how many people have accounts in Warka ?

[lcheung]

Hi i am new. I bought a couple million Dinar in cash . And I don't know whether should i open an account in Warka bank. As people told me your money in Warka has no guarantee. The bank may remove your money from the bank. that's scary.....so i want to know how % of dinar you have in cash and in Warka bank? and how many people have account in warka?

[cris]

currency in the hand is worth more than in the bank.....my opinion....but i have heard similar on here before...when it rv's the dinar will be an internationally traded currency...and besides, im not in the mood to trust an account in iraq....jmo

[Traconesu02]

Pros and Cons about having a warka account. I personally do not have one. Not about to put my money in a bank that is not located in the State where I reside.

Or the country I live in.

[roger-write]

I've got both cash and a Warka. Either is a risk in my opinion, but I'm willing to take it for the potential. If they come out with a lower rate and offer a window to turn in big bills, I'll turn in the cash and keep the Warka funds in case it floats higher over time. Also, you don't have the large surcharge when buying dinar through a warka account that you do with cash dealers. ALSO, it is paying 7% interest (which I can now verify since they just credited the account). Nice to see a couple hundred thousand extra dinar I didn't even have to buy appear in the account. Finally in the "very slight" chance they were to do an in-country RV, a warka account stands a better chance of allowing you to still take advantage of the RV.

My 2 dinars for what it's worth.

[theDude]

i used to think that a warka account was usless, but i went ahead and got one a few weeks ago,because im thinking of investing some in thier stock market.

anyways, its easy to set up. if yourworried about loosing money in the bank, dont put a lot in, me i only have 300,000 idqs in there right now

having an account will somewhat protect you from current issues.and gives you some options

1. iraq comming out at a sub penny, or realy low rate, and forcing you to turn in your bills by a certain time. at which point they then raise the rate, or let it float.

you can cash in you physical money to live on for a few years while the money in the account is safe and will recieve the higher rate, or if you are reqired to cash in your bills, you can wire your forign currency in dinars to the bank. so it does give you options.

as far as security, this bank has been around for years, many people on here have a account. i have not heard of one person getting screwed.

look at the banks here in the us. we have already went throgh a decade where are banks failed. many are failing today. and many more are opting out of fdic insurance.

in the end its realy up to you.

personaly if you already have a couple million in pysical dinars, and your going to spend some mony on some more, why not go ahed and get an account and put maybee 300-500,000 in?

oh yea you cut out the middleman when you get an account so any dollers you transfer into your idq account gets the full 1170 rate

[War Eagle]

I have had an account with Warka Bank since 06.About 6 months ago Mr. I.,managing director of Warka,informed me that Warka had over 10,000 foreign customers,of which,5,000 had accounts with the ISX.Warka Bank is owned by Saad Al-Bunia,one of the wealthist persons in the middle east.He also controls Iraq Investment Bank.You can go on his web-site and see his vast holdongs.He has the franchise for coca-cola,and proctor & Gamble in Iraq.I have more faith in this bank than I do in 90% of the banks in the US,even if there is no FDIC.

[Inicio]

Is there a reason a Warka account cannot be set up after an RV? If a low rate is announced initially and/or a cash in time frame for larger bills, couldn't one deposit their IQDs in a USA account and then wire to open a Warka account to enjoy the post RV benefits? Just a question.

[DinarDiva007]

Is there a reason a Warka account cannot be set up after an RV? If a low rate is announced initially and/or a cash in time frame for larger bills, couldn't one deposit their IQDs in a USA account and then wire to open a Warka account to enjoy the post RV benefits? Just a question.

I think you will have to find a US Bank that would let you deposit IQD probably they will make you exchange for dollars then you can wire dollars to Warka then convert back to IQD You can do this now if you want you dont have to wait for RV I have found the people at Warka very polite and helpful.

[oildriven]

I have a Warka account and have wired money to and from Warka a number of times with no problems. Warka is very customer friendly. The online Banking is the best. My IQD account has gained about 145k in interest over the last month. I have had no problems with Warka.

[kamm]

I also opened one up several months ago and just got paid interest. My thinking is this that when it rvs I can get money out off my warka card to pay the tax lawyers, cpa or whoever else that can tell me the best way to hold on to my money that I have in hand. I have a little over 7 mil so Im would like to hang on to it. Steve

[Mongo]

I have to WARKA everyday on account that these papers come in the mailbox that says I own them money. That's a why I can't get a rich............go figure

[Cabletech911]

i used to think that a warka account was usless, but i went ahead and got one a few weeks ago,because im thinking of investing some in thier stock market.

anyways, its easy to set up. if yourworried about loosing money in the bank, dont put a lot in, me i only have 300,000 idqs in there right now

having an account will somewhat protect you from current issues.and gives you some options

1. iraq comming out at a sub penny, or realy low rate, and forcing you to turn in your bills by a certain time. at which point they then raise the rate, or let it float.

you can cash in you physical money to live on for a few years while the money in the account is safe and will recieve the higher rate, or if you are reqired to cash in your bills, you can wire your forign currency in dinars to the bank. so it does give you options.

as far as security, this bank has been around for years, many people on here have a account. i have not heard of one person getting screwed.

look at the banks here in the us. we have already went throgh a decade where are banks failed. many are failing today. and many more are opting out of fdic insurance.

in the end its realy up to you.

personaly if you already have a couple million in pysical dinars, and your going to spend some mony on some more, why not go ahed and get an account and put maybee 300-500,000 in?

oh yea you cut out the middleman when you get an account so any dollers you transfer into your idq account gets the full 1170 rate

I have both and I think diversification as always is the key. You have all bases covered and you can just forget about the Warka account and let it grow at 7%. You will NEVER get 7% domestically in a savings account (or even CDs) and more like .75% on savings. I hold a couple mil in Warka and buying from the source is well worth it and then there is interest to boot plus it allows ISX investments. No there is no FDIC but did you really pay that much to get in on a mil of dinar at the real exchange rate???? Excellent post! I think you are on the right track "theDude"....