Thread: Iraqi Bank Online

Hello

I would like to tell those off you that dont know.
Now you can open a bank account in Iraq.

If you wish to or not is up to you. Some say there is now way that the hard cash will change. Others say that having your money in a bank in iraq is not safe ( as to if someone blows it up .....). That is a different thing.

I did this for reasons as:
1) Get a really great exchange rate for the dinars / dollar 1325 to 1 .
2) I wanted to get in the first wave of foreign investors to be able to purchase stock on the ISX when it opens to foreign investors .

Try this link.

Warka Bank Official Website

Regards

Marek

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]

1. Insert File - Drivers License jpg
2. Insert File - Autorization Letter jpg
3. 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.

You open 2 accounts with Warka. One is in USD and the other is in IQD. You then wire transfer from your bank account in your country (USD) to the Warka USD account you opened.

Let's say you wired $1,000 USD. Your Warka USD account now has $1,000 USD in it.

You then advise Warka bank to transfer $500USD to your IQD account. Assuming $1USD = 1460IQD, Your Warka USD account now has $500USD and your Warka IQD has 730,000IQD (less expenses)

Hope that helps

Note! When you wire your money to the warta bank, the intermediate banks will charge you a fee aswell for the transfer. So if you wire your money from US. it will cost you 30-45 usd. The intermediate bank will charge you about the same.

The Online bank is so new that they havent really put up the creat account link yeat. It might take a little time.. Until then you can create an account by following the procedure mentioned above.

If you wont wish to email sensitive details to the bank, here is the mailing adr. It might take some time for them to get your mail aswell (2-3 weeks).

Warka Investment Bank
Head Office
Baghdad – Iraq
Hay Alwihda – Sec. 902 – 14th St.
P.O. Box : 3559 Elwiya

ATTN: Miss R B

Tel. : 00964 1 7170271
[email protected]

I would like to give you the new e-mail boxes that I’ll use in future .
For any question or informations any one need to ask about , send your e-mails to :
[email protected]

For any documents need to send to open an account , send your e-mails to :
[email protected]

For any requests for services like exchanging , bank statement , stocks , … , send your e-mails to :
[email protected]

Just received some info from Warka bank, thought it might help our members. Wondering what would be the best country to wire funds through and why.


From: [email protected] Add to Address BookAdd to Address Book Add Mobile Alert
To:XXXXXXXXXXXX,
Thank you for your e-mail.
Thank you for choosing our bank to be your assistance for your
financial
needs in Iraq, and it give us a great pleasure to deal with you in our
bank .
You can open two accounts, one in Iraqi Dinar and the other in US
Dollars .For this we need copy of your passport or any official
document, specimen of your signature duly attested, full address,
small picture ( please send it by e-mail to the following e-mail box
: [email protected] ), once the account is open
you can transfer your funds to our bank through one of our
corresponding banks:

Housing Bank for Trade and Finance
Swift Code: HBHOJOAX

P.O Box 7693
Amman 11118 Jordan

Our A/C No. in US Dollars../ 0019583140201

Dresdner Bank AG
Swift Code: DRESDEFF
Jurgen – Ponto – Platz1
D- 60301 Frankfurt/ Main
Federal Republic of Germany
Our A/C No. in US Dollars../ 08-005-734-00-400

Commerz Bank
Swift Code: COBADEFF
6021 Frankfurt a m main, Germany
Our A/C No. in US Dollars../ 400875402000

For exchanging your funds into Iraqi Dinar we ask you to sent an
authorizing letter to our bank signed by your goodself ,to enable
the bank to exchange Dollars to Iraqi Dinars . The form of this
authorizing letter is as follows:
“I ---------------- 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” .

Also we must inform you that any drawing from such account should
be
made by you personally or by written authorization from your goodself
, and please be informed that you can not transfer any Iraqi Dinars
out of Iraq because it’s not allowed by the regulation of Iraqi
Central Bank .

Kindly inform me what kind of accounts do you need (is it current or
saving ? ).
Please inform me do you need personal account or for a company (
please
send copy of company registration papers ).
Please be informed that we will credit your deposit saving
account
an interest rate of 3.5% per year for the dollar account and 6% per
year for the Iraqi Dinar account the interest will calculated on the
lowest balance of the said month .
Please be informed that the current account have no interest.

Please find below our charges:

Remittance fees 0.125% .
Open Dollar account ( saving or current ) 2$ .
Open Dinar account ( saving or current ) ID2000 .
Dollar account statement $2 .
Dinar account statement ID 500 .
Dollar saving account bank book $2 .
Dinar saving account bank book ID 2000
Transfer between Dinar accounts ID 1000 .
Transfer between Dollar accounts $2 .
Purchase Iraqi Dinar 1.5 ID for each Dollar .
Purchasing Iraqi Dinar the Central Bank of Iraq take 1 ID for each
Dollar.

Kindly be informed that , we will draw these charges from your goodself
account .

The amount of exchanging Iraqi Dinars against the Dollar is variable
depending on the market but you can follow the changes through this
web
site :"http://www.iraqdirectory.org"
Once your goodself send the informations I need , the accounts will be
open .
Thank you again for contacting us and if you need any further
information
, please do not hesitated to contact me .
Dear sir , we remain .
Best regards .
International Relationship Department
F

It might be that there are many other banks online. But i know only of this one. I wont say that their website is pro, but considering what is going on down there, and also how well their internet is developed, i would think that it is a safe bank. I know many that have a account in this bank.

But please do your own DD.

I myself will send 1/2 of my dinars to the bank, and rest i will keep in hand. Do a simple 50%-50%.

regards

marek

Visa Card : Due to our New World with High Technology services , fast communications and Safe . Under the demand of carrying money Easy , Safe , Fast . Visa Card give you the solution . Warkaa bank and under it's new cooperation with the Housing Bank .You can get your New Visa Card , connect it with your bank account in our Bank .

Taken from http://www.warka-bank.com/visa_card.htm

Thanks Marek, I was wondering How to get a better exchange for the USD. Also what are your thought on when it pegs, to convert in into Euro's instead of back to the USD.? I am hearing this might be best or a oppritunity to earn even more.