Minimum Balances Required

[BrokeNoMore]

Greetings, and thank you for your help in advance.

I have received my email with the acct # and wiring information from Warka this morning.

This is what it says:

Thank you for choosing Warka Bank for Investment and Finance and for taking interest in our services

Your USD savings account no. is: xxxxx

Your IQD savings account no. is: xxxxx

Please advise your bank to direct your USD wire transfer to our corresponding bank in Germany Commerzbank below are the complete wire transfer instructions:

Warka Bank for Investment and Finance USD Account Number at Commerzbank : 400875402000

Account Name at Commerzbank: Warka Bank for Investment & Finance

Corresponding Bank Name: Commerzbank AG Frankfurt Germany

BIC - Swift Address: COBADEFFXXX

Beneficiary name and account number : Your name and account number at Warka Bank for Investment and Finance.

1) It says nothing about minimum balances. I looked all over the website. There is nothing stated there, either. Can someone please direct me to the place where I can see that this $150 minimum is required for the USD account?

2) The information is obviously sketchy. I am wondering why I don't just wire my USD directly to my IQD account. Would that work? Or must the USD IQD exchange happen after deposit of USD to an account. Would the wire be rejected if I do that? Hmmmm.

Need answers quickly...squeaking in under the wire

[guster]

Hey, below is an email that I received from Warka that says the min balance for USD account is 150. I am almost positive that you have to wire transfer your funds into your USD first and then request a transfer to IQD and then request set up of an e account.. here is the email, let me know if you need more info on anything..

Dear Sir,

Our customer services department confirms the credit of your funds in the amount USD $ #### which will be exchanged maintaining the minimum balance in your USD account $150.

ur e-banking department will issue your online login details deducting the annual subscription fee from your account IQD 15000.

Once the annual fee has been deducted the login details will be issued by our e-banking team.

Should you have further questions or inquiries regarding your online account please contact the e-banking team e-bank@warka-bank-iq.com and they will provide their full cooperation and support.

For further information related to your account and the fine services provided by our good bank please take a moment to visit our website www.warka-bank.com <http://www.warka-bank.com/> news bulletin to view the latest notices and the contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly.

Thank you for following our regulations, guidelines and working procedures which have been set to best serve our esteemed clients.

Best regards,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

[Gasketman]

Hi

How did you get your account opened? I have been e-mailing them at least once every 2 weeks for 6 months with no reply.

Any help would be appreciated.

[BrokeNoMore]

I wired the USD to my IQD account directly after I discovered a post here that someone else did that and it worked. I'll let you know how it goes. :D

I was a bit frustrated by my local credit union; they didn't seem to know how to work with the wiring information Warka emailed me. They simply fill out a form, and then the experts in the accounting department will figure it out and call me if it is not right.

I did look over their form, and have them relocate some of the information into what I thought were the proper fields. I'm just thinking the teller was not too sharp. I'm quite certain that it was right by the time it was sent.

Hi

How did you get your account opened? I have been e-mailing them at least once every 2 weeks for 6 months with no reply.

Any help would be appreciated.

I emailed the following letter to Mr. Mahmmad K. Issa (ifrd@warka-bank-iq.com)

Good day Sir,

I would like to open a USD and IQD account with Warka Investment Bank.

I am attaching a copy of my ID and the required Authorization Letter.

Please advise me the information details to wire the USD to fund the new accounts.

Thank you,

{my name}

After a few business days, I received this response:

Thank you for taking interest in our fine bank we looking forward in establishing your accounts having you as our good esteemed client.

To finalize your accounts please confirm your full contact details, mobile and telephone.

For any further questions please contact our customer accounts department they will be of full assistance and support.

For further information related to your account and the fine services provided by our good bank please take a moment to visit our website www.warka-bank.com news bulletin to view the latest notices and the contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly.

Thank you for following our regulations, guidelines and working procedures which have been set to best serve our esteemed clients.

Best regards,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

Warka Bank for Investment and Finance

To which I responded to Mr. Issa and c.accounts@warka-bank-iq.com:

Good day Sir,

My full contact details are as follows:

My name

My address

city, state zip

Phone: work & home

Phone: mobile

I look forward to a positive relationship with your fine bank.

Best regards,

my name

To which c.accounts@warka-bank-iq.com responded with the first email in this thread, directing me to where to wire funds.

This entire process started Monday December 5th, 2011.

I hope this makes the process more clear.

