Deposit Cash in Warka

[Al The Welder]

After the RV will we be able to deposit our IQD in a Warka Acct? either by FedEx ... or fly to a bank location and deposit our Dinar?

This is regarding the possibility that we may only have a short time to exchange our large notes for smaller Denominations.

Since there is a Warka Bank branch in Lebanon and we can fly, there would it be advisable to do so?

Another question, is your electronic Dinar safe from any LOPs or other strange occurrence? I would think that an amount in an account would not vary, but could be exchanged at a normal rate in the future as the IQD to USD changes.

I would hate to have to exchange all of my IQD at a 10 Cents in the first week and a few weeks later it moves up to $1 or more?

[p71rock]

another LOPer posting. NO LOP will happen for 2-3 years

[BrokeNoMore]

After the RV will we be able to deposit our IQD in a Warka Acct? either by FedEx ... or fly to a bank location and deposit our Dinar?

This is regarding the possibility that we may only have a short time to exchange our large notes for smaller Denominations.

Since there is a Warka Bank branch in Lebanon and we can fly, there would it be advisable to do so?

I would hate to have to exchange all of my IQD at a 10 Cents in the first week and a few weeks later it moves up to $1 or more?

I think this was a great question. I'd like to see it answered without just focusing on the L0P part of the question.

[guster]

I think this was a great question. I'd like to see it answered without just focusing on the L0P part of the question.

I don't think anyone can answer the question, right now we can only send USD to Warks, so who knows what is going to happen after the RV, I would say no we

won't be able to do it.. Also, I think there is a Warka branch in Germany, may be safer to fly there.... It also depends if they give a time limit to cash out

the higher denoms.. there are just to many "if'" for anyone to be able to give an answer here....

[Hobbs]

I am also considering opening a WARKA account... my passport is lapsed, what exactly is a government approved ID? Driver's license??? I don't want to have to wait until I get passport updated. thanks

[keepmwlknfny]

After the RV will we be able to deposit our IQD in a Warka Acct? either by FedEx ... or fly to a bank location and deposit our Dinar?

This is regarding the possibility that we may only have a short time to exchange our large notes for smaller Denominations.

Since there is a Warka Bank branch in Lebanon and we can fly, there would it be advisable to do so?

Another question, is your electronic Dinar safe from any LOPs or other strange occurrence? I would think that an amount in an account would not vary, but could be exchanged at a normal rate in the future as the IQD to USD changes.

I would hate to have to exchange all of my IQD at a 10 Cents in the first week and a few weeks later it moves up to $1 or more?

Right now you cant fedex or ship your physical dinar into Iraq....they will be confiscated.....they used to accept it but not anymore....could that change? Its possible....but the way things are, the only way to get your money deposited into a warka account in dinar is to wire USD funds into the account and spread it inbetween your USD account and your dinar account. The safe bet? Go ahead and set up a Warka account, sell your dinar now for USD, then wire the USD into your warka account for dinar.

My personal opinion, is that you could fly with your dinar, stashed away somewhere but be wary of the consequences of other countries laws regarding whats illegal to travel with and whats illegal to bring with you.

If there is any lop, your electronic accounts would be adjusted accordingly...unfortunately there is no safeguard against a lop....and you also should always keep in the back of your head that IF iraq lops, its very possible that they could close down the borders and restrict any outside the country exchanges for the new bills. Many countries have gone this route before during redenominations and anyone outside the country still holding onto their currency is basically screwed.....Iraq has also pulled this stunt twice before.....another good reason why a warka account is a good and safe idea....the CBI guarantees its funds in all banks....(basically like the FDIC is here)

[Flyers1]

Hey Keep, if you don't mind me asking...is that how your set up?

[guster]

I am also considering opening a WARKA account... my passport is lapsed, what exactly is a government approved ID? Driver's license??? I don't want to have to wait until I get passport updated. thanks

You do not need a passport to open a warka account, your drivers license works.. you only need a passport to trade on the ISX.

[DinarBot]

Go to bank or currency exchange in your home town and exchange for USD. You do not need Warka/Airplanes/FedEx. Relax.

[keepmwlknfny]

Hey Keep, if you don't mind me asking...is that how your set up?

I've already made up my mind about it yes lol.....now I just gotta get all the paperwork etc together and actually do it.....

[Flyers1]

Thanks keep! Appreciate the response.

[matthew6:19-21]

Right now you cant fedex or ship your physical dinar into Iraq....they will be confiscated.....they used to accept it but not anymore....could that change? Its possible....but the way things are, the only way to get your money deposited into a warka account in dinar is to wire USD funds into the account and spread it inbetween your USD account and your dinar account. The safe bet? Go ahead and set up a Warka account, sell your dinar now for USD, then wire the USD into your warka account for dinar.

