Bank and Currency Information
(November 17, 2008)
In April 2001, the Syrian Government passed Law No. 28, which legalized private banking, and Law No. 29, which established rules on bank secrecy. Under Law No. 28, subsidiary branches of private foreign banks are required to have 51 percent Syrian ownership to be licensed in Syria. To date, seven private traditional banks are operating in Syria, including Bank of Syria and Overseas (BSOM), Banque BEMO Saudi Fransi, the International Bank for Trade and Finance, Bank Audi, Arab Bank, Byblos Bank, and Syria Gulf Bank. Four more traditional private banks, the Bank of Jordan, the Orient Bank, Fransa Bank and Qatar National Bank have obtained the necessary licenses and are expected to begin operations in 2009.
A new law was enacted in May 2005 that allows for the establishment of Islamic banks and the first such bank, al-Sham Islamic Bank, began operations in August 2007. Shortly thereafter, Syria International Islamic Bank (IIB) opened its doors in September. Al-Baraka Islamic Bank was also officially licensed in 2007 and is expected to begin operations in early 2009.
ATM Service in Syria
All private banks in Syria have ATMs, and U.S. travellers have had success withdrawing money from their U.S. accounts from these ATMs. Furthermore, the Real Estate Bank and the Commercial Bank of Syria (both State-owned) have ATM services.
Money Transfer and exchange:
In April 2006, the government issued law No. 24 establishing regulations to shift unofficial money changing offices into the formal financial sector in order to limit black market money exchange and unify the exchange rate. Consequently, several money transfer and exchange offices are now providing services in the country. Below is a list of major money transfer companies in the largest cities, however please check with the main branch for other locations, as a growing number of receiving points are becoming available throughout the country.
Damascus:
Western Union:
Phone: 963-11-334-5555; Fax: 963-11-334-6666; http://www.westernunion.com/.
Al-Fuad:
Phone: 963-11-2046; Fax: 963-11-2311473; e-mail: fadi@alfuadexchange.com
Al-Alamiah Group for Money Exchange:
Phone: 963-11-2218222; Fax: 963-11-2216947; e-mail: info@alalamiah.ex.com
The International Company for Money exchange:
Phone: 963-11-2324827; Fax: 963-11-2324994; e-mail: imexsy@gmail.com
Hanifeh Company for Money Exchange:
Phone: 963-11-2326097; Fax: 963-11-2325606
Aleppo:
Al-Amanah Money Exchange Company:
Phone: 963-21-2058; Fax: 963-21-2288430
Al-Haram:
Phone: 963-21-2233132; Fax: 963-21-2233149
Sultan Company:
Phone: 963-21-3333872; Fax: 963-21-3332793
Hama:
Abdul Baki & Partners:
Phone: 963-33-224500; Fax: 963-33-224501