Dinars into Warka Account

[RPMAC]

Adam or any member who can assist.

I read in one of the blogs that dinars can be physically sent or placed into the Warka Account through Citibank. I have received my Warka Bank Account number, and currently processing my authorization data to begin investing in ISX. The problem is that there are no Citibanks in the state were I reside, therefore I will have to go through another banking institution.

This is two-fold; for me to invest in the ISX, I'm trying to send dinars to my Warka Account, how is this process done; what other banks has anyone utilized to physically transfer their dinars to their Warka account ... or am I going about this the wrong way? Your advice please!

Thank you

RPMAC

Read more:

[Farmall]

In my recollection you would have to cash in your Dinar and wire the funds to Warka. Not recommended to send the actual Dinar over there!

[Darin]

In my recollection you would have to cash in your Dinar and wire the funds to Warka. Not recommended to send the actual Dinar over there!

It doesn't hurt to go through the process of setting up a Wark Acct and just wiring some USD over there.

No need to put all your eggs in 1 basket. Also, you would like not have to worry about mark-up fees. But from what I have read, the transition and transferring of funds is rather slow.

[RPMAC]

Darin and Farmall, Thank you both for your reply. Now, how do you cash-in the dinars, if no RV or RI for the bank to consider in order to make this transfer transaction? Probably like Darin advised, to send USD to my account huh?

Sorry guys don't mean to be stupid about this, but I am seeking information.

Thank you again

RPMAC

[Farmall]

Darin and Farmall, Thank you both for your reply. Now, how do you cash-in the dinars, if no RV or RI for the bank to consider in order to make this transfer transaction? Probably like Darin advised, to send USD to my account huh?

Sorry guys don't mean to be stupid about this, but I am seeking information.

Thank you again

RPMAC

I took your original question like this - You wanted/needed to use the existing Dinar you already have to start your Warka acct? If so, you will need to cash them in through DT for other dealer, unfortunately you will take a loss on them at this time. If you have other available funds that would be the route to go instead of the above method. Darin is correct, all information from them takes some time.

[RPMAC]

Farmall,

You kind of hit it on the head, I was trying to hedge by sending some of the Dinars I currently have to my Warka Account; but I'll just go the route suggest by you and Darin, sending USD to the account(s).

Thanks again guys.

RPMAC

[War Eagle]

At one time you could use Fedex to ship dinars into Warka Bank,but this was stopped a couple of years ago.Now,you must send dinars.My question is,WHY do you want to send Warka your dinars?

[patb1]

There are no stupid questions, Only stupid afterthoughts for not asking the question in the first place.

[The Jonald]

Adam or any member who can assist.

I read in one of the blogs that dinars can be physically sent or placed into the Warka Account through Citibank. I have received my Warka Bank Account number, and currently processing my authorization data to begin investing in ISX. The problem is that there are no Citibanks in the state were I reside, therefore I will have to go through another banking institution.

This is two-fold; for me to invest in the ISX, I'm trying to send dinars to my Warka Account, how is this process done; what other banks has anyone utilized to physically transfer their dinars to their Warka account ... or am I going about this the wrong way? Your advice please!

Thank you

RPMAC

Read more:

the real answer....

you cannot send physical dinars to your warka account. they will be confiscated at the border.

you have to wire transfer usd to your warka and then transfer them to iqd.

this is the only way.

there is and easy transfer function inside your warka account that is done with the click of a button. easy.......

good luck

the real answer....

you cannot send physical dinars to your warka account. they will be confiscated at the border.

you have to wire transfer usd to your warka and then transfer them to iqd.

this is the only way.

there is and easy transfer function inside your warka account that is done with the click of a button. easy.......

good luck

and by the way you do not lose money if you sell your dinars back to the dealer and then wire your usd back to your warka, and transfer them into iqd. because you are exchanging them at the current bank exchange rate. for about $845 you can buy 1,000,000 iraqi dinar through your warka. i have done this numerous times...

hope this helps.........

[Farmall]

the real answer....

you cannot send physical dinars to your warka account. they will be confiscated at the border.

you have to wire transfer usd to your warka and then transfer them to iqd.

this is the only way.

there is and easy transfer function inside your warka account that is done with the click of a button. easy.......

good luck

and by the way you do not lose money if you sell your dinars back to the dealer and then wire your usd back to your warka, and transfer them into iqd. because you are exchanging them at the current bank exchange rate. for about $845 you can buy 1,000,000 iraqi dinar through your warka. i have done this numerous times...

hope this helps.........

Correct me if I am wrong, but you are saying that if he buys 1M Dinar for $1220 and then sells it back for $880(DT rate on 3-29) and then rebuys 1M Dinar for $845 he does not lose money? He may not lose any Dinar, but he most certainly loses USD imo.

[RPMAC]

Thanks everyone for their input and suggestions. sorry for the late blog response.

To answer Jonald' question, in my request, I advised that I read in a blog that some sent their dinars to Warka Bank; I was just seeing if anyone could advise me on the best way to accomplish this; but as I see from your blogs, this transfer really cannot be do by sending the dinars themselves.

thanks again everyone.

[The Jonald]

Correct me if I am wrong, but you are saying that if he buys 1M Dinar for $1220 and then sells it back for $880(DT rate on 3-29) and then rebuys 1M Dinar for $845 he does not lose money? He may not lose any Dinar, but he most certainly loses USD imo.

read my post again. if you wire the usd to a warka account and then transfer to iqd at the current exchange rate you, you actually get more....

[RPMAC]

Thanks again everyone for all your replies, assistance and advice.

RPMAC