Open bank account in Qatar online
If you are an expat living in Qatar and working to raise your family and wants to save your money in bank so that it may not be wasted. If you are confused that how can you do this and what documents are required then this guide will help you in doing so.
Banking in Qatar :
There are total 18 banks running in 11 out of which are Qatar national banks and rest of the banks are foreign institution. The Qatar National Bank is the largest bank of Qatar that is famous for its profitablity , deposits and assets.
Qatar central bank :
Banks in Qatar are supervised by the Qatar central bank it keeps a check on its financial institutions , manage its monetary policy , financial insurance system and to maintain the strength of country banking system. Banks in Qatar can easily be accessed by the citizens the branches of banks are located on nearby positions and ATM are made at various places that helps the people to get easy and quick access to their accounts.
Types of bank accounts in Qatar :
Here we will discuss some different types of bank accounts that are available in Qatar banks. Qatar bank provide various type of accounts for every day use so let’s know about this.
1- Standard accounts:
The first type is standard accounts that is further divided into some parts that are:
* Current accounts:
Current accounts are also known as checking accounts. These accounts can be single or joint accounts that includes check books , monthly statements and debit cards. These account subject to minimum balance accounts.
* Saving accounts:
As an expat opening saving accounts will be a good decision because it is best for expat who wants to save money. There is no monthly fees , saving accounts are accessible through online banking. These accounts include debit cards , unlimited mobile online branch and ATM services. These accounts provide high intrest rate as compare to standard accounts.
2- Bespoke accounts:
This is an interesting type of bank accounts because it is having two types of accounts:
* Ladies accounts:
As an Islamic country Qatar cares about the women’s right and their safety so its also has some banks that are operating for women. These account can be accessed only at specially designed for ladies.
* Children account:
In Qatar some parents can also make accounts for their children under 18 years age. These accounts has restrictions on number of transaction and the minimum amount for this type of bank account is QAR 5000.
How to open a bank account in Qatar
If you are opening account for the first time in Qatar then it is not of great tension because it is not so difficult if you follows this article then you will find it easy. For this just you have to arrange some documents in your hand depending upon the type of bank account you are opening.
Documents required:
- * Original passport of the applicant is required with a photocopy.
- * A copy of your visa page that will prove that you are legal resident of Qatar.
- * Your Qatari employer has to issue an official employment letter that is to state your salary. This letter should contain your and your employer signature.
- * Two passport sized recent photos are required.
- * You should fill out the bank application with valid and correct information.
- * Qatar ID may also be required in some banks.
- * If some expats are opening account for their children or wife then they will act as their sponsor and will issue a sponsor letter to them.
Opening business bank account in Qatar
Qatar also has a banking system for business banking individuals can open business bank accounts. The procedure and documentation requirements are changed from that of the resident accounts.
For this you will require the following documents:
- * If you are opening a bank account for your company then you should show company trade license.
- * Certificate of registration is also required that will guarantee that the company is registered and legal.
- * Share certificates.
- * Board resolution is required that will empower a company officer to open the account.
- * Next the passport and residence visa copies for shareholders and signatures of authorized persons.
Online banking:
As everything is going online nowadays so the facility of banking is also available online. Because the life nowadays is very busy no one has free time to stand in long queues and wait for your turn for hours.
* Online payments:
Nowadays every task is done online so just like that paying of bills and shopping can be dine online and payment is done by your bank account through online payment system. But still there are some purchases that needs cash on delivery.
* Digital wallets:
It is strange to hear that the digital or e wallets are slow to come to Qatar google pay and apple pay are not working in Qatar but some of the local operators are working such as Ooreedo and noqoody are available to act as digital wallets.
Money transfer :
Banks has made the money transfers very easy . So the expats can transfer money in locally and internationally also.
Local Money transfers:
With this you can easily transfer money inside Qatar. To transfer your account may take a couple of days but some banks may ask for more verification.
International money transfer:
This type of transfer is really important for expats because they has to send money to their loved ones this task has become very easy after online banking.
Ways to manage bank accounts in Qatar :
After making an account in Qatar bank the expat then should keep en eye on the services available for him. This can be done through online banking and mobile.
* Digital and online banking:
Internet banking in Qatar is becoming common and most of the banks are providing this facility to the customers for their ease and convenience to keep track of their finances.
* Mobile banking:
Many banks in Qatar are now offerings mobile banking apps so by using these apps one can get easy access to accounts using mobile and tablets.
* Phone banking:
Many banks has the facility of Internet banking so customers are free to use phones for checking the accounts and making transfers.
* Face to face:
For those who prefer to go to the branch, several financial institutions in Qatar have service counters at prominent malls and other locations around the country to better reach their customers. Appointments are usually not required.
Banking fee in Qatar:
- There is no fix banking fee because it varies from bank to bank. You can witness that the fee of transaction done online is cheaper then those done by branch or offline method.
- Account opening fees: None
- Monthly minimum balance penalty: Usually none
- Using a GCC bank’s ATM in Qatar: QAR10
- Cash withdrawals at bank branches in Qatar: QAR10
- New checkbook : QAR15
- Stop payment on lost checks: QAR25
- Returned check due to insufficient funds: QAR100
- Transfers to other local banks: QAR25+1% of the transfer amount
- Lost debit card: QAR50
- Certified account statements, requested at branches: QAR10-25
- Balance certificate: QAR25
- No-liability letter: QAR25
- Account closing fee: QAR50
This is all about banking in Qatar with full information if you are interested in making a bank account in Qatar then be ready for making the account and enjoy the facilities.
Because as an expat it is necessary to have a bank account to save all the savings.
So take a view of the above article choose the type of bank account and also the bank to open an account for you self and enjoy banking in Qatar that is really beneficial.