funds withdrawal while under CBI custodianship

[toochez]

Hi all,

 

3 weeks ago I sent my first outward remittance form to warka bank according to Philip instructions (thanks).

After 2 more follow up emails I received yesterday an answer stating:

 

"Dear Sir,

 Once the entire legal procedures have been finalized funds can be wired accordingly where currently

the bank is still under CBI custodianship and a firm notice will be updated on our site."

 

I could really use your feedback in regards to the following questions:

 

1 - Is there any other way of having funds transferred out of Warka while under CBI's custodianship ??

     Would an email sent to CBI be of any help in this matter ?

 

2 - I have noticed a Western Union email address on warka's domain (wu@warka-bank-iq.com)

     Has anyone tried to have funds transferred through WU back to the states ?

 

3 - Is there a way to link a warka account tot any e-commerce site similar to ebay / paypal ?

 

Please advise

 

Thank you

 

[Goldiegirl]

Let me understand this. You sent them money just 3 weeks ago, knowing they are under guardianship and that people are having trouble getting it out?

 

And, now you want to know how to tranfer it back out?

 

There is no advice one can give for this.  You will wait like the rest of us.

Edited April 23, 2013 by Goldiegirl

[toochez]

Usually "OUTWARD REMITTANCE" is the term used when you ask Warka to execute a wire transfer FROM your warka account TO a beneficiary of your choice

What I sent out to Warka was the form, the outward remittance form to have funds transferred from Warka to Chase.

Sorry if I did not make myself crystal clear in my previous posting.

[haymon]

Warka is a one way door. Money in but no money out. Let it gain interest, RV, then fly there and request a bank check.

[Goldiegirl]

Usually "OUTWARD REMITTANCE" is the term used when you ask Warka to execute a wire transfer FROM your warka account TO a beneficiary of your choice

What I sent out to Warka was the form, the outward remittance form to have funds transferred from Warka to Chase.

Sorry if I did not make myself crystal clear in my previous posting.

No you were pretty clear.  You want your money back. Doesn't matter what you call it.

 

Bottom line. They are not giving it to you at this time. Hope I am making myself clear.

[phlip]

toochez

 

I know of no other way of having funds transferred out of Warka.

The method indicated in my How do we withdraw funds from Warka when it is released from CBI Guardianship? post is the only way I’ve found to get it done even when Warka was not under Guardianship and now that they are under Guardianship and have a Conservator calling the shots it will ultimately be up to that entity (an accounting firm) to submit its final approval to the CBI for Warka’s release.

In addition, as you can see from the language in the message that you finally received there may be even more legal matters to contend with besides Warka just having the necessary cash flow liquidity required in order to be considered solvent once again.

 

In the past, using follow up emails while attempting to get approval for a wire transfer, I’ve cited the CBI’s own Article 65 plus emailed entire threads of Warka correspondence directly to the CBI without success ~ the transfer was still declined and eventually the CBI email address started coming back as a bad address (as seen by my email service).

 

As yet, I haven’t learned how to use Western Union to transfer Warka funds back to a domestic outlet; but even if I did I doubt that it would work while Warka remains under Guardianship. Same goes for Pay Pal ~ if that option even exists.

 

I’ve tried applying for Warka pre-paid and debit MasterCards without success, but even had I received one or the other prior to the Guardianship period, I doubt that either would work now due to the ban on all outgoing funds.

 

It’s probably best to remember that insolvency is the CBI’s stated reason for putting Warka under Guardianship and that means that the Conservator will view any outgoing cash such as ATM withdrawals, wire transfers or stock purchases as a no-no until there are sufficient cash reserves in the vault to cover all of them.

I’m sure that means enough to cover everyone’s requests ~ both foreign and Iraqi ~ and not just your particular request or my particular request.

Nobody gets special treatment.

 

It may be best for everyone with a Warka account to get used to the idea that for now we all should just take advantage of the exceptional interest rates while we wait for the CBI to release Warka.

Build up our IQD accounts in anticipation of the coming RD/RV which should give us all a solid 14% bump up in value when the new IQD is rated against the USD.

Supposedly, part of the CBI/MOF publicly stated plan for the IQD is to raise the rate against the USD from 1/1166 up to 1/1000 sometime during 2013.

 

For those that need the money back home right now due to unforeseen financial circumstances it will end up being a forced wait; but nevertheless, it could still turn out to be more profitable than if the money were pulled out right now.

Of course, Warka could be released from Guardianship prior to any RD/RV and then it will still be up to each investor’s individual needs as to the timing of a withdrawal or wire transfer or use of a MasterCard.

 

It might be best to pre-register your preferred wire transfer destination bank online.

 

Here’s a suggestion on how to do that:

• Log on to your account using your e-banking subscription and password.
• From the 7 choices on the left side of the page, select Maintain Beneficiaries
• From the resultant drop down list of options, select Add External Transfer Beneficiary
• Fill in the blanks using basically the same information that you used on the Outward Remittance form to provide transfer instructions, but with the addition that you will also need your destination bank’s SWIFT code.
• Once you submit the info, a message in red will appear saying “Operation Successful”
• When that message comes up, it’s been my experience that it’s best to then log out in order to give your new External Transfer Beneficiary a chance to register in the system.
• Log back into your account and again go to the Maintain Beneficiaries option
• From the drop down menu select List External Transfer Beneficiaries to confirm that your added beneficiary has been approved.