[BrokeNoMore]

Oh. I forgot to mention that I put "New Account" in the Subject line.

[Duke31]

Hello...

I currently us Chase to send my wire transfers to my Warka Account and it's only $ 25.00 per wire. I found out of the 3 major banks here in my location Wells Fargo, BofA and Chase. Chase was the way for me to go.. with no problems and you can set it up through their web site.

So your Transfer will be CHASE to CITIBANK, with the instructions to Credit your USD account at Warka

Below is how it's set up.

Recipient Information

Recipient name : CITIBANK NA

Recipient nickname: CITIBANK

Address: 111 WALL STREET

City: New York

State: New York

Zip Code: 10043

Country: Uniited States

Bank Information

Bank rounting number (ABA or SWIFT) 021000089

Bank name : Citibank N A

Bank country United States

Recipient account number 36908969

Message to recipient bank: Credit USD account ??? / ?????? / ? / ???? / ? (This is your Warka USD Account)

My wires show up in my USD Warka Account with in 1-2 days. Then I log into my Warka account and transfer the money to my IQD account.

Hope this helps.

[CarpeDiem]

I was wondering- someone on a recent warka account setup post was told to wire

the funds to a bank in Germany.. I believe I've seen a couple people that have stated such..

Question- did you have to do the same? I'm getting ready to start the process of setting mine

up & was curious if that is actually the case rather than sending the funds to an account

their in Iraq? thanks...

[BrokeNoMore]

Hello...

I currently us Chase to send my wire transfers to my Warka Account and it's only $ 25.00 per wire. I found out of the 3 major banks here in my location Wells Fargo, BofA and Chase. Chase was the way for me to go.. with no problems and you can set it up through their web site.

So your Transfer will be CHASE to CITIBANK, with the instructions to Credit your USD account at Warka

Below is how it's set up.

Recipient Information

Recipient name : CITIBANK NA

Recipient nickname: CITIBANK

Address: 111 WALL STREET

City: New York

State: New York

Zip Code: 10043

Country: Uniited States

Bank Information

Bank rounting number (ABA or SWIFT) 021000089

Bank name : Citibank N A

Bank country United States

Recipient account number 36908969

Message to recipient bank: Credit USD account ??? / ?????? / ? / ???? / ? (This is your Warka USD Account)

My wires show up in my USD Warka Account with in 1-2 days. Then I log into my Warka account and transfer the money to my IQD account.

Hope this helps.

The email I got this morning was very clear, for instructions to the bank in Germany, so that is what I did.

I do not know if they changed it recently. I do know somebody else posted about having problems wiring to Citi in US. How recently have you wired? If it was before yesterday, then this may be a very recent switch. My best guess.

If this is not the case, and they simply are trying to level the traffic for processing, then they could have saved me $25. But it's done now.

If somebody posts that they are wiring this week to Citi in NY, then I will use that info next time. But if it's not true, then the money will be in limbo for six weeks before it's returned. That would suck.

I was wondering- someone on a recent warka account setup post was told to wire

the funds to a bank in Germany.. I believe I've seen a couple people that have stated such..

Question- did you have to do the same? I'm getting ready to start the process of setting mine

up & was curious if that is actually the case rather than sending the funds to an account

their in Iraq? thanks...

That is the case for me.

You cannot wire funds directly to an account in Iraq. Iraq is still under UN Sanctions, and funds must be wired to an international bank in other countries that have accounts for the banks in Iraq.

[Carrello]

Hi

How did you get your account opened? I have been e-mailing them at least once every 2 weeks for 6 months with no reply.

Any help would be appreciated.

Gasketman, I did the same thing regarding the emailing. The secret is to send an email, but include all of the documentation required: ID, contact info, authorization letter, etc. I sent an email with the documents and heard back in less than 48 hours and the ball was rolling. This advice came from Mr. Issa's office after I contacted them to complain about non-response.

Hope this helps. Merry Christmas!

Duke31, thank you for the information. Wiring adequate funds to cover your USD and IQD accounts into the USD account and then transferring to the IQD account is great info. I am in the process and wondering how to get the IQD into an account.

Any bank can do the wire transfer to Citibank. You do not need the big, ugly three to do this. Your local bank can do it.

Thank you!

Edited December 16, 2011 by Carrello

[eightball]

seems like a hustle to get an account open!

[BrokeNoMore]

I have news.

I got an email from Warka this morning.

