Barclays

Your guide to expatriate banking services in Qatar

Introduction

Qatar is located in the Middle East, and lies on the northern border of Saudi Arabia in the Persian Gulf. The official language is Arabic, although English is also widely spoken in Qatar, particularly in business.

The unit of currency is the Qatari riyal (QAR).

Banks in Qatar

Central bank

• Qatar Central Bank

Commercial banks in Qatar

• Ahlibank
• Commercial Bank of Qatar
• Doha Bank
• Qatar International Islamic Bank (QIIB)
• Qatar Islamic Bank
• Qatar National Bank (QNB)

Bank opening times in Qatar

In general, banks are open from 7.30am to 1pm (Sunday to Thursday), but a number of banks also open in the afternoon and on Saturday mornings. The city-centre branches of Qatar's National Bank are generally open both on Fridays and Saturdays.

Banking services in Qatar

Banks in Qatar are extremely well financed, secure and well regulated, with the Qatari authorities supporting domestic banks, where necessary, with direct investments. Branches of both national and international banks can be found throughout Qatar.

Retail banking services available in Qatar include branch banking, online and telephone banking. The use of credit, debit and cash cards is widespread, but cash is also a popular form of payment for everyday transactions. Bank statements and official banking correspondence can be provided either in Arabic or English, and many of the banks in Qatar provide counter services in both languages.

Opening a bank account when you arrive in Qatar

Opening a bank account in Qatar is a relatively simple process. You will need to provide:

• A reference letter from your employer, stating your salary and their approval for you to open an account. In some instances, opening an account with your employer's bank can make the application process simpler
• Passport (plus copies)
• Residency permit (if applicable)

Once your application is approved, the bank will give you a letter that you will need to send to your employer confirming that the bank is happy to receive your salary payments. It is worth noting that changing banks at a later date may be difficult, as your existing bank would be required to authorise this.

Opening a bank account before you arrive in Qatar

An alternative to a domestic bank account in Qatar is an international account. In addition to giving you access to a wide range of international banking services, you will also benefit from a range of other services and banking facilities. These services include tax efficient offshore account options, online banking and a debit card available in major currencies.

An international account can be used by clients living or working in Qatar, provides a convenient and secure way to manage your finances, and is ideal when travelling between international locations.

Currency exchange in Qatar

You will find bureaux de change and money-transfer facilities at Qatar's airports and airports, many of which are open 24 hours a day, but they typically offer low exchange rates. To find the best exchange rates, look for city-centre bureaux de change.

ATMs in Qatar

ATMs are widely available in Qatar, and typically accept both national and international debit and credit cards. Cash withdrawals using debit cards may be restricted to a daily withdrawal limit, and will require you to have funds available in your account. If you use a credit card for cash withdrawal, or you use an ATM outside of your bank's network, expect to pay a fee.

Credit and charge cards
Major credit cards, such as Visa and MasterCard, are widely accepted throughout Qatar. American Express and Diners Club cards are also accepted, but are largely limited to major hotels and retail outlets.

Cheques
From May 2010, the post-dating of cheques will no longer be accepted, and the recipient of a cheque (regardless of the issue date entered on the cheque) will be able to present the cheque immediately to their bank for encashment.

Managing your account balance
In Qatar, going overdrawn on your current account without prior authorisation is taken very seriously. Unauthorised overdrafts attract substantial penalty charges and fees. Issuing a cheque without the necessary funds in your account is considered a serious criminal offence, and the police will be notified at the discretion of the bank (or creditor) concerned. Prosecution is common and punishments can be harsh, including prison terms.

Money transfers to and from Qatar

As well as money transfer services offered by the banks, there are a wide variety of specialist money transfer businesses in Qatar. Do research the fee structures and exchange rates before you transfer money. As of April 2010, there are no restrictions on the import or export of local or foreign currency. However, Israeli currency is prohibited, and can neither be brought into the country nor taken out.

Bank charges in Qatar

Typically, current accounts in Qatar are free so long as a minimum account balance is maintained. Charges vary between account types and banks, so it is advisable to research charges before opening an account, particularly given that changing banks can be difficult.

Banking in Qatar - other information

Qatar Ombudsman
If you have a banking complaint and require assistance or further information, contact Qatar's Central Bank: www.qcb.gov.qa

More information on banking with Barclays

For more information on opening an International Bank Account before you move to Qatar, you can speak to Barclays International by calling +44 (0)1624 684316†.

Alternatively, find out more about the overseas banking services that Barclays International offer expats, by visiting them online.