Here’s how you can send an affordable international money transfer to Qatar.
Converting your US dollars to an exotic currency like the Qatari riyal may not be an easy process, especially if you’re looking into a bank transfer, but you can make things easier by comparing your money transfer options. Rather than spend time and hard-earned money on expensive fees and a long processing period, check out a few ways you can save on fees and get a better exchange rate when you’re sending money from the US to Qatar.
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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
Banks may be useful for highly-traded currency pairs, but when you’re looking to exchange USD for QAR, a bank may not be your best option. If it does do money transfers to Qatar, you’ll likely be faced with subpar exchange rates and expensive fees. On the other hand, money transfer companies generally offer transfers in most every currency, even Qatari riyal. You’ll likely get a better exchange rate, pay a smaller transfer fee and get your transaction processed faster than you would with bank, making money transfer companies a solid choice.
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 because it’s an exotic currency, so John has to compare two specialist services.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $3.641||$1 USD = $3.595|
|Transfer method||Online transfer||Online transfer|
|Transfer time||1 to 3 days||1 to 3 days|
|Amount received (in QAR)||$3,641 QAR||$3,595 QAR|
As the table shows, John can send an extra $46 QAR using the first transfer company and can also save $5 in transfer fees.
How do I compare transfer companies when sending money to Qatar?
- 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 explainedForeign exchange rate is used by both banks and money transfer companies to calculate how much the currency of one country is worth when converted to the currency of another country. When a currency is strong, it will yield more when exchanged for a weak currency. The US dollar is strong when compared to the Qatari riyal, so you’ll be able to get more riyal per dollar you spend. As of September 2018, this amount was about 3.64 QAR per 1 USD. However, this amount can fluctuate regularly because of inflation and interest rates between the two countries.
What are my options for sending money to Qatar from the US?
- Money transfer providers. You have a few options when sending money to Qatar. Take your time and compare the rates, fees and transfer times of each company before making a final decision.
- Cash pickup transfer providers. Western Union and MoneyGram operate the two largest cash transfer networks in the world. This means your recipient will likely be able to pick up cash at multiple locations throughout Qatar.
- Bank transfers. Because the Qatari riyal is an exotic currency, you may not be able to make a transfer if you don’t do business with an international bank. However, you may still be able to make a bank-to-bank transfer in US dollars that your recipient can then convert to Qatari riyal.
- International checks. You can mail an international check from the US, but it will generally be your slowest option.
What are the steps to send money to Qatar?
- Choose a money transfer provider from the table above.
- Click Go to site and create an account.
- Start a transfer, provide information about your recipient and select how much you want to send.
- Pay for your transfer and save your receipt or tracking number.
Your tracking number can be used to follow up on the progress of your transfer and get help if you run into any problems during the transfer process.
Emergency cash transfers in Qatar
Emergency transfers from the US to Qatar are possible, but you may have to pay extra for an expedient transfer. Usually, money transfer companies will charge high fees and offer less attractive exchange rates when you need to make a quick transfer. Take the time to review your options and the details of your transaction to make sure you aren’t spending more money than you have to when sending an emergency transfer to your recipient in Qatar.
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. You should also deposit your cash as soon as possible in your bank account or a safe. This can help keep your money safe from theft.