Currency in Oman OMR - Things to know
Foreign exchange guide to Oman and the Omani rial
What's in this Oman currency guide?
What currency is used in Oman?
The official currency of Oman (country code: OM) is the Omani rial, with symbol ﷼ and currency code OMR.
Things to know about the Omani rial
The Omani rial (OMR) is the official currency of Oman, a country located in the Middle East. Here are a few things to know about the Omani rial:
- The Omani rial is abbreviated as OMR and is divided into 1000 baisa.
- The Central Bank of Oman is responsible for issuing and regulating the Omani rial.
- The exchange rate for the Omani rial is determined by supply and demand in the foreign exchange market.
- Oman has a large, diversified economy that is heavily reliant on oil exports. The country is also a major producer of natural gas and has a growing tourism industry.
- The Omani rial has been relatively stable in recent years, but the currency has faced challenges due to fluctuations in global oil prices and economic challenges such as high unemployment and a large budget deficit.
Travel money for Oman
Save money and time by Ordering your Omani rial online from Travelex, you get better rates and can pick up the OMR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Omani rial otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Oman
Describe Oman for travelers and expats
Oman is a fascinating country located in the southeastern corner of the Arabian Peninsula. It's a land of great contrasts, with beautiful beaches, mountains, and deserts. The people are friendly and welcoming, and the country has a rich culture. Oman is a great place to visit if you're interested in learning more about the Middle East. There are plenty of opportunities for outdoor activities, and the food is fabulous.
Best things to do and see in Oman
1. Visit the Nizwa Fort
2. Shop at the Muttrah Souq
3. Take a dip in the Wadi Shab
4. Visit the SultanQaboos Grand Mosque
5. Explore the Bimmah Sinkhole
6. Hike up Jabal Shams
7. Visit the Wahiba Sands
8. Go scuba diving in the Daymaniyat Islands
9. Take a cruise in a traditional dhow
10. Visit the Nakhl Fort
Top Travel tips for Oman
1. If you're renting a car, make sure you have a good map of the area.
2. Be aware of the dress code in Oman. Modest clothing is required for both men and women.
3. If you're planning on hiking or visiting remote areas, make sure you're prepared with proper gear and equipment.
4. Don't forget to pack sunscreen and insect repellent.
5. When visiting mosques, be respectful of local customs and dress modestly.
Is it safe in Oman?
Oman is considered a very safe destination for travelers. Violent crime is extremely rare, and most incidents tend to be focused around petty crime such as pickpocketing or scams. traveler should take standard precautions against pickpockets and scam artists, but overall, Oman is a safe place to travel.
USD/OMR Market Data
The below interactive chart displays the USD/OMR trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Oman?
The domestic currency in Oman is the Omani rial.
What is the Omani rial currency code and symbol?
The three letter currency code for the Omani rial is OMR — symbol is ﷼.
Which countries use the Omani rial?
It is the domestic currency in Oman.
Is the Omani rial a closed currency?
No, the Omani rial is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and OMR?
Converted at USD/OMR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Oman - Best Rates
To get a good (and fair) exchange rate when sending money to Oman you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Oman
When sending money to Oman it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Omani rial amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted OMR amount will be transfered to the recipient account you specify in Oman.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Omani rial deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Oman
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Oman.
What is the cost of living in Oman?
The cost of living in Oman is quite high, with basic groceries costing around $80 per week. Rent for a one-bedroom apartment in a good area can cost up to $1,000 per month, and utilities such as electricity and water can cost up to $250 per month.
How is the expat life in Oman?
Expat life in Oman is very comfortable. There are many good schools, hospitals and shopping centres. The cost of living is also relatively low.
Any laws in Oman that foreigners should be aware of?
Oman is a country located in the Middle East and has its own set of laws and customs that travelers should be aware of. Here are a few things that travelers should know:
It is illegal to consume alcohol in public in Oman. Alcohol can only be consumed in licensed venues such as hotels and bars.
It is illegal to import or use drugs in Oman. Penalties for drug offenses can be severe, including imprisonment and fines.
Photography of certain landmarks and government buildings is not allowed in Oman.
It is illegal to engage in any kind of gambling in Oman.
Public displays of affection, such as kissing or holding hands, are not allowed and can result in fines or imprisonment.
It is important to dress modestly and respect local customs and traditions. This includes wearing clothing that covers the shoulders and knees in public.
It is illegal to import or use any kind of pornography in Oman.
The Omani authorities take cybercrime seriously and have strict laws against online fraud, hacking, and the distribution of illegal or inappropriate content.
It is important to respect the local culture and traditions, including the prohibition on eating, drinking, or smoking in public during the daylight hours of the month of Ramadan.
It is a good idea for travelers to familiarize themselves with the local laws and customs before visiting Oman to ensure that they do not inadvertently break any laws.
What is doing business like in Oman?
The business climate in Oman is generally good, although there are some bureaucratic hurdles that can make starting a business challenging. The government is supportive of foreign investment and is working to improve the business environment. Overall, Oman is a good place to do business.
How is the economy in Oman?
The economy of Oman is diversified, with initial successes in the oil and natural gas industries followed by the introduction of industrialization, mining, agriculture, and fishing initiatives. Tourism is also becoming a significant contributor to the economy. Despite this diversification, oil and gas exports still account for about 75% of government revenue and 85% of Oman's exports.
Managing your finances in Oman
Here we list some key points for expats and businesses to consider when managing financial dealings in Oman:
Understand Omani rial currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the OMR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Omani rial bank account: A local OMR bank account can make it easier for you to manage your finances and pay bills while you are in Oman. It may also be more convenient to use a local OMR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Oman. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Oman. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Oman, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
