How to open a bank account in Qatar National Bank (QNB)

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

May, 2023

Last contact

October, 2024

Last update

June, 2024
  • QNB was founded in 1964, the largest 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;
  • to open a corporate account needs a deposit of QAR 30 000* (~ USD 8 250) for 1 month; for personal – from QAR 10 000  (~ USD 2 750);
  • personal visit of the founders and the account signatory in Qatar is required to open the account;
  • the main available currencies: QAR, USD;
  • it is possible to issue bank cards and checkbooks;
  • pre-approval is possible before the account opening process;
  • fee for transfer to foreign bank is ~ QAR 50* (~ USD 14);
  • Internet Bank in English;
  • account opening time: about 1-2 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
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General information and rating
General information and rating

Not rated
Global rating
1
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1964
History
Qatar National Bank (QNB) was founded in 1964 as the country's first commercial bank owned by Qataris. The bank operates in Europe, Asia, the Middle East and Africa. QNB is headquartered in Doha, Qatar
Personnel
There are English-speaking staff
Bank’s shareholders
An ownership structure split between the Qatar Investment Authority (50%) and the remaining (50%) available to be held by members of the public
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    7 650
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement
    Transactions permitted per month
    No restrictions on the number of transfers for current accounts
    Initial deposit of funds, €
    To open a corporate account you need to make a deposit of QAR 30 000 (~ USD 8 250) for 1 month. To open a personal account - deposit from QAR 10 000 (~ USD 2 750)
    Deadline for the initial deposit, month
    1 month
    Minimum turnover, €/year
    No minimum turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    13
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to a foreign bank is ~ QAR 50 (~ USD 14)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    Internet Banking in English
    Financial products
    The bank is a provider of personal banking services, asset management services and business banking solutions.
    Personal banking includes accounts, fixed deposits, loans, life insurance, etc.
    Asset management includes wealth management solutions, funds, portfolio management and debt funds.
    Business banking includes cards, brokerage, financing, overdrafts, trade finance and global cash management
    Credit/debit cards
    It is possible to issue bank cards and checkbooks

    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, a personal visit of the founders and the account signatory to Qatar is required
    Required
    For legal entities: Trade License; Memorandum and Articles of Association; Company Registration; Request for account opening indicating the account signatory; Tax Card, Computer Card; Registration Certificate (QFC), Commercial Registration Extract (QFC); completed bank form for the company and owner; copies of current contracts with counterparties; office rental contracts, cash flow chart, ownership structure chart, etc.
    . For private person (directors / shareholders / beneficiaries / attorneys): Confirmation of identity (passport) + QID; Confirmation of address (Metrash) not older than 3 months; Resume; Bank reference + 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
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