Muscat: Remittances service charges to a number of South Asian countries and the Philippines have been unified and will cost RO2, according to 13 leading money exchanges.
“We are excited to introduce this Unified Service Charge and Exchange rate system, as it underscores our commitment to customer satisfaction and transparency,” exchange representatives told the Observer.
Accordingly, the Unified Common Service Charge for international remittances will be applicable to India, Pakistan, Bangladesh, Sri Lanka, and the Philippines.
“Our aim is to simplify the process of international money transfers while upholding the highest standards of transparency, integrity, and fairness,” they said.
As a social gesture, these money exchanges will offer a discounted charge of RO1.2 for small value transactions of up to RO50 to Bangladesh for a limited period.
This initiative aims to provide greater consistency and fairness in the fees associated with international money transfers, ensuring that customers receive uniform charges.
It is to be noted that while the common service charge applies to all specified countries, there will be additional bank charges applicable for remittances to the respective countries as per the local policies of those countries.
The Foreign Exchange and Remittance Association (FERA) comprising 13 leading money exchanges will be formed once the Central Bank of Oman gives approval.