How to open a bank account in Qatar
With the establishment of many local and foreign banks in the region, the process of creating a bank account has become fairly standardized and simple.
Founded in 1973, the banks in Qatar are regulated by the Qatar Central Bank (QCB) and play a vital role in supervising banks and financial institutions, manage monetary policy, oversee the financial and insurance systems, and maintain the strength of the country’s banking system.
Although opening a new bank account in Qatar is quick and efficient, it is recommended that you set aside enough money to pay for necessary expenses as some banks take more days than others to set up your account.
The two main types of accounts include the current account and a savings account. Moreover, it is possible to even open an account for children by their parents in Qatar.
Depending on the type of account you would like to open, the following are the documents you will be required to start a bank account in Qatar.
- You will require an original passport and a copy.
- Two passport-sized photographs.
- You may or may not be required to present your Qatari ID.
- Submit the bank account application form with relevant information and signature.
- A copy of your visa page proving that you are a legal resident.
- A signed official employment letter from your employer or sponsor stating your salary.
Some bank accounts also allow you to create an account online and collect your debit/credit card at the allocated card collecting centers.
Once your bank account has been approved and created, you will have access to many banking and e-banking services in Qatar.
All of the many ATM machines across Qatar can be used to withdraw cash. Although you will be limited if you wish to deposit your cash via these ATM machines as the depositing feature is based on which bank owns the ATM machine.
This can also be an indicator as to how you choose which bank account you wish to start an account with.
For more information, you can contact any of the banks via email or calls during their respective working hours.
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