How To Get A Job As An Expat In Qatar – 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

Qatar is a small country in the Middle East rich in natural resources. It is also home to many expatriates, who come for job opportunities and a high standard of living. If you are looking for a job in Qatar, there are a few things you need to do to increase your chances of success.

Also, keep in mind that the job market in Qatar is competitive, so you will need to make a good impression with potential employers. Before relocating to Qatar for work, it’s always a good idea to research the country and its culture. With such a thought process, you can rest assured that job hunting in Qatar won’t be a Herculean task.

Moreover, Qatar is a conservative country, so you will need to dress modestly when going for interviews. It’s also important to be aware of the cultural differences between Qatar and your home country. This way, you can avoid any cultural faux pas that might cost you the job.

Have you been surfing the web to find the concept of working in Qatar as an expat? It’s no wonder. Qatar is a country that has plenty of attractions to offer its inhabitants and expats. The lure of Qatar is not just restricted to Arabian Peninsula as the country has successfully developed an international city, thanks to its oil and gas reserves.

Nowadays, Qatar is one of the most popular destinations for expats worldwide. So, worry less and read on as we dish out some tips on how you can score that job in Qatar.

Step-By-Step Guide to Getting Your Dream Job in Qatar

So you want to work in Qatar? Congratulations! We’ve got you covered with this step-by-step guide to help you land your dream job in Qatar. Here, we’ll give you all the information you need to make your job hunt a success. Without further ado, let’s get started!

Research the Qatari Job Market

Before you start applying for jobs, it’s important to do some research and figure out which sectors of the economy are growing in Qatar. That way, you can target your job applications accordingly.

Also, take some time to learn about the Qatari culture and what is expected of employees in the workplace. This will help you understand what employers are looking for in potential employees and make sure your resume and cover letter stand out from the crowd.

Get Your Qatari Work Visa

In order to work in Qatar, you will need a valid Qatari work visa. The process of obtaining a work visa can be quite complex, so it’s important to start the process as early as possible. You will need to provide your employer with several documents, including your resume, passport photos, and copies of your academic qualifications.

Find a Qatari Employer

One of the best ways to get a job in Qatar is to find a Qatari employer. Several websites list Qatari jobs, such as Qataremployment.com and Bayt.com. Alternatively, you can check out the classified ads in local newspapers or contact recruitment agencies.

Prepare For the Interview

Once you’ve found a job you’re interested in, it’s time to prepare for the interview. This may involve researching the company and the industry sector it operates in. It’s also a good idea to practice your interviewing skills by answering common questions asked in Qatari job interviews.

Start Work

Once you’ve been offered the job, it’s time to pack your bags and head to Qatar! Make sure you have all the necessary documents, such as your work visa, passport, and academic qualifications. Then it’s time to start work and begin enjoying all that Qatar has to offer.

Top 5 Ways to Get Job as an Expat in Qatar

If you are looking for a job as an expat in Qatar, there are a few different ways that you can go about it. In this part of the article, we will walk you through the top five ways to get a job in Qatar. Not to talk much, take a look at it below.

Use Qatar’s Online Job Portal

The best way to find a job in Qatar is to use the country’s online job portal. This website has a database of all the latest jobs in Qatar, and it is updated daily. You can search for jobs by category or keyword, and you can also save your favorite jobs so that you can easily come back to them later.

Network with People Who Live In Qatar

If you know someone in Qatar, ask them to introduce you to their contacts. Chances are, they will know someone who is hiring. Networking with people who live in Qatar is a great way to find out about job opportunities that may not be advertised online.

Attend Job Fairs in Qatar

Job fairs are a great way to meet potential employers face-to-face and learn more about the hiring companies. There are usually several job fairs held in Qatar every month, so it’s worth checking out the calendar to see which ones you can attend.

Use Recruitment Agencies

Recruitment agencies can be a great way to find a job in Qatar, especially if you don’t have any contacts in the country. The agencies will have a database of available jobs, and they will also be able to help you with the visa process. Also, many agencies offer job placement services, so you can be assured that you will be placed in the right job.

