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Wire transfer to Warka


Goob
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Im pretty new to the investment and Ive recently opened a Warka account. I wired the money 11 days ago and have not recieved a confirmation as to weather they recieved the funds. I've emailed them twice already, trying to be patient, but I must say Im concerned. Has anyone else experienced lengthy wire transfer confirmation? How long does it normally take? Has anyone wired money and had it disappear, never be confirmed? Thanks in advance

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Im pretty new to the investment and Ive recently opened a Warka account. I wired the money 11 days ago and have not recieved a confirmation as to weather they recieved the funds. I've emailed them twice already, trying to be patient, but I must say Im concerned. Has anyone else experienced lengthy wire transfer confirmation? How long does it normally take? Has anyone wired money and had it disappear, never be confirmed? Thanks in advance

Hi Goob,

I have two accounts with the Warka and have found them to be excellent.

I believe that they are having website and email issues at the present time, so this may be an explanation for the delay.

One thing that does frustrate me is some of the out-of-date information on their website.

RAL

Edited by RAL
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I wired money to them on 9/16/2010 around noon in the states. I received a conformation 9/19/2010 and then another conformation 9/20/2010 stating that the minimum was placed in my USD account the the balance in my IQD account. Did you email them with a follow up latter stating what to do with the funds to c.accounts@warka-bank-iq.com?

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Im pretty new to the investment and Ive recently opened a Warka account. I wired the money 11 days ago and have not recieved a confirmation as to weather they recieved the funds. I've emailed them twice already, trying to be patient, but I must say Im concerned. Has anyone else experienced lengthy wire transfer confirmation? How long does it normally take? Has anyone wired money and had it disappear, never be confirmed? Thanks in advance

You should still get a confirmation in the mail from your bank . Call them and ask if they can show it was successfully sent !

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Dear Mr. Xxxxxxxxxxx

Your transfer has been received in the amount IQD 1171475

Best regards.

Rowaida Mohammed

Customer Services Dept

International Affairs

This e-mail is confidential and the information contained in it is

privileged. It should not be read, copied or used by anyone other than the

intended recipient. If you have received it in error, please contact the

sender immediately by return email, and delete the e-mail and do not

disclose its contents to any person.

Thanks guys, this was what I was sent today. I understand that they were on a holiday weekend for four days when I sent it, but that was only in Iraq. Should have cleared early then now. Also with all the relevent news, it's wierd that they say my 1000 dollars bought 1171475 dinars. I have not previously had an account so I officially don't have 150.00 in my usd account. Not sure I believe them, guess I have to set up online banking to confirm. Thanks again for your replys. Goob

Edited by Goob
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Dear Mr. Xxxxxxxxxxx

Your transfer has been received in the amount IQD 1171475

Best regards.

Rowaida Mohammed

Customer Services Dept

International Affairs

This e-mail is confidential and the information contained in it is

privileged. It should not be read, copied or used by anyone other than the

intended recipient. If you have received it in error, please contact the

sender immediately by return email, and delete the e-mail and do not

disclose its contents to any person.

Thanks guys, this was what I was sent today. I understand that they were on a holiday weekend for four days when I sent it, but that was only in Iraq. Should have cleared early then now. Also with all the relevent news, it's wierd that they say my 1000 dollars bought 1171475 dinars. I have not previously had an account so I officially don't have 150.00 in my usd account. Not sure I believe them, guess I have to set up online banking to confirm. Thanks again for your replys. Goob

Goob,

I would not be panicked into believing the WARKA is failing.

Too big and too important to let fail.

They ARE currently having a liquidity problem but I am leaving my considerable amount with them.

This was obtained from the C.C. website.

Iraq-Business News: Has Warka Bank Collapsed?

Posted: September 20, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Iraq, Dinar, Currency, Investment, IQD, middle east, Iraqi government, Central Bank of Iraq, Iraqi Kurdistan, http://www.iraq-businessnews.com/,

Warka Bank, Al Sumaria, Private bank

Speculation is rife that Iraq’s Warka Bank has collapsed, but its managing director said that it has not collapsed but has faced problems due to a recent decision of the Iraqi government to withdraw over $1.6 billion from the bank.

Our resident blogger on economic issues, Mark DeWeaver, recently reported on the mysteries of Warka’s rights issue.

The Iraqi government recently decided to withdraw its money from all private banks, leading to media reports that Warka Bank had collapsed, according to a report from AKnews.

Speaking during a press conference in Sulaimaniya, Mohammed Hussein said, “Warka Bank has not collapsed. It is just some problems we are facing which will be resolved soon and we will resume our work in a better way.”

He said the Iraqi Trade Ministry owes $250 million to the bank but has failed to return the money because of the changes in the leadership of the ministry.

On his part, Dler Mohammed, the head of Warka’s branch in Kurdistan said the Iraqi minister of finance has agreed to give a loan of around $64 million to the bank.

He added several British and Lebanese companies have also agreed to buy shares in Warkaa but did not provide the names of the companies.

Mohammed said following the government’s decision, the Iraqi Public Vehicle Company withdrew around $680 million from the bank, and citizens withdrew around $1 billion.

“During talks with officials at Kurdistan’s Ministry of Finance, they promised us to return the pensions for retired government personnel to Warka Bank,” said Mohammed.

Warka bank was established in 1999 and currently is one of the largest private banks in Iraq with 120 branches all over the country.

Al Sumaria News quotes a spokesman for the bank as saying that the bank “is supported by the Central Bank of Iraq and can not talk about bankruptcy”, and added that the rumours were an attempt by the bank’s competitors to tarnish its reputation."

IMO you can rest in peace and enjoy your future.

RAL

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