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phlip

How do we withdraw funds from Warka when it is released from CBI Guardianship?

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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 3 parts.

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First, for your own information here is some reverse math for a Warka Wire Transfer.

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 to order to affect a transfer (hopefully in the very near future), here's one example of a process for future reference:

  • $1,000 ~ net spendable amount (as an example)
  • $1,000 plus $20 (your US bank fee for accepting incoming deposit) = $1,020
  • $1,020 divided by 0.997 (SWIFT service takes .003 of the amount transferred) = $1,023
  • $1,023 ~ amount of transfer requested in order to net $1,000
  • $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 in house exchange rate to transfer IQD into USD) = IQD 1,267,425
  • IQD 1,267,425 ~ amount of IQD needed to transfer to add $1,075 to USD account

Note: When you transfer USD to your IQD account (either after interest is paid on your USD account or after you've transferred USD to your Warka account) the exchange rate is whatever the CBI is offering. At this time it is $1.00 buys 1166 IQD.

 

For example, if you wanted to send that extra $5.00 of interest earned in your USD account into your IQD account:

 

$5.00 X 1166 = 5830 IQD

 

So, Warka makes its money in currency exchange from the difference between its buy and sell rates:

 

IQD 1179 - IQD 1166 = 13 IQD per dollar moved/exchanged

 

13 IQD divided by 1166 IQD = 1.11%

 

1.11% of $1.00 = 1 cent per dollar moved (either way)

 

For future transfers use the same process and just substitute the $1,000 with whatever amount you plan to transfer.

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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 the bank and 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 the 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 (including with 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.  

 

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 Account 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

 

Best Regards,

 

_________________________________________     Date: _________________________

Type Your Signature Name Here

 

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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 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 it 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: (Your Six Digit Account # here) Application for Outward Remittance of USD

 

The body of your email message should read something like this:

 

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 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 request and I look forward to your immediate confirmation of receipt of this email.

 

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)

 

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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 should match it exactly ~ just for the sake of consistency and for ease of identification by the Warka staff.

 

Note: 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 and keeps them on their toes. Besides that, it’s been my experience that Mohammad 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 application be clear and concise with all the pertinent information required.

 

Final Note: 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 just wait a couple of days or even a week before contacting you to reapply including a color copy of your government issued ID that can be verified by their “Compliance Department”.

Whether that was just a delaying tactic at the time or a real security concern on their part I never really determined, but from then on I’ve always included the ID along with a reference to it in the language in the body of the email.

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We have pinned this topic because of the great information it contains. Not being a Warka holder, I have no idea if the information is correct but feel sure our members that deal with Warka will be able to confirm or correct the info as needed. ;)

 

Thank you phlip for taking the time to put this information together. :hug:

 

 

:rocking-chair:

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Very helpful information.........individuals might be able to streamline this a bit though.......when you successfully log into your Warka account on the upper left you will see a window with..........

 

Account operations............click on that and go to.......

 

Money transfer with different currency…......then to.......…

 

to convert/transfer fro IQD account to USD

 

Make your transfer from your IQD account to your USD account..........this s/b quicker.......and s/h less room for human error.......

 

next.......

 

same window on the left you started with........go to

 

Maintain Beneficiaries.............then

 

Add external beneficiary……go to the drop down menu about mid page.....(it says select bank)........ to see if there is a pre-approved bank you have an account with......probably CITI....…..then complete the info and you will be approved to wire funds to that account...

 

or.........you can add an account…get approval.....which will take a few days.........and then you should be ready to go when it is time to make your request....

 

you can check to see if you have been approved by looking in "List External Transfer Beneficiaries".......or they may send an e-mail letting you know.....

 

Guess that's my :twocents:  worth.....hope it helps.......play around with your Warka E account........they have added many features from when they first started up......

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Great post Philip.......The information you've provided is excellent and very well presented.....Thank you...!  :twothumbs:  :bravo: 

Thanks coorslite21 for your post as well, it's appreciated...!  :twothumbs: 

RON  :tiphat: 

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Thanks Phlip, At this point I'm hoping to leave all or most of mine in Warka for an indefinite length of time and hopefully see it grow in value. But I do appreciate the information as how to transfer it back home in case I have to quickly move it out of Iraq

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Thanks Phlip, At this point I'm hoping to leave all or most of mine in Warka for an indefinite length of time and hopefully see it grow in value. But I do appreciate the information as how to transfer it back home in case I have to quickly move it out of Iraq

I agree, let it grow a bit then develop your exit strategy.