Check Online Job Boards

Online job boards are another great way to find jobs in Qatar. They usually have a wide range of jobs available, including full-time and part-time positions. You can also filter the jobs by category or location, so it’s easy to find the perfect job for you. Some of them include Bayt.com, Jobs in Qatar, Naukri Gulf, LinkedIn Gulf, Cooperation Council (GCC) Jobs, Indeed Qatar, and many others, to mention a few.

Work Culture and Ethics in Qatar

When it comes to working culture and ethics, Qatar is a country that often faces criticism. This is primarily because many people believe the working conditions in Qatar are not up to par with global standards. In addition, there have been several high-profile cases of unethical behavior by employers in Qatar.

Despite these criticisms, it is important to note that Qatar does have some laws and regulations in place to protect workers. For example, the country has a minimum wage law, and some laws prohibit employers from withholding pay or passports. Additionally, Qatar has established several government entities tasked with enforcing labor laws.

However, many experts feel that these laws and regulations are inadequate and that more needs to be done to protect workers in Qatar. For example, labor unions are not allowed in Qatar, which means that workers do not have a voice when it comes to defending their rights.

Additionally, the government has been slow to implement new regulations, and there is a lack of enforcement regarding labor laws. This means that many employers in Qatar can get away with violating workers’ rights, often with little consequence.

This leads to a situation where workers in Qatar are not always treated fairly and ethically. While there are some laws in place to protect them, these laws are often not enforced, which leaves workers vulnerable.

Overview of the Labor Laws and Labor Rights in Qatar

Labor laws and labor rights are important topics to discuss in Qatar. The country has a very diverse workforce, with employees from around the globe. This makes it important to have clear and concise labor laws in place to protect the rights of all workers. Without further ado, below are the few rights you should be aware of.

1.    The Right to a Fair Wage

One of the most important labor rights is the right to a fair wage. This means that workers are entitled to receive a fair and equitable wage for the work they do. In Qatar, the minimum wage is set by the government and is reviewed annually. The current minimum wage in Qatar is QR 220 per day. This may not be a lot of money by Western standards, but it is a livable wage in Qatar.

2.    The Right to Overtime Pay

If workers are required to work overtime, they are entitled to overtime pay. The rate of overtime pay is 1.5 times the regular hourly wage. In fact, any hours worked over the standard 40-hour workweek are considered overtime. Moreover, workers are entitled to overtime pay for work on weekends and holidays.

3.    The Right to Safe and Healthy Working Conditions

All workers have the right to safe and healthy working conditions. This means that employers must provide a safe workplace with adequate safety equipment and training. Workers also have the right to refuse to work if they feel their safety is at risk.

4.    The Right to Time Off

Workers are entitled to a certain amount of paid time off each year. This varies depending on the type of work, but the minimum is 15 days per year. Workers are also entitled to take unpaid leave for illness, family emergencies, and other reasons.

5.    The Right to Join a Union

Workers have the right to join unions and collective bargaining associations. This allows them to negotiate better working conditions and wages with their employer. However, Qatar has a very restrictive labor law regime, making it difficult for workers to unionize.

6.    Housing Allowance and Education for Children

Employers in Qatar must provide their employees with a housing allowance and education for their children. The amount of the allowance and the type of education depends on the employer’s sponsorship agreement with the employee. Meanwhile, the government provides free education for all children up to 18.

7.    The Right to Maternity Leave

Workers who are pregnant have the right to maternity leave. The leave can be taken before or after the child’s birth, and it is unpaid. The length of the leave depends on the number of children the woman has. However, the government is currently working on a proposal to increase the length of maternity leave to three months.

What Are the Requirements to Work in Qatar

If you’re looking for an opportunity to work in a beautiful and welcoming country, Qatar may be the perfect destination for you. Here are five requirements that you’ll need to meet to work in Qatar:

Be At Least 18 Years Old

This is one of the requirements to work in Qatar that is pretty universal. All workers in Qatar must be at least 18 years old. In fact, many jobs in Qatar have an even higher minimum age limit, so be sure to check the requirements of the position you’re interested in before applying.

