Banking in Qatar – A Guide


This helpful guide will explain all about banking in Qatar.

The country maintains a substantial network of national and international banks and banking in the country is easy. Qatar’s Wage Protection System requires all working expatriates to have a local bank account.

Financial system

Qatar Central Bank (QCB) is a national bank and the monetary and regulatory authority for Qatar’s financial system. Part of the role and responsibility is the formulation and implementation of policies.


Multi language ATMs are available across the country. Some ATMs provide foreign currencies such as Euros and US Dollars too. In general, ATMs operate 24/7 and accept national and international cards.

Opening hours

Banks are open from 7:30AM to 1:00PM from Sunday to Thursday. The most popular branches in busy shopping malls are open until 9:00PM. Some branches are open on Fridays and Saturdays as well.

Products and services

Residents in the country have access to a wide range of products and services including:

Current accounts: Used for everyday banking - generally fee free if a minimum balance is maintained

Savings accounts: Pay higher interest than current accounts, but lower than fixed deposit accounts.

Fixed deposit account: Mainly for long-term saving and usually offers higher interest rates.

Overdrafts: Cheques are widely used in Qatar and a bounced cheque is considered a criminal offense. Prosecutions and punishments can be harsh, including prison terms in worst cases.

Additional products and services

Insurance: Insurance services cover risks like health, natural accidents, property and business etc.

Expat services: Certain banks offer savings accounts in foreign currencies including USD, EUR or GBP.

Types of banking

Online banking: Qatar offers innovative electronic services among the most advanced in the world.

Mobile banking: Many banks provide mobile banking for customers using downloadable applications.

Business banking: The largest banks in Qatar offer corporate business accounts but require your Commercial Residence (CR) – a document stating you have a legal company.

Opening a bank account in Qatar

Opening a bank account in Qatar is relatively easy.

The following documentation must be submitted:

Passport copy

resident permit copy;

a “no objection” letter from their employer stating monthly wage;

two passport photos.

Local money transfers

Transferring between local accounts is easy. If using the same bank the transfer will be free and instant. If using different banks it can take up to 24 hours. It can be done online or in branch.

International money transfers

All banks in Qatar offer international transfer services. However, a money transfer exchange may offer better rates, lower fees and faster transactions. Most currencies are available.

Frauds and scams

The Ministry of Interior (MOI) warns all residents not to share personal information or banking details. There are channels for help, if you realise you have fallen victim. In case of a scam or suspicious online activity, call +974 4234 7444 or +974 6681 5757 or send an email to The Communications Regulatory Authority urges residents to share their scam stories relating to mobiles, calls or spam at

It is important to be aware of the following local scams:

Fake calls from overseas or mobile operators such as Vodafone and Ooredoo.

• Being offered free gift vouchers/gifts from reputable brands. Your social media account may be compromised or hacked when you click on the link.

• Fake emails (embassy e-mail, recruitment agencies and final settlements). These emails ask the person to click a link leading to compromised personal details.

Please click on the link and reach out to learn more about banking in Qatar and other relevant issues as well as Business Start Up Qatar.

Other News

BSUQ News 21 - Thumb

Qatar Business Map launched by Ministry Commerce & Industry

Qatar`s Ministry of Commerce and Industry (MoCI) recently launched the Qatar Business Map portal to support the private sector and empower entrepreneurs.

As a result, The Qatar Business Map portal...

Read more
BSUQ News 20 - Thumb

Qatar successfully boosts security of essential food items

Qatar has achieved self sufficiency in almost 100% supply of essential food items in line with the governments strategic policy launched at the turn of the century.

Economic disruption since the global...

Read more
BSUQ News 19 - Thumb

Qatar`s StartUp Grind Chapter Examines Role of AI

Qatar`s Startup Grind Doha chapter recently organised an event entitled ‘Unveiling the Future: Empowering Qatar’s Startups with AI’.

The meet up brought together startup founders, investors, academia...

Read more
BSUQ News 18 - Thumb

Qatar’s upcoming events expected to boost economy

Qatar’s vibrant tourism sector has assembled a line up of world class events expected to strengthen the market and boost the economy. The line up will feature real estate, construction, technology, hospitality,...

Read more
BSUQ News 17 - Thumb

Qatar’s free zones offer unlimited opportunities

Qatar Free Zone Authority (QFZA) established its free zones programme in 2018 and currently two facilities are fully operational. The four square kilometre...

Read more
BSUQ News 16 - Thumb

Qatar’s healthcare market ripe for foreign investment

Qatar`s healthcare sector is looking to atract foreign investment in the rapidly growing GCC market according to the Investment Promotion Agency Qatar (IPA Qatar).

In its recent report the IPA Qatar...

Read more
BSUQ News 15 - Thumb

QFTH selects 21 startups to join Wave 5

Qatar FinTech Hub (QFTH) recently announced its selected fintech startups to join Wave 5 of its Incubator and Accelerator Programme. The series was inititated in 2020 by Qatar Development Bank (QDB)...

Read more
BSUQ News 14 - Thumb

Qatar Financial Centre: An introduction to tax regulations

This introductory guide will illustrate relevant tax regulations for entrepreneurs and investors intending to obtain a licence from the Qatar Financial Centre (QFC).

When selecting a licensing platform...

Read more

Page Break