 

10083221-green-growth-strategy-highway-s

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More good news to think about: Warka Bank for Investment and Finance is monitored by the US Treasury Department.

 

Every penny of your gains there will be reported and tracked by Big Brother. Be veryyyyyyyyyy, veryyyyyyyyyyy careful, IRS will be watching you! :)

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More good news to think about: Warka Bank for Investment and Finance is monitored by the US Treasury Department.

 

Every penny of your gains there will be reported and tracked by Big Brother. Be veryyyyyyyyyy, veryyyyyyyyyyy careful, IRS will be watching you! :)

 

Gymrat.......you are correct.....I believe anyone that took the time and effort to set up a Warka account, and fund it, realizes that there will tax to be paid on any profits that should occur......the same as the IRS will tax the IQD profits in the US.........

 

Everyone needs to pay the taxes on the Warka account.....and it needs to be reported to the IRS.....(there is a IRS form for foriegn currency)...

 

at this time unless you have 10 grand or more in your Warka account they won't take much of a look at it............

 

the object of having a Warka account is that it is a hedge against an "in country only" currency exchange.........which is something that could happen..........Even if you wanted to travel there to cash in........you wouldn't get your IQD over the border.....

 

now........If you had set up an IBC using some of the OSI stategies on this site.........then funded and used this IBC to establish a Corporate Warka account......the increase, or profits made on that money would not be taxable in the US......and the greatest benefit to not paying the taxes on an IBC is the growth you will see through continued reinvestment of your profits....... :twocents:

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Here are some more tips that I hope are also helpful:

 

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 back to 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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I am more interested in my Warka account for buying equities. I understand the reporting rules to the IRS are different for equities than currency savings.that's my strategy

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Has anyone recently transferred funds from their Warka account to your any of your accounts in the US ? I'm having an Issue with an account I setup through AMERAQ that is managed by Bill Burbank. He uses the Warka Bank to deposit his investors funds. The Ameraq Website states : Deposits & Withdraws at this time are in delayed process while Warka Bank continues to transition back to full operational capacity. Although your requests are being logged and submitted for processing, the bank at this time has not given us a date in which this status will change.

Correspondence from the Director of Warka Bank:
"Ameraq Newsletter - 4.13.2014 - With regards to the bank, all the court proceedings are going well, even our most recent case for financial damages and compensation the first committee awarded its verdict in favor of Warka. So things are moving positively in favor of the bank.  Take care and best regards,  Mohammad K. Issa"

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thanks for the update there big boy ;) I tried to do a stock purchase through warka last month for like 2k and they didn't do it.. still having liquidity issues im thinking..

 

warka was a long term play for me so waiting to get anything out of it isn't an issue for me, however not being able to make gains from that money in stock is a downer.

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WOW!!!!   Thats more information than I"ve gotten for 3 years...

Edited by haymon

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Has anyone recently transferred funds from their Warka account to your any of your accounts in the US ? I'm having an Issue with an account I setup through AMERAQ that is managed by Bill Burbank. He uses the Warka Bank to deposit his investors funds. The Ameraq Website states : Deposits & Withdraws at this time are in delayed process while Warka Bank continues to transition back to full operational capacity. Although your requests are being logged and submitted for processing, the bank at this time has not given us a date in which this status will change.

Correspondence from the Director of Warka Bank:

"Ameraq Newsletter - 4.13.2014 - With regards to the bank, all the court proceedings are going well, even our most recent case for financial damages and compensation the first committee awarded its verdict in favor of Warka. So things are moving positively in favor of the bank.  Take care and best regards,  Mohammad K. Issa"

 

I'm glad someone is getting a response back from Mr. I and Warka Bank because I sure can't. Glad to know their still in business. Been trying to get some ISX issues addressed...

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If I had a Warka account. Might be a good idea to bone up on Iraqi laws governing banking.

