HOW TO OPEN A BANK ACCOUNT BEFORE YOU ARRIVE IN QATAR
Open A Bank Account In Qatar – Before You Arrive!
When moving to a new country to start work, there are many important tasks to be ticked off the To Do list. Some of these tasks can be worked on before leaving home, while others need to be completed after arriving in the new country.
If you’re moving to Qatar, whether on a company sponsorship visa to work for a Qatari employer, or to establish your own business in Qatar, sorting out a Qatari bank account is essential.
Following the introduction of Qatar’s new Wage Protection System in 2015, all workers in Qatar must now be paid into a Qatari bank account in Qatari Riyals.
Where previously expats could have received their salary in overseas bank accounts, all wages, bonuses and other work-related pay must now be paid directly into a local bank account in Qatar.
So, of course, that means all expats working in Qatar must now have a bank account in Qatar.
Opening a Bank Account
While you can certainly open a bank account once you are settled in Qatar, you can also choose to open an account before you arrive.
Many of the larger banks in Qatar allow new customers to open an account online, even if they happen to be overseas. Some banks offering this service include the Commercial Bank Of Qatar and Qatar National Bank.
Following your online application with these banks, you may be asked to provide supporting documentation. This could include a copy of your passport open at the photo page, as well as a confirmation of your employment in Qatar.
This confirmation of employment will usually have to contain a company letterhead, and should include your company position, your start date and your salary.
Then, after you arrive in Qatar, you will typically have 90 days to visit the bank to present your Qatar ID, although this may depend on the financial institution in question.
Applying for Additional Banking Products
Most Qatari banks will offer additional banking products to expats, such as personal loans and credit cards. To apply for these products, you will usually have to provide additional information and documentation.
Want to know more? Offering essential information to expats in Qatar, Fusion Middle East provides a wide range of services, as well as guidance and support. Contact us today to find out how we can help you and your business.
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Tag: Qatar , Legal , Bank Account