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5 Tips for Banking in Qatar

Are you visiting Qatar for the first time? It’s really important to know the most important banking tips as a first-time expat. There are certain rules related to banking, which may not be similar to what you’re used to back home, so these tips are surely essential.

This article will guide you into choosing the best way to deal with money in Qatar. You will have to learn these as you enjoy the many festivities and activities in the country, including the upcoming Filipino Festival.

money

Check Out These Banking Service Options While in Qatar

1. Know your payment options.

If you’re from the Philippines, you know that credit cards aren’t as common as they probably should be, but that’s not the case in Qatar. Credit Cards are quite commonly used in this country, and one reason for that is because they are easy to obtain. Your salary will dictate the credit limit of your card. This is the maximum amount of credit for your credit line, provided by the bank or other financial institutions. Since your salary mostly reveals how capable you are in terms of making payments with interests, this method makes perfect sense.

credit card

2. Know how to pay your house rent.

In Qatar, checks play a vital role once you already have a bank account. For example, the moment you need to pay your house rent, most owners prefer you pay them through checks. Be sure that you have sufficient funds before having your checks processed. Rubber checks are punished severely in Qatar, and if you have such an experience it may be difficult for you to open checking accounts in the future because of the negative report.

3. Lots of options for money transfer

There are loads of businesses offering money transfer in Qatar. Banks also have that option for their customers. To properly decide which money transfer option you’re going to choose, it’s best to do a little bit of research on the various fees and rates of several money transfer businesses. Some local money exchange businesses in Qatar include Unimoni Exchange, Al Zaman Exchange, Eastern Exchange, Gulf Exchange, Al Mirqab Exchange, Habib Qatar International Exchange, and more.

4. No income taxes

income tax

You heard that right. In Qatar, there are no income taxes, which are sometimes seen as a financial burden by people in other countries, including the Philippines. This doesn’t mean that if you earn your money in Qatar, but have to spend it in another country, that your earnings will not be taxed. You should check on that when you get back home.

5. Use budgeting apps

This may be a general rule, and not just for banking in Qatar, but it’s still worth mentioning. Apps like Mint, Mvelopes and GoodBudget really help you track your cash flow.

These are just some of the many things you can do to become effective at banking in Qatar. By handling money wisely, you can truly enjoy Qatar and its rich and vibrant culture.




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