Banking in Qatar for UK expat
Dear All
I am currently contemplating moving to Qatar. I was just wondering if any expats would share how they bank their salaries. I feel I have 101 questions all of the time!! I really appreciate your responses / advice.
Specific questions I have include:
- Would I need to open a Qatari Bank account?
- What banks are recommended? I would really just want a very basic Qatari bank account.
- Should I arrange an account before I come to Qatar?
- Who do people generally use to transfer money to the UK?
- Do people keep their UK bank accounts open?
- Am I allowed a UK ISA?
- Do people generally open / use offshore bank accounts?
Many thanks!!
Hello this is Commercial Bank :).
You will need a Qatari bank account to transfer your Qatari salary. We can set this up easily - even before you arrive in Qatar. We have simple current accounts, and various savings accounts, should you need them eventually. You'll need a cheque book to pay for things like rent and a car loan, this can be arranged very swiftly through us. Visit
http://www.cbq.qa/EN/Personal/Tailored-Packages/Pages/New-to-Qatar.aspx
The NHS will treat anyone taken ill on UK shores. It did happen to me including minor surgery and no charges. I still had a UK address that at the time I was associated with. Is your employer providing healthcare? Don't be worried when in Qatar, the HMC (like NHS) is excellent and has clinics and hospitals all over the country. My wife had emergency surgery and it was exceptional, great care and service provided.
For any insurances - Life, Medical etc, that you take out in the UK has to be from a broker and underwriting that specializes in expat policies, one I know of is William Brown.
PM me if you have any other concerns or questions
Thank you for your replies.
Please can I ask....
If I wont be entitled to NHS Healthcare (as I will be resident for Qatar for most of the time - on a 2 year contract), should I take out UK Private Health Insurance, in case I am ill if I am on holiday in the UK?
Many thanks
Also are there such things as joint a counts for couples
Also are there such things as joint a counts for couples
Keep the UK current account active, but as for ISA you will find this applies to UK residents.
If you are planning staying outside of the UK for over a year its best to register as non-domicile with HMRC, I did and I also received an income tax refund as I left withing a tax year. You can also consider continuing paying your NI contributions with HRMC. Depending on your age and number of years working it can be as little as 400-600 per year. Whilst this does not entitle you to NHS treatment (I did double check this with UK Gov) it does entitle you to a full pension upon retirement.
I also use QNB, the First account is the one to try for. You have your own dedicated branch and will receive a World Mastercard, this gives you one of the best Qmiles deals (Qatar Airways Miles). Use it sensibly and you rack up free flights pretty quickly. I purchase everything on it and clear it straight away with the iPhone app. You also have access to the Qatar Airways Gold lounge and airport lounges around the world for free.
Offshore banking is a must if you are planning on saving. All the major banks offer this service, based in Isle of Man or Channel Islands. Check out the best account for you with a good interest rate, the better the rate the more locked in your money, so take care on which one suits you best.
HSBC is in Qatar, but ask around and search on QatarLiving for opinions. It may sway your choice.
Something that expats coming to Qatar don't consider and should be looked into is having a Will. I know we all don't want to think about it but there are many pitfuls of not having one, especially out here. If you have a UK Will it won't work as its stands. There is a UK company now in Qatar that can advise on this, if you want there details PM me and I will forward them.
Hope this helps.
You will need a Qatari bank account if you are officially employed here.
The employer will need to give you a letter agreeing to transfer your salary to the bank before you can open a current account. Alternatively you can open a savings account without a letter but you will need a Qatari ID card which is issued as part of your residency permit.
You will not be able to open a bank account before you arrive in Qatar.
Once you open a Qatari bank account you will be able to transfer money electronically just as you would in the UK. You may want to seek advice regarding taxation in the UK before you start to transfer large amounts.
Any banking or transactions done outside the UK should be exempt from UK tax but make sure with an experienced accountant.
What's the point of the UK ISA if you are not paying tax in the UK?