Sending money overseas doesn’t have to be expensive. Here’s how you can send an affordable international money transfer to Qatar.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Qatar doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Qatari riyals for your dollar.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Qatar is easy. However, do your research and shop around for the best available deal.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare money transfer services to Qatar
Banks versus money transfer companies
Many people assume that their bank will offer the easiest and most affordable way to send money overseas. In reality, however, this is not usually the case. Banks offer some pretty unimpressive exchange rates on international transfers, and don’t be surprised if they also hit you with high fees.
Instead, consider using a specialist money transfer provider such as TorFX or World First. Dedicated international transfer providers are experts at moving money overseas, and they can do it for much less than banks. Their secure transfers come with much better exchange rates and much lower fees than banks offer, allowing you to save plenty of money each time you send funds overseas.
Case study: John Sends Money to Qatar
When John’s son Peter got a job in the oil industry in Qatar, John never imagined he’d have to bail his son out of financial trouble ever again. But after a string of bad investments, Peter is borderline broke and asks his dad to send him $1,000. His banks don’t offer the QAR as it’s an exotic currency, so he has to compare two specialist services.
As the table shows, John can send an extra $80 QAR using the second transfer company and can also save $5 in transfer fees.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $2.41||$1 USD = $2.49|
|Transfer method||Online transfer||Online transfer|
|Transfer time||1-3 days||1-3 days|
|Amount received (in QAR)||$2,410 QAR||$2,490 QAR|
How do I compare transfer companies when sending money to Qatar?
When comparing your options, pay attention to these factors:
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
- Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. What sort of customer support is offered and during what hours can you receive assistance?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the U.S dollar was worth approximately 3.64 Qatari Rial. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Live USD-QAR exchange rate
What are my options for sending money to Qatar from the U.S.?
- Money transfer providers. There are plenty of transfer providers to choose from, so compare your options to find one that offers the best deal.
- Cash pickup transfer providers. Western Union and MoneyGram operate the two largest cash transfer networks in the world.
- Bank transfers. Any U.S. bank should be able to help you send a transfer from your U.S. bank account to Qatar.
- International checks. Obtaining an international check from your bank and then mailing it overseas is another option.
What are the steps to send money to Qatar?
- Sign up for an account. You can usually sign up for a free account online by providing your full name, contact information, proof of ID and bank account details.
- Enter transaction details. You’ll need to provide the money transfer company with information about how much money you’re sending, in what currency and to where .
- Pay for your transfer. After reviewing the details and cost of your transaction, pay for your transfer and use the transaction reference number to monitor the progress of your funds.
Emergency cash transfers in Qatar
When you need to send an emergency cash transfer to Qatar, be aware of the fact that you will usually have to pay extra to ensure your funds arrive as quickly as possible. Urgent transfers attract poor exchange rates and higher fees than ordinary transfers, so you can expect to pay a little bit extra. Review the details of your transaction before you pay any money to make sure you know whether you’re getting a good deal.
Find a money transfer location near you
Tips for picking up cash in Qatar
When picking up cash from a transfer provider’s branch, make sure that you take a friend along with you to provide extra security. Only visit a cash collection branch in an area you know is safe, and make sure to never display your cash in front of strangers.Back to top