How to open a bank account in Bank Muscat

GSL reference about the bank What is it?

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023
  • founded in 1982, the largest commercial bank in Oman;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies registered in Oman, and personal accounts also only for residents of Oman;
  • to open an account for a foreign company will require the opening of a branch in Oman;
  • minimum account balance OMR 200* (~ USD 520);
  • for account opening personal visit of founders and signatory on the account in Oman is required;
  • basic available currencies: OMR, USD, EUR etc.;
  • it is possible to issue bank cards and checkbooks;
  • pre-approval is possible before the account opening process;
  • transfer fee to a foreign bank is ~ OMR 4,4* (~ USD 12);
  • Internet Banking in English;
  • time of account opening: about 1-2 weeks

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
Beginning of cooperation
May, 2023
Last contact
April, 2024
Last update
October, 2023
Your Consultant
Поиск консультанта...

Поиск консультанта...

General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1982
History
Bank Muscat, founded in 1982, is a major commercial bank in the Sultanate of Oman
Personnel
There are English-speaking staff
Bank’s shareholders
Royal Court Affairs - 23,63%; Dubai Financial Group LLC - 11,77%; Ministry of Defence Pension Fund - 6,49%; Civil Services Employees Pension Fund - 7,86%; Public Authority for Social Insurance - 6,05%; Jabreen International Development - 9,99%
Confidentiality
AML legislation is strictly observed
Compare banks

    Minimum requirements

    476
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    476
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum account balance OMR 200 (~ USD 520)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    The initial payment is equal to the minimum balance of the account
    Minimum turnover, €/year
    No turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services

    10
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee to a foreign bank is ~ OMR 4,4 (~ USD 12)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    There is Internet banking in English
    Financial products
    The bank provides corporate banking, retail banking, investment banking, Islamic banking, treasury, private banking and asset management services
    Credit/debit cards
    It is possible to issue bank cards and checkbooks
    File with tariff
    Bank_Muscat_Tariffs (June, 2023, 623.47 KB)

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    For account opening personal visit of founders and signatory on the account in Oman is required
    Required
    For legal entity: Memorandum and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory of the account; Chamber of Commerce Certificate; Municipality Activity License, Municipality Certificate; completed bank form for the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    On physical persons (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + Resident ID card; proof of address not older than 3 months; CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Oman

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    2
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    Need a consultation from a specialist?
    Share on social media:

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN