Depositing money with warka

[Goodlife]

The following reply from Warka is more confirmation that we have to route deposit money through the German bank Commerzbank instead of the US bank Citi Bank.

According to other replies from Dinar Vets members,Citibank cannot be used to deposit money into Warka.

Thanks to all those who have helped in confirming this change. It is important to identify the problem correctly.

Just to add to the confusion , Warka have still got Citi bank as their inferred first choice corresponding bank on the list of corresponding banks on their Web site.

The following reply from Warka to the problem and Question of having deposit money recently bounce back from Citi bank was received 10th of April 12 -

According to our updated working procedures your wire transfers are to be directed to our corresponding bank in Germany through Commerzbank in accordance with the wire transfer instructions confirmed by our bank

Below are Warka Bank for Investment and Finance account details at Commerzbank 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 Bank for Investment and Finance USD Account Number at Commerzbank : 400875402000

Account Name at Commerzbank: Warka Bank for Investment & Finance

Corresponding Bank Name: Commerzbank AG Frankfurt Germany

BIC - Swift Address: COBADEFFXXX

Upon sending your funds please notify our customer accounts department c.accounts@warka-bank-iq.com <mailto:c.accounts@warka-bank-iq.com> to send you a confirmation once your funds have been received and credited to your account noting that it takes 4-5 business days to receive an international payment where Friday and Saturday is a weekend in Iraq.

The USD funds transferred will be exchanged to IQD and further credited to your account noting that the minimum balance will be maintained in your USD account $150.

[ThorOfAsgard]

The following reply from Warka is more confirmation that we have to route deposit money through the German bank Commerzbank instead of the US bank Citi Bank.

According to other replies from Dinar Vets members,Citibank cannot be used to deposit money into Warka.

Thanks to all those who have helped in confirming this change. It is important to identify the problem correctly.

Just to add to the confusion , Warka have still got Citi bank as their inferred first choice corresponding bank on the list of corresponding banks on their Web site.

The following reply from Warka to the problem and Question of having deposit money recently bounce back from Citi bank was received 10th of April 12 -

According to our updated working procedures your wire transfers are to be directed to our corresponding bank in Germany through Commerzbank in accordance with the wire transfer instructions confirmed by our bank

Below are Warka Bank for Investment and Finance account details at Commerzbank 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 Bank for Investment and Finance USD Account Number at Commerzbank : 400875402000

Account Name at Commerzbank: Warka Bank for Investment & Finance

Corresponding Bank Name: Commerzbank AG Frankfurt Germany

BIC - Swift Address: COBADEFFXXX

Upon sending your funds please notify our customer accounts department c.accounts@warka-bank-iq.com <mailto:c.accounts@warka-bank-iq.com> to send you a confirmation once your funds have been received and credited to your account noting that it takes 4-5 business days to receive an international payment where Friday and Saturday is a weekend in Iraq.

The USD funds transferred will be exchanged to IQD and further credited to your account noting that the minimum balance will be maintained in your USD account $150.

[/q

Most of the posts i've been reading about opening accounts at Warka are from 2011, did you or do you know anyone that has opened an account this year? Is Warka (or any bank there) allowed to open accounts for American money wires? Sorry if these questions have been asked and answered, i've owned Dinar since 2004 and i'm playing catch up since i haven't paid attention up till the troops pulled out of Iraq. Any help you can give me would be greatly appreciated

[Goodlife]

Warak will open you an account and take your money but you need to fund it via the bank outlined.

[rightsonword]

Unfortunately, Warka is more than glad to take your money, but not give it back.

Does anyone know why when a bank is in insolvency and under control of a central bank that they are allowed to receive funds, but not send funds? Is this normal or not?

[ThorOfAsgard]

Thank you for your response Goodlife, i'm waiting to hear back from Warka and two other banks in Iraq, hopefully they respond since i'll be getting 116,000 Dinars for every $100 i wire....Not like the $130 you'll spend for 100,000 Dinar in the states.....

[coolbeans]

Serious question.

Why would anyone deposit money in a bank that is in receivership who's fate is unknown?

Also who would put money into a bank that is not allowing anyone to remove their funds?

As an alternative I offer my services to everyone.

Please feel free to send me as much money as you want and I will promise to not allow you to have it back and also promise to never answer any of your e-mails about your money.

Just like Warka.

[Mammaw]

Thank you for your response Goodlife, i'm waiting to hear back from Warka and two other banks in Iraq, hopefully they respond since i'll be getting 116,000 Dinars for every $100 i wire....Not like the $130 you'll spend for 100,000 Dinar in the states.....

Thor, I know where you are coming from. Many of us opened accounts and sent our funds to Warka in order to receive more IQD for the dollar. However, as they are in the middle of receivership and none of us are certain to ever see the IQD we have in our accounts, perhaps purchasing the hard currency and getting a few less might be wiser. I too have gone ahead and purchased more to cover a possible loss of funds at Warka. Just a thought.

[ThorOfAsgard]

Actually Mammaw, i have done just that, i have purchased more Dinar here. I have contacted other banks in Iraq that are doing fine to ask about current accounts, but i have found a couple of Diner dealers that aren't trying to rape people on money that's currently worthless here. Thank you for your insight.

[Bryanrobh]

Actually Mammaw, i have done just that, i have purchased more Dinar here. I have contacted other banks in Iraq that are doing fine to ask about current accounts, but i have found a couple of Diner dealers that aren't trying to rape people on money that's currently worthless here. Thank you for your insight.

Where are you buying the currency from that are not trying to rape you on price?