- Doha Bank and Pakistan’s Habib Bank are set to launch the new system, aimed at expats from Pakistan working in Qatar
- Charges will vary depending on the transfer being made, but apps are available for system access
- “HBL's commitment to providing a reliable and compliant process that complements our competitive strength makes them an excellent partner to work with on developing and expanding our cross-border remittance services”, says leader of Doha Bank
Two major Middle Eastern banks have announced that they will join forces to provide remittance solutions to customers originally from Pakistan but now living in Qatar.
Doha Bank, which is based in the United Arab Emirates, has announced it will work alongside Habib Bank, which is based in Pakistan.
Expats from the country who are based in the high employment area of Qatar will now be able to send money back to their Habib accounts.
It will also mean that online money transfer will become much easier, with the interbank funds transfer (IBFT) system in place.
This will let customers make transfers to their friends and family back home in Pakistan, even if the accounts are operated by another provider.
In terms of fees, it will cost Pakistani customers of Doha Bank nothing whatsoever if the value of their remittance is over $200.
If it is under this threshold amount or if the customer is making several transfers in one day, however, there will be a charge. This charge will be based on rules laid down by the Pakistan Remittance Initiative (PRI) which is run by the Pakistani government.
The new system will be accessible through a range of methods, including the mobile application developed by Doha Bank as well as its internet banking interface.
Commenting on the arrival of the new remittance services option for customers in this sphere, the CEO of Doha Bank, Dr R. Seetharaman, said that the development would help make banking “simple, convenient and cost effective”.
'We are very pleased to be partners with Habib Bank Limited”, he said.
“HBL's commitment to providing a reliable and compliant process that complements our competitive strength makes them an excellent partner to work with on developing and expanding our cross-border remittance services.
“Doha Bank is committed to bringing forth the latest technologies to our customers, which makes banking simple, convenient and cost effective for them”, he added.
Doha Bank is a popular option for bank transfers in and out of Qatar, which attracts a lot of foreign workers due to the presence of industries such as natural resources.
It currently serves nations such as India, Lebanon and Sri Lanka, and its portal reaches more than 200 countries.
Do you need to find out more about a specific aspect of the cross-border payments world, and how institutions like these are working together to find solutions to common payment problems? A visit to our news pages is a great way to do this.
