Which bank does not require a minimum balance to be maintained at all times
Hi, I'm looking at opening a savings bank account in Qatar.I've so far come across Commercial Bank and HSBC requiring a minimum balance of QR 3,000 to be maintained at all times else a QR 25 charge. Thats a high amount to be lying uninvested. The benefit they are offering is a 2.5% interest and a ATM/debit card. I am right now getting minimum 15-20% return on my investments in India!
Is there any bank in Qatar which has good service and does not require this high a balance to be maintained. Even though my account will most probably have much more than this minimum balance i need to have a option of completely withdrawing my money without being charged everytime.
In Bahrain, my Ahli United Bank required me to have BD 1 initial deposit (QR10) and no minimum balance requirement - also had the ATM/debit card, nominal interest credit etc.
rlasrado its 25QR per month...they match the balance at the end of the month (at least for the Account holder). The statement might come at the quarter (after all they have a lot of work to do ..these banks).
What is the need for the "AVERAGE BALANCE" ? And then on top of it Annual Fees + Service Fees + non-maintainence-of-balancce-fee and what not.
The "Plastic Money" have given power directly to be Banks. These banks can charge for anything and you will have no choice but stick with it. Ok, you can change banks but they usually have the same terms & conditions. They did not have such power on you when you dealt in Cash.
I wonder if one can survive today without a Bank A/c & Debit Card?
I've been informed by my colleague that it is a 25QR charge per quarter if I don't maintain a average balance of QR 3,000 in the savings bank account. If this is true then i don't care if they charge the 25QR although i have to confirm the same with the bank.
So the main thing now would be which bank has the best service - i am inclined towards Commercial Bank.
Anys views on IBQ?
irrysa - ICICI bank India has started charging..on ATM withdrawal.
It usually wont be an isololated thing.
Mostly all banks world-over are interconnected & the policies are usually applied worldwide.
I was shocked to say the least.
better start reading the fine print.....by the way how many people do?
Thanks everybody. What say about Doha Bank? They have a min deposit of QR 1000 (better than QR 3000)
HSBC states that if you transfer your salary from this Company "...." then no minimum balance required. How is the service of HSBC Qatar - they say the world's local bank - but i've always hated them internationally :-) Horrible in Bahrain and India.
Actually they r the third bank i tried here in doha CBQ, Mashreq n now Hsbc.. Lets c maybe IBQ next...
R7, i used to have my account in HSBC too. but only coz my friend works there.
if u r happy with ur bank, that's good.
any bank is good-as long as u r happy with it!
If you're looking for a problem, you're probably gonna find one.
Stop Promoting Ahli Bank so much ... N i happen to like the service of HSBC ,,, coz I have my a/c there hehehe :P
Do u get commision for all these posts ???!!! :)
Me too, need to open bank account here, I see you are giving good info, specially what bank not recommended, but what about Doha Bank? in my office they suggested this
My savings is in Commercial Bank of Qatar (CBQ), they don't require any amount of minimum balance. I even left my account zero for 4 months when I was in Dubai, when I came back and use my account again, they didn't charge any penalty fee.
"Rather than striving to be a person of importance - strive to be a person of value." Albert Einstein
jack... which bank is charging u for issuing ATM card??
about charging u for atm transactions, well i know that ABQ doesn't do that.
but, u know, almost each and every bank in Europe will charge u some fees in u take cash from the ATM-but mostly they'd charge u if u take from another bank's ATM, not the one that u have AC with.
If you're looking for a problem, you're probably gonna find one.
My savings is in Commercial Bank of Qatar (CBQ), they don't require minimum balance. I even left my account zero for 4 months when I was in Dubai, when I came back and use my account again, they didn't charge any penalty fee.
"Rather than striving to be a person of importance - strive to be a person of value." Albert Einstein
These banks are a daylight robbery.
First they say using Debit & ATM cards to with draw money from ATM is free and no anual Fee.
Next they say yes there is an annual fee (we do have to maintain the machines, replace parts, put grease in the parts etc.)
Next they say every ATM withdrawal will have a charge Plus the Annual Fee. (its usually a fixed fee irrespective the amount you withdraw)
Soon you have to pay 10% intrest to withdraw your own money which you had given them to do business with in the first place
I dont want to start talking about credit card & Loans it might take up reams & reams of paper (ok .. screenfulls!).
yea you may contact her she is better than me :D
i JP Morgan will charge u alot even for the form u will borrow :D
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LOL DaRuDe!
Well, at least it's not like HSBC-they won't even take ur money if u don't want to transfer ur salary!
can u imagine? a bank that doesn't want to open u saving account if u don't open current account with salary transfer!
Rlasrado, if u want some details u can PM me.
If you're looking for a problem, you're probably gonna find one.
thats why i dont like it bad service :D
try JP Morgan they will get u above the sky :D
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Then come to Ahli Bank here in Qatar.
The min. deposit is, i guess, only 500QR and u should maintain min of this amount (and the charge is much less than other bank's 25QR, too).
If you're looking for a problem, you're probably gonna find one.