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Top 3 Money Transfer Providers for UK to Qatar

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 44,255.25 £0.00 4.4255 1-3 days more...
Global Reach (formerly FC Exchange) Global Reach (formerly FC Exchange) 44,299.95 £0.00 4.43 1-3 days more...
WorldFirst WorldFirst 44,478.76 £0.00 4.4479 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
QATAR
The Qatari riyal (QAR) is fully convertible, and Qatar does not restrict overseas transfers of funds from capital gains, interest, dividends, royalties or management fees Read More
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Qatar Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Qatar’s money transfer regulations
  • Qatar’s regulatory authority
  • Qatar’s economic background
  • Investment conditions
  • Currency
  • Qatar to Individual Country Guides
  • Summary

    The Qatari riyal (QAR) is fully convertible, and Qatar does not restrict overseas transfers of funds from capital gains, interest, dividends, royalties or management fees. The Qatari riyal has been pegged to the US dollar (USD) at a rate of QR3.64 per US$1 since 1980.

    Qatar’s money transfer regulations

    There are no restrictions on the import and export of funds into and out of Qatar. Anyone with a residence visa in Qatar is allowed to open a bank account and to import and export funds, and there are no limits on the physical transport of cash. Similar to other Gulf economies, Qatars dense financial network makes sending money to and from the country relatively simple. In 2014, the country counted 18 licensed banks - 11 Qatari and 7 foreign - and 20 foreign exchange houses. Given the countrys high remittance outflows with workers sending money from Qatar to India, Pakistan and Nepal in particular, the central bank has authorised mobile money providers Ooredoo and Vodafone to offer money transfers services in conjunction with licensed money exchangers in Qatar.

    As the countrys oil and gas exports are priced in USD, and with minimal demand for the riyal outside of Qatar, the USD peg is likely to continue.

    Qatar’s regulatory authority

    The Qatar Central Bank (QCB) oversees the operation of the financial system, sets monetary policy, promotes price stability, and provides direct oversight and licensing of banking institutions. In 2005, the government established an international business and financial centre, the Qatar Financial Centre (QFC), that was ranked as the leading centre in the Middle East in 2014 in Long Finances annual survey of global financial centres. The centre is overseen by an independent authority, the QFC Regulatory Authority, and has its own civil and commercial courts.

    Qatar is a member of the Gulf Cooperation Council (GCC), a regional political and economic association that also includes the UAE, Saudi Arabia, Kuwait, Bahrain and Oman. GCC countries have discussed efforts to coordinate their monetary policy, and a regional Monetary Council has been established in Saudi Arabia. A project to create a common GCC currency has been proposed and mooted on multiple occasions in the last thirty years. Talk of a currency union picked up again in December 2013, though only four nations - Qatar, Saudi Arabia, Bahrain and Kuwait - are on board with the projects latest iteration. Currency union is still a long way off.

    Qatar’s economic background

    Thanks to its vast oil and gas resources, Qatars fast-growing economy has the highest level of income per capita in the world. Its tiny national population, which numbered 280,000 in mid-2014, is dwarfed by the roughly 1.7m expatriate workers. Foreign nationals play an important role at all levels of the Qatari economy, from business leadership to a large number of migrant labourers - mostly from India, Pakistan and Nepal, but also Egypt and the Philippines - who drive many domestic industries, including petroleum and construction.

    The Gulf emirate is known for its restrictive labour policies and regulation that favours Qataris over foreign nationals, particular with regard to investment, land ownership and import-export activity. And yet, Qatar is very engaged in the foreign exchange market, both for its high volume of international trade and reliance on imports for basic goods, as well as worker remittances, and the government has established an open foreign exchange policy to facilitate this activity.

    Investment conditions

    Foreign direct investment in a number of non-hydrocarbons industries is limited to a maximum 49% share in order to protect domestic firms from competition. The countrys investment regulations vary by sector, and we recommend consulting relevant conditions listed in the Investment Law No. 13/2000 and a recent amendment, Law No. 9/2014.

    Foreign investment in the banking and insurance sectors is restricted in most cases, except for operations located in the QFC. Financial service providers are permitted 100% ownership of their QFC plot and profits can be remitted freely. Companies in the zone are permitted to conduct business both in Qatar and abroad, using Qatari or foreign currency.

    Currency

    Qatars monetary unit, the Qatari riyal (QAR), is made up of 100 dirhams. Banknotes are produced in denominations of QR1, QR5, QR10, QR50, QR100 and QR500. Coins are produced in values of 5, 10, 25 and 50 dirhams.

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    Top 9 Money Transfer Providers

    Exchange Rates as of 2019-08-23T16:00:15+00:00

    RationalFX

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    Est. 2005
    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
    Bank Beating Rates

    TorFX

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    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

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    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (UK)

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    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    WorldFirst

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    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    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.