Guide to Banks in Oman

Oman’s banking sector consists of several licensed local and foreign commercial banks as well as two specialised banks and two Islamic banks. The Central Bank of Oman (CBO) regulates all private banks, supervises interest rates and issues bonds and notes.

Opening a bank account

In order for you to be able to open a current bank account here as an expat, you need to have a residency visa and a No Objection Certificate (NOC) from your employer. The NOC needs to have your monthly salary indicated on it. Generally, opening a bank account with the employer’s bank is the best option as it will make the process easier and any problems can be resolved quickly.

Other documents needed include copies of your passport and ID card. Some banks will ask for a tenancy contract to prove your residential address as well as some passport-size photos.
If you are sponsoring your wife and children, they can open a bank account with your permission.

SEE ALSO: Alternative banking options for expats in Oman

Credit cards and cheques

Visa and Mastercard are the most issued and accepted in Oman. American Express is also available, but to a much lesser extent and not widely accepted everywhere.

The layout of cheques are very similar to standard ones you’d see in the UK or the US. The information on them are pretty standard, including the bank name, branch, your name and date. Keep in mind that a bounced cheque is a criminal offence here and has serious consequences, so make sure to never issue a cheque without having sufficient funds. 

Local banks

• Bank Dhofar
• Bank Muscat
• National Bank of Oman
• Oman Arab Bank
• Oman International Bank
• Bank Sohar
• Ahli Bank

Foreign Commercial Banks

• HSBC Bank
• Barclays Bank
• Citibank
• National Bank of Abu Dhabi
• Standard Chartered Bank
• Bank Melli Iran
• Bank of Baroda
• Bank Saderat Iran
• Habib Bank Limited
• State Bank of India
• Bank of Beirut
• Qatar National Bank

SEE ALSO: 5 common investment scams in Oman

Islamic commercial banks

• Al Izz Bank International
• Bank Nizwa

Specialised banks

• Oman Housing Bank
• Oman Development Bank