LIVING IN DOHA
How to Qatar:
Cheaper ways to send money home
S
ending money home via your bank is quick and easy. But, you are probably not getting the best rate, as there are usually some hidden fees when converting foreign currency. These are not usually disclosed up-front, so you are often only made aware of them when you have slightly less than you expect in your home bank account. There is no one perfect tactic for getting the best deal, and different strategies will work better for some foreign destinations than others. Nevertheless, here are a few options you can explore.
1. Ooredoo Mobile Money (OMM)
Hosted by Ooredoo, this digital wallet can be linked to any bank account in Qatar. It has a very user-friendly Summer 2020 | Issue 14
interface and a variety of helpful options like handling payments to domestic staff, topping up Karwa cards, and sending money to other OMM accounts. While you can get a basic account with just an Ooredoo number and a QID, you can hold and send larger sums once you register in-person at an Ooredoo store. With a full account, you can transfer up to QR 10,000 per day digitally through exchange houses like MoneyGram and Al Dar Exchange to over 200 countries. Ooredoo often offers cashback options on transfer fees for further savings. You can also top up your OMM account by inserting cash directly into the Ooredoo machines found in a variety of shopping malls.
2. Lulu Money App
Lulu Hypermarket operates this currency exchange and money transfer service to over 170 countries. They have a same-day service for select countries at their physical locations. However, most transactions will take the usual two to three working days. Lulu Money has an app that you can link to a Qatar-based debit card and use to check rates instantly. While you can download the app and fill in your QID and other 57
