Dinar Rumor Warka bank

[FL.KEYS]

That would be a big problem for Warka and all of us.

[puppylove]

What is the advantage of having your dinars in hand and in a warka account? It seems like it would be better to have all your dinar in hand. Especially since like kingjaffi said Iraq is volatile

[dhill958]

It is my understanding that Warka is no longer allowed to receive FedEx shipments of Dinar.

Am I wrong with what I thought I read??

The following is a reply from Warka regarding answers to a few question I had. I asked about depositing dinar from the US. and this was their response 2 weeks ago. Hope this helps.

DHILL958

With regards to obtaining a MasterCard debit and credit card the complete terms, conditions, types and collateral to be deposited have been posted on our website www.warka-bank.com news bulletin and to best assist you in this matter please contact Ms. Sawsan sawsan@warka-bank-iq.com the head of our MC department where she will provide her full cooperation and support ensuring your requirements are firmly

It is possible to send your Iraqi Dinars by courier service to the following mailing address noting that the client will bear the full responsibility and risk of sending funds by mail where the bank will not bear any financial or legal responsibility for the funds sent by mail:

Warka Bank for Investment and Finance - Main Branch

[cvlav8r]

What is the advantage of having your dinars in hand and in a warka account? It seems like it would be better to have all your dinar in hand. Especially since like kingjaffi said Iraq is volatile

In a Warka account you are going to get 7% on your savings account and 10.5% on a one year CD. If you are worried that Warka is not legit you can go to www.cbi.iq and look under the link "Iraqi & Foreign Financial Institutions" and you will see Warka listed there as a recognized bank. Also if there is an RV everything will be automatic for you.

You can also stash all your cash in your closet and it will be as secure as you want it to be. Of course no interest. The only problem might be cashing in after an RV but I'm sure that will be easy then.

Here is another thought. If you have 1 million Dinar getting 10.5 percent you are going to get 105,000 Dinar per year. if an RV goes 1IQD = 1USD then the bank is giving you $105,000 just to keep your money there. I think most people could quit there jobs if they were getting $105,000 per year.

To me it's a no brainer. I will take the $105,000.

[blackjackspy]

I got the book it does answer alot of questions

[razorramon12]

how much dinar do you have to keep in one of these accounts? what is the minimum

[mars]

how much dinar do you have to keep in one of these accounts? what is the minimum

350,000 IQD and $150 in the USD. You get 2 accounts. You need to send the IQD asap and the USD soon there after if needed. When you have both accounts funded you will be able to get Internet Access. Here is the contact list from Warka, http://www.warka-bank.com/inner.php?type=3&id=66

I hope this was helpfull.

[razorramon12]

thanks for the info... have no where near that much though, only have 70,000.

[icemanihi]

Just wanted to say thank you to all who contribute to this site and help others! Very informative. Go RV!

[YANNAVIA]

That is also what I read. They will no longer accept packages with currency. Mail at your own risk

[GrahamB]

thanks for the info... have no where near that much though, only have 70,000.

Hey razorramon12, If you only have 70,000NID, then I suggest you try and get more PDQ! While USD70K (at a 1 = 1 RV) is not a kick in the teeth, for another USD1000 (approx), it becomes USD1,000,000. And that is much, much, nicer. If you cannot aford it, sell your mother, or the second car! Which ever is worth more!

[GrahamB]

Personally I have Dinar in hand, a warka savings account and CD and invest in the ISX

Hi ajob, I am a bit worried abot the investment in the ISX.

I can see ways around the RV in respect to cash and funds in a bank, even if the method is by way of some in-country LOP as suggested in the sticky reporting on an economists viewpoint. But to me it seems that a Share is a Share. It's value is largely fixed by the Compay's earning potential, and is probably linked already to the USD equivalence of the Company's nett worth. If suddenly the NID is RVed, say, to NID=USD, the the value of the shares will, in my estimation, stay pretty much where they are in 'real' [uSD] terms. And they cannot suddenly issue 1000 shares for every one held, without diluting the value of those shares!

You might just lock yourself out of an RV profit!

[GrahamB]

In a Warka account you are going to get 7% on your savings account and 10.5% on a one year CD.

Hi cvlar;113832. My economics education is somewhat rusty, but as i understand it the money a bank will lend is directly related to the cost of borrowings. This is one of the reasons why ROI in USA is fairly low at present, and here in New Zealand it is relatively high.

At present, because of the low value of the NID I suspect the banks have to pay good interest to attract investors. Once they have RVed, wont the interest take a tumble? And bear in mind that US citizens have to declare profits in overseas bank accounts, I believe.

Probably better to try and invest somewhere where the ownership of the account is not disclosable! Even if you aren't getting the highest intest rate, you'll save something like 30 - 35% in taxes!

[SuperFlyJr]

Probably better to try and invest somewhere where the ownership of the account is not disclosable! Even if you aren't getting the highest intest rate, you'll save something like 30 - 35% in taxes!

I've been contemplating this very thing...

[razorramon12]

hey grahamB, thanks for the advice! im trying, but it's hard to come up with spare income being a 21 year old broke college student haha

[RV4Me333]

What's the benefit of a Warka account?

[mars]

When you have the cash setting around it is not drawing interest, at Warka you are drawing 7%. I don’t know if it matters, but, Warka is listing the accounts as "Residential" not “Foreign” or “Alien”. When you set the account up through their web page you have the choice, when you just email Mr. Issa, they put it down as Residential. Hope this helps