Best ATM and Bank in Qatar for currency exchange-Latest, You’ll be surprised to learn that Qatar is one of the top banks in the world after doing some research. Due to Qatar’s reputation for providing top-notch banking and financial services, foreigners are keen to invest their money in one of the top ten banks in the nation. Qatar has worked hard to establish a robust financial and economic system.
It has made investments to assess the system performance and the financial and bank security. Its working expats are able to register local bank accounts thanks to the enormous earnings produced by the natural gas and oil reserves.
In order to advance this goal, Qatar created a Wage Protection System in 2015. Qatar’s banking system is straightforward. You may see a list of the top banks here.
Also read How to Buy Real Estate in Qatar? in 2022/2023
Types of Bank Available In Qatar
Three main kinds of banks successfully conduct business in Qatar. The first are the national banks. These commercial banks are regulated by the Qatar Central Bank. This category includes financial institutions such the Commercial Bank of Qatar, Ahli Bank, Qatar National Bank, Doha Bank, and Qatar Development Bank. The financial entities that uphold Sharia law are known as Sharia banks (Islamic law).
Sharia law is only followed by banks that have a license to function as such. It’s interesting to note that access to them has been available to both Muslims and non-Muslims since 2011. The Qatar Islamic Bank consists of these banks. Masraf Al Rayan Barwa Bank and Qatar International Islamic Bank. The foreign banks are in third place.
How Do Foreign Bank Accounts Work?
Bank accounts designed specifically for persons who live overseas and lead different lifestyles are known as foreigner accounts. Foreigners have a wide range of alternatives available to them, including the possibility to open bank accounts with these institutions. In Qatar, there are also service providers from the home nation.
They do not have to create a new account with a different bank as a result. These banks are also great options if you want to open an international account. Some of the banks listed in this category include Arab Bank, Mashreq Bank, HSBC Bank Middle East, BNP Paribas, Bank Saderat Iran, United Bank Limited (UBL), Standard Chartered Bank, and Barclays Bank.
The Top Qatari Banks for Foreigners
Apart from the fact that the aforementioned banks are widely suggested, we would also recommend these top 10 banks because they are unmatched. Based on the favorable reviews of their clients, they are also among those that come highly recommended.
These are the top foreigner-friendly banks. Some have excellent performance in the Middle East, Qatar, and other channels. The top banks are as follows:
1. Commercial Bank of Qatar
Commercial Bank significantly advances Qatar’s economy by providing personal, governmental, foreign, and investment banking services. In 1975, the bank became the first private bank in Qatar. By total capital, it is the second-largest commercial bank in the country.
In 2019, the team reported a net income of QAR 1600 million, a 170 percent rise from the previous year. The bank was named the world’s most respected bank by International Finance.
For more information visit official website of Commercial Bank;
- Commercial Bank of Qatar Website
- Call Centre Number: 4449 0000
2. Qatar National Bank
In 1964, Qatar National Bank founded the first commercial bank under Qatari administration (QNB). It is the largest bank in the Middle East and a top financial organization. Banks’ net income in 2018 was QAR 13.8 billion, up 5% from the same period in 2017.
QNB employs 29,000 workers in addition to having 1,100 facilities and 4,000 ATMs. Multi-market, trading systems, broker-dealers, and financial services are just a few of the services that QNB provides.
For more information visit official website of Qatar National Bank;
- Qatar National Bank Website
- Customer Call Center: +974 4440 7777
3. Al Rayan Bank
The one and only Al Rayan is the one and only, offering wholesale banking, retail banking, and private banking through its 12 locations spread throughout Qatar.
The founding of this bank occurred in 2006. It rose to become Qatar’s second-largest Islamic bank within 16 years and continues to radiate with its unique allure.
For more information visit official website of Al Rayan bank;
- Al Rayan Bank Website
- Call centre: +974 4425 3333
4. Qatar Islamic Bank
Qatar Islamic Bank, which was established in 1982, was the first and is still the largest Islamic commercial bank in the country. In addition to accounting for 11% of the market as a whole, it accounts for 42.3% of the nation’s Islamic banking sector. The sophisticated banking infrastructure and widespread ATMs in Qatar attest to QIB’s business practices.
