Banking services in Qatar
Banks in Qatar are extremely well financed, secure and well regulated, with the Qatari authorities supporting domestic banks, where necessary, with direct investments.
In Qatar you may find several branches of both national and international banks. Large companies, governmental departments also have banks located on site. Banking services are quite modern and some bank provide drives in services, other offer mobile banking, cash deposit machines and many facilities to their customers
Retail banking services available in Qatar include branch banking, online and telephone banking. The use of credit, debit and cash cards is widespread, and cash is a popular form of payment for everyday transactions. Bank statements and official banking correspondence can be provided either in Arabic or English, and many of the banks in Qatar provide counter services in both languages.
The main types of bank account in Qatar
There are three main types of accounts used for everyday banking and savings in Qatar: * Current account – typically used for everyday banking. Current accounts generally have no monthly fees so long as a minimum balance is maintained (around 3,000 QAR) and many offer unlimited transactions. Interest rates paid on current accounts are generally low * Savings account – typically pays a higher rate of interest than current accounts, but access to funds may be limited, and savings accounts may allow only a certain number of fee-free withdrawals. Savings accounts typically require a minimum balance of around 5,000 QAR (£875 GBP) to be maintained * Fixed-deposit account – these accounts are primarily for long-term saving, with interest rates offered typically higher than either current or savings accounts. These accounts may offer limited or no access to funds until the account matures, and minimum account balances can be around