Expats abroad usually utilize the banking system in order to manage their savings and other finances. If you are a new employee in Qatar, you should know that by now because there is no other way you can keep your money but have savings accounts. You must learn how the bank system in Qatar works so you can be able to use other benefits offered by local and international banks in the country.
Banks have a lot of advantages to provide to expats. They have different ways to store your money, lend you some cash when you need it and remit your money to your loved ones abroad. To know more about your banking needs in Qatar, here’s our guide to a better banking experience in this country.
Banking Tips in Qatar
You can open your own savings account in any banks in Qatar provided you have the following requirements to be able to open an account:
- No Objection Letter stating your salary from your employer or sponsor
- Passport copy
- Residence permit copy
- 2 passport size pictures
Aside from a savings account, you can also open a current account so you can have a checkbook. Cheques might be needed for your monthly house rentals. Also, remember that bouncing cheques in Qatar might make you end up in jail if you don’t take it seriously.
One way you can apply for easy loans is through credit cards. Local and international companies usually offer credit cards to expats who have been in the country for years. Credit cards are to easy to own provided you have the necessary documents with you. However, you should be careful using those credit cards especially when you have lower credit limits. Getting your transactions declined is possible when you’ve reached your threshold.
Remittances and Money Transfers
Banks offer easy remittances and money transfers. If you have family abroad and you need to send them cash, doing it through banks and remittance centers in the safest way. A lot of options are readily available for you. Also remember to compare exchange rates so you can get the best deals and give a higher amount of money to your family.
Also Read: Souq Waqif in Doha Qatar
Qatar is one of the countries that have a tax-free system. Therefore, you don’t need to worry about your money getting taxed when you put it in a savings or checking account.
Now that you have the banking essentials you need, you can push through with managing your finances through banks. Ensure to transact only with bank officers so to avoid getting your money scammed abroad. Always read and understand bank notices for your own safety. Also, don’t forget to share this knowledge with your family and friends to make them aware of the banking needs in Qatar.