Have a Valid Passport

Another requirement common to many countries is that workers must have a valid passport. In order to work in Qatar, your passport must be valid for at least another six months. Also, be sure to have at least two blank pages in your passport for any necessary visas or stamps.

Be Fluent In English

Qatar is an extremely welcoming country, but in order to take full advantage of all that it has to offer, you’ll need to be fluent in English. This is one of the most important requirements to work in Qatar. Besides, with English being the predominant language in many businesses and workplaces, it’s important to communicate with ease.

Have a University Degree

In order to work in many positions in Qatar, you’ll need to have a university degree. This is especially true for positions in the professional and managerial sectors. However, there are some exceptions, so be sure to check the specific requirements of the position you’re interested in.

Top 10 Expat Jobs in Qatar

If you’re looking for an exciting and new expat job in Qatar, then you’re in luck! We’ve compiled some of the most demanding jobs in Qatar for expats. From oil and gas to banking and teaching, Qatar offers a diversity of jobs for expatriates. So what are you waiting for? Start your job search in Qatar today!

Teacher

If you have a teaching degree and experience, then teaching in Qatar could be a great option for you. Teachers are in high demand in Qatar, and the salaries are excellent. You can expect to make upwards of $5,000 per month. That being said, you will likely need to be fluent in Arabic, as most students in Qatar are Arab.

Medical Professionals

If you’re a doctor, nurse, or other medical professionals, then Qatar is a great place to work. The hospitals in Qatar constantly need qualified professionals, and the salaries are excellent. You can expect to make upwards of $10,000 per month. Aside from this fact, Qatar is also a great place to live, with a wealth of activities and attractions to enjoy.

Oil and Gas Professionals

If you have experience in the oil or gas industry, then Qatar is the perfect place for you. The oil and gas industry is booming in Qatar, and there are many opportunities for expats with the right skills. Salaries can be quite high in this industry, with some professionals making upwards of $25,000 per month.

Engineers

Qatar is a rapidly growing country, and it needs engineers to help build its infrastructure. If you’re an engineer with experience, then you’ll have no trouble finding a job in Qatar. Also, the salaries are excellent, with some engineers making upwards of $15,000 per month.

Architects

Qatar is also in need of architects to help design its new infrastructure. If you’re an architect with experience, then you’ll have no trouble finding a job in Qatar. The salaries are also excellent, with some architects making upwards of $20,000 per month. That’s why Qatar is quickly becoming a popular destination for architects.

IT Professionals

 Qatar is a rapidly growing country, and it needs IT professionals to help build its infrastructure. If you’re an IT professional with experience, then you’ll have no trouble finding a job in Qatar. The salaries are also excellent, with some IT professionals making upwards of $15,000 per month.

Construction Professionals

Qatar is in the midst of a construction boom, and it needs construction professionals to help build its new infrastructure. If you’re a construction professional with experience, then you’ll have no trouble finding a job in Qatar. The salaries are also excellent, with some construction professionals making upwards of $15,000 per month.

Best Cities to Seek For Jobs in Qatar

a.    Doha

The capital of Qatar, Doha, is the most populous city in the country. It is also the economic and cultural center of Qatar. The city has a lot to offer expats looking for work, including various job opportunities, a wide range of housing options, excellent educational institutions, and plenty of leisure activities. Additionally, Doha is home to several multinational corporations and has a strong expat community.

b.    Al Rayyan

Al Rayyan is located in the central-north area of Qatar. It is considered one of the most important commercial centers in the country. The city has abundant job opportunities and offers excellent living conditions for expats. Al Rayyan is also home to several top-notch schools and universities.

c.    Al Khor

Al Khor is a city in the north of Qatar. It is known for its beautiful coastline and plentiful job opportunities. The city offers excellent living conditions for expats, with plenty of housing options and top-rated schools. Al Khor is also home to several multinational corporations.

d.    Umm Salal Muhammad

Umm Salal Muhammad is a city in the northwest of Qatar. It is known for its diverse economy, including oil and gas production, agriculture, and fishing. The city offers excellent job opportunities as well as top-rated schools and universities. Umm Salal Muhammad is also home to several multinational corporations.