 

That is NOT an America or international account.

 

I would NOT be surprised to hear about assets being frozen once the RV hits. Very scary stuff.

 

Like traveling to Iraq as a tourist - scary!

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At present CommezBank Germany is the intermediary for incoming transfers to Warka...

What other intermediary banks can we use other than Commerzebank? My beneficiary bank does not utilize Commerzbank

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Caper

 

Please let us know if you actually have first-hand knowledge of Commerzbank AG recently ~ that is within the last 3 years ~ wiring USD or Euros to Warka Bank in Baghdad; or if you’re just assuming that it’s still true.

 

It would certainly be enlightening if we knew whether or not Warka Bank, Baghdad was still allowing either USD or Euro incoming wire transfers to fund existing Warka accounts or to start new ones during their CBI Guardianship period.

 

It would be especially informative if we knew whether or not either Commerzbank AG or Deutsche Bank AG in Germany have been allowed by the Deutsche Bundesbank (Germany’s Central Bank) to wire either Euros or USD to Warka Bank, Baghdad since that Guardianship was officially lifted over 16 months ago.

 

Right now Warka’s Correspondent Banks List includes banks 23 Banks in these countries: Bahrain, Germany, Turkey, China, Jordan, Lebanon, Dubai (UAE), Kuwait, Egypt, Djibouti and Iraq.

Warka has branches in both Djibouti and Lebanon.

 

There are no Warka Correspondent Banks listed for the entire American continent ~ from Canada to southern Chile ~ and none under the control of the European Central Bank.

Only 2 listed for Europe ~ both in Germany and both under the Deutsche Bundesbank, not the ECB.

All the rest are in Asia or on the African continent.

 

Since the US and Germany seem to remain close allies, I would find it remarkable if the Deutsche Bundesbank were allowing wire correspondence like that with Warka while the Fed was still denying its own designated hitter Citibank NA, NY, NY to do any business with a so called insolvent bank.

 

On the other side of the coin, if either of the 2 German banks are still wiring funds to Warka, does that mean that those 2 banks are still capable of receiving wire transfers from Warka?

 

Maybe a more pertinent question would be the one you are asking ~ which banks on the North American continent correspond with either of the 2 German banks.

 

I don't know of any.

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Yes, we have made a number of wire transfers in 2014, the last one was in June 2014 with no difficulty, Commerce bank Germany is the intermediary bank being used by Warka

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Caper

 

There is a Commerzbank AG Branch in New York, NY. The contact info is:

 

Commerzbank AG

New York Branch

225 Liberty Street

New York, NY 10281-1050

USA

 

Telephone: +1 212 266 7200

Fax: +1 212 266 7235

Website: www.commerzbank.us

 

This New York Branch is the only Commerzbank AG, Germany “correspondent bank” on the entire North American Continent and is meant to serve both US and Canadian clients.

 

Whether or not Commerzbank AG, New York Branch is allowed to receive international USD wire transfers from either Germany or Iraq and then send USD wire transfers to any other US or Canadian bank is another question.

 

I interpret your post to mean that in June 2014 you were able to wire transfer USD’s from your home account in Canada to an account at Commerzbank AG in Germany which sent it onwards to a Warka Bank account and Germany’s Central Bank, the Deutsche Bundesbank, had no problem with that happening within its sphere of influence.

 

That’s certainly informative if a person were interested in getting USD’s to their Warka accounts ASAP.

 

However, this Topic is about the withdrawal of USD funds from Warka and the arrival of those same funds into a home bank account that can be easily accessed by the depositor.

 

As an open question to you Caper and to anyone else using the Commerzbank AG, Germany as a correspondent/intermediary bank to wire USD’s from your home account in Canada or the US to your Warka account in Iraq:

 

Has anyone been able to withdraw USD from a Warka account and have it wired through Commerzbank AG, Germany to a destination home bank anywhere on the North American continent within the span of the last 18 months?

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to my knowledge, it is not possible to withdraw any money's from Warka bank at the moment, they only accept incoming wires.

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Still under cbi banking supervision, can’t withdraw money unless your in country, I have tried many times and have formal request into cbi and banking supervision department 

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