To open an account at Warka Bank you need:
1) Copy of Passport or Drivers License
2) A letter, as follows, authorizing Warka Bank to exchange USD to IQD on your behalf: I (insert your name) authorize Al-Warka Investment Bank to draw from my Dollar account ( current or saving ) in the above Bank and exchange the Dollar into Iraqi Dinar according to price fixed by the Central Bank of Iraq at that day , and then deposit it in my Iraqi Dinar account at the said bank
(Your Name)
(Your Address)
(Your Signature)
Here's how I sent the above to Warka Bank.
1) Scanned my Drivers Licence and saved as a jpg
2) Typed the above letter, printed it, signed it, scanned and saved as a jpg
3) Created and sent an email to: [email protected] - Insert File - Drivers License jpg
- Insert File - Autorization Letter jpg
- Body of email contained the following:
Dear XXXXXX (Account Representative's name),
Please open a USD and IQD Savings Account with Warka Bank on my behalf. Attached are my Drivers License and Authorization Letter.
Thank You,
Note:
You may check bank's new website for new account contact person. http://www.warkainvestmentbank.com/contact_us.htm
There are many alternate methods for creating, scanning, and attaching documents to an email. The most popular are jpg and pdf.
If you follow the above you will not have any problems opening an account. Be patient as Warka Bank is swamped with requests. It took 4 calendar days for my account to be opened.
Current Account - no interest is applied to account
Savings Account - interest is applied
Both accounts can be used to purchase Iraqi Stocks when opened to foreign investors.