What could go wrong with warka accounts?

[Dryden01]

The potential for a redemption period to clear out the large Iraqi notes has not been laid to rest and we need a strategy to cope with any mandatory trade in maneuver. Many of us are awaiting long term capital gains calendar dates so a mandatory "000" note redemption period short of our taxable trigger dates may incur a requisite to simply deposit our dinars into Warka accounts.

Should we adopt that strategy, what pitfalls await us with Warka accounts and any aspects of Iraqi banking regulations for withdrawal of Warka IQD deposits in USD? Does Warka have checking accounts we can write from? Do they mail USD drafts to American accounts? What is the worst that can happen to American depositors in credible terms? Facts and opinions would be appreciated in that order.

[Kuroth]

All good questions that I wonder about also.. Would hope Adam could answer your Questions but he seems so busy cant even get a reply from Email... Maybe they talk about all this in theVIP room..

[Maynard57]

No FDIC, for one thing. And maybe some Iraqi madman will get a wild hair and the money gets frozen. Or maybe our own country gets a wild hair and changes the rules on the fly. Still, the idea of having electronic dinars instead of 000 bills, along with electronic banking seem like awfully good ideas.

cheers, Maynard

[Jigga]

why even risk a warka account when they arent insured? you would have to be crazy to mess with them in my mind....not only that if they implement there in country strategy of removing the large bills your screwed.......

[Dryden01]

What if they reval to a pittance like 9 cents with a redemption period of 60 days and then reval again afterwards? A WARKA account might be the only way around the problem?

[Chief V]

I've heard from one of my employees that you can only remove or transfer 10k per day, also they do have a debit card available as well.

[War Eagle]

Warka bank is owned by Saad Al-Bunia,who is one of the richest persons in Iraq,and probably the entire middle east.You can go to his web-site www.al-bunia.com. and see his vast enterprise,includes the coke-cola franchise in Iraq,and the Procter & Gamble franchise.It will not say too much about Warka bank,and he also owns Iraq Islamic Bank. I do NOT think you have anything to worry about.Has anybody been following the banking industry in the US the last 2 years?????????

[Kip Williams]

Ask Warka send you ATM Card Application. You can withdraw $1,000.00 a day

You fill out app. with I.D and scan into computer to e-mail back . Give Warka Permission to deduct

their transaction fee along with giving them permission to deduct a DHL Shipping fee in a letter authorizing

this transaction

Here is what you should do

First you e-mail sawsan@warka-bank-iq.com and ask for Mastercard ATM app

Once you recieve the form

Here is what your letter should say:

I am requesting Permission to obtain an ATM Master Card.I authorize Warka Investment Bank to

deduct the courier fee from my account #..................IQD

My DHL shipping address is

your name

Your address

Your phone number

your signature!!!! This must be signed and scanned with D.L(ID) and e-mailed

It will not be processed if it is NOT SIGNED!

Electronic ATM banking is all they offer

HOPE THIS HELPS

[pt497]

Screwed, how so?

This person is probaby referring to an economist's analysis posted previously of the possiblility of Iraq doing an in-country LOP only. If your money is in-country it is affected.

[puppylove]

email a warka rep and ask those questions and see how they respond. obviously one thing that could happen is they tell you one thing and do another, but that is beyond anyones control. my experience has been that the warka staff is very professional and will answer questions quickly. not saying adam cant help but i would try the source first because the ball is ultimately in their court.

Dreyden01, If you take this route and contact Warka bank I'd be interested in what they have to say. Thanks

[Dryden01]

Actually Diacin I noticed that WARKA lists Citibank as a correspondent bank which suggests that perhaps Citi could handle deposit/withdrawal issues since that could fall within the purview of a correspondent banking institution to my mind. Perhaps Citi merely administers ATM transactions for them outside of Iraq however. I worked a little this afternoon trying to get information out of Citibank in New York but it was unavailing: it will be a chore to sort out anything. Nobody there knew about WARKA and I got referred to a representative in London to seek out information. I am leery about foreign banking regulations in general, view Iraq as particularly unsettled, and prefer to deal with American institutions instead. I have nightmares about chasing Iraqi bankers around the Syrian Desert on a camel, trying to reclaim my money.

