Anyone successfully opened new account in last 3 weeks?

[Dinar_o'saurs]

@ guster & sambob.....

Thanks for the updates and info.

Okay, you talked me into it. I will forward and reply to customer accounts and cc Mr. Issa this evening, err.... um, tomorrow early morning. I'm a night-owl; so hopefully it might expedite things.

I've heard about them dumping weekend e-mails so this may be a good time to do it.

Thanks all. Keep me posted.

I see when Mr. Issa did respond to me that he forwarded a copy to c.accounts. Should I send the forwarded reply to c.accounts or c.services, or both.

Edited July 5, 2011 by Dinar_o'saurs

[guster]

@ guster & sambob.....

Thanks for the updates and info.

Okay, you talked me into it. I will forward and reply to customer accounts and cc Mr. Issa this evening, err.... um, tomorrow early morning. I'm a night-owl; so hopefully it might expedite things.

I've heard about them dumping weekend e-mails so this may be a good time to do it.

Thanks all. Keep me posted.

I see when Mr. Issa did respond to me that he forwarded a copy to c.accounts. Should I send the forwarded reply to c.accounts or c.services, or both.

Send it to both as well as Mr. Issa....

[Dinar_o'saurs]

Send it to both as well as Mr. Issa....

Roger....... roger. Am compiling now. Along with the necessary attachments..... let see...

• Government photo ID..... check
• Signed authorization letter to move funds from USD to IQD....... check
• Full address and contact info....... check

Well that should do it! Now, just wait till later tonight.

[Dinar_o'saurs]

Success!!!

Got my account #'s!!!

Now do I just take the e-mail that they sent me to my bank, along with a pocket full of cash to do the wire transfer or is there some sort of form that goes along with it.

Any help would be appreciated.

[Alexyn1006]

Success!!!

Got my account #'s!!!

Now do I just take the e-mail that they sent me to my bank, along with a pocket full of cash to do the wire transfer or is there some sort of form that goes along with it.

Any help would be appreciated.

Here are all the Warka email addy's I have: c.services@warka-bank-iq.com , e-bank@warka-bank-iq.com, ifrd@warka-bank-iq.com (Mr. Issa).

I had to send daily emails requesting that they divide and allocate monies from my USD accnt to my IQD account (maintaining a 150.00 USD balance). I sent these emails to all three addresses above. I also translated them into Arabic (Google translate). I've requested my e-bank account be set up to no avail. So, I'll be emailing them daily on this one as well.

The Swift code is the code for Warka's account HELD at Citibank of NY. This is the account that the money needs to go to. Warka should have emailed you a form to include with your wire transfer. Your bank should provide you with a form if Warka didn't. The important thing to remember is to reference both of your IQD and USD accounts held w/Warka on the wire transfer form. As long as you reference your account numbers, Warka will allocate the money only to the USD account at first. Then you have to hound them to divide and allocate. The fed wire number they provide to you is the number you use to wire the money, then the swift code CITIUS33 redirects the money to Warka's account. So, both numbers need to be used to get the money to the right place. At least, this is how it worked for me.

Good luck!

[sambob]

Success!!!

Got my account #'s!!!

Now do I just take the e-mail that they sent me to my bank, along with a pocket full of cash to do the wire transfer or is there some sort of form that goes along with it.

Any help would be appreciated.

'Dinar_o'saurs',

That's great! I received confirmation on the 9th that Warka finally transferred my USD to my IQD account and last night they sent my online banking login. As the poster stated above, you will likely have to email them daily if you want this done in a timely manner. I sent them regular (but friendly) emails. Squeaky wheel gets the grease!

When yoy send your wire (hopefully today?), feel free to upload the blank form if you have any questions and I'd be happy to point out wht I did on mine. Warka did not send me a form but even if they would have my bank would have requested that I use theirs. I did not translate my emails to arabic.

Here is their wiring instructions (sent to me by Warka and also in Adam's book):

We have currently established banking relations with Citibank NY where you can direct your funds using the below details:

Warka Bank for Investment and Finance USD Account Number at Citibank : 36908969

Account Name at Citibank: Warka Bank for Investment & Finance

Corresponding Bank Name: Citibank NA

Branch: New York

BIC - Swift Address: CITIUS33

Fed Wire: 021000089

Here are some things I added to the email I sent them the day I sent my wire: "Upon immediate receipt of my wire, I would like the following transaction please:", and then I included my transfer instructions in the body of the email (ie $150 miniumum in USD and the remainder of funds, less all applicable fees in to my IQD account). Make sure to include the amount of your wire and to attach your signed authorization form to transfer $ from USD to IQD account.

I recommend sending all correspondence to the following email addressess:

ifrd@warka-bank-iq.com (Mr. Issa - *make sure you c/c him on every email)

c.services@warka-bank-iq.com

c.accounts@warka-bank-iq.com

A few other things I would recommend:

-always give them more information than they need, in every email

-always send your emails read receipt so you know they've received and read your emails (takes the guess work out of, why haven't they emailed me back, did they not receive my message)

-try to send all correspondence to them during their business hours (I've heard they delete email sent to them over their Friday/Saturday weekend, not sure if this is true)

Here are the timelines it took for my account details:

* 3 weeks to receive account #’s

* 1 week to acknowledge my wire

* 5 days to acknowledge transfer to my IQD account from USD

Hope this helps...good luck! Post or PM if you have questions!