e.    Al Wakrah

Al Wakrah is a city in the south of Qatar. It is known for its beautiful beaches and abundance of job opportunities. The city offers excellent living conditions for expats, with various housing options and top-rated schools. Al Wakrah is also home to several multinational corporations.

f.     Mesaieed

Mesaieed is an industrial city in the southeast of Qatar. It is known for its many factories and abundant job opportunities. The city offers excellent living conditions for expats, with plenty of housing options and top-rated schools. Mesaieed is also home to several multinational corporations.

g. Dukhan

Dukhan is an industrial city in the west of Qatar. It is known for its oil and gas production facilities. The city offers excellent job opportunities as well as top-rated schools and universities. Dukhan is also home to several multinational corporations.

Frequently Asked Questions about Working in Qatar

What are the visa requirements for working in Qatar?

The visa requirements for working in Qatar will vary depending on your nationality. Typically, you will need to obtain a Qatari work visa before starting work in Qatar. However, there are several exceptions, so please check with the Qatari embassy or consulate in your country for more information.

What are the standard working hours in Qatar?

The standard working hours in Qatar are Sunday to Thursday, 8 am to 5 pm. However, there may be some variations depending on your employer. Aside from this fact, there are no standard working hours in Qatar. Some people may work a six-day week, while others only work four days per week.

Conclusion

Qatar is a small country on the Arabian Peninsula located in the Middle East. It is an absolute monarchy with over 2.6 million, most of whom are expatriates. This is to tell you that foreigners have opportunities to secure a job in the country. Nonetheless, follow the guides here to get the full details.

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

Instead of just talking about the best savings accounts available in Qatar, we will also discuss the general details regarding banking, top banks in Qatar, and best banks for expats as well.

These details might come in handy, especially if you are an expat in Qatar or if you are trying to find the best account that suits your financial needs.

Banking in Qatar:

‘Qatar Central Bank’ is the monetary authority of Qatar, which handles all the financial issues. Along with that, it also happens to the bank owned by the government in Qatar.

Aspects such as implementing the monetary policies, maintaining economic stability, avoiding financial issues, etc., are effectively handled by the Qatar Central Bank.

As per the details obtained by the Ministry of Foreign Affairs, there are 20 commercial banks in Qatar, out of which, 12 banks are national (including 4 Islamic banks) and 8 banks are international.

These banks operate with the help of 223 local branches located within Qatar, and the Qatar Central Bank administers all of these banks.

Currency – The currency of Qatar is the Qatari riyal (QAR), and 100 dirhams comprise one riyal. The currency denominations are as follows:

Notes:

• QAR 1
• QAR 5
• QAR 10
• QAR 50
• QAR 100
• QAR 500

Coins:

• 1 dirham
• 5 dirhams
• 10 dirhams
• 25 dirhams
• 50 dirhams

ATMs – There are several ATMs located all over Qatar, specifically in the primary cities and towns.

At Doha airport, individuals can withdraw Qatari riyals, Euros, US Dollars, and UAE Dirhams. There are even ATM locator apps, with the help of which, you can find ATM machines located near you.

In most cases, these machines operate 24/7, yet it cannot be guaranteed that they stay open all the time. These machines accept both national and international cards while charging a small amount of fee depending on the provider.

Bank hours – Most banks in Qatar are operational around 7:30 AM to 1:00 PM from Sunday to Thursday, while certain international banks are operational on Fridays and Saturdays as well.

The banks located in malls are more functional compared to usual branches and are open from 10:00 AM to 10:00 PM.

Opening an account – If you are moving to Qatar as an expat, you must open a local bank account regardless of your purpose of visit, whether you went to Qatar for employment or starting your own business.

Especially, the payments made to employees such as wages, bonuses, and salaries are paid into their Qatari bank accounts in the form of Qatari riyals.

The process of opening a bank account in Qatar is simple and hassle-free, and what makes it even better is that expats can open an account online before even moving into Qatar.

