Revolut doesn’t, and it will soon be a bank.
I learned from Elidja that MAR is also using QNB as a transfer bank for QAR. His transfers as well in QAR have been blocked recently by QNB.
I am myself a direct customer of QNB and was told that I couldn’t anyway send QAR to a Lloyd’s account, but only an RBS account in the UK.
Whatever the truth, it seems QNB is now blocking outgoing QAR transfers.
CBQ remains a fantastic alternative.
The second best alternative seems to be Barwa Bank that would charge you USD 3.6500 and a 16 USD intermediary fee if you choose “our” fee. Elidja can tell you more.
Well, @pcforce just said everything.
Option 1: CBQ in QAR -> nothing can be done online, manual form to be filled out at a branch only
Option 2: Barwa in USD -> 16 USD flat fees (8 USD will be deducted from the amount that will be credited to your Revolut account and 8 USD from your Barwa account) + 3.65 exchange rate by choosing “OUR” when selecting the fees (very important, ALWAYS choose “OUR” whenever you do an international transfer whatever is the bank and whatever is the currency). Big advantage here -> all can be done online or through the app, amazing service.
QNB is blocking both QAR and USD direct transfers to Revolut because of a compliance issue with Revolut.
Same problem here (although I am not in Qatar) , since Rev introduced unique IBAN for all customers transfers from my overseas HSBC account to Revolut have to be processed manually.
Try using the old Revolut account details and individual reference? See if that works?
Thank you for your helpful post. On the 5th March I went into Villagio Commercial Bank and did the Telex transfer you mentioned.
The funds have left my Commercial bank and I received my remittance by email stating that the transfer was successful with my IBAN number but its still not showing in my Revolut QAR account?
I contacted Revolut and they said they haven’t got anything in their system about my transfer and I should contact my bank. Is it normal to take a long time or should I be worried?
Thanks in advance!
This protracted timescale is not normal in my opinion. Should of arrived by now, even factoring in the weekend.
Hi @stace_2230 did your money arrive? What happened? I want to transfer money now, but would wait to know your experience. Thx
Hi @stumpy, no it bounced back. But I stupidly forgot to include my reference number! I contacted Revolut help and they mentioned that a lot of banks are now blocking transfers in QAR to Revolut. I will try one more time and actually include my reference number and let you know!
@pcforce can you confirm if you have made a transfer lately and Commercial bank are still allowing the transfer in QAR? I opened the QAR account on my revolut account and i just use that accounts IBAN and BIC right? (Obviously as well as my reference).
Thanks so much!
No I haven’t made any recent transaction but I know it still works.
Revolut have changed their USDQAR rate and for me there is no point in using them anymore.
Revolut now converts QAR at 3.66 QAR to USD or 3.5590 which is
A. Not the real exchange rate at 3.64
B. Worst than what any bank offer in Qatar: 3.65 QAR per usd.
So to remit my money i use the banks now directly.
Revolut is still useful if
- You want to spend in QAR from an account outside Qatar. So you just transfer your QAR balance from here back to the UK.
- If your end currency is not USD, and you want to convert in GBP or EUR for instance. But for that you may have other solutions (financial brokers that offer better alternatives).
Transferred from CBQ to Revolut 26th May as Telex transfer as written above. Did not receive nor on my Revolut, nor did it come back to my CBQ account! Today complained at Revolut chat. Customer service was pretty fast to check with transfer investigation team, and came back that they don’t have my funds and should go to my bank. Also told, that this is an intermediary bank transfer, but was not able to name the intermediary bank as she had no idea. I need first get my money bank, than Revolut is over for me. If I cannot get funds from Qatar to Revolut with a normal Swift transfer. It is a pity was a heavy user
Perhaps the transfer is delayed as its holidays.
