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

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023

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

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023

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+44 0 207 822 85 93

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

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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

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

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

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