Bank Muscat, the leading financial services provider in the Sultanate of Oman, is pleased to announce the launch of “Transfer to Visa Cards Service” for fast international money transfer. The new service marks another strategic step in the bank’s ongoing commitment to enhancing digital payment solutions and delivering a superior customer experience through faster, more flexible, and efficient financial services. It also forms part of the bank’s broader strategic plan to support the growth of the remittance sector and provide advanced transfer solutions that meet the evolving needs of customers across different market segments.
Transfer to Visa Cards Service provides a cost-effective remittance solution for expatriate and Omani customers who are enrolled in Bank Muscat’s Internet and Mobile Banking (IBMB) platforms, using only the 16-digit Visa card number, eliminating the need for beneficiary bank account details. The service enables them to make near real-time international transfers to accounts linked to Visa debit cards via these platforms to 81 counties.
The introduction of this service marks a significant advancement in the international remittance experience, especially as customers increasingly adopt digital banking channels and demand faster and more secure financial solutions. The new service enables customers to send and receive funds within a short period of time, while benefiting from transparent exchange rates, as well as full transfer tracking from initiation to receipt. The service also offers high standards of security and regulatory compliance by supporting Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) measures, in addition to leveraging pre-validation technologies and Straight-Through Processing (STP), which help reduce transfer errors and improve transaction success rates.
Commenting on the launch, Abdullah Hamood Al Jufaili, Assistant General Manager of Digital Banking at Bank Muscat, said: “This is another key milestone of the ongoing collaboration between Bank Muscat and VISA. The launch of Transfer to Visa Cards Service represents an important milestone in the bank’s digital transformation strategy and our ongoing efforts to enhance remittance services in line with customers’ growing expectations for faster and more convenient banking solutions. Through this service, we aim to deliver an advanced international transfer experience that combines speed, reliability, and transparency, while enhancing operational efficiency and expanding our digital service offerings. The service contributes to opening new remittance corridors and strengthening the value proposition offered to customers across various segments. It also supports the bank’s commitment to financial innovation and the adoption of the latest global payment technologies. Bank Muscat will continue investing in advanced digital solutions that enhance customer experience and reinforce its position as a leading financial institution providing innovative banking services that meet the demands of the digital era and support the transition towards a more connected, agile, and efficient economy.”
