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Current total cost of opening Warka


arownious
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According to http://dinarspeculation.com/how-to-open-a-warka-account-to-invest-in-iraqi-dinar/ it is $425 + I'm assuming fees. Does the Warka account still have a minimum balance of 300,000 IQD? The post on dinar speculation has no date and I had seen some articles here on the forums where people mentioned 15,000. They may have been missing a zero though.

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According to http://dinarspeculation.com/how-to-open-a-warka-account-to-invest-in-iraqi-dinar/ it is $425 + I'm assuming fees. Does the Warka account still have a minimum balance of 300,000 IQD? The post on dinar speculation has no date and I had seen some articles here on the forums where people mentioned 15,000. They may have been missing a zero though.

Contact them, they will tell you.

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According to http://dinarspeculation.com/how-to-open-a-warka-account-to-invest-in-iraqi-dinar/ it is $425 + I'm assuming fees. Does the Warka account still have a minimum balance of 300,000 IQD? The post on dinar speculation has no date and I had seen some articles here on the forums where people mentioned 15,000. They may have been missing a zero though.

$150 USD min in your USD account

300,000 IQD min in your IQD account

There are some other fees I don't recall right now. Transfer free from the German bank to Warka was around $25 USD

They took a small fee of around $5 USD to transfer my funds from the USD account to the IQD account only the first time until I got my online banking setup so I can do it myself.

Then there is the form for 15,000 ISQ yearly fee for having the accounts which again is less than $5.

If you wired over around $475 it should cover all your min balance requirements and your fees.

Please read a lot of the details in the Warka thread. There is a ton of information that has been posted. Not trying to put you off but to keep posting the same information seems pointless.

Goldiegirl :)

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$150 USD min in your USD account

300,000 IQD min in your IQD account

There are some other fees I don't recall right now. Transfer free from the German bank to Warka was around $25 USD

They took a small fee of around $5 USD to transfer my funds from the USD account to the IQD account only the first time until I got my online banking setup so I can do it myself.

Then there is the form for 15,000 ISQ yearly fee for having the accounts which again is less than $5.

If you wired over around $475 it should cover all your min balance requirements and your fees.

Please read a lot of the details in the Warka thread. There is a ton of information that has been posted. Not trying to put you off but to keep posting the same information seems pointless.

Goldiegirl :)

This is not correct.

I have never funded my USD account. It's balance is still zero. I opened my Warka acct. with $600 USD so I don't know what the minimum is. If you don't meet the minimum, they will probably accept the wire but charge monthly fees ( just a guess ) to maintain until it meets minimum.

I wired my funds directly to the IQD account, in NY, and pay only wire service fees charged by my bank, and a very small exchange fee to Warka to exchange USD funds to IQD.

They continue to accept wires to my IQD account, and I have sent four separate wires now.

The real problem seems to be getting money back.

And please close this thread and refer to the other threads in the Warka forum. :) Redundancy is unnecessary :)

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This is not correct.

I have never funded my USD account. It's balance is still zero. I opened my Warka acct. with $600 USD so I don't know what the minimum is. If you don't meet the minimum, they will probably accept the wire but charge monthly fees ( just a guess ) to maintain until it meets minimum.

I wired my funds directly to the IQD account, in NY, and pay only wire service fees charged by my bank, and a very small exchange fee to Warka to exchange USD funds to IQD.

They continue to accept wires to my IQD account, and I have sent four separate wires now.

The real problem seems to be getting money back.

And please close this thread and refer to the other threads in the Warka forum. :) Redundancy is unnecessary :)

BrokeNoMore, I respect your comments but please do not tell me my comment is not correct. Mr Issa told me a balance of $150 was required in my USD account when I requested new account setup. My understanding that zero balance accounts can be closed.

I only wired to my USD account and from there they did the first transfer and after my online banking was setup, I transfer from USD to IQD myself whenever I wire them money.

As far as I know you are the only one who is wiring directly to their IQD account. While this may also be a viable solution it is not the protocol that Warka defines in their emails for new account holders. Perhaps once it's setup you can wire directly. I have not done that.

Perhaps you can confirm with an email to Mr Issa that you can have a zero balance in your USD account. Until I see otherwise, I will follow Warka's instructions.

Goldiegirl :)

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Goldie Girl is correct with her information as this is what Warka currently requires. I'm not sure what Wakra might've required in the past because it sounds like other people might have had a different experience.

Here's what I asked Warka regarding minimum balances, and this what they told me. On February 24, 2012, I sent this email:

"To Whom It May Concern:

Thank you for your assistance with opening these two accounts, and for the information provided.

Is there a minimum amount of USD that I need to maintain in my savings account at all times?

And is there a minimum amount of IQD that I need to maintain in my IQD account at all times?

Thank you..."

Here is Warka's reply:

"Dear Sir,

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..."

It only took 10 days for me to open and fund my two Warka savings accounts (the U.S.D. savings account, and the the IQD savings account). The fees that Goldie Girl mentioned are the fees that I've also incurred.

Warka's customer service is a little slow (compared to what I'm used to) but it has always been in touch with me within 2-4 days.

I know there are some members here - many who have much, much more experience with this investment than I - who are uncomfortable and untrusting with regards to Warka. But I have to say that Warka has continued to transact business with me satisfactorily even during this time period in which the CBI has become involved with its operations.

But you have to do what's comfortable for you.

I'm comfortable with my decision to do business with Warka. I started with the minimum amount to learn the ropes and see how it goes. And although I would rather not lose any of my money, I only risked what I could afford to lose. I happen to believe that every aspect of this investment at this stage is speculative - from the RV to the ISX to Warka.

I would never invest money that I need for my family's basic necessities or well-being. But I'm comfortable using a percentage of my discretionary income to invest in this speculative venture because of its potential return on investment.

So, currently, you're looking at around $450 to $500 to get started with Warka - unless certain policies change in the coming days and weeks due to its current situation.

The last thing I will say is this: Although I don't know Goldie Girl personally, I researched the threads she participated in with regards to Warka, and followed her instructions to the letter and didn't encounter a single problem - everything proceeded smoothly, which is why I think the accounts were opened and funded within 10 days.

Good luck! This is a great community of knowledgeable people who are willing to share what they know and are happy to help us new "guys" with best practices. :rolleyes:

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