I conduct business in Qatar, spend and remit money regularly back to my revolut account and I can confirm there are no problems.
If in Doha, you will have to open a local bank account to receive your Qatari Riyals salary/fees with and for ease choose CBQ (Commercial Bank of Qatar). More on that later.
Here are a few tips learned along the way:
- the week-end in the GCC is Thursday-Friday but revolut still applies the FX surcharge of 0.5% on Saturday-Sunday. So refrain from using your revolut card on Sunday even if it’s a working day there.
Best thing is to activate your QAR account in revolut and fund it. You’ll spend there transparently irrespective of the day of the week. Just don’t fund it on a Saturday or Sunday
the QAR is pegged to the USD at a rate of 3.64 QAR for 1 USD. All banks here apply a very competitive FX of 3.65 QAR for 1 USD. All other currencies are terrible. So always send back money in QAR or USD to revolut.
Don’t even think about EUR or GBP irrespective of the local bank you’ll choose here.
Revolut offers the best USD/QAR bid offer spread at 3.64-3.643. Meaning that with 1 USD you’ll be entitled to 3.64 QAR and you’ll only need 3.643 QAR to get a USD, not 3.65.
Now on to remittance:
First thing is to make revolut aware of your new gig and send them your pay slip of fees so they don’t block your account when you’ll be sending this hard earned money back home.
Why CBQ? NO BANK IN QATAR EXCEPT CBQ allows you to send QAR abroad with Lloyd’s as intermediary bank. With all other Banks you must first convert your QAR in another currency. QNB QAR intermediary bank is RBS and they won’t redirect to Lloyds.
Doha Bank being the worst as it prevents you from paying a company from your account! Since your QAR or USD account are poooled, the beneficiary will be Revolut, which Doha bank will prevent.
So in a nutshell:
If you have an account at CBQ, you can do QAR remittance at the counter only. Not through the app or online. Go ask for a “Telex Transfer” and in thé reference section write your reference number and the mention “Please send in QAR”. Also select “Our” fee (not Beneficiary or Shared) and you’ll only pay 6 QAR for this transfer versus the 15 normal. And no intermediary bank fee!!
Staff at CBQ in Villaggio mall know this.
You’ll see the exact amount you sent appearing in Revlolut and can convert at very little fee back to which ever currency you want.
If not at CBQ, your best option is to remit your QAR money back to your revolut USD account. And you can do this online with all the banks apps. Just don’t forget your revolut reference number! You’ll be charged by your local bank in Qatar:
- a 3.65 QAR for 1 USD exchange rate at best.
- 10 or 15 QAR sending fee
- a 18 USD to 21 USD intermediary bank fee before it reaches your revolut account.
But once your USD in revolut, again you can convert in any currency of your choice.
Note: maybe I am priviledged, but Revolut sent me an email giving me a unique account number for all my currencies. No need for reference anymore!
Hope it helps.