Getting Money Out Of Qatar As An Expat part 1 – that will be the topic of today’s article.
Nothing written here should be considered as financial advice, nor a solicitation to invest.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com
It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.
Introduction
Getting money out of Qatar as an expat is not always easy, especially in a situation where you have a family in your home country, and you want to send them money for their expenses.
You can definitely open up a Qatari bank account and start sending the money there, but it is very hard to transfer money from a Qatari bank account to another bank account in another country. This is due to the tight currency control within Qatar, where you need to meet certain requirements regarding residency and your job contract before you can start transferring money out of the country.
Qatari banks generally offer very bad exchange rates for foreign currencies, so it might be more beneficial for you to open up a Qatari Rial account in any local bank in Qatar. You can then transfer money from the local bank to your home country using Transferwise, which is generally much cheaper than using an international bank for transfer purposes.
You might also want to consider changing your employment contract, so you can get a tax identification number (for example, with Qatar Tax Authority) which will allow you to transfer money out of Qatar via your local bank. You can then activate your account using Transferwise.
You might also want to consider selling Qatari Riyals at a place like Super Change, as this is generally much cheaper than changing your money back to US Dollars or Euros. In this article, we will walk you through how to get your money out of Qatar as an expat. Not only is that, but we have compiled the fintechs available in Qatar. Let’s check it out!
5 Different Ways to Get Money Out Of Qatar
Qatar is one of the wealthiest nations in the world, with a GDP per capita income of over $100,000. However, Qatari citizens or expats cannot freely move money out of their country because Qatar has strict currency control laws.
In addition, foreign workers are not allowed to get salaries from local banks and instead must receive them through Qatari companies. If you wonder how people get money out of Qatar, here are five different ways.
Personal Bank Transfers to Accounts Abroad
Qatar imposes currency controls that prevent foreign exchange transactions unless authorized or licensed by the government. To legally transfer funds out of the country, expats must apply for permission from the Exchange Control Department.
The country is surrounded by oil and gas-rich nations, so some expats transfer money by asking their relatives who live in those countries to receive the funds and re-send them back. For example, if you want to send $ 10,000 from Qatar, your relative living in the UAE might receive the money on your behalf without any problems.
Cash
This is the most common way to get money out of Qatar, especially if the total amount you want to transfer is not big. You can pay your bills at grocery stores or supermarkets with Que Card terminals. You can even withdraw cash directly from ATMs with your foreign credit cards (FCC) like Visa and Mastercard, but they usually charge very high surcharges.
If you think of using your ATM card to get cash out, make sure it is not a debit card (e.g., Mastercard Maestro). Debit cards will NOT work in Qatar because they only allow withdrawals with local bank accounts that require you to be physically present in the country. ATMs also dispense Qatari Riyal and sometimes US dollars.
Personal Checks against Bank Accounts Abroad
Qatar imposes strict currency controls to prevent money laundering, financial crimes, and tax evasion. However, these laws were relaxed slightly in 2013, when Qatar allowed expats to withdraw $ 10,000 per month using personal checks issued by foreign banks.
There are two ways to withdraw checks issued by foreign banks:
- You can visit your bank’s branch office abroad and receive the money in cash. This process typically takes one week.
- Alternatively, you can have a relative or friend bring you cash or deposit it into your account. For example, if you want someone to deliver $ 10,000 from the UAE to your home, they can bring it personally or transfer money into your designated bank account.
Online Transfer through a Foreign Company
Websites like Transferwise (Wise) and MoneyGram provide a fast and convenient way to send international payments. To use these services, you must open an online account with the company and provide them with your bank details.
Transferwise is one of the few online payment companies that allow you to send money from Qatar, but there are transfer limits. In addition, their fees tend to be high, so if you want to transfer a large amount, it might not be worth it.
Getting a Qatari Sponsor
When a person wants to get money out of Qatar, many suggest going through a Qatari sponsor. But this requires an individual who has a bank account abroad and is willing to receive the money on your behalf.