My personal opinion, is that you could fly with your dinar, stashed away somewhere but be wary of the consequences of other countries laws regarding whats illegal to travel with and whats illegal to bring with you.

If there is any lop, your electronic accounts would be adjusted accordingly...unfortunately there is no safeguard against a lop....and you also should always keep in the back of your head that IF iraq lops, its very possible that they could close down the borders and restrict any outside the country exchanges for the new bills. Many countries have gone this route before during redenominations and anyone outside the country still holding onto their currency is basically screwed.....Iraq has also pulled this stunt twice before.....another good reason why a warka account is a good and safe idea....the CBI guarantees its funds in all banks....(basically like the FDIC is here)

Listen to Breitling for a while to at least get another side of this investment. Start listening about mid november until current. You two have 180 degrees in differences of opinions on this investment. You have the "lop" nailed down and he has "rv" nailed down. Just thought you might like a little different take on things. Also keepmwlknfny if you don't have a Warka account already it takes a little less than five hundred dollars to get through the process.

[BrokeNoMore]

--- if you don't have a Warka account already it takes a little less than five hundred dollars to get through the process.

Doesn't it take some time though?

The only reason I'd do Warka is the effort to diversify in case this high-risk speculative investment ends up screwing everybody holding physical dinar that's outside Iraq. With money in the Iraqi bank, if a recall of 000 notes happens, and it sounds to me like it's very likely...that money won't have to be cashed in at the first offering. I'd like to invest some more right now, and sit on it for a year or more after RV.

What do you think?

[keepmwlknfny]

Listen to Breitling for a while to at least get another side of this investment. Start listening about mid november until current. You two have 180 degrees in differences of opinions on this investment. You have the "lop" nailed down and he has "rv" nailed down. Just thought you might like a little different take on things. Also keepmwlknfny if you don't have a Warka account already it takes a little less than five hundred dollars to get through the process.

Im good on the breitling lol....no offense but he is not one that i would ever listen to.....tried it twice and turned it off after only a couple mins....

What all fees were involved in setting the account up??

[poorman]

It,s going to RI. NUFF SAID.

[leanonme]

I have the forms to fill out. However I don't see where to send them.

[matthew6:19-21]

Im good on the breitling lol....no offense but he is not one that i would ever listen to.....tried it twice and turned it off after only a couple mins....

What all fees were involved in setting the account up??

Keep,

Sorry for the delayed response. It takes about $35.00 to wire money from your bank to warka. Then you must have a minimum balance of $150.00 in your USD warka account at all times. Then you have to have a minimum of $300,000 dinar in your IQD account at all times. Then you might as well send enough money while you are wiring to get their e-banking service so you can view your account online which cost $15,000 dinar. It took me 3 months to get all of this done plus get my ISX trading number. I am an automotive technician like yourself and it would be nice if this pays off a little our bodies can't do this forever. You must send USD to warka bank they will convert it to dinar for you you cannot send them dinar just to let you know if you did not know already.

[guster]

I have the forms to fill out. However I don't see where to send them.

Leanonme, if you are talking about opening a Warka account, here's how I did it:

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 Your Full 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 Full Name

Your Address

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:

c.accounts@warka-bank-iq.com

ifrd@warka-bank-iq.com

a.Insert File - Drivers License jpg

b.Insert File - Autorization Letter jpg

c.Body of email contained the following:

Dear Sir,

Please open a USD and IQD Savings Account with Warka Bank on my behalf. Attached are my Drivers License and Authorization Letter.

Thank You,

Your Name

Note:

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.

[hoopdog]

Im good on the breitling lol....no offense but he is not one that i would ever listen to.....tried it twice and turned it off after only a couple mins....

What all fees were involved in setting the account up??

Here you go keep, plenty of fees!

Thank you for choosing our bank and taking interest in our fine services.

To open a personal USD and IQD savings account we require a colored copy of your id containing your clear picture, signature, address and personal information sending it by e-mail to our customer accounts department c.accounts@warka-bank-iq.com

Once your account has been established our customer accounts department will send by email your USD and IQD account number including the wire transfer instructions to proceed with funding it.

The minimum balance which needs to be maintained in a savings account is:

USD savings account minimum balance: $150

IQD savings account minimum balance: IQD 300000

To open a business or corporate account we need the following documents:

1- Establishing contract and license

2- Certificate of Incorporation.

