bank account in Oman before I arrive?

Since banks require proof of residency, the practical approach is to wait until you have arrived in Oman and received both your residence visa and resident card before applying. In-person attendance at a branch to submit documentation is standard practice, which means opening a personal account remotely from abroad is generally not an option.

Do I need a minimum deposit to open a bank account in Oman?

Most accounts require a minimum average monthly balance of OMR 200 to be maintained; dropping below this level typically results in a maintenance charge being applied (as of 2025). Requirements vary by account type and bank, so it is essential to confirm the current figures with your chosen institution before you apply.

What happens if my account becomes inactive?

An account on which no transactions have been recorded for a period of one year will be reclassified as dormant, and dormancy fees will begin to accrue. Reactivating a dormant account requires a visit to your nearest branch. Dormancy fee levels differ between banks, so check your bank’s current schedule for the applicable charges.

Is there deposit protection in Oman similar to the FSCS or FDIC?

Oman does not presently operate a statutory deposit guarantee scheme comparable to the UK’s FSCS (which covers deposits up to £85,000) or the US FDIC (which insures up to $250,000). Capital adequacy ratios across the sector stood above the regulatory minimum at 18.2% as at end-2024, reflecting a well-capitalised system, but for the most current details on any consumer deposit protection arrangements, contact the Central Bank of Oman directly.

Can I hold a foreign-currency account in Oman?

Some banks in Oman offer accounts denominated in currencies including US dollars, euros, Omani rials, and Chinese yuan. Offshore accounts for expatriates and businesses engaged in international activity may also be maintained in US dollars, euros, or British pounds. Contact individual banks for details of the currencies they support and any associated fees.

Is digital banking reliable in Oman?

Oman’s payment infrastructure underwent significant development in 2024, driven by expanded digital channels, regulatory enhancements, and a strong consumer move towards cashless payments. All major banks provide mobile and internet banking applications, and globally recognised services such as Apple Pay and Samsung Pay both launched in Oman during 2024. Digital infrastructure performs reliably across urban areas, though service quality in more remote parts of the country may vary.

Are there any restrictions on sending money out of Oman?

Oman does not impose blanket capital controls that would prevent expats from repatriating their earnings. Nevertheless, large international transfers are subject to standard anti-money laundering screening. It is advisable to confirm whether a double taxation avoidance agreement exists between Oman and your home country, as this can affect how your foreign-earned income is treated for tax purposes at home. For guidance on specific transfer amounts or particular circumstances, consult the Central Bank of Oman and a qualified financial adviser.

What is the currency in Oman, and is it stable?

Oman’s official currency is the Omani Rial (OMR), subdivided into 1,000 baisa. The OMR is pegged to the US dollar at a fixed rate, so its value against the dollar remains constant. This arrangement offers meaningful currency stability for those earning or saving in USD. If, however, you earn in OMR and remit funds to a country whose currency fluctuates against the dollar, exchange rate movements will continue to affect the purchasing power of your transfers.