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

May, 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

May, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

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

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