[Cedar1581]

I have a new Warka account and have just transfered funds from my Warka USD account to my IQD account. Not knowing the exchange rate, I transfered $1,200.00 into my IQD account and expected to see at least 1 million dinars in my account, only received 166,025.000. If I am reading this right i'm not happy with the exchange. Anyone experience a simiular rate?

[sambob]

I have a new Warka account and have just transfered funds from my Warka USD account to my IQD account. Not knowing the exchange rate, I transfered $1,200.00 into my IQD account and expected to see at least 1 million dinars in my account, only received 166,025.000. If I am reading this right i'm not happy with the exchange. Anyone experience a simiular rate?

Do you have online banking or did you have Warka transfer these funds for you? You should go back through all correspondence (if this was done by email) and re-check the figures. It sounds like something was missed along the way. You should have over 1 million IQD...

[Cedar1581]

I do have online banking and can see both of my accounts. Via email I had Warka transfer the funds out of the USD to IQD accounts. I have sent an email to Warka requesting a detail of the transaction and expressed my concern over the exchange rate. Waiting on their reply!

[sambob]

How strange! I am definitely interested to see what they have to say about this. I hope you'll post and let us know.

[sambob]

What was the date of your transfer?

[Dinar_o'saurs]

@ sambob....

Thank you so much for your detailed list on how to set this up.

Couple questions.

1). Should I wire the funds first and then request an on-line bank account or (because of the lag) do both simultaneously.

2). Do you request on-line banking through Mr. Issa in the form of an e-mail or is there another form for that needs to be filled out.

3). Warka did not send any form(s). Could you point me to the form that I will need to fill out for my wire transfer.

sambob... once you point me to the form for my wire transfer and I do need help, I'll PM you. I really appreciate all your help in this matter.

Re: mtex45's situation, I'm wondering if Warka did the transfer for him/her there were additional fees instead of mtex45 doing it on-line him/herself. Make sense?

Thanks to sambob and alexyn1006 and everyone for making this a painless transition/transaction.

With time and patience. We'll all get to our final destination!

[sambob]

You are most welcome!!

Phone yoour bank and ask if they can email you their wire transfer form to be dropped off at their bank. If not, I would recommend fax or picking it up in person, whatever is quickest. I would put the request all in one email to Mr. Issa (and the other email addresses listed above), maybe listing the online banking at the bottom. To my knowledge, there is not a form for this. I just made the request by email.

Warka has a lot of fees but they are small. Something must have gotten transposed with the transfer described above??

[Bristin]

My experience with Warka has been pretty good.

It took about 2 weeks to get the account open and get online banking set upt. The account was opened in early in June, a little before Warka remove the new account link from the old website and launched the new web site.

Since opening the account I have made three wire transfers from my U.S. Bank. Each time the wire showed up in my dollar account the next morning, assuming the bank was open that day. I see it myself using online banking.

My understanding is that Warka is closed on Fridays and Saturdays (their weekend) and open again on Sunday. I think all of my wires were done on a Monday, Tuesday or Wednesay so the bank was open the next day.

Warka deducted $5.00 from each wire as a service fee. I still don't understand how they calculate fees. It seems to be a percentage of the transaction with a miminum of $5.00 in the case of a wire anyway.

I have never reeceived an email confirmation that the wire was received. I could see it in my dollar account. I then move the dollars over to the IQD account myself using my online User ID and password.

I can see the transfer right away. The exchange rate was 1175 dinar per dollar. Pretty painless.

Hope this helps.

Edited July 11, 2011 by Bristin

[retep2010]

After posting here and then sending off an e-mail to the 'info' addy at Warka.... I had a response sitting in my in box from Mr Issa. In essence it stated that my info will be passed over to customer service to establish my USD & IQD accounts where once they are opened my account details will be confirmed along with wiring instructions to fund my account.

Also, if I have anymore questions to check the 'news bulletin' section of the bank for any latest news/bulletins or if further assistance is needed.

I feel like a heel cause this e-mail was sitting there after I sent the one to the 'info' address.

Just wait it out and they'll get back to you.

Good luck to everyone else!!!

do you have the link please........

[Cedar1581]

What was the date of your transfer?

I transfered funds on July 7th and it showed up on my online account Saturday the 10th. I emailed Warka on the 10th and again today.

I sent emails to both c.services and e-bank

[peterson96]

I have a new Warka account and have just transfered funds from my Warka USD account to my IQD account. Not knowing the exchange rate, I transfered $1,200.00 into my IQD account and expected to see at least 1 million dinars in my account, only received 166,025.000. If I am reading this right i'm not happy with the exchange. Anyone experience a simiular rate?

