| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | INR 211,922.93 | 22.18QAR | 21.1923 | 1-3 days | more... |
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Moneycorp | INR 209,504.65 | No Fee | 20.9505 | 1-3 days | more... |
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RationalFX | INR 212,017.16 | 17.75QAR | 21.2017 | 1-3 days | more... |
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Qatar and India have a historically friendly relationship especially in the areas of trade and labor migration. Qatar is home to almost 500,000 Indian nationals today, which has been an added driving force for international money transfers. Both countries continue to make strategic moves in corporation in the areas of defence, trade and investment, security, law enforcement, civil aviation and human resources. The Qatari riyal (QAR, Qr) is a highly convertible currency and there are no restrictions to transfer money from Qatar to the Indian Rupee (INR) whether in the form of royalties, interest earned, salaries or any other fees.
Qatari nationals require a visa in order to visit, study, work or do business in India. The process of applying is not difficult, and there are several different types of visas to choose from. A tourist visa allows the traveler to remain in India for as much as 30 days at a time. There is also an entry visa, tourist visa, employment visa, business visa and student visa on offer. Prices for each type of visa varies depending on the length of validity. Costs range from Qr 40 for a transit visa to Qr 475 for a transit visa valid for up to 5 years.
In order for Indian visas to be processed, applicants will typically need to supply a completed form VI, a passport with at least six months remaining validity, a copy of your Qatari residence ID and documents showing travel plans for the return trip. More details on the requirements for each type of visa and the category you fit into can be found on the website of the Embassy of India in Qatar.
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 received a total of US$71bn in remittances in 2013, making it the single largest recipient of global remittance flows, according to the most recent data from the World Bank. As of February 2015, the Indian government had prohibited outgoing cash transfers that are denominated in rupees, in an effort to keep currency on the local market. However, India does place any restrictions on incoming capital transfers, and these flows are set to grow in the coming years. 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.
A few Indian banks such as Canara Bank, Bank of India, State Bank of India and ICICI Bank have operations in Qatar, although they are not authorized to conduct retail banking services. 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.
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.
Bilateral trade between India and Qatar has increased steadily in recent years, reaching US$3.7bn in 2009. In the same year, India’s exports to Qatar increased to US$900m, driving steady money transfer flows to India. Machinery, food products, minerals, textiles and transport equipment are among the major items exported to Qatar. On the other hand, India imported some US$2.8bn in goods from Qatar in 2008, primarily energy products, making it Qatar’s fourth-largest export market in Asia.
The two countries signed an agreement for India to buy 7.5m tonnes of liquid natural gas (LNG) from Qatar for a total of 25 years. Shipments started in 2004. Although not a major consumer of crude oil from Qatar, India is a major purchaser of ammonia, propylene, ethylene, polyethylene and urea from the country.
Many Indian companies have established branches in Qatar and are operating with major contracts with Qatari businesses. These include NIIT, Tech Mahindra, L&T, Voltas, Simplex, Wipro, Satyam Mahindra and HCL. Hassad Food of Qatar bought majority shares of the Indian rice supplier Bush Foods Overseas, with an investment of more than US$100m. The two countries have also embarked on US$100m joint venture to build a paraffin wax manufacturing plant in Qatar’s Mesaieed Industrial area.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
