Deposit Cash in Warka

[Daved142]

Question about Warka USD and IQD accounts! Would it be better to send US dollars to your USD Warka account, then request all or part be converted over to your IQD account rather than buy Dinar uncirculated bills here in the US? In other words you could buy 1,000,000 worth of Dinar bills here in the US for about $1040 or you could wire the $1040 over to your USD Warka account. Is there any advantage to either??

Dave

[BrokeNoMore]

Question about Warka USD and IQD accounts! Would it be better to send US dollars to your USD Warka account, then request all or part be converted over to your IQD account rather than buy Dinar uncirculated bills here in the US? In other words you could buy 1,000,000 worth of Dinar bills here in the US for about $1040 or you could wire the $1040 over to your USD Warka account. Is there any advantage to either??

Dave

You might consider starting a new thread next time; it makes it easier for someone looking for answers to this question to find it

This is a matter of opinion.

I believe the exchange rate is better when converting USD to IQD electronically, and not when buying paper currency.

I wired my USD directly to my IQD account, bypassing the Warka USD account.

If there is a limited amount of time to cash in paper currency after an RV, that will not apply to deposits in Warka. That is one advantage. So if large bills are recalled, the deposits in Warka can sit there and grow without paying another spread to buy smaller denoms.

If our deposits in Warka are not secure, then we could lose the money. They do not have federal insurance like we have the FDIC and that really bothers some people.

It costs me $25-50 USD every time I wire a deposit.

[phxvalleygirl]

I am also considering opening a WARKA account... my passport is lapsed, what exactly is a government approved ID? Driver's license??? I don't want to have to wait until I get passport updated. thanks

You can sent Warka your notarized driver's license to open the acct.

[AK47]

When I set up my account, it used to be a deposit of $150 USD and 300,000 IQD minimum for new accounts. They will make you keep both a USD and an IQD account. It is easy to wire the funds. You just pay the 20.00 wire fee from your bank and wire the funds through Citi Bank of NY. They will be the go between and your money goes straight into your Warka accounts. I have done this several times without a glitch. The wire transfer information is located on this site.

When I set up my account, it used to be a deposit of $150 USD and 300,000 IQD minimum for new accounts. They will make you keep both a USD and an IQD account. It is easy to wire the funds. You just pay the 20.00 wire fee from your bank and wire the funds through Citi Bank of NY. They will be the go between and your money goes straight into your Warka accounts. I have done this several times without a glitch. The wire transfer information is located on this site.

The information for opening a Warka account and the documents needed (State ID or DL, and SS card scanned and e-mailed to the appropriate personnel at Warka) are also located within the Dinar Vets forums.

I am pretty sure that The Charter Bank of England has partnered with Warka.