Some of the inflows are credited directly into riyal-denominated bank accounts while others are picked in cash at various pickup points across the country. Thanks to bilateral relationships, countries such as the United States have become home to many Qatar nationals including students seeking higher education.
When sending money to Qatar, people usually look for the most affordable, reliable and quickest way available. Not every money transfer provider or channel out there suits your unique circumstances. However, it helps to know the different ways you can send money to Qatar, the information you need and the factors to bear in mind as you make your transfer. This guide will help you figure out all that and more.
Sending money to Qatar is simple and easy. Follow these steps to get started.
There are multiple ways to easily send and receive money in Qatar but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
There are several channels you can opt for when sending money to Qatar. You can transfer money from your bank to the recipient’s bank, use an online money transfer service or in-person cash transfers.
If you are in the UK or the US, you can do a funds transfer directly into the recipient’s account in Qatar. Banks such as Doha Bank, the Commercial Bank of Qatar, and other international banks have international transfer facilities that can save you money and ensure safe and reliable transfers.
In 2011, JPMorgan Chase established their Doha branch to connect with the Middle East. Sending money through a bank with a branch or head office in Qatar saves you the inconveniences of intermediary banks that can make it expensive to send money to Qatar.
Financial institutions such as Lloyds Bank have international current accounts that enable you to hold your deposit in multiple currencies for ease of transfer to Qatar. However, the major drawback with most banks is that they charge you a higher exchange rate margin meaning lower exchange rates. Some margins can be a high as 6 or even 7%. Also, sending money through the banking system requires that you have a bank account.
Companies such as XE and WorldRemit have gained popularity in the Qatar remittance corridors. XE doesn’t charge transfer fees and WorldRemit allows recipients to access transfers in cash. TransferWise and WorldFirst are also popular among Qatar nationals in the diaspora.
The main advantages of online money transfer services are their affordability, speed of transfer, convenience and attractive exchange rates. Opening an account with these providers takes about 5 minutes and a couple of hours or up to a day for account verification. After that, you are free to pay for your transfer using a credit card, debit card, direct bank debits(ACH) or online bank transfers.
Payout options include cash pickups and direct-to-bank accounts deposits. Cash pickups are faster. For instance, if you send 1000 GBP to Qatar through WorldRemit, the recipient gets it in minutes. However, the maximum you can send through this provider is 3,946 GBP at a fee of 19.99 GBP.
Western Union, Ria, and MoneyGram are some of the top money transfer operators that allow senders to deposit their money at any designated agent location and make their transfer. Western Union allows senders in the UK to transfer money to pickup locations in Qatar. MoneyGram works with Ooredoo QSC, a leading international communications company to help in delivering transfers to Qatar through the Ooredoo Mobile Money (OMM) app.
Ria has several pickup locations in Qatar where recipients can collect their money in cash.
To send money to Qatar, you need to sign up for a money transfer account and have it verified by the provider. Other information and documentation you will need include:
Most of this information is one-off. Online money transfer services allow you to make transfers from the comfort of your home hence saving you the hassle of locating and accessing agent stores.
In Qatar, you can receive money in two ways:
• Bank Deposits -The money is directly deposited in your account based on the bank details that you give
• Cash Pickups – Depending on the service provider the sender used, there are designated cash collection points from where you can collect the money. For instance, Xoom has 26 cash pickup locations in both Doha and Al Khor in Qatar.
Using the Ooredoo Mobile Money (OMM) app, you can pay bills, shop and do so much more with the virtual money without necessarily withdrawing it.
Depending on how the transfer is made, there will be some information and documentation you need to collect the money. Bank deposits do not require the presentation of any documents. However, for cash pickups, you’ll need the following.
• Your national identity card or passport
• The transaction number
Though rare, you may be asked to provide some information such as the details of the sender and the purpose of the transfer.
No two remittances are alike. In Qatar, inflows are driven by different underlying needs among them:
Qatari nationals living abroad send money to supported both their immediate and extended families in basic needs.
Qatar has lots of investment opportunities in information technology, professional services, beauty industry, and other sectors. Inflows are often channeled towards business startups as well as financial assets investments in companies listed at the Qatar Stock Exchange.
Even with deposits rates at 2.5%, Qatar had an impressive gross domestic savings rate of 62.1% as of 2018. These savings include money sent from broad by Qataris living and working in those countries.
During festivals, transfers to Qatar increase in response to social expenses and other cash-flow needs.
Money transfer services have proved to be efficient, cost-effective and reliable for sending money to countries around the world including Qatar. Some of the underlying reasons for their preference include:
Before you hit the ‘Send’ button on your money transfer to Qatar, think about the following factors:
There you have it! Sending money to Qatar shouldn’t be guesswork anymore, there are lots of avenues you can use. Ensure you do a cost comparison before you settle on any one provider.
Sending money anywhere else in the world is as easy as sending money to Qatar. If you’re looking to send money to another country, here is the list of the most popular destinations.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com