Muscat: Oman UAE Exchange, the Sultanate's largest exchange firm, achieved $2 billion mark in remittances from Oman last year, compared to $1.9 billion in 2012.
Arrangement with the country's largest bank, Bank Muscat, enables an account holder of the bank to transfer funds through the company using the bank's call centre, said a company release.
Oman UAE Exchange also acts as a collection agent for settlement of credit cards issued by Standard Chartered Bank, Oman and air ticket fares for Air Arabia.
As the largest supplier of foreign currency bank notes, the company offers major world currencies at competitive rates.
For travellers, the Oman UAE Exchange offers American Express travellers' cheques in various denominations in all the major currencies. Through the vast network of correspondent banks, the company offers a choice of electronic fund transfers around the world, besides instant money transfers through Western Union and Xpress Money.
Drawing arrangements with over 60 banks or financial institutions all over the world enables Oman UAE Exchange to offer conventional methods of remittances like demand drafts and telex transfers. The exchange, which started operations in Oman in October, 1995, has 27 branches across the Sultanate offering a wide range of fund transfer options across the globe. The exchange house is preferred for its correspondent arrangement with several banks which enables faster realisation of funds.
© Times of Oman 2014
