Thursday 7 December 2023

Oman exchange firms introduce unified service charge

MUSCAT, September 17, 2023

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.
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 for small value transactions of up to OMR50 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.  - TradeArabia News Service


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