This was in response to my email requesting acknowledgement of my wire, and internet access to my account.

Dear xxxxxxx

Thank you for choosing Warka Bank for Investment and Finance and for taking interest in our services

Your transfer has been received in the amount IQD xxxxxx

Please send a signed authorization letter to our e-banking department e-bank@warka-bank-iq.com which authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter

Should you have further questions or inquiries regarding your online account please feel free to contact the e-banking team e-bank@warka-bank-iq.com and they will provide their full cooperation and support.

Best regards,

Customer Accounts Dept.

International Affairs

Warka Bank for Investment and Finance

What I take from this, is that every single request needs to be on a scanned signed authorization letter.

I also take that we can wire directly to the IQD account, bypassing the USD account. I am not convinced I'd ever have needed to open the USD. Nothing has been said about funding the USD account.

Next I'm going to try the Citibank in NY address to save the extra $25 wiring to Commerzbank in Germany.

Also, it is interesting to note that for every USD I wired (not including wiring fees) I was credited IQD 1144.773125 I am wondering how that has worked out wiring to the USD account and transferring, since I noticed there are fees to transfer between accounts. Any feedback on that?

[Goldiegirl]

I have news.

I got an email from Warka this morning.

This was in response to my email requesting acknowledgement of my wire, and internet access to my account.

Dear xxxxxxx

Thank you for choosing Warka Bank for Investment and Finance and for taking interest in our services

Your transfer has been received in the amount IQD xxxxxx

Please send a signed authorization letter to our e-banking department e-bank@warka-bank-iq.com which authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter

Should you have further questions or inquiries regarding your online account please feel free to contact the e-banking team e-bank@warka-bank-iq.com and they will provide their full cooperation and support.

Best regards,

Customer Accounts Dept.

International Affairs

Warka Bank for Investment and Finance

What I take from this, is that every single request needs to be on a scanned signed authorization letter.

I also take that we can wire directly to the IQD account, bypassing the USD account. I am not convinced I'd ever have needed to open the USD. Nothing has been said about funding the USD account.

Next I'm going to try the Citibank in NY address to save the extra $25 wiring to Commerzbank in Germany.

Also, it is interesting to note that for every USD I wired (not including wiring fees) I was credited IQD 1144.773125 I am wondering how that has worked out wiring to the USD account and transferring, since I noticed there are fees to transfer between accounts. Any feedback on that?

So BrokenNoMore, am I to understand that in Beneficiary Name and Beneficiary Address you put your own bank account at Warka and also your own address instead of Warka's German bank account 400875402000 and Warka's address?

Edited December 20, 2011 by Goldiegirl

[BrokeNoMore]

So BrokenNoMore, am I to understand that in Beneficiary Name and Beneficiary Address you put your own bank account at Warka and also your own address instead of Warka's German bank account 400875402000 and Warka's address?

No...No...

The first box on the form is miscellaneous stuff like the amount of the transfer, wire fee, what type (foreign, domestic, etc).

The second box has Originator information, which is where all my personal info went.

The third box is the Beneficiary Box, and in there went the following, exactly as presented below, including blanks left blank by the credit union teller:

Name: Warka Bank for Investment and Finance Phone: Contact Person:

Street Address, city, state/country, zip:

Beneficiary Account Type: [checked] Beneficiary Account# [nothing filled in here]

Beneficiary Account Number: 400875402000

Beneficiary Bank Name: Commerzbank AG Frankfurt, Germany

Beneficiary Bank Swift Code: COBADEFFXXX

International Routing Code Type: [checked]Other

International Routing Code:

Beneficiary Bank Address:

Additional Payment Information: [My Name, IQD Account #]

Remember. Warka Bank has an account at Citibank or Commerzbank. The beneficiary is Warka. The Bank is Commerzbank. The IQD or USD account...is one notch below that, and on my credit union form, no real place for it. "Additional Payment Information" seemed to work!

If they required address information, I'd use the Commerzbank's address for both, as in my form above. Or you could use the Commerzbank's address for the Bank, and your personal address as it shows on your Warka acct. for the latter.

Remember, these people aren't that smart. You give them information like Warka's physical address in Iraq, and they'll stop you dead in your tracks because they are on the International Wire Hot List.

I sincerely hope this helps. I feel for all those trying to navigate these waters for the first time...the information here in this forum is sort of sketchy.

[Goldiegirl]

No...No...

