Money exchange companies introduce unified service charge and exchange rate system in Oman

Money exchange companies introduce unified service charge and exchange rate system in Oman

Muscat: In a significant move towards enhancing customer experience and transparency, 13 money exchange companies operating in the Sultanate of Oman have introduced a Unified Common Service Charge for international remittances to India, Pakistan, Bangladesh, Philippines and Sri Lanka, set at a minimum of OMR2. This initiative aims to provide greater consistency and fairness in the fees associated with international money transfers, ensuring that customers receive a clear and uniform understanding of charges. Furthermore, the Common Exchange Rate System will be applicable for remittances to India, Pakistan, Bangladesh, the Philippines and Sri Lanka. Customers sending funds to these countries will benefit from a standardised exchange rate, which reflects the commitment of the Money Exchange Companies Forum to promoting equitable and reliable financial services. The sources also added that as a very special social consideration, members shall offer a discounted charge of OMR1. 2 for small value transactions of up to OMR50 to Bangladesh for a limited period through their arrangements. It is important to note that while the common service charge applies to all specified countries, there will be additional bank-end charges or incentives applicable for remittances to the respective countries as per the local policies of those countries. "We