3- Letter of Good Standing

4- List of Directors and authorized signatures

The corporate documents must be certified by the Iraqi Embassy in your country or Ministry of Foreign Affairs in Iraq bearing the related seal. If you are company is operating in Iraq we need a certificated copy of the Company License verified and issued by the Iraqi Company Registration Office – Ministry of Trade.

The minimum balance which needs to be maintained in a corporate account is:

USD: $1000

IQD: 10000000

Once the account is opened and you have received your account details you can than wire transfer your funds to our bank through our corresponding bank. Wire transferring USD is the best, safest and most efficient way to fund your account as it is reliable and feasible where it is the only available method to fund your accounts at our bank.

Below are Warka Bank for Investment and Finance account details at Citibank in which you direct your USD bank wire transfer to fund your account at our bank noting that it is important to also include your Warka USD savings account number and full name when sending your funds to our bank.

Warka Account Number at Citibank: 36908969

Account Name: Warka Bank for Investment & Finance

Corresponding Bank Name: Citibank NA

Branch: New York

Swift Code: CITIUS33

Fed Wire: 021000089

With all the above information our bank will successfully receive your wire transfer within a week and it is very important to notify our customer accounts department when a transfer is executed to provide a confirmation once your funds have been received and credited to your account c.accounts@warka-bank-iq.com

Please note that it in accordance with the regulations set by the CBI Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer.

Furthermore and as posted on our website Iraqi Customs no longer permit courier companies operating in Iraq to receive and deliver packages containing funds of any currency and will be confiscated accordingly.

To wire transfer funds out of your account back to your local state bank we will need a signed request that authorizes our bank to exchange your IQD to USD executing the wire. You need to indicate your full banking details:

- Beneficiary name and address

- Bank name and address

- Swift Code (BIC)

- Account number

- Amount to be exchanged and transferred

- Colored id copy for verification

Your USD savings account will receive an interest rate of 3% per year and 7% per year for the IQD savings account the interest will be calculated on the lowest balance of the said month and credited automatically by the system twice a year at the end of June and December.

Business, corporate and checking accounts are zero bearing accounts and receive no interest at all where these types of accounts must be funded on a periodic basis to avoid holding a dormant status and maintenance charges deducted.

Below are a list of our fees and charges:

Remittance fees 0.3% for each incoming wire transfer minimum charge being USD $5.

Swift charges: USD $52 for sending an outgoing wire transfer from our bank.

Open USD account: USD $2 which is a one time fee.

Open IQD account: IQD 2000 which is a one time fee.

USD account statement: USD $5 which will be charged whenever you request your USD statement.

IQD account statement: IQD 5000 which will be charged whenever you request your IQD statement.

Transfer between Dinar accounts IQD 1000 which will be charged whenever such a transfer is made.

Transfer between Dollar accounts USD $2 which will be charged whenever such a transfer is made.

The purchase of IQD will be according to the rate set by the Central Bank of Iraq on that particular day.

We offer the following Certificate of Deposits:

1- 3 months CD: 8.5%.

2- 6 months CD: 9.5%.

3- 1 year CD: 10.5%.

Please note that above rates and fees are not fixed and subject to change without any prior notification.

Once your account has been funded it is possible to obtain your online login details. To receive your online client id and password once your account has been confirmed to be funded covering the opening balances USD $150 and IQD 300000 please send a signed request to our e-banking team e-bank@warka-bank-iq.com that authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter. Once the fee has been deducted the login details will be issued by our e-banking department.

To participate in the Iraqi Stock Exchange according to the firm regulations and requirement set by the ISX to purchase stocks under your name you must first have the following documents certified by the Iraqi Embassy or Iraqi Consulate in your country.

1- Valid Clear Colored Passport Copy and Valid Clear Colored ID Copy

2- Address and contact details.

3- Your three signatures for verification.

The documents must bear the Iraqi Embassy seal and are to be sent to our mailing address where it will be submitted to the ISX for verification and approval. Once approved the ISX (Iraqi Stock Exchange) will register your name and information in their electronic system issuing your investment trading number within a period of 2- 3 weeks where once issued our ISX department isx@warka-bank-iq.com will confirm to proceed accordingly with purchasing stocks in your good.

To buy stocks please send a signed buy order by email to our ISX department isx@warka-bank-iq.com indicating the company and number shares that you are interested in purchasing authorizing our bank to deduct the purchase amount and commission fees and by visiting the official ISX website www.isx-iq.net <http://www.isx-iq.net/> bulletin and reports - electronic bulletin you can view a list of the companies that are currently trading and updated market prices to base your stock order noting that the minimum buy order is 200000 shares per company per session and that the commission fee is 1% per buy order. The same fee and procedure is applied when selling shares.

