How to open a bank account in Commercial Bank of Qatar (CBQ)

GSL reference about the bank What is it?

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

GSL rating

rating

Beginning of cooperation

May, 2023

Last contact

October, 2024

Last update

June, 2024
  • the bank was founded in 1975, the first private bank in Qatar;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies registered in Qatar, as well as personal accounts also only for residents of Qatar;
  • to open an account for a foreign company, you will need to open a branch in Qatar;
  • minimum balance for a corporate account is QAR 50 000* (~ USD 14 000), if lower, the fee is QAR 500; for a personal account – QAR 10 000 (or a salary of QAR 4 000);
  • entry threshold to Private banking for legal entities – USD 1 500 000 and 10 employees; for individuals – USD 1 000 000;
  • to open an account requires a personal visit of the founders and the account signatory in Qatar;
  • the main available currencies: QAR, USD;
  • bank cards and cheque books can be issued;
  • pre-approval is possible before the account opening process;
  • fee for transfer to a foreign bank is ~ QAR 175* (~ USD 48);
  • Internet Banking in English;
  • account opening time: about 2 weeks

*The rates shown are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
rating
Beginning of cooperation
May, 2023
Last contact
October, 2024
Last update
June, 2024
Your Consultant
Поиск консультанта...

Поиск консультанта...

General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1975
History
A pioneering institution at the forefront of the meteoric rise of Qatar’s economy, The Commercial Bank of Qatar was established as the country’s first private bank in 1975. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange.
Personnel
There are English-speaking staff
Bank’s shareholders
The majority shareholder is Qatar Holding LLC (16.8%). The bank's shares are listed on the Qatar Stock Exchange
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
Compare banks

    Minimum requirements
    Minimum requirements

    12 770
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    12 770
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for a corporate account is QAR 50 000 (~ USD 14 000), if lower, the fee is QAR 500. For a personal account - QAR 10 000 (or a salary of QAR 4 000).
    Entry threshold to Private banking for legal entities - USD 1 500 000 and 10 employees; for individuals - USD 1 000 000
    Transactions permitted per month
    No restrictions on transfers for current accounts
    Initial deposit of funds, €
    The initial payment equals the minimum balance of the account
    Deadline for the initial deposit, month
    After opening an account
    Minimum turnover, €/year
    No speed limits
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    45
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to a foreign bank is ~ QAR 175 (~ USD 48)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Account maintenance, €/year
    Account maintenance fee is charged when the minimum balance of the corporate account (50 000 QAR (~ 14 000 USD)) is reduced. Fee in this case is 500 QAR
    Distant access to the account
    Internet Banking in English
    Financial products
    The Bank operations are structured into two business segments:
    The Wholesale banking segment provides s a range of conventional commercial and investment banking services and products to large, medium and small enterprises, including corporate lending, trade finance, syndicated loans, deposits, letter of credit and guarantees.
    The Retail Banking segment provides conventional retail banking services and products to retail customers in Qatar, including current and deposit accounts, wealth management, mortgage lending, personal and vehicle loans and credit card and other card services
    Credit/debit cards
    Bank cards and cheque books can be issued

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    To open an account requires a personal visit of the founders and the account signatory in Qatar
    Required
    For a legal entity: License; Memorandum and Articles of Association; Director's Resolution on account opening and appointment of account manager; completed Company Profile.

    The application forms of the company and the owner; bank account statements of the company for the last 6 months (if the company is new, they can provide account statements of other companies of the owner); copies of current contracts with counteragents; rental contracts of the office, cash flow chart, ownership structure chart etc.

    For an individual (director / shareholder / beneficiary / attorney): proof of identity (passport) + bank statements for the account signatory; proof of address (not older than 3 months) (Tenancy for account signatory); CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Qatar

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    Need a consultation from a specialist?
    Share on social media:

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN