Banking in Qatar
Qatar's banking sector is supervised and monitored by the Qatar Central Bank (QCB) which controls the country's monetary policies. The industry is quite diversified with the existing banks being able to provide for the needs of different types of customers. Currently, there are fifteen commercial banks in Qatar composed of seven Qatari banks, two Arabian banks, and the rest are foreign banks. These banks offer all the standard services which include account opening, cheque clearance, debit and credit cards, time deposits and other investments, utilities payment, and standing orders. Charges vary among banks. Some major banks accept deposits in foreign currencies like the US dollar (USD) and the Great Britain Pound (GBP).
To open a bank account, one needs to have a residence visa, a valid passport, photos, and a "no objection certificate" or NOC from his employer. This certificate must indicate the depositor's salary. Sometimes, a tenancy agreement will be asked for in order to establish that the depositor is indeed a resident of Qatar.
ATMs are readily available for cash withdrawals. Cash payment is the usual settlement for transactions in Qatar, especially with local retailers. Credit cards are usually offered by Visa and Mastercard and are accepted in the major establishments.
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