For any further information please take a moment to visit our website www.warka-bank.com <http://www.warka-bank.com/> news bulletin to view the latest notice regarding the contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly.

Best regards,

Right now you cant fedex or ship your physical dinar into Iraq....they will be confiscated.....they used to accept it but not anymore....could that change? Its possible....but the way things are, the only way to get your money deposited into a warka account in dinar is to wire USD funds into the account and spread it inbetween your USD account and your dinar account. The safe bet? Go ahead and set up a Warka account, sell your dinar now for USD, then wire the USD into your warka account for dinar.

My personal opinion, is that you could fly with your dinar, stashed away somewhere but be wary of the consequences of other countries laws regarding whats illegal to travel with and whats illegal to bring with you.

If there is any lop, your electronic accounts would be adjusted accordingly...unfortunately there is no safeguard against a lop....and you also should always keep in the back of your head that IF iraq lops, its very possible that they could close down the borders and restrict any outside the country exchanges for the new bills. Many countries have gone this route before during redenominations and anyone outside the country still holding onto their currency is basically screwed.....Iraq has also pulled this stunt twice before.....another good reason why a warka account is a good and safe idea....the CBI guarantees its funds in all banks....(basically like the FDIC is here)

When did Iraq pull this stunt twice before?

[keepmwlknfny]

When did Iraq pull this stunt twice before?

They did it in 1993 when they pulled the 25 dinar note out of circulation and they also did it in 2003 for exchanging saddam dinars for the ones we hold now....

Keep,

Sorry for the delayed response. It takes about $35.00 to wire money from your bank to warka. Then you must have a minimum balance of $150.00 in your USD warka account at all times. Then you have to have a minimum of $300,000 dinar in your IQD account at all times. Then you might as well send enough money while you are wiring to get their e-banking service so you can view your account online which cost $15,000 dinar. It took me 3 months to get all of this done plus get my ISX trading number. I am an automotive technician like yourself and it would be nice if this pays off a little our bodies can't do this forever. You must send USD to warka bank they will convert it to dinar for you you cannot send them dinar just to let you know if you did not know already.

Thank you....

[rdm5130]

Here you go keep, plenty of fees!

Thank you for choosing our bank and taking interest in our fine services.

To open a personal USD and IQD savings account we require a colored copy of your id containing your clear picture, signature, address and personal information sending it by e-mail to our customer accounts department c.accounts@warka-bank-iq.com

Once your account has been established our customer accounts department will send by email your USD and IQD account number including the wire transfer instructions to proceed with funding it.

The minimum balance which needs to be maintained in a savings account is:

USD savings account minimum balance: $150

IQD savings account minimum balance: IQD 300000

To open a business or corporate account we need the following documents:

1- Establishing contract and license

2- Certificate of Incorporation.

3- Letter of Good Standing

4- List of Directors and authorized signatures

The corporate documents must be certified by the Iraqi Embassy in your country or Ministry of Foreign Affairs in Iraq bearing the related seal. If you are company is operating in Iraq we need a certificated copy of the Company License verified and issued by the Iraqi Company Registration Office – Ministry of Trade.

The minimum balance which needs to be maintained in a corporate account is:

USD: $1000

IQD: 10000000

Once the account is opened and you have received your account details you can than wire transfer your funds to our bank through our corresponding bank. Wire transferring USD is the best, safest and most efficient way to fund your account as it is reliable and feasible where it is the only available method to fund your accounts at our bank.

Below are Warka Bank for Investment and Finance account details at Citibank in which you direct your USD bank wire transfer to fund your account at our bank noting that it is important to also include your Warka USD savings account number and full name when sending your funds to our bank.

Warka Account Number at Citibank: 36908969

Account Name: Warka Bank for Investment & Finance

Corresponding Bank Name: Citibank NA

Branch: New York

Swift Code: CITIUS33

Fed Wire: 021000089

With all the above information our bank will successfully receive your wire transfer within a week and it is very important to notify our customer accounts department when a transfer is executed to provide a confirmation once your funds have been received and credited to your account c.accounts@warka-bank-iq.com

Please note that it in accordance with the regulations set by the CBI Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer.

Furthermore and as posted on our website Iraqi Customs no longer permit courier companies operating in Iraq to receive and deliver packages containing funds of any currency and will be confiscated accordingly.

To wire transfer funds out of your account back to your local state bank we will need a signed request that authorizes our bank to exchange your IQD to USD executing the wire. You need to indicate your full banking details:

- Beneficiary name and address

- Bank name and address

- Swift Code (BIC)

- Account number

- Amount to be exchanged and transferred

- Colored id copy for verification

Your USD savings account will receive an interest rate of 3% per year and 7% per year for the IQD savings account the interest will be calculated on the lowest balance of the said month and credited automatically by the system twice a year at the end of June and December.