Any chance you goofed when you typed this number? "over there" (Europe, ME, etc) commas are decimal points and periods are commas. Your number, as typed, could be equivalent to 166.025 or 166,025.00......which way are they displaying the account info?

[Bjizzle30]

Has anyone transferred money from their account strait to their warka account (bypassing citibank)? thanks for your input.

[Cedar1581]

Any chance you goofed when you typed this number? "over there" (Europe, ME, etc) commas are decimal points and periods are commas. Your number, as typed, could be equivalent to 166.025 or 166,025.00......which way are they displaying the account info?

This is my original email to Warka On July 7th, 20011, I have wired $1,200.00 USD to my account # xxxxxxxxxxxxxxxxx I would like to transfer $1,200.00 from my USD account to myIQD account # xxxxxxxxxxxxxxxxxx Please confirm receipt of wire in the amount of $1,2000.00 USD and the transfer to my IQD account. Thank You.MR. xxxxx This is a copy and paste of my online account.

The Amount Of Transfer Must Be Less Than The Available Balance

From AccountTo Account USD # xxxxxxxxxx

IQD # xxxxxxxxxxxxx

Account Number xxxxxxxxxxxxxx

Branch Name Al-WATHIQ BRANCH

Account Type NON RESIDENT

Currency Code USD

Current Balance 1,245.00

Available Balance 150.00

Account Number xxxxxxxxxxxxx

Branch Name Al-WATHIQ BRANCH

Account Type NON RESIDENT

Currency Code IQD

Current Balance 166,025.000

Available Balance 166,025.000

When I try to move additional funds (USD to IQD) via online banking, I get a message (insufficient funds).I have moved $1,200.00 into IQD and only received 166,025.000 Dinar. I have sent a total of $1,400.00 to my USD account. Someone tell me I haven't gotten screwed on this deal! I appreciate your opinion. I welcome any and all help.

Well tis didn't post the way I planned. Hope you can understand

[sambob]

mtex45,

That is very peculiar. I'm no expert and am new to Warka myself but there is something most obviously wrong and I'm sure they'll help you get it fixed. I received confirmation of my USD/IQD transfer on July 9 and received my online banking details the next night. So, my transfer happened after yours and mine was the same old 1175 exchange rate. It sounds like the difference is that they performed the transfer between my accounts whereas you did yours online? I also re-checked my online account thinking the commas were maybe funky but mine reads same as your post shows with 3 zeros after the decimal and commas exactly as they should be. I'm perplexed. I would keep emailing them until you get to the bottom of this.

[cisole]

I just sent out my e-mail to open an account, i will post back with results as well.

[The RockStar]

damn so its taking forever to get our login for Warka after you've wired the money? that's not a good thing. If it's taking them this long to respond to our request...what happens when it RV's and we want to get our money out? How long will that take? What would happen then? I hope someone has this answers...because I myself is alittle worried and iffy about this whole process.

one question that keeps coming up in my mind is: what if they just said your account never existed...what if they just disappeared...what can you do? who would you tell?

First you will file a report with the Iraqi embassy and then the American embassy .That will (I guaranty ) handle the problem . It happened to me in the philippines . Keep all your e-mails on a thumb drive just in case...........

[Chilliherb]

G'day Guys

Can someone fully explain to me why it is recommended we open a Warka a/c ?

Cheers Chilli B)

[hoopdog]

G'day Guys

Can someone fully explain to me why it is recommended we open a Warka a/c ?

Cheers Chilli B)

Some people have opted to open a Warka account in order to obtain the Central Bank of Iraq exchange rate. Warka cannot send you dinars so your money must stay in the account until you decide to exchange your dinars back to your currency of choice at the exchange rate of that day and have it wired back to you.

Some have opted to open a Warka account to postion themselves for the pending opening of the Iraq Stock Exchange (ISX). Warka is an ISX broker and will accept your stock pre-order. This request will be kept on hold until the ISX opens to foreigners.

As with all foreign bank accounts, your funds are subject to the laws of country of that bank. Banks outside of the US are not insured by the FDIC. This implies iherent risks.

This was some info. copied from another site

[Cedar1581]

mtex45,

That is very peculiar. I'm no expert and am new to Warka myself but there is something most obviously wrong and I'm sure they'll help you get it fixed. I received confirmation of my USD/IQD transfer on July 9 and received my online banking details the next night. So, my transfer happened after yours and mine was the same old 1175 exchange rate. It sounds like the difference is that they performed the transfer between my accounts whereas you did yours online? I also re-checked my online account thinking the commas were maybe funky but mine reads same as your post shows with 3 zeros after the decimal and commas exactly as they should be. I'm perplexed. I would keep emailing them until you get to the bottom of this.

Thanks for your thoughts and opinion on my account. A thought just crossed my mind, they (Warka) may have only moved the dollars which have been in my account the longest, they may not consider my most recent wire transfer as available funds until it has been in the account a certain number of days. Once the money has been on deposit ? # of days maybe then I can move from USD to IQD. This is the only scenario that makes sense to me. Still waiting on a response from my emails to Warka. Sure hope this is the problem!!!!