Job Discussion Forums

moonpie · Joined: 30 May 2003 Posts: 71

testing

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

testing what? did you pass?

Mojoski · Joined: 03 May 2009 Posts: 170

Researching on the internet, it looks like BankMusqat is the best bet. They have a special expat department, and the wire transfers are not expensive.

Expatkorea · Joined: 06 Sep 2009 Posts: 2

Is it relatively easy to transfer money back home? I am in Korea and until recently it was a tedious process.

Duffy · Joined: 29 Oct 2005 Posts: 449 Location: Oman

HSBC in Salalah are really helpful. The bank has an excellent online money transfer system.
Wen to open an account at BankMuscat when I first arrived. My ticket number was someting like 108, and that was 9.00 in the morning. Needless to say I went to a much quieter bank (HSBC)

Duffy

Mojoski · Joined: 03 May 2009 Posts: 170

I ended up with Oman Arab Bank. When I got here, my recruiter said the company was with them, and I'd get paid a day earlier, and that all the banks were pretty much equal. I've since been advised by colleagues that HSBC is superior since they are the only truly international bank in country.

The acid test came this week, when I had to send an EFT to the USA. Oman Arab Bank was not overjoyed about making a transfer to a credit union, but they took my information and processed it later that day. The money magically appeared in my mother's account on the day expected. Most of it. The form asked how much I wanted to arrive in USD, and I put $2000. $1967.75 arrived. $10 of the missing $32.25 was a service change they applied at her end. $22.25 was their shaving off the exchange rate. On my end, there was a 4OR service charge ($10.40), and they gave me their exchange rate on the receipt, which I checked against the true rate that day and saw that they had shaved off $15 and change. So, you see how it goes: $10.40 here, $15 hidden fee here, $10 there and $22.25 hidden fee there, and it adds up to about $58 to send $1967. Basically, 3%.

The main thing is: the money did get there. Most of it. The 4OR service charge on my end was reasonable. The $15 exchange shave was not excessive, though to my mind, it's money for nothing. They are not physically exchanging currency--just typing some freakin' numbers, ffs. The $10 service charge on my mother's end is a pure ripoff, in my view. I never had a charge when I received EFTs. And then there's the $22.25 money for nothing charge on THEIR end. They've got you over a barrel, and they use the opportunity to put unpleasant things in your fiscal orifices. On the other hand, if you carried the cash back to the USA and went to a money changer (don't forget it was the money changers who sent the icon of love and peace into a blind rage), You would not come out of the deal only minus 3%. More likely 5%.

Okay, there you have all the sordid details of my experience. To tell the truth, I'm kind of relieved that I was able to accomplish it at all. On the other hand, I'd love it if someone could tell me a way to do it without throwing quite so much free cash away on the money grubbers. TYVM! Cool

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

This is why I never did transfers. They are a rip-off from both ends. I would go to the bank and get a bank check in dollars... then mail it to my bank in the US. It wasn't the fastest way, but the checks always arrived and the cost was a pittance. I would do it every 2-3 months. At the end of the academic year, I would carry home a large check.

BTW... HBSC has a spotty reputation around the Gulf. In the UAE, they are the pits according to the posters here.

VS

williamh · Joined: 30 Jan 2008 Posts: 24 Location: Oman

Try one of the money exchange places - get the money you want to send in cash, bring it in and fill out the form with your bank account number. It shows up in your home account in 2 or 3 days for about 5 riyal. I've done for years - never had a problem.

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

One warning... there may be people watching this. Do not take the money home and go to the exchange later. Go directly from bank to exchange. I do know of people who did this who ended up losing most of their pay to a break-in.

Personally I don't haul large amounts of cash around - anywhere in the world - and the small savings wouldn't be worth the risk. (yeah... I'm a coward...)

VS

Beast · Joined: 13 Nov 2005 Posts: 120

Avoiod bank Muscat at all costs.
Everything I have done at the bank, besides running my salary through has been a complete Disaster.

Another guy had 5000 OR disappear from his account and it took 6 months to get it back.

Stay Away...Stay Away... Stay Away...

ThaneKerner · Joined: 13 Sep 2009 Posts: 139

ThaneKerner · Joined: 13 Sep 2009 Posts: 139

parched · Joined: 02 Jul 2015 Posts: 18

Can the newcomers get an update as to the best and worst banks for expats? Opinions and experiences would be much appreciated.

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

I think s/he is going to Nizwa? Anyway, I agree with nomad... your fellow teachers are the best source of information on this for up to the minute details. The usual advice is to use the employer's bank as you tend to get your pay more quickly. I would shop for a bank that allowed you to do things online... like transfer money home with a click. Cool

VS