Nevertheless, the documentation necessary for opening an account should be provided by the individual physically, which is as follows.

• Passport copy
• Residence copy
• Work permit copy
• No objection letter obtained from the current employer along with the details related to the monthly salary
• Passport size photos (2)

Other information – The payment methods available for sending money or receiving money in Qatar are cash, checks, debit cards, credit cards, direct debits, standing orders, and online payments.

For local transfers, people can opt for internet banking/mobile banking, while a wallet service known as ‘Ooredoo Mobile Money’ is widely known as the best mode of payment.

For international money transfers, there are companies such as Monito, CurrencyFair, Moneycorp, Wise, WorldFirst, PayPal, etc.

Top Banks in Qatar 2021:

Given below are the top banks of Qatar as of 2021, including all international, national, and Islamic banks.

1. Qatar National Bank (QNB)

It is the largest commercial bank of Qatar and has its headquarters located in Doha (capital city of Qatar). This bank is operational for as long as 1964 and happens to be the best bank available in Qatar.

Not only it is the best bank in Qatar, but it is also one of the largest financial institutions located in the Middle East.

QNB offers its services in more than 31 countries while having more than 1,045 branches, 4,391 ATM machines, and around 30,000 employees.

This bank’s ownership interest is in such a way that, it is half-owned by the Qatar Investment Authority, and the remaining half is owned by the members of the public.

• Qatar Islamic Bank (QIB)

Qatar Islamic Bank (QIB) happens to be the largest Islamic bank located in Qatar. It was founded in the year 1982 with a paid-up capital of 25 million Qatari riyals, and the first branch was opened in 1983 while being named as the first Islamic financial institution.

Being an Islamic financial institution, the products and services offered by Qatar Islamic Bank are overseen by a Sharia board, which makes sure that the bank abides by Islamic banking principles.

QIB has around 29 branches in Qatar, one branch in Sudan, and is headquartered in Doha, Qatar.

• Commercial Bank of Qatar

Commercial Bank of Qatar is the largest private bank located in Qatar, which was set up by a businessman named ‘Hussain Alfardan’. This bank was established in the year 1975, and back then it was the first private bank in the country.

Commercial Bank of Qatar has around 28 branches, 172 ATM machines, and is headquartered in Doha, Qatar.

• Al Rayan

Masraf Al Rayan is another largest Islamic bank located in Qatar, which was incorporated in 2006.

The bank itself has 12 branches located in Qatar, however, there are 17 branches for all the three divisions of the bank namely Al Rayan Private Banking, Al Rayan Retail Banking, and Al Rayan Wholesale Banking.

• Doha Bank

Doha Bank is among the largest commercial banks located in Qatar, which was established in the year 1979. Its main divisions are Wholesale Banking, Retail Banking, International Banking, and Treasury & Investments

Instead of just having its presence in Qatar, the Doha Bank also operates in countries such as China, Japan, Singapore, UK, Canada, etc.

Doha Bank has around 23 branches located all over Qatar, while being headquartered in Doha, Qatar.

• Al Khaliji Commercial Bank

Al Khaliji does not just have its presence in Doha, but it primarily operates in the UAE, and it specifically has offices located in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaima.

Not just in the Middle East, but the Al Khaliji Commercial Bank also maintains an office in Paris, which most people won’t expect.

There are around 9 branches and 40 ATM machines of Al Khaliji Commercial Bank within Qatar, and it is headquartered in Lusail, Qatar.

• Dukhan Bank

Previously known as ‘Barwa Bank’, the Dukhan Bank is the new generation Islamic Bank in Qatar.

This means, it may not be in the field for decades, yet it has been demonstrating its presence based on the banking services it offers to the people living in Qatar.

There is no need to specifically say that the financial services provided by Dukhan Bank abide by the Sharia rules.

• Qatar International Islamic Bank (QIIB)

The services offered by QIIB are also Sharia-compliant, and this bank was established in the year 1990 while being regulated by the Qatar Central Bank.

Qatar International Islamic Bank has around 19 branches located in Qatar and its headquarters is in Doha.

