Make Payments and Receive Payments in OMR - Omani Rial
Pay in Omani Rials (OMR)
Mondial Change allows you to make international payments in OMR (Omani Rial) with ease. Manage your Omani Rial beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commission on your OMR operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Omani Rial (OMR)
Mondial Change allows you to receive payments in OMR (Omani Rial). Payments in OMR are received in an account in your name with a dedicated IBAN. This OMR account with a nominative IBAN is provided to you free of charge. It allows you to receive payments in OMR from your clients or subsidiaries and also to hold Omani Rials. The OMR can be reused to make payments in OMR. The OMR can also be converted into EUR or any other currency of your choice and repatriated to your bank account. The Omani Rial (OMR) account can be located in France or other countries (see possible locations).
Do you want to hedge your exchange risk on the Omani Rial (OMR)? Check our dedicated page for OMR exchange hedging.
Mondial Change Answers All Your Questions About Payments in Omani Rials (OMR)
What is the timeframe for an OMR payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for an Omani Rial transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if OMR payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Omani Rial (OMR)?
The fees applied to Omani Rial (OMR) transfers generally vary from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual OMR exchange volume and the number of Omani Rial payments made during the year.
Are there minimum or maximum amounts for payments in Omani Rial (OMR)?
Mondial Change and its partners verify that your Omani Rial flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Omani Rial (OMR)?
For OMR payments via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• SWIFT/BIC Code
• Account number
Is it possible to modify a payment in Omani Rial (OMR) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Omani Rial (OMR) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Omani Rial (OMR) account provided to you a bank account, and is it nominative?
The Omani Rial (OMR) account for which we provide you with the details is not a bank account per se because the account holder is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN attached to the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening an Omani Rial (OMR) account for more information.
Is it possible to hold Omani Rials (OMR) in the OMR account provided to you?
You can use this Omani Rial (OMR) account to receive or store Omani Rials. The funds can then be reused to issue payments in Omani Rial or be converted into other currencies. The account is also compatible for receiving payments in OMR from e-commerce platforms like Amazon or payment systems like Adyen or Stripe.
What are the holidays when payments in Omani Rial (OMR) cannot be executed?
January 1st: New Year’s Day
Variable date: Isra and Mi'raj (Ascension of Prophet Mohammed)
Variable date: Eid al-Fitr (end of Ramadan – several days)
Variable date: Day of Arafat
Variable date: Eid al-Adha (Feast of Sacrifice – several days)
Variable date: Islamic New Year (Hijri New Year)
Variable date: Mawlid (Birth of Prophet Mohammed)
November 18th: Oman National Day
November 19th: Second day of National Day (often observed)
History of the Omani Rial
The Omani Rial (OMR) is the official currency of Oman, a country located on the Arabian Peninsula known for its rich cultural heritage, desert landscapes, and modern infrastructure. As the national currency, the Omani Rial plays a central role in Oman's economy, facilitating transactions and international exchanges. The Omani Rial is subdivided into 1,000 baisa. Its ISO code is OMR, and its symbol is ﷼. Banknotes in circulation are available in denominations of 1, 5, 10, 20, and 50 rials, while coins are issued in denominations of 5, 10, 25, 50, and 100 baisa. The Central Bank of Oman is responsible for issuing and regulating the Omani Rial, ensuring monetary stability and market confidence.
Monetary Policy of the Omani Rial
The Central Bank of Oman implements a monetary policy aimed at maintaining price stability, promoting economic growth, and preserving the value of the Omani Rial. It closely monitors economic indicators such as inflation, exchange rate, and financial stability to take necessary measures. The monetary policy also aims to encourage investment and promote an environment conducive to Oman's economic development.
Characteristics of the Omani Rial
The Omani Rial is considered one of the strongest currencies in the Gulf region, reflecting Oman's economic and financial stability. Moreover, the Omani Rial is not widely used outside the country, so it is advisable to exchange currencies before traveling to Oman. Finally, it is important to note that the Omani Rial cannot be freely converted, and it is subject to strict exchange regulations.