There was 7 working days counting with Eid as well with today 8. CBQ already checked, funds are not with them, now they will check who has it. But i heard something, that 21 days should be a standard to get the funds back to original account if delivery failed for whatever reason. Will see
Sorry to hear that. But don’t beat yourself up just now. It’s Eid and Qatar central bank like all Gvt entities is closed until next Tuesday. I would say it’s highly probable that your money as not yet leaved the country and is in the queue. You made your transfer juuuust before Eid. Tight call.
The main issue if you send QAR is that revolut now takes a huge markup on QAR vs usd. Check your conversion rate in the app.
So it’s become indeed useless to send QAR directly now.
Better send USD from Qatar. For that you can use any bank, not necessarily CBQ although it probably is the best in the country.
With CBQ you have received an email for your transfer. This will have all the necessary information to track your money. In that sense CBQ is much superior their competitors.
Thanks for the heads up, but i sent 1 full week before Eid week and 7 working days before Bank holidays, it should be sufficient for a corresponding bank to clear the transfer.
I wanted to get my QAR to Revolut, basically for 2 things:
- I pay Uber here with Revolut, better visibility on uber costs, than with local CBQ card or app
- Wanted to convert to my home currency directly, and transfer it for free to my home bank account (Running short on funds back home)
The CBQ pdf actually made the Revolut investigation pretty fast and easy as contains the MT103 details, so yeah, CBQ seems in many fields awesome.
Rates as of this moment
- Revolut 3.6590
- CBQ sell rate 3.6685
So, i do not see your point
Yeah something to know with CBQ: they offer the worst FX rates across the board. If you become a privileged client (Sadara) then you just have market rate vs competitors.
Almost every single respectable bank in Qatar offer 3.65 (QNB, Doha). I think Barwa does even better. The problem is: payments to revolut are often blocked elesewhere (like QNB).
I believe the best bank shopping combo at present is Barwa/CBQ.
Personally I’d receive my salary in CBQ and would send some portion directly in QAR to revolut if something should happen to me here. I would therefore spend with the revolut card in QAR here with my QAR balance.
For my sayings’ remittance I would transfer to Barwa and from Barwa in USD to révolut using the Barwa app (which is way more convenient than the paper transfer for QAR at CBQ)
This way: no riyal here, and you spend commission less with REVO in Qatar. A small QAR to USD commission at barwa but no 3.6590 crappy rate from revolut for the bulk of your Savings.
I seem to recall Barwa is 3.647 maybe? The full of tricks @Elidja can tell you more.
Thanks @pcforce, good advice, will do that. And looking forward to get to know all the Qatar tricks
- QNB Compliance (as corresponding bank) rejected my QAR transfer to Revolut
- Not received my funds back to CBQ account yet, but CBQ confirmed money is at CBQ, just not on my account (3.5 weeks passed)
- checked QNB rates, 3.6525, so you right Barwa is better
CBQ should get you your money back. They are likely be the best.
For transfers you have to look at e-remittance or sell remittance. Not cash. So QNB is 3.6502. Doha Bank is 3.6500. You can perform transfers from the apps in USD. And most other currencies.
QNB is blocking all transfers to revolut. It’s not the only bank, unfortunately. I guess they are loosing business with revolut.
Barwa is working. CBQ is working. I wouldn’t trust Doha Bank for any remittance if there’s a problem. Masraf is using QNB for remittance.
QNB also has a nasty habit to block your account if you are released. I don’t know about Al Kahliji or Ahli Bank.
Go with the big reliable guys, but diversify your holdings or send home your monies if things get heated here.
Revolut has sent an email that on 25th June 2019 they will definitely close the Lloyd pathway to send money from local qatari banks to our revolut accounts. This is indeed very bad news as most bank do not accept the revolut IBAN number to send QAR.
I read that CQQ and Barwa Bank “are working” but, is anybody able to send QAR or USD using the Revolut IBAN number?
Thank you in advance
Same as @MarLo I too am affected by such change. I wish to know any work around this closure of Llyods pooled Iban account.
Using IBQ as my primary account. Thanks. In advance.