Apart from these banks, there are many foreign banks that operate within Qatar, of which some are given below:

• Arab Bank
• Mashreq Bank
• HSBC Qatar
• BNP Paribas
• United Bank ltd

Having discussed the top banks located in Qatar, now we will have a detailed look at the best savings accounts available in Qatar as of 2021.

Best Savings Accounts in Qatar 2021:

It should be duly noted that we are providing the best savings accounts available in Qatar, this list is not ranked, and all the savings accounts have been given randomly.

Why aren’t these ranked? Well, savings accounts come with different types of features such as annual fees, minimum balance requirement, interest rate, etc.

One individual might be looking for a bank account with a higher interest rate, and at the same time, another individual might be looking for a bank account that charges lower fees.

Therefore, you can clearly understand the reason why we haven’t ranked these savings accounts.

• International Bank of Qatar (“Super Savings Account”)

Offered by the International Bank of Qatar, the Super Savings Account does not have an annual fee for managing the account.

However, there is a minimum balance requirement of QAR 50,000, which is a bit more compared to most other savings accounts offered by competitor banks.

With the help of the IBQ Super Savings Account, individuals are offered great benefits such as free life insurance, availability of multiple currencies, flexible withdrawals, etc.

The free life insurance provided with this savings account is up to QAR 1,000,000, and the available currencies are QAR, GBP, USD, and EURO.

You will also be offered with a debit card that allows you to withdraw cash or make payments.

The interest rates on the Super Savings Account of the International Bank of Qatar are as follows.

• 0.15% p.a. for EURO accounts
• 0.50% p.a. for GBP accounts
• 1% p.a. for USD accounts
• 1.25% p.a. for QAR accounts

Regardless of the currency, the minimum balance that needs to be maintained is 10,000, and the required minimum balance to start earning interest is around 50,000 in the case of QAR accounts.

The minimum balance requirement stays the same for the EURO, GBP, and USD accounts, i.e., 10,000.

People having a significant amount of balance are able to obtain an accidental life insurance cover of QAR 1,000,000 and normal cover (natural death) of QAR 100,000.

People are able to withdraw their money once every month, and it won’t affect their interest. Anyhow, if they make more than one withdrawal, then they would be subject to penalties, which is rather inconvenient.

• Qatar Islamic Bank (“Saving Account”)

Like the Super Savings Account of IBQ, the Saving Account of QIB does not have an annual fee for managing the account.

The minimum balance requirement is QAR 2,000, which is usually lower compared to most other savings accounts offered by competitor banks.

People belonging to any age are able to open the Saving Account offered by Qatar Islamic Bank, while minors are required to open an account under the supervision of a legal custodian.

The documents required to open this account are:

• A form filled out at the nearest branch
• Signed signature card
• Copy of Identity (for both residents and expats)
• A copy of passport (for expats)

There is no specific minimum balance requirement for earning interest with the help of this account, and the interest is calculated on the daily average balance.

You will also be provided with the ability to withdraw money from the account any time you want, and a Free Visa Electron card.

Along with these, you will be provided with services such as free e-statement, free mobile banking services, free phone banking services, etc.

• Commercial Bank of Qatar (“Savings Account”)

The minimum balance required for the Savings Account offered by the Commercial Bank of Qatar is QAR 10,000 and there is no annual fee or account opening fee.

The minimum deposit acts in such a way that you must either be able to deposit QAR 10,000 as a one-time deposit or you should be able to have a minimum salary deposit of QAR 4,000.

The global debit of Commercial Bank of Qatar’s Savings Account allows you to make withdrawals not only in the respective bank’s ATMs located in Qatar, but it also allows you to withdraw money from other banks’ ATMs.

For withdrawing from other bank’s ATMs, you must follow the NAPS sign or you can withdraw from the ATM machines internationally when you see the Cirrus Maestro sign.

With the help of an ATM machine, you can withdraw up to QAR 10,000 when you have a Savings Account of the Commercial bank of Qatar.

This account can be opened with the help of Qatari Riyals or you can opt for opening this account with the help of some other currencies.

