We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Exchange Rates - Inside Oman

UK
Level Contributor
56 posts
52 reviews
Save Topic
Exchange Rates - Inside Oman

Having read the really useful post below, it clearly seems best to exchange money inside Oman.

Currently at my local ForEx they are offering 0.55OR against the GBP, Is anyone able to give any guidance on the exchange rates that would be offered at the booths at the souq etc.

I saw the Bank Muscat rate was approx 0.58, would this be improved at the souq??

Any help would be really appreciated....

Cheers, Paul

Muscat Governorate...
Destination Expert
for Muscat Governorate, Oman
Level Contributor
658 posts
17 reviews
Save Reply
1. Re: Exchange Rates - Inside Oman

The rate in the local market will be very close the the bank rate. You can consider the rate at bank muscat website to be than of the local market.

You are getting better mileage for your money in Oman. for 1000 pounds you are getting 580 OMR locally, whereas in the UK you are getting only 550 OMR.

Washington DC...
Level Contributor
1,882 posts
16 reviews
Save Reply
2. Re: Exchange Rates - Inside Oman

I think that exchange rates in Oman might be regulated. It won't vary much (if at all) from place to place. You might as well just exchange it at one of the Bank Muscats. Thats the favorite bank in Oman.

Muscat Governorate...
Destination Expert
for Muscat Governorate, Oman
Level Contributor
658 posts
17 reviews
Save Reply
3. Re: Exchange Rates - Inside Oman

All money changing services are tightly regulated and are the same. To get a license for a money changing service, you have to pay lots of money as deposit to the central bank. That money maybe forfeit if the company is caught playing outside the approved margins. They are not allowed to charge a service fee or any other fee as well. With the large number of non-omani residents in Oman and the huge movement of money in and out of Oman, all these exchange shops are making tons of money and they would not violate laws or endanger their license for anything.

Banks or exchange shops would not matter much. There will be very small variations, but unless you are exchanging tens of thousands or OMR or more, it would not make much difference. Only exception are airport kiosks which have an exception and can legally buy/sell currency at worst rate. The volume is less and they make that up through increasing their commission.

The only drawback of banks is that you have to queue for the exchange and go during banking hours, 8-2 Sun-Thu. Exchange store are open most of the time and no queues.

Edited: 11 April 2010, 04:48
UK
Level Contributor
56 posts
52 reviews
Save Reply
4. Re: Exchange Rates - Inside Oman

Thank you all so much for your comments they are really appreciated, and very useful for our trip planning. Really looking forward to visiting in a couple of weeks, and experiencing as much of Oman as we can.

Thanks again,

Paul

Muscat Governorate...
Destination Expert
for Muscat Governorate, Oman
Level Contributor
658 posts
17 reviews
Save Reply
5. Re: Exchange Rates - Inside Oman

Glad to have helped.

Enjoy Oman, and write and tell us about your trip.

I have lived in Muscat most of my life and I enjoy reading others impressions of my beautiful city.

Spring, Texas
Level Contributor
70 posts
149 reviews
Save Reply
6. Re: Exchange Rates - Inside Oman

Try an ATM, rates are reasonable and you can't beat the convenience. If you are unsure, just pull a 100 or so out of an ATM, then check your rate against the money changers.

7. Re: Exchange Rates - Inside Oman

-:- Message from TripAdvisor staff -:-

This topic has been closed to new posts due to inactivity. We hope you'll join the conversation by posting to an open topic or starting a new one.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

Removed on: 11 October 2010, 05:18