 

All of this is for possible future use only, since there is as yet no way for us to transfer funds directly from our Warka accounts to our destination home banks just by logging on to our accounts and requesting it. However, if the destination bank is pre-registered like this it may help later when using the Outward Remittance method.

 

When the time comes, Warka is going to want to be sure exactly who is really requesting the funds before they let them go and part of their due diligence will be a confirmation of both ID and signature from the individual that owns the account.

When you think about it, we really wouldn’t want it any other way either; and that’s why the Outward Remittance method described may be the only way to get it done.

According to Warka, it is.

 

As frustrating as circumstances are right now, I hope this at least helps to answer your questions.

 

 

[phlip]

toochez

 

I know of no other way of having funds transferred out of Warka.

The Outward Remittance method is the only way I’ve found to get it done even when Warka was not under Guardianship and now that they are under Guardianship and have a Conservator calling the shots it will ultimately be up to that entity (an accounting firm) to submit its final approval to the CBI for Warka’s release.

In addition, as you can see from the language in the message that you finally received there may be even more legal matters to contend with besides Warka just having the necessary cash flow liquidity required in order to be considered solvent once again.

 

In the past, using follow up emails while attempting to get approval for a wire transfer, I’ve cited the CBI’s own Article 65 plus emailed entire threads of Warka correspondence directly to the CBI without success ~ the transfer was still declined and eventually the CBI email address started coming back as a bad address (as seen by my email service).

 

As yet, I haven’t learned how to use Western Union to transfer Warka funds back to a domestic outlet; but even if I did I doubt that it would work while Warka remains under Guardianship. Same goes for Pay Pal ~ if that option even exists.

 

I’ve tried applying for Warka pre-paid and debit MasterCards without success, but even had I received one or the other prior to the Guardianship period, I doubt that either would work now due to the ban on all outgoing funds.

 

It’s probably best to remember that insolvency is the CBI’s stated reason for putting Warka under Guardianship and that means that the Conservator will view any outgoing cash such as ATM Withdrawals, Western Union Transfers, Wire Transfers or Stock Purchases as a no-no until there are sufficient cash reserves in the vault to cover all of them.

I’m sure that means enough to cover everyone’s requests ~ both foreign and Iraqi ~ and not just your particular request or my particular request.

Nobody gets special treatment.

 

It may be best for everyone with a Warka account to get used to the idea that for now we all should just take advantage of the exceptional interest rates while we wait for the CBI to release Warka.

Build up our IQD accounts in anticipation of the coming RD/RV which should give us all a solid 14% bump up in value when the IQD is rated against the USD.

Supposedly, part of the CBI/MOF publicly stated plan for the IQD is to raise the rate against the USD from 1/1166 up to 1/1000 sometime during 2013.

 

For those that need the money back home right now due to unforeseen financial circumstances it will end up being a forced wait; but nevertheless, it could still turn out to be more profitable than if the money were pulled out right now.

Of course, Warka could be released from Guardianship prior to any RD/RV and then it will still be up to each investor’s individual needs as to the timing of a withdrawal or wire transfer or use of a MasterCard.

 

It might be best to pre-register your preferred wire transfer destination bank online.

 

Here’s a suggestion on how to do that:

• Log on to your account using your e-banking subscription and password.
• From the 7 choices on the left side of the page, select Maintain Beneficiaries
• From the resultant drop down list of options, select Add External Transfer Beneficiary
• Fill in the blanks using basically the same information that you used on the Outward Remittance form to provide transfer instructions, but with the addition that you will also need your destination bank’s SWIFT code.
• Once you submit the info, a message in red will appear saying “Operation Successful”
• When that message comes up, it’s been my experience that it’s best to then log out in order to give your new External Transfer Beneficiary a chance to register in the system.
• Log back into your account and again go to the Maintain Beneficiaries option
• From the drop down menu select List External Transfer Beneficiaries to confirm that your added beneficiary has been approved.

 

All of this is for possible future use only, since there is as yet no way for us to transfer funds directly from our Warka accounts to our destination home banks just by logging on to our accounts and requesting it. However, if the destination bank is pre-registered like this it may help later when using the Outward Remittance method.

 

When the time comes, Warka is going to want to be sure exactly who is really requesting the funds before they let them go and part of their due diligence will be a confirmation of both ID and signature from the individual that owns the account.

When you think about it, we really wouldn’t want it any other way either; and that’s why the Outward Remittance method described may be the only way to get it done.

According to Warka, it is.

 

As frustrating as circumstances are right now, I hope this at least helps to answer your questions. I too looked for ways around the Outward Remittance method.

 

By the way, IMO your post was crystal clear from the beginning and I felt no need for you to let me understand it further.