How to Transfer Money from Qatar to India
Qatar to India Guide
Summary
Qatar and India have a historically friendly relationship, especially in the areas of trade and labour migration. Both countries cooperate in areas such as defence, trade and investment, security, law enforcement, civil aviation and human resources.
Around a quarter of the population in Qatar are Indian, which has driven up international money transfers to the country. If you’re looking to send money from Qatar to India quickly, safely and without large fees, this guide will help.
QAR and INR
The Qatari Riyal (QAR, Qr) has been in use since the 1960s, since the Indian rupee (INR) devalued and Qatar decided to switch from the Gulf rupee to their own currency. It is pegged to the United States dollar (USD), unlike the INR which is a floating currency.
The QAR is a highly convertible currency and there are no restrictions to transfer money from QAR to INR, whether in the form of royalties, interest earned, salaries or any other fees. If you want to send money to India from Qatar, you can find favourable exchange rates and transfer with low or no fees by comparing money transfer providers.
Visas and Immigration
Indian nationals require a visa in order to visit, study, work, or do business in Qatar if staying for more than 30 days. The process has been made easier with e-Visas, as you can send supporting documents electronically.
There are several different types of visas you can choose from, including tourism, business, work and visas for family. Prices for each type of visa will vary depending on the validity length. In order for your visa to be processed, you will need to supply a passport with at least six months validity from when you arrive, along with documentation relating to your visa type.
More details on the requirements for each visa type and the category you fit into can be found on the website of the Embassy of India in Qatar.
Remittances to India
As the number of Indian nationals in Qatar grows closer to one million, so does the flow of money transfers between the two countries. India surpassed $100bn in 2022, making it the single largest recipient of global remittance flows.
As of February 2015, the Indian government has prohibited outgoing cash transfers that are denominated in rupees in an effort to keep currency on the local market. High numbers of Indian migrant workers in Qatar and other Gulf countries make this a critical region for the remittance sector. A large number of companies are present in the Gulf to transfer remittances to India, as this is such an important financial channel.
Banking in India
A few Indian banks such as HDFC and ICICI Bank have operations in Qatar, providing service for non-resident Indians. They and other money transfer agencies are regulated to make it more efficient to transfer money from Qatar to India.
India’s financial sector includes a wide variety of private, public and international banks to choose from if you plan to establish a local bank account. Although international banks such as Barclays and Citibank may be the first choice for expats to India, Indian banks offer strong competition with electronic services, numerous ATMs and dedicated banking managers to assist with transactions.
For frequent international transactions, take a look at the global money transfer providers available, as you could ensure your recipient receives the best exchange rates without the fees.
A double taxation agreement in effect between Qatar and India ensures that each country’s citizens are only required to pay tax once on income made in either country.
Trade with India
Bilateral trade between India and Qatar has increased steadily in recent years, with Qatar exporting $15.15bn in 2022 and importing $2.07bn in the same year. This growth has been substantial since 2016. Main imports from India include metals, cereals, vehicles and electricals, and exports are fuels, oils, organic chemicals and plastics
Investment in India
Many Indian companies have established branches in Qatar and are working with major contracts with Qatari businesses. Over nine thousand Indian companies operate in Qatar, which correlates with the high population of Indian nationals in the country. These include NIIT, Tech Mahindra, L&T, Voltas and HCL. The two countries are frequently in talks about investing in one another, building on an already firmly established bond.
Whatever your reason for sending money from Qatar to India, you could be ending up with less money on the receiving end due to exchange rates and fees. By comparing the top money transfer providers, you can find the best deal for your QAR to INR transfer.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from Qatar to India. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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