Warka $150

[summer]

To open an account I need to have a min balance of$150 USD plus 300,000Iqd,so I need to send $425 USD. Does that mean I would have to leave a min balance of $150 in my USD at all times and cant transfer some of it into IQD? Just want to know before I open an account with them,because if I cant convert that $150 to IQD. I would be better off using that $150 to buy IQD here at home,then letting it set there not receiving RV potential or would we be able to transfer it?maybe not?

[Fi3ry_Ph03n1x]

To open an account I need to have a min balance of$150 USD plus 300,000Iqd,so I need to send $425 USD. Does that mean I would have to leave a min balance of $150 in my USD at all times and cant transfer some of it into IQD? Just want to know before I open an account with them,because if I cant convert that $150 to IQD. I would be better off using that $150 to buy IQD here at home,then letting it set there not receiving RV potential or would we be able to transfer it?maybe not?

I have heard this from the IFRD (Int'l Foreign Relations Dept.) rep. I have a Warka account, but they had no such stipulations when I opened my account. On a later deposit, he mentioned this requirement to me. I blatantly disregarded it as I opened my account before this rule was put into effect. For a new account, however, I would expect them to leave $150 in your USD side of the account.

FP

[GJM]

Hi Summer,

I believe you would have to leave the $150 in your USD account. If you're wanting the max amount of dinar for your money- then you might be best buying the currency. The benefit of a Warka account is you can ride the rate up over time if it comes out low - without having to worry about a "cash in period". You can also to ISX - (something that I'm not familiar with). The cons - Warka is not insured and I believe you can only withdraw $5000 a day. Getting a Warka account is another way of covering all the bases. FYI - I do have a Warka account. Others - correct me - please if I'm wrong on any of this.

[Fi3ry_Ph03n1x]

Hi Summer,

I believe you would have to leave the $150 in your USD account. If you're wanting the max amount of dinar for your money- then you might be best buying the currency. The benefit of a Warka account is you can ride the rate up over time if it comes out low - without having to worry about a "cash in period". You can also to ISX - (something that I'm not familiar with). The cons - Warka is not insured and I believe you can only withdraw $5000 a day. Getting a Warka account is another way of covering all the bases. FYI - I do have a Warka account. Others - correct me - please if I'm wrong on any of this.

I don't know about a $5,000 per day limit. But on the $150, most of these dinar trading sites are charging around a 20% to 25% markup on the actual value of the currency anyway. I haven't priced it much since I don't intend to buy currency (well, I will actually as I am heading out on R&R before I leave Iraq... so it will be much closer to the actual exchange rate than the dealers who ship overseas are charging). I would expect to lose that $150 or close to it just in the markup. Plus, the upside at Warka is the interest rate which is still huge compared to the states for obvious reasons.

GID Associates, for example, sells IQD at $995 per 1m IQD. This is about 1,005 IQD per $1 USD. The going rate at the bank is 1173 IQD so you're taking it for 168 dinar for every USD you spend. Multiply that by 425: 71,400 IQD. They offer different packages so there will be some variation in what you pay, but you'll always get less than you pay for, and never get any interest. (I've collected nearly a million IQD just in interest since starting this investment, but I got in early at a higher interest rate, too). When it's all said and done, the extra money didn't go into the pocket of a dealer, it's still at Warka in the USD side gaining 4% interest which is more than I'm getting on a 5 year CD in the states right now. You get a CD with Warka? I think their 6 month CD was 8.5% or something astronomical like that. Just some other things to think about.

FP

[SexyDinar]

I have a Warka account and yes you need a minimum balance to open the account. However, I have now transferred that $150 into IQD and just left about .86 cents in the USD account. I want to get the best return on my money so there was no way I was leaving that amount of Dollars doing nothing for me.

[SexyDinar]

I have just had a thought............................!

If Warka currently have a withdraw limit of $5000.00 per day surely any evidence of a RV will be highlighted by there changes to there charges and limit changes on there websites, just a thought.

Also, those limits will have to increase and there charges decrease otherwise 1.5% is a **** of alot of money for charges plus transfer costs!!!!