Business, corporate and checking accounts are zero bearing accounts and receive no interest at all where these types of accounts must be funded on a periodic basis to avoid holding a dormant status and maintenance charges deducted.

Below are a list of our fees and charges:

Remittance fees 0.3% for each incoming wire transfer minimum charge being USD $5.

Swift charges: USD $52 for sending an outgoing wire transfer from our bank.

Open USD account: USD $2 which is a one time fee.

Open IQD account: IQD 2000 which is a one time fee.

USD account statement: USD $5 which will be charged whenever you request your USD statement.

IQD account statement: IQD 5000 which will be charged whenever you request your IQD statement.

Transfer between Dinar accounts IQD 1000 which will be charged whenever such a transfer is made.

Transfer between Dollar accounts USD $2 which will be charged whenever such a transfer is made.

The purchase of IQD will be according to the rate set by the Central Bank of Iraq on that particular day.

We offer the following Certificate of Deposits:

1- 3 months CD: 8.5%.

2- 6 months CD: 9.5%.

3- 1 year CD: 10.5%.

Please note that above rates and fees are not fixed and subject to change without any prior notification.

Once your account has been funded it is possible to obtain your online login details. To receive your online client id and password once your account has been confirmed to be funded covering the opening balances USD $150 and IQD 300000 please send a signed request to our e-banking team e-bank@warka-bank-iq.com that authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter. Once the fee has been deducted the login details will be issued by our e-banking department.

To participate in the Iraqi Stock Exchange according to the firm regulations and requirement set by the ISX to purchase stocks under your name you must first have the following documents certified by the Iraqi Embassy or Iraqi Consulate in your country.

1- Valid Clear Colored Passport Copy and Valid Clear Colored ID Copy

2- Address and contact details.

3- Your three signatures for verification.

The documents must bear the Iraqi Embassy seal and are to be sent to our mailing address where it will be submitted to the ISX for verification and approval. Once approved the ISX (Iraqi Stock Exchange) will register your name and information in their electronic system issuing your investment trading number within a period of 2- 3 weeks where once issued our ISX department isx@warka-bank-iq.com will confirm to proceed accordingly with purchasing stocks in your good.

To buy stocks please send a signed buy order by email to our ISX department isx@warka-bank-iq.com indicating the company and number shares that you are interested in purchasing authorizing our bank to deduct the purchase amount and commission fees and by visiting the official ISX website www.isx-iq.net <http://www.isx-iq.net/> bulletin and reports - electronic bulletin you can view a list of the companies that are currently trading and updated market prices to base your stock order noting that the minimum buy order is 200000 shares per company per session and that the commission fee is 1% per buy order. The same fee and procedure is applied when selling shares.

For any further information please take a moment to visit our website www.warka-bank.com <http://www.warka-bank.com/> news bulletin to view the latest notice regarding the contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly.

Best regards,

When did Iraq pull this stunt twice before?

I personally don't find the fees that much more than most US banks charge, in fact in some areas they are a lot less. My banks here have a much longer list than Warka. Plus money in your IQD account at Warka is earning a nice 7.5% while we wait.

[FishmanTx]

Right now you cant fedex or ship your physical dinar into Iraq....they will be confiscated.....they used to accept it but not anymore....

Do you remember or know where to get hard Iraqi info (not guru) on that? I know it can't leave the country and that Warka won't take it, but I need to find where it says you can't bring it in. Gotta play show-n-tell with some of my peeps......

Edited December 9, 2011 by FishmanTx

[eightball]

This has been helpful but still need assistance

[Barboza]

Designed by Congress to snare tax dodgers with funds stashed abroad, the new rules are also likely to hit unsuspecting immigrants and first-generation Americans. Even tax preparers may be caught off guard.

"The days of the secret, offshore trust are over," said Richard Luthmann, a lawyer in New York who said he is working with clients from India and Canada on tax disclosure.

The rules are "really hitting a lot of unsophisticated persons with international ties," he said.

The IRS on Monday published nine pages of instructions for filling out a new form that taxpayers must file with 2011 tax returns due on April 15, 2012. The exact number of taxpayers affected is unclear, but is in the hundreds of thousands.

The new form applies to U.S. taxpayers living in the United States with at least $50,000 in assets abroad as of December 31, and to Americans living abroad with at least $200,000 in assets.

http://www.msnbc.msn.com/id/45726975

Edited December 21, 2011 by Barboza

[tilak]

YES..it is a bank account