How to open a bank account in National Bank of Oman

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 1973, the first commercial bank in Oman;
  • the bank opens savings (deposit) and current accounts;
  • the bank opens accounts only for companies registered in Oman, personal accounts are also opened only for residents of Oman;
  • to open an account for a foreign company will require the opening of a branch in Oman;
  • initial deposit for corporate accounts – OMR 200 (~ USD 520), for personal accounts: OMR 100 (~ USD 260);
  • for account opening personal visit of founders and account signatory in Oman is required;
  • basic available currencies: OMR, USD, EUR, GBP, but it is necessary to open account in local currency first;
  • credit and debit bank cards are available, as well as cheque cards; corporate cards are issued only if there is 1 shareholder in the structure;
  • pre-approval is possible before the account opening process;
  • fee for transfer to foreign bank is ~ OMR 5,25* (~ USD 14);
  • Internet Bank in English;
  • time of account opening: about 1-2 weeks

*The rates shown are approximate as they may ultimately vary depending on the service program chosen by the client at 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
1973
History
Founded in 1973
Personnel
There are English-speaking staff
Bank’s shareholders
The Commercial Bank (P.S.Q.C.) - 34,9%; Suhail Bahwan Group (Holding) LLC - 14,7%; Civil Service Employees’ Pension Fund - 10,8%; Oman Ministry of Defence Pension Fund - 7,66%; Public Authority for Social Insurance - 7,56%; Legal & General Investment Management Ltd. - 0,10%; BlackRock Fund Advisors - 0,091%; Parametric Portfolio Associates LLC - 0,034%; Eurizon Capital SA - 0,0024%; EARNEST Partners LLC - 0,0022%
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    276
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement
    Transactions permitted per month
    No restrictions on transfers
    Initial deposit of funds, €
    Initial deposit for corporate accounts - OMR 200 (~ USD 520), for personal accounts: OMR 100 (~ USD 260)
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    No turnover limits
    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, €
    Fee for transfer to foreign bank is ~ OMR 5,25 (~ USD 14)
    Incoming transfer, €
    The bank does not charge a fee for the incoming transfer
    Distant access to the account
    Internet Banking in English
    Financial products
    The bank offers four service segments:
    Retail banking - products and services to individual retail customers, including active products such as personal loans, home loans, credit cards and term loans, and passive products, including savings account, checking account and term deposits;
    Corporate banking - includes lending, deposit taking, trade finance, treasury, currency exchange, asset management, corporate advisory and brokerage services to retail and institutional clients;
    Commercial banking covers mid-range corporate clients and small and medium business (SME) clients, offering international transactions in the United Arab Emirates, Egypt and Islamic banking, which offers products in accordance with Sharia principles;
    The Funding Center is responsible for balancing and managing the liquidity of funds in the bank
    Credit/debit cards
    Credit and debit bank cards are available, as well as cheque cards; corporate cards are issued only if there is 1 shareholder in the structure

    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 account signatory 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
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    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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