How to open a bank account in Bank of Beirut

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023
  • founded in 1963 in Lebanon, represented in Oman since 2006;
  • 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;
  • main available currencies: OMR, USD, EUR, but first you need to open account in local currency;
  • they do NOT issue bank cards for corporate accounts;
  • pre-approval is possible before the account opening process;
  • transfer fee to foreign bank is ~ OMR 5* (~ USD 13);
  • Internet-banking in English;
  • account opening time: 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
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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
2006
History
Bank of Beirut was founded in 1963 as Realty Business Bank S.A.L., and in 1970 it changed its name to its present one. On April 9, 2006 Bank of Beirut received permission from the Central Bank of Oman to open a branch in the Sultanate of Oman. The first Omani branch opened on December 12, 2006 in Muscat
Personnel
There are English-speaking staff
Bank’s shareholders
Millet & Millet Inc - 8,26%; Nar Aram Khatchadourian - 7,54%; International Century Corporation Lebanon S.A.L - Holding - 5,35%; HPG Urban Developments PTY LTD - 5,00%; Sfeir Bancorp Limited - 4,68%; FSHN Limited - 4,65%; Solpro S.A.L. Holding - 4,51%; Merit S.A.L Holding - 4,38%; Rashid Bin Saad Bin Abdul Rahman Al Rashid - 4,10%
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    476
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    476
    Initial deposit of funds, €
    1
    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
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    No turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services

    12
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee to foreign bank is ~ OMR 5 (~ USD 13);
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    There is Internet banking in English
    Financial products
    Bank of Beirut - Oman offers customized services to financial institutions, corporations and individuals to ensure that their financial needs and goals are successfully met
    Credit/debit cards
    They do NOT issue bank cards for corporate accounts

    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
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