• Masraf Al Rayan Bank (“Saving Account”)

One of the best aspects of the Saving Account offered by the Masraf Al Rayan Bank is that there is no requirement for minimum balance and no annual fee.

If you want to open this account as a salary account, you must be able to have a salary of QAR 4,000 deposited into this account.

Additionally, this account is an Islamic account, and therefore, you can have the advantage of having an account that invests your money ethically and abides by your religious beliefs while letting you have the access to your funds without any penalties.

• Al Khaliji Commercial Bank (“Savings Account”)

The savings account of Al Khaliji Commercial Bank also comes with the benefit of having no annual fee or minimum balance requirement.

The interest rates are good and Al Khaliji bank also offers you a complimentary debit card, with the help of which, you can make transactions all over the world.

This literally means that you will be provided with access to your funds with the help of ATM machines whenever and wherever you want.

One of the major features of Al Khaliji Commercial Bank’s Savings Account is that they provide you with their phone banking service that can be accessed by you 24/7 (free of cost), which happens to be one of the phone banking services provided by banks in Qatar.

• Mashreq Basic Savings Account

The Mashreq Basic Savings Account doesn’t have a requirement for a minimum balance or does not ask you for any sort of annual management fees.

This account allows you to make banking transactions without having to pay additional costs, and the account offers you a return on your deposit.

The rate of interest offered with this account is 0.25%, which might not seem to be a highly beneficial interest rate compared to other accounts, yet most savings accounts don’t offer interest on their savings accounts.

You will also be provided with a complimentary VISA debit card, using which you can withdraw cash from more than 400,000 ATMs or you can use it over 14 million retail shops located around the world.

You can also obtain Salaam rewards on your purchases, of which, the points can be used to redeem at places where you buy flight tickets, hotel accommodations, electronic goods, dining outlets, movie tickets, etc.

• HSBC Savings Account

There are no annual account management fees or requirements for minimum account balance for maintaining an HSBC Savings Account.

With the help of an HSBC Savings Account, you would be offered accessibility to your funds while being able to earn interest on the amount deposited.

A free debit card would be provided to you, with which, you can make cash withdrawals at the HSBC ATM machines located in Qatar.

Not only that, but you can also make withdrawals or payments at the places where HSBC outlets are located all over the world.

Another major benefit of opting for the HSBC Savings Account is that individuals are offered to make use of various types of currencies, which are QAR, EURO, USD, and GBP.

The banking services are supported 24/7, which makes it easy for you to access all the necessary banking services whenever you want.

Along with these benefits, you will also be provided with some additional advantages such as phone banking, mobile banking, etc., free of cost.

The interest on the deposited amount of the HSBC savings account is calculated on a monthly basis and is paid out to the individuals on a semi-annual basis.

However, there are certain types of fees applicable on this account, which are as follows:

• Standing Instruction Setup: QAR 50
• Fees for closing the account within a year (account closure fees): QAR 50
• Insufficient funds for standing orders: QAR 100
• Account balance letter: QAR 20
• No liability certificate: QAR 20
• Clearance letter: QAR 20
• Inactivity fees (monthly): QAR 10
• Withdrawals/transactions via teller counter: QAR 10 per transaction

For the withdrawals and transactions at the teller counter, the fees of QAR 10 per transaction only apply to withdrawals of QAR 1,000 or deposits up to QAR 10,000.

Bottom Line:

These accounts are some of the best savings’ accounts offered by the banks in Qatar, which are often considered to be the best among most other types of savings accounts.

If you are an expat in Qatar, then Commercial Bank of Qatar’s Bank Account for Expats happens to be the best.

The minimum account balance required for maintaining this account is QAR 4,000 and there are no annual management fees.

This account comes with various types of benefits such as free access to Uber services, Premium mobile phone package, and many more.

However, if you want your bank account to offer your protection against the upcoming scenarios such as inflation or if you want to reach your investment goals with the help of just a savings account with a higher interest, then it’s impossible.

However, you can utilize a savings account as a part of your portfolio and make your investment portfolio diversified.

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Having said that, we strongly hope that you were able to find the relevant information provided in this article to be useful.