Qatari Riyal - British Pound Exchange rates
Hi, I am currently planning to come to Qatar, and it strikes me that my salary could potentially, significantly fluctuate in line with the exchange rate, by upto a few hundred pounds (eg. if exchange rate was £1 - QR 5.9 as opposed to £1 = QR 6.9 for example). Having not worked overseas before, I was just wondering how other people managed or dealt with this, or am I worrying unecessarily? Maybe its just a risk I should take? I don't really understand how exchange rates work, but I'm worried incase my salary goes down month by month.... Many thanks!!
Thank you so much for your replies.
Please can I ask if anyone knows which banks / fx houses would allow for me to pay Qatari Riyals into an account in London / UK? Also, I was wondering if "smart currency" have a branch in Doha? I hear they are good. Any website links would be much appreciated!! Many thanks!!!
LP--I insisted on being paid in Aruban florins, and I've never regretted it.
It's still pot luck. The exchange rate may go up or down.
You are right though. Whatever the rate, we need to send money home for neccessities..
Only been here three months and it was 5.7 to the pound, now its 5.9 and even that will make a big difference if you are sending home a large chunk.
If you can afford to hang onto your money and wait then that's obviously an advantage. I have managed to send home enough to cover my mortgage and other things for the next month so I can hang on a little while before sending more back.
1 British pound = QAR5.5 ???
There some really good online exchanges too, which always give better rates then most banks and exchanges like XE.com
Its swings and roundabouts. Either way, you can win or lose. In the medium term, I doubt whether the pound will fluctuate too much..
I remember the time when the pound went down to 3.80 SR and then went up to 7.25 :O)
Ha, ha, and you know what? It makes no difference, because the Riyal and the Dollar are tied at 3.65.
There are some really clever people who negotiate their salaries to be paid in a currency they choose. I did not accept QR, I insisted on US $, and I got it.
If you don't have to send money back to pay bills etc I suggest that you send large chunks of money back whenever the rate is most to your benefit.
Use the rate at which you arrive in Qatar as your benchmark eg When I came here it was 6.2 QR to the pound. It has swung as high as 7.8 and as low as 4.9. I then know that anything below 6.2 I'm getting a good deal.
When the rate was high I never sent money home for 2 yrs until it came back down to about 5.8.
The rate is pretty stable most times and it ranges from 5.6 to 5.9.
And indeed some employers have a currency protection plan in operation to limit the effect of currency rate flucuations
don't travel back home or send money back.
Clear it out with HR dept, some companies give currency protection allowance when situation demands ..
Have a look at . http://finance.yahoo.com/currency-converter/#from=USD;to=EUR;amt=1 check teh trends for 2 years or 5 years,, it will give you an idiea how its looking