If you’re a new expat, here are some things to keep in mind when dealing with financial matters.
When moving to a new country, one of the main priorities expats have is sorting out their banking needs. Since the procedures and requirements differ in every country, it’s important to familiarise yourself with the rules in Qatar.
Here are some things you should know…
Once you have opened a current account, you will be issued a cheque book. You will most likely need cheques for house rental payments.
Keep in mind that a bounced cheque is a serious criminal offence in Qatar. The punishment can be very severe, including jail time.
SEE ALSO: Guide to Opening a Bank Account in Qatar
Credit cards here are widespread and easy to obtain. Your credit limit will be determined based on your salary. It’s important to check all the fees associated with using the card.
Note that the magnetic stripe on all credit cards are inactivated and all transactions made using it will be declined anywhere. However, considering some countries still use it, check with your bank in regards to this issue if you will be travelling.
One of the great things about Qatar is that there is no income tax. However, you should verify if you are exempt from paying taxes back in your home country on money earned abroad.
Qatar is one of the many countries that have agreed to be a part of the Common Reporting Standard (CRS) starting 2018. The CRS is an agreement to share information on residents’ assets and incomes automatically with the relevant countries to prevent tax evasion.
SEE ALSO: Your guide to budgeting in Qatar
There is a wide range of money transfer options available. You can either do so through your bank or by using one of the several money transfer businesses. It’s advised to compare the exchange rates and fees involved before deciding on your best option.
Note that there are currently no restrictions on importing or exporting local and/or foreign currency in or out of Qatar.