In addition, you must not have any records with the local authorities that could be considered criminal. The government also confirms sponsors’ identities, so you need to have a good explanation if your sponsor is rejected.
Best Qatar Banks to Transfer Money to Foreign Bank
Are you looking for the best Qatar banks to transfer money? Transferring money has become very easy with the rise of online banking facilities. But before you make your mind, you must know about the local bank charges and foreign exchange rates. This will help you compare the costs attached to every option available for international money transfer services.
There are many banks both in Qatar and abroad that offer faster and cheaper services. The list below contains some of the best Qatari banks to transfer money to a foreign bank.
1. Al Khalij Commercial Bank (Al khaliji)
If you want a bank with excellent foreign exchange rates, privacy protection, and an online banking facility, then Al Khalij Commercial Bank is one of the best Qatar banks to transfer money. In fact, it is the first Qatari commercial bank to provide an online banking facility.
The bank charges QR 3 as commission on international money transfers and offers a competitive exchange rate. In fact, the rates are better than those of other local banks, including Islamic ones. However, you may find it difficult to open an account with Al Khalij Commercial Bank if you do not have any existing business connection with Qatar.
2. The Islamic Bank (TIB)
Another best Qatari bank to transfer money is the Islamic Bank, as it offers relatively lower foreign exchange rates and charges nothing as commission on international money transfers. This Qatar bank provides online banking services, and you can apply for an account through this website.
3. Doha Bank
Doha Bank has earned its position among the top Qatari banks due to its highest number of branches in Qatar, flexible interest rates, and a number of services offered to customers.
With Doha bank, you can get the best rates on international money transfers because it allows you to maintain an account in currencies other than Qatari Riyals. You may also get a lower rate if you carry out your transaction during the weekends.
4. The Commercial Bank (JSC)
This is another top Qatar bank that offers the best foreign exchange rates on international money transfers. It charges QR 10 as commission for amounts up to QR 5000 and QR 15 for amounts above that threshold. However, if you are looking for good banking services in Qatar, the Commercial Bank is one of the best Qatari banks to transfer money.
5. Qatar Islamic Bank (QIB)
This bank provides a range of services to customers that include online banking facilities, data protection, and account opening through its branches. It charges QR 5 as commission for international money transfers up to the value of QR 20000 and 3% on amounts above that threshold. However, it does not provide a very competitive exchange rate.
6. Al Rayan Bank
Al Rayan Bank is one of the best Qatar banks to transfer money because it provides an online banking facility, and you can open an account with Al Rayan Bank without any initial charges. The bank has a good reputation and offers competitive rates on international money transfers. It charges QR 4 as commission for amounts up to QR 20000 and QR 8 for amounts above that threshold.
7. Qatar National Bank (QNB)
Are you looking for Qatar banks to transfer money? Then you should go with QNB because it is the largest bank in Qatar by market capitalization. It provides competitive exchange rates on international money transfers, and customers can open accounts through its branches located all over the country. You will also get an online banking facility from QNB bank.
8. Commercial Bank of Qatar (CBQ)
This is one of the oldest banks in Qatar that charges nothing as commission on international money transfers. You will get a competitive exchange rate when you do business with this bank. However, you will not open an account online because it does not offer an online banking service. CBQ has more than 20 branches in Qatar.
9. Qatar First Investment Bank (QFIB)
The Qatar First Investment bank is the only Qatari Islamic lender in the top 10 banks to transfer money. It allows customers to open accounts through its branches located all over Qatar. You may also get an online banking facility from this bank. However, it does not provide competitive exchange rates on international money transfers.
10. Qatar Development Bank (QDB)
This is one of the important Qatari banks established to finance development projects in the country. It charges QR 10 as commission for international money transfers up to QR 5000 and 2% above that threshold. If you plan to use it, then open an account through its branches located all over Qatar.
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