The first box on the form is miscellaneous stuff like the amount of the transfer, wire fee, what type (foreign, domestic, etc).

The second box has Originator information, which is where all my personal info went.

The third box is the Beneficiary Box, and in there went the following, exactly as presented below, including blanks left blank by the credit union teller:

Name: Warka Bank for Investment and Finance Phone: Contact Person:

Street Address, city, state/country, zip:

Beneficiary Account Type: [checked] Beneficiary Account# [nothing filled in here]

Beneficiary Account Number: 400875402000

Beneficiary Bank Name: Commerzbank AG Frankfurt, Germany

Beneficiary Bank Swift Code: COBADEFFXXX

International Routing Code Type: [checked]Other

International Routing Code:

Beneficiary Bank Address:

Additional Payment Information: [My Name, IQD Account #]

Remember. Warka Bank has an account at Citibank or Commerzbank. The beneficiary is Warka. The Bank is Commerzbank. The IQD or USD account...is one notch below that, and on my credit union form, no real place for it. "Additional Payment Information" seemed to work!

If they required address information, I'd use the Commerzbank's address for both, as in my form above. Or you could use the Commerzbank's address for the Bank, and your personal address as it shows on your Warka acct. for the latter.

Remember, these people aren't that smart. You give them information like Warka's physical address in Iraq, and they'll stop you dead in your tracks because they are on the International Wire Hot List.

I sincerely hope this helps. I feel for all those trying to navigate these waters for the first time...the information here in this forum is sort of sketchy.

Ok I think I've got it now. The forms at each bank are so diffrent. I was trying it online with my US HSBC bank and customer service was not helpful. I do need to enter address for both bank and recipient (beneficiary) so I`ll put the German address in both areas. They don`t care about my address all they need is my bank account number.

Thanks so much for your response. I will pay $30 USD whether I send domestic or international so it makes no difference if it goes to Germany or New York. I`m just trying to get it to work.

[M. Incredible]

I wired to the Citibank in NY on Monday (12-19) thru Chase and it arrived in my USD Warka account on Wednesday. It will be pending there for a couple of days before I can exchange it to IQD though.

Seems to me that they are just sharing the load of transfers between banks. For me in the States though, I think it would cost more for an international wire transfer.

Are any US account holders being asked to fund though Germany? or is it just those outside the US?

I've had my account for less than a year but when I first funded it I had to keep the minimum of $150 in the USD account but had Warka exchange the balance to the IQD. It was under the 300,000 minimum that they say it had to be but they did it for me. They even set me up for Internet Banking. I didn't have any issues with it being under the minimum.

Edited December 23, 2011 by M. Incredible

[BrokeNoMore]

I wired to the Citibank in NY on Monday (12-19) thru Chase and it arrived in my USD Warka account on Wednesday. It will be pending there for a couple of days before I can exchange it to IQD though.

Seems to me that they are just sharing the load of transfers between banks. For me in the States though, I think it would cost more for an international wire transfer.

Are any US account holders being asked to fund though Germany? or is it just those outside the US?

I've had my account for less than a year but when I first funded it I had to keep the minimum of $150 in the USD account but had Warka exchange the balance to the IQD. It was under the 300,000 minimum that they say it had to be but they did it for me. They even set me up for Internet Banking. I didn't have any issues with it being under the minimum.

I won't be wiring to my USD account when I can wire directly to my IQD account. What if it RVs while I'm messing around waiting for transfers?

I am in the US and was asked to wire to Germany.

They may have changed the minimums. Nothing has been said to me about it. I have plenty in my IQD account and zero in my USD account. Since the USD isn't expected to increase in value, but rather expected to tank...why keep a dime there if I don't have to?

[leanonme]

I just received my account numbers and wiring instructions yesterday, 12/22. I sent the email along with the authorization letter and color copy of my driver liscense just like Adam said in his book. It took me 10 calender days to get through the process. My wiring instructions are to send to Germany Commerzbank. This is as recent info as you can get.

[M. Incredible]

I won't be wiring to my USD account when I can wire directly to my IQD account. What if it RVs while I'm messing around waiting for transfers?

Even though it shows that it arrived into your IQD account, is the IQD in a pending status or does it show that it is available immediately? Not that it matters. I'm just wondering.

That definitely would be easier than wiring to the USD and having to wait to transfer into the IQD manually.

Let me know if this works for you using the Citibank account to fund the IQD directly.