Status of Warka Bank

[Aragon]

Hello All,

I opened an USD and IQD account with Warka Bank today and I got the details. Interesting enough when I applied they did not get the details and asked me to send a mail to c.accounts@warka-bank-iq.com based on a question I had asked them earlier.

I am still not decided to fund the account purely because of a set of email that I was reading on one of the website which does not give a very rosy picture of this bank. I looking for someone to help me understand if any one has actually opened an account and funded the account without an issue.

Please do let me know.

The url where I read the details is given below.

http://dinaroutcast.forumotion.com/cbi-bank-news-f16/series-of-emails-concerning-warka-stockposted-for-discussionfound-at-dv-t5999.htm

Any response would be much appreciated.

Also has anyone thought why the bank domain in warka-bank.com and the emails come from warka-bank-iq.com.

[BIGCG]

it takes a fews weeks to get it all set up, but have not had any problems with them and have had money over there since Feb this year

[Aragon]

it takes a fews weeks to get it all set up, but have not had any problems with them and have had money over there since Feb this year

Thanks a lot for the info. Did u get to see the full details in the link. It is actually quite scary.

[SexyDinar]

Have you been around the last 15 months?

The US, UK and Europe banks have been failing more than any banks in Iraq!!!!

I know where I would put my money under my bed......................but to comment on the article Warka Bank is backed by one of the richiest people in the middle east so I think you will be okay for your deposit.

[Gold Star Mom]

Thanks a lot for the info. Did u get to see the full details in the link. It is actually quite scary.

I tired to set up an account today hit send and was exited out of the website, is that normal, I have no idea if my information was received or not, is that how yours was initially done as well?

[phillyboy]

I tired to set up an account today hit send and was exited out of the website, is that normal, I have no idea if my information was received or not, is that how yours was initially done as well?

I opened an account in April '06. Things took time back then but everything worked out fine. I can check my account on line, have received annual interest payments, have participated in stock purchases (shares are held in proxy). The bank seems to be on the cutting edge w/ technology over there and has working relationships w/ Citibank for transfers. Is there risk to this? I invested believing it was risky but could have incredible returns if it worked out. Gurus RV dates have come and gone, many now say it will happen by years end but I sometimes wonder about that. If there was such certainty I believe speculators would be stepping in and the Dinar would start to rise in value due to demand. But instead it remains flat. Not giving up yet but this is definitely risk capital only.

[Trimark]

I have been VERY impressed with Warka's service to date. Here is a recap of my experience with them so far:

I filled out the online form to open an account with them back in June but was on the fence about funding it so did not fund it at that time. They sent me my account information fairly quickly but I can't remember exactly how long it took.

Last week I decided to go ahead and fund it but because of a computer crash in July I could not find my account details so on Wednesday night I filled out the online form for opening a new account again. When I woke up Thursday they had already emailed me a copy of my account details that they had prepared for me back in June. On Friday I went to the bank and did two wire transfers - one to my USD savings account and one to my IQD savings account.

I figured it would take until the end of next week for the wire to be processed and everything set up but no. Today - Sunday - I had an email waiting for me when I woke up that says the money is in my accounts. I need to send a signed letter authorizing them to allow me online banking access which I did just a few moments ago.

All in all I'm very impressed with how fast and smoothly everything has gone so far and how good their service is.

[Trimark]

Update on this: I just went back to my email and found a new one there saying that Warka had received my email with my scanned authorization document and as soon as the IQD was deducted for the annual fee they would send me my login details. Talk about fast! I'm very pleased and impressed so far.