Product Description
Wasel Exchange SAOC provides financial service that involves transfer of funds from one individual or entity to another, often across geographical distances. It serves as a way for people to send money to friends, family, or businesses in different locations, both domestically and internationally.
Key Facts
Sender and recipient
The sender is the person initiating the money transfer, while the recipient is the individual or entity receiving the funds. Remittances are commonly used by migrant workers sending money back to their families in their home countries.
Counterparties involved
Wasel Exchange SAOC maintains several counterparties to facilitate customers’ remittance transactions. Upon receipt of a Remittance Order from customers, Wasel Exchange SAOC reserves the authority to select the counterparty for the execution of remittances.
However, for International Money Transfers, customers have the prerogative to choose their preferred counterparty. All counterparties engaged by Wasel Exchange SAOC have received approval from the Central Bank of Oman.
Fees
Remittance charges are subject to change in line with the remitting countries, and the amount of charges varies in line with the amount being transferred. Details of charges are available in all branches.
Turnaround Time
Turnaround time for various remittance modes are as follows:
TT: Maximum of 2 working days
Immediate Payment Service: Immediate
Cash pick-up: Immediate
The turnaround times listed above are subject to compliance clearance and there may be delays due to technical issues on the counterparty’s side.
Refunds and cancellations
Refunds pertaining to transfers or any additional remittance transactions that are returned unpaid for any cause shall be returned to the originator at the prevailing market purchasing rate or the transaction rate, whichever is lower.
The refund shall exclude transmission expenses, deductions originating from the beneficiary bank, cancellation charges and supplementary expenditure. The initiator must provide the original acknowledgement to initiate cancellation.