The bank engages in personal banking, business finance, group projects, and local and foreign subsidiaries. Best Islamic Bank in Qatar and Excellence in Mobile Banking were given to the QIB in 2018.
For more information visit official website of Qatar Islamic Bank;
- Qatar Islamic Bank Website
- Tel: 40333333
5. Al Khaliji Commercial Bank
It is a next-generation bank with headquarters in Qatar that serves upscale, business, enterprise, and international clientele there.
The bank’s outlook was changed from poor to stable in 2019, and it had a net profit of QR 600 million. With assets totaling QR 52 million, the bank’s earnings is up 10.5 percent over the previous period.
For more information visit official website of Al Khaliji Commercial Bank;
- Al Khaliji Commercial Bank Website
- Phone: +974 4494 0000
6. Doha Bank
Doha Bank, another of Qatar’s major commercial banks, was founded in 1979. Wholesale funding, retail banking, global finance, and investment are just a few of the industries that provide domestic and international financial services to people, companies, corporations, and institutions.
It won numerous honors for its accomplishments. The Doha Bank earned QR 470 million in net income. Doha Bank has 27 physical branches, eight e-branch locations, and 100 ATMs.
For more information visit official website of Doha Bank;
Customer Service Numbers
- General Customer service: +974 4445 6000
- Card Fraud Monitoring Unit: +974 4445 6883
- Al-Riyada Customer Services: +974 4445 6655
- Disputed Transaction Hotline: +974 4445 6789
General telephone numbers
- Internet Banking Helpline: +974 4445 6000
- Debit Card Activation: +974 4445 6000
- Branch Helpline: +974 4445 6000
7. Qatar International Islamic Bank
Qatar-based Private equity company QIIB, an Islamic bank that provides both personal and business Islamic banking services. It was created back in 1991. Additionally, the bank receives top grades from foreign rating agencies for its perspective and financial stability.
It is governed by the Central Bank of Qatar. QIIB deals with treasury bonds as well as corporate, individual, and personal investments.
For more information visit official website of Qatar International Islamic Bank;
- Qatar International Islamic Bank Website
- Call now: +974 4484 0000
- Corporate Call Center: +974 4484 0088
8. Barwa Bank
The newest Islamic bank in Qatar, Barwa Bank, has received approval from the National Bank of Qatar. The bank provides other shari’a-compliant financial services in addition to retail, company finance, real estate financing, and personal loans. The banks’ capital is 3 billion QAR in total. This Islamic bank is a recent addition to the list.
For more information visit official website of Barwa Bank;
- Barwa Bank Website
- Phone Number: +974 44088888
9. Ahli Bank
Ahli Bank was established in 1983 and began its journey with Citigroup. Later, Citigroup made the decision to close it. Nevertheless, Ahli Bank established itself by absorbing the entire business.
Corporate banking, commercial banking, global finance, brokerage, and retail banking are all now services that are available. Currently, it is the seventh-largest bank in Qatar.
For more information visit official website of Ahli Bank;
- Ahli Bank Website
- Contact Centre +974 4420 5222
10. HSBC Bank Middle East
Globally, HSBC offers banking and financial services. The bank appears to have had a significant effect on Qatar’s economic development since it began operating there in 1954. Customers in marketing, business, and corporate banking are served by it. The division of HSBC Holding PLC that is the oldest foreign bank in the world is HSBC.
The bank also provides overseas bank accounts and asset management. Additionally, the bank has three branches and a central office, along with 12 local ATM facilities. The HSBC debit card is accepted at more than 800,000 ATMs globally.
For more information visit official website of HSBC Bank;
Telephone Number of HSBC Bank
- HSBC Premier +974 4438 2200
- HSBC Advance +974 4441 6663
- Personal Banking +974 4442 4722
- Internet Banking Helpline +974 4441 1550
What then gives reason for concern? Making investments or putting money away while relocating to Qatar is risk-free. Your sensitive information is protected by the banks using electronics and industry-standard encryption methods. Additional tools for preventing fraud include security keys, SMS alert services, and passwords. In addition, the central banks in Qatar use biometric technology to increase security and provide PIN-free access to all accounts for consumers.