Best Banks For Expats In Qatar part 1 – that will be the topic of today’s article.
Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.
The best time to consider your financial situation is when you are moving to a new country.
Introduction
In Qatar, banking services are the same as those available across Europe and North America. The Central Bank of Qatar has a state-of-the-art website that lists all local and foreign financial institutions. This makes it easy for expats to find information on bank accounts, ATMs, credit cards, and more – all offered by the banks in Qatar.
The country’s international financial center is Doha, which hosts the majority of the foreign banking institutions that are present here. These include HSBC, Citibank, Mashreqbank, Standard Chartered, and others. There are many other smaller local banks as well. Expats will find that they can use the same banks in Qatar as those used across Europe.
Qatar is a small country, and it has a tiny population of over 1.7 million people. So consumers have limited access to their funds when making transactions in person or through an ATM. Furthermore, most residents in Qatar do not possess debit or credit cards, and only around 60% of them have a bank account.
However, the country’s economy is booming, and local banks are ready to compete with their international counterparts in attracting expats who enter Qatar for work purposes. This means that expats will find nearly all banking transactions available to them – whether they want mortgages, loans, or to make investments.
To find the best bank for expats in Qatar, it is beneficial to have a building society account. Locals set these up to bring their community together. Today, we have compiled this article to explain the best banks for expats in Qatar. Not only is that, but we will walk you through the necessary things to know.
Pros of Using the Best Banks in Qatar
When you hear the word “Qatar,” what comes to mind? Whether it’s enjoying beautiful weather in a breezy tropical setting with endless blue skies and turquoise seas, working for one of the top employers in the world, or living and breathing all things related to football (i.e., soccer), Qatar has something special to offer you.
For expats in Qatar, the country offers more than just sunshine and sandy beaches. Though some people choose to work or retire in Qatar, most expats want to mate their stay with something that ties into what they love – whether it’s family, friends, or personal pursuits like art and sports.
To ensure that your time spent in Qatar is part of a meaningful and fulfilling life, you must first ensure that you plan for the future. If you’re moving to Qatar intending to stay long term, you must make sure your finances are secured through one of the best banks for Expats in Qatar.
As any good financial advisor will tell you, your money is important. And now that you’re moving to a new country, you want to make sure that the bank accounts you have are secure and accessible wherever you go.
With the help of an Expat Financial Advisor, Qataris who are looking for a property can find financial advice tailored to their exact needs for no additional cost. They’ll go through all of your options and help you choose the right bank while second-guessing any possible difficulties that may arise during your stay. Here are some benefits to using one of the best banks for Expats in Qatar.
Credibility
The moment you open an account with a local bank, that bank will start working on your behalf. This means that, as an expat, you won’t have to spend hours trying to navigate local regulations and rules – the best banks for Expats in Qatar already know them inside and out.
Language Barrier
For expats living in Qatar who don’t speak Arabic, finding a reputable bank can be a challenge. Since local banks in Qatar typically require bank employees to be bilingual, almost all of the best expatriates in Qatar provide assistance and support to expats in their native language.
Time Zone
If you’re living and working in Qatar, your time is probably limited. When dealing with money matters, the best banks for Expats in Qatar that are local to you understand that you probably won’t have time to wait around for extended hours. With this understanding, they offer late night and early morning services so that you can take care of your banking no matter what time zone you’re living in.
Deep Understanding
As an expat, it can be tough to navigate the financial landscape of Qatar, especially if you don’t speak the language. Since the best banks for Expats in Qatar are local institutions, they have a deep understanding of life as an expat living and working with foreigners. With this knowledge, they’ll help you find the right accounts that go beyond just being “English-friendly.”
Accessibility
If you’re living in Qatar, then you know how important it is to have a bank that’s open when and where you need it. You also want a bank that has representatives who can review your accounts anytime you like – even if it’s from the comfort of your home! Most of the best banks for Expats in Qatar offer online opportunities that make it easy for you to get your money wherever you are.
Security
In addition to keeping your money secure, the best banks for Expats in Qatar offer a number of benefits, such as protecting you from identity theft and fraud. They also make it possible to keep an eye on your accounts while working or traveling abroad.
Flexibility
The best banks for Expats in Qatar understand the unique needs of foreigners, which means they’re always ready to help. And with a wide range of accounts designed for different purposes, you can find something that works no matter your financial goals. Moreover, those who open an account with one of the best banks for Expats in Qatar receive a dedicated banking manager who cares for their needs.
Savings Options
One of the biggest benefits associated with choosing one of the best banks for Expats in Qatar is all about timing – because expats often face currency conversions, they can end up losing money when they transfer between accounts. Fortunately, most of these banks offer perks like the ability to save in local currency, which helps you save on costly fees associated with currency conversion rates.
Simplicity
For expats, banking can be challenging enough – what with setting up a new address and all the paperwork. But thanks to online banking options such as Internet Banking, you can manage your finances from the comfort of your living room couch. In fact, the best banks for Expats in Qatar offer this feature free of charge to their customers.
Customer Service
Some expats choose not to go with the best banks for Expats in Qatar because they believe that local banks won’t provide good customer service. As it turns out, however, many of these same expats haven’t given local banks a chance.
In reality, local banks offer some of the best customer services I’ve ever come across. From online and mobile banking services to face-to-face meetings with dedicated personal bankers, you’ll find that all of your financial needs are addressed efficiently and promptly.
Tax Benefits
If you’re an expat that meets certain criteria (e.g., tax resident, non-domiciled), you may be able to opt-out of paying tax on your global income. But if you work in Qatar, this isn’t possible – unless you choose the best banks for Expats in Qatar.
Because these local banks are used exclusively by expats currently living in Qatar, they won’t report your income to the tax authority. This means that you can earn up to three times more than the average Qatari.
