How to open a bank account in Oman Arab Bank (OAB)

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 1984, a commercial bank of 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) and OMR 50 000 (~ USD 130 000) for personal accounts; for personal accounts: OMR 1 000 (~USD 2 600) and OMR 35 000 (~ USD 91 000) respectively;
personal visit of founders and account signatory in Oman is required for account opening;
basic available currencies: OMR, USD, EUR, AED, but it is necessary to open account in local currency first;
credit and debit bank cards are available, as well as checkbooks;
pre-approval is possible before the account opening process;
transfer fee to a foreign bank is ~ OMR 5,25* (~ USD 14);
Internet Bank 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

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

1984

History

Oman Arab Bank was founded in 1984 after acquiring all branches of Arab Bank in the Sultanate. In 1992, operations were expanded with the acquisition of all retail branches of Omani European Bank with which OAB merged in 1994. Today, Oman Arab Bank Group operates a nationwide network of 62 branches and 141 ATMs and CDMs throughout the Sultanate of Oman

Personnel

There are English-speaking staff

Bank’s shareholders

Arab Bank Plc - 49%; Oman International Development & Investment Company SAOG (OMINVEST) - 30,99%; Others (individuals and corporates) - 20,01%

Confidentiality

AML legislation is strictly observed

Compare banks

Minimum requirements

0

Minimum balance, €

No restrictions

Transactions permitted per month

476

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

No minimum account balance requirements

Transactions permitted per month

No limit on the number of transfers

Initial deposit of funds, €

Initial deposit for corporate accounts - OMR 200 (~ USD 520) and OMR 50 000 (~ USD 130 000) for personal accounts/
For personal accounts: OMR 1 000 (~USD 2 600) and OMR 35 000 (~ USD 91 000) respectively

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, €

Transfer fee to a foreign bank is ~ OMR 5,25 (~ USD 14)

Incoming transfer, €

The bank does not charge for incoming transfer

Distant access to the account

Internet Banking in English

Financial products

The Bank provides personal, retail and commercial banking services. Offers checking and savings accounts, fixed deposit accounts and loans. OAB also provides trading services, treasury management, investment banking, bancassurance and digital banking services

Credit/debit cards

Credit and debit bank cards are available, as well as checkbooks

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

Personal visit of founders and account signatory in Oman is required for account opening

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

Share on social media: