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Hi,

Has anyone tried to transfer their IQD back to their Warka USD account, and then pull the funds back out? How did you go about doing that? I have a need for some of the money I deposited, but I'm not sure on how to get it once it is back in USD.

Thanks in advance for any help.

Bob

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  • 2 months later...
  • 2 weeks later...

doctrbob,

Get into your e-bank online WARKA ACCT and go to the section of the list of banks to transfer funds. If your bank is not listed then list your bank.(type in) with the correct SWIFT CODE for your bank. If you have not transferred internationally before, now you can learn. In response I have not transferred any funds out because I have no need.

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I have transfered money several times from Warka Bank to my bank in the U.S.A. The last time I did a transfer to the U.S.A. was Nov. 21, 2011. Each time the amount transfered was about $2500 USD.

No plans for taking any more out, going to let it ride. Great interest rates being paid.

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I've transferred funds to and from several times in the past. I always contact my bank branch manager and requested a wire transfer. You could contact Mr. Issa, he’s always been helpful with any issue.

Edited by 82Corp.
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be careful when speaking in absolutes.

I am asking a second time to bring it back to the top to maybe get an answer. The question was originally asked on May 8th and nobody responded, till I asked a second time. Obviously a misunderstanding as there was indeed a question mark at the end of the sentence. I speak English, not Absolutes, just for clarification.

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I am asking a second time to bring it back to the top to maybe get an answer. The question was originally asked on May 8th and nobody responded, till I asked a second time. Obviously a misunderstanding as there was indeed a question mark at the end of the sentence. I speak English, not Absolutes, just for clarification.

It's a good question and one I'd like to know as well. Perhaps it can be posed to Adam on the next chat? If it were me, I would have request at least a minimal amount to see if it is possible to receive funds.

What I find interesting, and that gives me hope that people in Warka will not lose out, is that fact that they still accept wire transfers and open new accounts. Would the CBI allow them to do this if they were going to go under?

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  • 2 weeks later...

If you go back to Garlics post, it seems to be business as usual. I wish they would just tweak their online banking to be more user friendly and easier to login . That has been an on going problem for me since CBI took over.

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If you go back to Garlics post, it seems to be business as usual. I wish they would just tweak their online banking to be more user friendly and easier to login . That has been an on going problem for me since CBI took over.

I don't think Garlics post tells us anything; he says he last got money out in November 2011 and from what I'm seeing it wasn't announced that the CBI was putting Warka into "guardianship" until March 4th, 2012.

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  • 11 months later...

I have been reviewing all of the posts since becoming a Warka customer and this one caught my interest. In order to transfer funds back to my bank in the US, can I do it by setting up an "Add external transfer beneficiaries" which is located in the "Maintain beneficiaries" drop down list? Thank you!

 

Birelkart

 

 

Quote from Unirod,

Get into your e-bank online WARKA ACCT and go to the section of the list of banks to transfer funds. If your bank is not listed then list your bank.(type in) with the correct SWIFT CODE for your bank. If you have not transferred internationally before, now you can learn. In response I have not transferred any funds out because I have no need.


 
Edited by birelkart
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I have been reviewing all of the posts since becoming a Warka customer and this one caught my interest. In order to transfer funds back to my bank in the US, can I do it by setting up an "Add external transfer beneficiaries" which is located in the "Maintain beneficiaries" drop down list? Thank you!

 

Birelkart

 

 Once you do that and it gets approved if your bank is not on their banking list and you have to add your own, than it will not add to your available transfer options when your in the transfer funds part of your warka account. I believe I read somewhere that if you have say like a citi bank account (that is in their list) its supposed to work, however I have not tried for myself.

Having it added and approved may make it easier for sending them instruction to wire back though..

Aits

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Everyone has different sized investments in the IQD and in Warka Bank and so whether it is before or after a significant RD/RV, everyone’s need to withdraw funds via wire transfers from Warka is unique to each individual investor.

 

In the past, I have successfully wire transferred funds from my Warka USD account back to my stateside account 4 separate times and assisted fellow investors to do the same thing twice. Along the way I learned a few things about communicating with the Warka staff that might prove helpful to someone else who also wants to wire funds back to their home account.

 

The following tips presuppose that you already have an active Warka E-banking Services Subscription and password and that you know how to log onto your Warka accounts via the internet and finally that you are aware of the features available once you’ve accessed your account ~ including how to transfer funds from one account to another.

I’ve divided the information into the following 4 parts.

-----------------------------------------------------------------------------------------------------------------------------------------------------

First, for your own information here is some reverse math that you probably need to be aware of for a successful Warka Wire Transfer of USD back to your home bank account.

Just to make sure you have a record of how to figure out how to move the correct amount of IQD into your USD account in order to affect an accurate transfer, here's one example of a process for future reference:

  • $1,000 ~ net spendable amount desired to have back home (as an example)
  • $1,000 plus $20 (your home bank fee for accepting incoming deposit) = $1,020
  • $1,020 divided by 0.997 (SWIFT service takes .003 of amount transferred) = $1,023
  • $1,023 ~ amount of transfer requested in order to net $1,000 @ home bank
  • $1,023 plus $52 (Warka's fee for affecting the transfer) = $1,075
  • $1,075 ~ amount needed to move from IQD into USD account
  • $1,075 plus $150 (minimum USD deposit required to already be in account) = $1,225
  • $1,225 ~ total amount needed in USD account in order to transfer $1,023
  • $1,075 X 1179 (Warka's exchange rate to transfer IQD into USD) = IQD 1,267,425
  • IQD 1,267,425 ~ IQD needed to transfer to add $1,075 to USD account

--------------------------------------------------------------------------------------------------------------------------------------------------------

 

Second, once you’ve transferred the correct amount of IQD into your USD account and are ready to apply for the transfer, it would be wise to have a clear and concise form containing the instructions to Warka Bank including all of the necessary information that Warka’s Wire Transfer Department requires to make the transfer a success.

 

When I first opened my account at Warka, Mohammad K Issa the Director of the International Foreign Relations Department sent me an email containing 3 pages of information about Warka Bank and at that time Warka’s language for a request for a wire transfer was an Application for Outward Remittance.

Consequently, I have used that as a title for all my wire transfer requests ever since.

 

The form outline below is one that I’ve used in at least 6 successful wire transfers and will continue to use in the future. I created it in MS Word, included my own specific information; then printed it, signed and dated it, scanned it into either a pdf or a jpg file, renamed the file as: (My Six Digit Account # here) Application for Outward Remittance and then saved it to my desktop ready to attach to an email to Warka.

 

The form outline below is kind of a generic template suggestion that anyone could create on MS Word or some other word processing software or even on a typewriter.

Of course, everyone would still have to fill in their own specific information where indicated and sign the Application in order to make it valid.  

 

Application for Outward Remittance of USD

 

To: Warka Bank for Investment and Finance

nasser@warka-bank-iq.com   

 

Re: Wire Transfer of USD

 

I, (Your Full Name here), authorize Warka Bank for Investment and Finance to withdraw $00,000.00 (XXXX Thousand Dollars exactly) from my USD Savings Account #790/000000/2/2521/000 and transfer said amount to the bank indicated below as per the following instructions:

 

Receiving Bank Name:

Receiving Bank Branch:

Receiving Bank Branch Address:

Receiving Bank Branch Tel:

Receiving Bank Branch Code:

Federal Wire (ABA) Number:

Receiving Bank Account Name:

Receiving Bank Account Number:

 

Please, take all bank transfer fees from my USD Savings Account and send confirmation of this transaction to my email address:     

Thank you for your attention to my request.

 

Kind Regards,

 

 

_________________________________________              Date: _________________________

Type Your Signature Name Here

 

-----------------------------------------------------------------------------------------------

 

Third, once you’ve transferred enough IQD into your USD account and have the Application for the transfer signed and ready to attach to an email as either a pdf or a jpg file, the final step would be to actually create the email, attach the application (along with the color copy of whichever original notarized “True Copy” ID you used to open the account) and send it to the proper email addresses at Warka. Below is an outline of email information that I’ve used successfully in the past and will continue to use in the future:

Send To: nasser@warka-bank-iq.com and swift.m@warka-bank-iq.com 

With a CC to: ifrd@warka-bank-iq.com and c.services@warka-bank-iq.com   

 

Subject: (Six Digit Account #) Application for Outward Remittance of USD

 

Copy and paste the following into the area of the body of a new email message:

 

Warka Bank Wire Transfer Department

Warka Bank SWIFT Department Manager

Customer Services Department

International Foreign Relations Department

 

Dear Sirs:
 

Attached to this transmission please find a pdf copy of my signed Application for an Outward Remittance of USD and also a color copy of my government issued ID ~ notarized as a “True Copy” ~ which your Compliance Department can verify.

 

I greatly appreciate your time in facilitating an expeditious completion to my Wire Transfer Request and I look forward to your confirmation of receipt of this email transmission.

 

At your earliest convenience, please confirm exactly which day your Wire Transfer Department and SWIFT Department will execute my Wire Transfer Request.
 

Thank you for your kind attention to my accounts.

Best Regards,

 

(Type Your Signature Name Here)

(Type Your Six Digit Account Number Here)

 

-------------------------------------------------------------------------------------------------

 

Fourth, some other notes and tips are worth mentioning:

 

The copy of your government issued ID that you attach to this email should be the exact one that you used to open your account and your signature on your Application for Outward Remittance should match the one on your ID exactly ~ just for the sake of consistency and for ease of identification by the Warka staff.

 

If you just send the email with the 2 attachments to the Wire Transfer Department at nasser@warka-bank-iq.com like the Warka website suggests, then most likely it will just be ignored. I’ve never been sure why, but that’s been my experience.

Sending it also to the SWIFT Department Manager at swift.m@warka-bank-iq.com and to Rowaida Mohammed of International Foreign Relations Customer Service at c.services@warka-bank-iq.com and to Mohammad K Issa, the Director in charge of International Foreign Relations at ifrd@warka-bank-iq.com lets everyone there know what you’re trying to do. Besides that, it’s been my experience that Mohammad K Issa will make sure everyone else does their job. He seems to care about Warka’s reputation.

 

The most important thing is to have your attached (signed) Application be clear and concise with all the pertinent information required.

If you send the email with just the Application, but without a copy of your ID, then it’s been my experience that the Warka staff will contact you to reapply ~ including a color copy of your government issued ID that can be verified by their “Compliance Department”.

This contact will usually take a couple of days or even a week before you hear from them and that time will just delay your Application that much longer.  

Knowing that it’s really you making the request and that you are in possession of the same ID that opened the account and that the signature on the ID matches the one on your signed Application is a real security concern for Warka Bank ~ just as it should be.

You certainly don’t want them transferring your money to just anyone who’s clever enough to hack your e-banking client ID and password and just ask for it; and by the same token, Warka doesn’t want to be fooled by and then blamed for any false requests for transfers not authorized by you.

 

Even if you log on to your Warka account via your e-banking client ID and password, you will find that there is currently just no way to wire transfer USD from there directly back to your home bank account. In fact, to my knowledge, there never has been a way to do that since these Warka accounts are not “numbered” accounts.

 

When you first log on, you can click on the “Maintain Beneficiaries” tag located in the menu displayed at the left side of the page.

Doing that will give you a drop down menu so that you can then click on the “Add External Transfer Beneficiaries” tag.

Doing so will bring you to a page whereby you can type in the necessary information regarding your home bank account, including its SWIFT code.

Once you’ve submitted the information you’ll then be able to find your home bank listed under both the “List External Transfers Beneficiaries” tag and the “Follow Up Beneficiaries Requests” tag.

 

Of course that’s fine as far as it goes, but it still won’t help you make a USD wire transfer directly from your Warka USD Savings Account to your home bank account.

 

The Warka Bank specified method for outgoing wire transfers of USD is the Application for Outward Remittance method and that method requires a signed Application accompanied by a copy of your government issued ID that has the exact same signature on it.

 

Also it might be advisable to consider the following:

 

All US banks are part of the Federal Reserve System which is dominated by our own Central Bank ~ The Federal Reserve Bank. In order for any US bank to accept wire transfers from an (offshore) bank outside of the Federal Reserve System, it has to have FED permission to do so.

Knowing this, Warka Bank uses Citibank NA, New York, NY (which has permission from the FED to do so) as its USA Correspondent Bank.

This means that if you’re sending a wire transfer to Warka Bank from your home bank the funds first have to go to Citibank NA, NY by way of a domestic transfer which uses the Federal (ABA) routing system.

Citibank NA, NY then sends the funds onward to Warka using the international SWIFT service according to your special instructions ~ which Warka provided to you for that purpose. Even though those special instructions include listing Citibank’s SWIFT code, it doesn’t mean that you are sending an international wire. You’re not. It’s only a domestic transfer with special instructions that inform Citibank what to do with the funds once it receives them from your home bank.

 

On the other hand, if you request a wire transfer of USD from Warka to back your home bank account, Warka will first send the funds to Citibank NA using the international SWIFT service and then Citibank NA will send the funds onward to your home bank account in a domestic transfer using the Federal (ABA) routing system.

That being the case, there is no need to concern yourself with any bank’s SWIFT code in your instructions to Warka for a USD transfer back to your home bank account. Knowing the correct SWIFT code to get the funds from Warka to Citibank NA is in fact Warka’s job. Your only concern is to provide the correct information (requested by Warka) to affect a successful domestic wire transfer from Citibank NA to your home bank account.

That information is listed on the Application form above.

 

Currently, wire transfers of USD to Warka have been suspended because the FED has withdrawn its permission for Citibank NA, NY to function as Warka’s correspondent bank as long as Warka is considered insolvent and under CBI guardianship.

In addition, once Warka is declared solvent, and out from under CBI guardianship Citibank NA will still have to have FED approval before continuing as Warka Bank’s correspondent bank in the USA.

 

So, even though Warka still lists Citibank NA, NY as its correspondent bank in the USA in actuality business can’t resume as usual between the two until the CBI declares Warka as solvent and the FED renews its permission to Citibank NA.

Both have to happen before we will be able to wire USD from our Warka accounts back to our home bank accounts.

 

I’m sure a similar situation exists in other countries with regard to wiring USD out of Warka and back to a home account.

 

Other central banks such as the one which controls the German banking system seem to be OK with allowing wire transfers of USD to Warka, but that still doesn’t help with getting the funds back from Warka.

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Thank you Phlip,

I appreciate the time and effort you put into your explaination of the withdrawing of funds process, This has been an interesting learning experience for me. I hope as time goes by and conditions improve, the process will be streamlined. By the way, Mr. Issa has been very helpful with solving the other problems with my new accounts. Thank you again!

Birelkart

Edited by birelkart
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Hi,

Has anyone tried to transfer their IQD back to their Warka USD account, and then pull the funds back out? How did you go about doing that? I have a need for some of the money I deposited, but I'm not sure on how to get it once it is back in USD.

Thanks in advance for any help.

Bob

 

As far as I know ever since Warka Bank was taken over by the CBI no one has been able to get any funds back in USD returned to your home nation from Iraq.

 

There are people who have well over $100,000+ frozen in Warka with no way to get it back.

 

One fellow hired a high end lawyer to no avail, the lawyer basically told him he was screwed and had no recourse as US laws do not apply.

 

That was almost a year and a half ago and he still is yet to get anything and doubts he ever will.

 

Sorry to hear your money is stuck there.

Edited by coolbeans
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