Guide to Opening a Bank Account in Qatar |

Guide to Opening a Bank Account in Qatar

If you're a new expat in Qatar, you'll undoubtedly need to open a bank account. Here's all the information you need about the diff

Posted on

22 July 2013

Last updated on 19 June 2017
Guide to Opening a Bank Account in Qatar

The Qatar banking sector mainly operates from Doha - it consists of nine Qatari-owned banks and seven foreign-owned banks. Three of Qatar’s national banks are Islamic banks.

Islamic banking institutions must abide by the Islamic law (Sharia) and charging interest is forbidden - as a result there are fees for services. Both Muslims and non-Muslims have access to Islamic banking products.

Standard banking facilities are available and offered at most banks, which range from current and savings accounts to loans, debit and credit cards. If you are paid in US dollars, you may open an account in that currency.

Generally, people tend to open an account with the same bank that their employer deals with. This just makes the transfers easier as the money lands in your account on the same day. However, should you wish to deal with a different bank you will not incur additional charges for the transfer of your salary.

Opening a bank account

To open an account you require:

  • A no objection letter from your sponsor/company that states your monthly wage.
  • A copy of your passport
  • A copy of your residence permit
  • Two passport photos

SEE ALSO: Guide to driving in Qatar

Banks are generally open from 07:00 to 13:00 Sunday to Thursday. Some banks are open on Friday and Saturday; like the HSBC’s Al Sadd branch at the City Centre and the QNB branches also at the City centre in Doha. The banks in shopping malls have more flexible hours and are often open from 10am until 10pm.

ATMs are spread throughout Qatar and are easily available. All major credit cards are widely accepted. There are no exchange controls in Qatar. For large cash deposits, banks do require a declaration of origin.

SEE ALSO: Guide to healthcare and hospitals in Qatar

Be aware of your funds. Some banks charge a fee if the balance falls below a certain amount. To avoid these chrges try to keep your bank balance above this amount, it will not be a large one. Furthermore, it is very important to know your bank balance when writing out a cheque. If your cheque does not clear you could find yourself in hot water for fraud. This could lead to deportation and even a jail term.

The monetary unit of Qatar is the Qatari Riyal (QR), which is divided into 100 Dirhams. Bank notes in circulation are QR 1, QR 5, QR 10, QR 50, QR 500, coins available are Dh5, Dh 10, Dh 25, and Dh 50.

Banks in Qatar

Ahli Bank  
+974 4420 5222 (from outside Qatar)
8002222 (call center)

Doha Bank  
+974 4445 6000

Al Khalij Commercial Bank  
+974 4494 0000

Qatar International Islamic Bank  
+974 4484 0000

Qatar National Bank  
+974 440 7777

International Bank of Qatar  
+ 974 4447 8000

Qatar Islamic Bank
+974 4444 8444

Qatar Development Bank
+974 4430 00 00

Bank Saderat Iran
+974 441 4646

+974 4442 4722

Standard Chartered Bank  
+ 974 44248 601

Masraf Al Rayan
+974 4425 3333

Mashreq Bank
+974 4408 3333

Arab Bank  
+974 4438 7878

BNP Paribas
+974 4453 07537