[letshope]

Ask Warka send you ATM Card Application. You can withdraw $1,000.00 a day

You fill out app. with I.D and scan into computer to e-mail back . Give Warka Permission to deduct

their transaction fee along with giving them permission to deduct a DHL Shipping fee in a letter authorizing

this transaction

Here is what you should do

First you e-mail sawsan@warka-bank-iq.com and ask for Mastercard ATM app

Once you recieve the form

Here is what your letter should say:

I am requesting Permission to obtain an ATM Master Card.I authorize Warka Investment Bank to

deduct the courier fee from my account #..................IQD

My DHL shipping address is

your name

Your address

Your phone number

your signature!!!! This must be signed and scanned with D.L(ID) and e-mailed

It will not be processed if it is NOT SIGNED!

Electronic ATM banking is all they offer

HOPE THIS HELPS

Obviously you have done this already and recieved your Warka card as I have as well. My question is have you used it anywhere and did it work. I tried this morning at my local BOA ATM machine in Murrieta CA and it did not work. Please let me know where you got it to work. Thanks Kip

[DStars]

I saw Letshope's and Kip Williams postings above and have a few questions that maybe they or anybody else can help me with.

I have a Warka account and am considering a withdrawal or wiring some money out and thought the Warka CC might be a better option after reading this thread.

From the time you requested the card (I do have the forms already) how long did it take to receive the Warka card?

Have you been successful in using the Warka CC for either purchases or Cash Advances here in the states?

I have Warka online access and know how to transfer between my IQD and USD accounts online. Is this necessary to do with the Warka CC?

What about fees, what are they? It seems to me that they might be cheaper than the wiring fees I would have by that method.

Thank you so much for any info anyone can provide.

[SuperFlyJr]

Oops, ignore.

Edited May 5, 2010 by SuperFlyJr

[kjwayne]

If I,m wrong then I,m just wrong but didn't I read on one of these post, that it was illegal for a us citizen to open a banking account in a foriegn contry? A corporation, yes but individual no. Some one tell me. If this thing goes on much longer, I would like to open an account just for the interest i could earn. Thanks

[speculator2]

I have a Warka account and have got the Warka Master Card. I tried several bank ATM's for account balances in savings and checking and hasn't worked. I tried to fdo a cash withdrawal and didn't work. I also tried POS with a gas station and a McDonalds and didn;t work. I contacted Warka and they said that something is wrong with the mag strip and will re-issue a card. Haven't gotten that one yet.

Anyone got a card that works...?

Robert

[DStars]

Thanks Robert for your response. With Letshope's and your results, Warka is batting 0 for 2.

[Butcher_AK]

I have had a Warka Account for a year and half with no Problems. Atm is $2000 Cash a day and $4000 credit. I have used it both state side and over sea’s. Works like a debit card. I did find that some places in the USA will not take the card.

As for getting your money out of Warka it takes about 3 day and U will have to write a letter as seen below.

I your name authorize Warka bank to exchange XXXX IQD to USD funds as set by the CBI to the below account held at ___________ located at ________________, swift code is XXXX, beneficiary name is Your name. Please find a copy of my passport below.

Hope this help.

All is well inside Iraq today,

LBB

[Butcher_AK]

I have had a Warka Account for a year and half with no Problems. Atm is $2000 Cash a day and $4000 credit. I have used it both state side and over sea’s. Works like a debit card. I did find that some places in the USA will not take the card. As for getting your money out of Warka it takes about 3 day and U will have to write a letter as seen below.

I your name authorize Warka bank to exchange XXXX IQD to USD funds as set by the CBI to the below account held at ___________ located at ________________, swift code is XXXX, beneficiary name is Your name. Please find a copy of my passport below.

Hope this help. As for the bank being safe well I got over 30k in it and it's still there... I work with a few State Dept. people here at my FOB and Warka is the bank that US State Dept BANKS with in Iraq. So Yes your money is 99% save leaving 1 % for the Unknow even. ~

All is well inside Iraq today, (www.presstv.ir) check it out Just another Source for Info. LBB

[aprilgold]

The potential for a redemption period to clear out the large Iraqi notes has not been laid to rest and we need a strategy to cope with any mandatory trade in maneuver. Many of us are awaiting long term capital gains calendar dates so a mandatory "000" note redemption period short of our taxable trigger dates may incur a requisite to simply deposit our dinars into Warka accounts.

Should we adopt that strategy, what pitfalls await us with Warka accounts and any aspects of Iraqi banking regulations for withdrawal of Warka IQD deposits in USD? Does Warka have checking accounts we can write from? Do they mail USD drafts to American accounts? What is the worst that can happen to American depositors in credible terms? Facts and opinions would be appreciated in that order.

Tell me, when you make a deposit to your account eg. 4x 25000 dinar, is your balance 4x25000 dinar or 100,000 dinars no matter the denomination?.

How can the bank lop three 000s off your account balance?. Can they do that when you have that balance before RI/RV?