Transfer Money from Qatar to Other Countries
If you have tried to transfer money from one country to another, you can attest it is not as simple as it may seem.
There are a lot of logistics involved with respect to exchange rates, service fees as well as time it will take to process the money in the destination.
However, need arises in one way or another where we have to send money abroad; either to family, friend or make a purchase.
It is important to take time and conduct extensive research on the various methods available and identify the most suitable to you in terms of time you intend the money to reach the person and service fees that vary from one method to another.
Although exchange rates are not controlled by the transfer mediums, some mediums use it as an opportunity to increase their rates.
Therefore, take time to research and evaluate various options first.
Qatar is increasingly becoming popular in the business global market. It is not only popular for tourist attractions but also cooperate activities; thus, frequency of foreigners that grow the business and financial fields.
Since the beginning of the decade, transfer of money from Qatar to other countries has significantly increased.
While there are numerous methods, it is important to analyze the safest, cheap as well as dos and don’ts in the field.
Factors to Consider in Determining the Best Money Transfer Method to and from Qatar
Suitability of a method varies form one scenario to another.
A method you consider to the best today might be unsuitable for another user and the same to you the next week.
The different scenarios are characterized by sum of money sent from Qatar to another country, urgency, and safety measures required.
Some methods are considered to charge less service fee because users are sending significant amounts of money, which attract favorable rates and trust. If you engage the same company on the transfer service with a small amount, you will be surprised to find out it is expensive than your ordinary method.
Here are some other factors that determine suitability of a money transfer method:
- The country you are sending to from Qatar determines speed and effectiveness of the process
- The prevailing exchange rates between Qatar and the destination country; currencies also change unpredictably.
- Type of currency is crucial; you should consider whether you are changing currency or maintain Qatar’s currency
- The amount of money you intend to send determines the method
- The type of transaction you intend to do, if it is a recurring procedure or once
- Form of your funds. Money can be in form of credit card, bitcoin, or in a bank account.
- Urgency of the money recipient
- Safety of the method
- Cost after service fee and exchange rates adjustments
When sending money from Qatar to another country, there are four common channels that you can choose from
- Foreign exchange (FX) brokers
- Bank or building society
- High street transfer firms
- Online platforms
Either of this has its pros and cons depending on the factors listed above.
Therefore, you cannot pinpoint at one method as the best. It varies from case to case.
Nevertheless, some benefits outweigh others and it is possible to rate the methods based on speed and costs.
This method uses rates similar to bank-bank transactions, especially major banks in Qatar.
While banks pass the burden to consumers by posting extreme exchange rates that cover the excess rates.
This is well known as midmarket rates. While there is a fee attached to every transaction, it is considered relatively low.
TransferWise charges between 0.6% to 1%, of the amount you are sending. It is considered to be among the cheapest methods of sending money from Qatar.
This is considered to be the most inexpensive method to send money form Qatar.
There are zero charges on the money you send irrespective of the amount.
OFX exchange rate never goes above 2% meaning there are incredible rates for the customers. Besides, the service is available in numerous countries across the world hence no limitations when sending money from Qatar.
However, the method requires sending at least $150, which can only be accessed through bank.
No cash pickup points and deliveries are allowed. OFX also strives to maintain contact with customers by allowing them to lock rates for 12 months despite the dynamic market.
This method is not only renowned and popular but also fast.
The service exists in over 200 countries across the world with hundreds of members across the globe.
Sending money from point A to point B takes happens in few minutes irrespective of the distance and currency.
Any delays can be caused by a recipient’s bank and country policy but not the transfer method.
The service also enables you to top up debit cards including Master card and other credit cards. In most countries that include Qatar, $6,000 is the maximum amount per transaction.
This is a service owned by Paypal, an online payment system. It is superfast irrespective of distance. Besides, the service allows all kinds of transactions whether it originates from bank accounts or debit and credit cards. The only challenge of the service is different time zones that dictate banking halls operation hours. Xoom allows a maximum of $10,000 per transaction.
There are a ton of money exchange offices all around the Qatar for transferring money to different countries around the world. These exchanges are the most popular form of payment transfer in Qatar.
You will find people lining up in these exchange office for sending money to their home countries. There are reason for this – first they exchanges will give you good money exchange price and second its a freeze for using their service even for a naive! all you have to have is your identification copy, a phone number and a simple form to fill-up and you are done!
Here are some of the most popular money exchange offices in Qatar:
- Al Fardan Exchange (Western Union)
- Al Dar Exchange
- LuLu Exchange
- Al Mana Exchange
- City Exchange Co.
- Islamic Exchange Co.
- Al-Jazeera Exchange
- Gulf Exchange
- Doha Exchange
Make sure you check different exchanges price before using a particular exchange service, sometimes there is a minor difference between different money transfer services but sometime there are significant difference and when you transferring big chunk of amount, small makes a big difference! isn’t it?