I am a Sri Lankan and Joining QP in November. My Salary is quoted in Qatar Riyals in the contract.
I prefer to remit my saving back home in US Dollars.
Can someone help with following queries.
1. Can I freely convert Qatar riyals to US Dollars over the bank counter or through money exchanger?
2. Is there any Cost /Commission involved in this conversion. if so how much.
3. How much QR is needed to buy 1 US Dollar now.
Thanks in advance.
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Join QP and everything you asked will be answered....
Well.. the standard conversion rate is 3.65 Qar = 1 $. You can exchange your money at any of the exchange showrooms in Qatar. Like, Moneyexpress, Western Union or UAE exchnage. The charge variers with each exchange.
It seems you will be out of your country for the first time. Read carefully what I have to say to you.
1. Why do you want to send US dollar to SL ? will you spend in US$ back in SL ? If not then you will loose a lot of money to convert QAR to US $ ( at Qatar ) --- Remit it back to SL ( Remittance fees )-- again convert US$ to SLR ( in Sri Lanka ) ...
2. Better for you is to take the salary in QAR , open a bank account here which has a partner bank in Sri Lanka , ( many options ) and send money instantaneously to your bank in SL through internet transfer .. Current exchange Rate is approx 1 QAR = 31 Sri Lankan Rupee.
Seems like with passage of time and the US$ becomming weaker you may end up getting 1 QAR = 30 - 30.85 Sri Lankan Rupee by this year end.
However if you do QAR to US$ to Sri Lankan rupee you are sure to get the equivalent of 28.5 Sri Lankan rupee due to currency exchange losses ..
Take the right decision....
Saggi ( Saggitarius )
thank you very much. I actually was thinking the other way around.
1. 1 QAR = 28.50 SLR (buying Rate)
2. 1 US$ = 113.5 SLR (buying Rate)
So if I can convert QAR to US$ free of charge as some one adviced me in one of this forums as possible in City Centre ( I may be badly adviced here). I will gain is'nt it.
Any way every thing depends on QAR to US$ conversion cost.
Thank you again for you advice . It has got me rethinking.