Before moving to a new country, you should consider living arrangements, job opportunities, and financial management. So, if you are moving to Qatar, here are some of the banking practices followed by the citizens, as well as a few extra steps for you. IHPCA is the best and leading Chartered accountant service in Qatar. Are you Moving to Qatar? Know the banking Practices. Here in this blog, we described in detail.
As you are aware, the country’s revenue from natural gas and oil reserves has increased significantly, providing its citizens with more secure growth. As a result, a strong banking chain has been established both internally and externally, making it easier to open an account in Qatar. For expatriates, opening a bank account is a must.
The Qatar Central Bank is the country’s government bank and the monetary authority over its banking and financial system. It is in charge of developing and enforcing policies aimed primarily at ensuring economic stability and avoiding financial imbalances.
In addition, there are currently 20 commercial banks in Qatar: 12 national banks (4 of which are Islamic) and 8 international banks. They operate through 223 local branches, all of which are overseen by the Qatar Central Bank. Contact the Best Chartered accountant firms in Qatar.
Create a bank account
You can open a bank account before you arrive in Qatar by completing an online application. However, you must provide additional documentation – in person – to the bank no later than 90 days after your arrival.
People coming to the country to work, usually open a bank account at the same bank that their employers do because the money is transferred on the same day. But that isn’t necessary because you will not be charged.
In general, there is little distinction between bank services. Most banks offer standard banking services such as current and savings accounts, internet banking, and debit and credit cards.
Any bank account holder should be aware of the various types of fraud that exist, as well as what steps the banks have taken to combat them. To begin, the most common anti-fraud security measures are passwords, SMS notification services, and security keys. Furthermore, the largest banks in Qatar have been implementing biometric technology, such as fingerprint scanning and iris scanning, to increase security and provide customers with PIN-free access since 2016. Enrolment is simple: the customer only needs to register his or her iris biometrics and take a digital photo of the iris at a bank branch.
Lost your card?
If you lose your bank card or it is stolen, you must notify the bank immediately by phone and confirm it in writing or in person. This is why it is critical to keep your bank’s phone number on hand for quick notification. Any checks written after you notify the bank of the loss are no longer your responsibility. Stopping the payment of a check is possible, but you must persuade the bank that the reason is genuine and urgent.
Qatar has a banking ombudsman who is affiliated with the Central Bank of Qatar. Anyone who has a complaint against a bank and requires assistance can use this. If you were unable to resolve your complaint through the bank’s ombudsman, you can seek advice from the Chamber of Commerce or the Qatar Central Bank. The civil court is a last resort, but it is rarely required. IHPCA is the best and leading Chartered accountant service in Qatar.