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View Full Version : Wiring funds OUT of Warka Bank


JJLL
09-08-2004, 08:08 AM
I've read a few posts from people wondering what it would be like to wire money FROM an account in Warka Bank. I've read about people who have had success wiring money into their accounts, but how easy would it be to wire that money out? So I emailed R and this is her reply. I hope some of you find it useful.

"Dear *****,
Thank you for your e-mail dated September 7,2004 .
It’s not difficult for us to transfer funds from an account in our bank to
any bank in the word ( sure we do it through our corresponding bank too
because as you know we don’t have a direct connection with outside world
until now ) all the information we will need is your bank name , Swift Code,
address , your account number at that bank and the most important the signed
authorizing letter that you will give to our bank to draw from you Dollar
account and transfer to your bank at US .Our commission in this case will be
0.5 % , the minimum commission we take is $40 .

Best regards .


Miss R

The only thing I question is the 0.5%. For arguments sake, 0.5% of a million dollars is $5,000. Thats one large transfer fee!

Or maybe its read as 0.5% OR the minimum of $40?

SteelToe1978
09-08-2004, 11:54 AM
The way I understand this... If you were to transfer say, $100 US, then .5 percent would be 50 cents, BUT since they say that the MINIMUM commission that they charge is $40, they would charge you $40 and not 50 cents. Anything over a $40 commission they will charge .5 percent. Basically it's $40 or .5 percent commission... whichever is more commission for them. Hope this helps.

JJLL
09-08-2004, 12:53 PM
SteelToe1978, you got my point exactly....

They either will charge $40 commission or 0.5%

There is where I think the problem lies. If the dinar does open at a higher price and you want to transfer one million USD, you'll end up paying a $5,000 transfer fee! I have setup an account simply to purchase more dinars at a better exchange rate. But I may reconsider my position due to this information.

Anyone have thoughts on this?

bkewl
09-08-2004, 01:03 PM
Yeah... here's my thoughts... purchase 1M IQD at approximately $880 USD. The IQD reaches 1:1 meaning my $880 is now worth 1M USD ... I'll pay the $5K!

kelleyB
09-08-2004, 02:26 PM
to me it doesn't matter. 1mill and pay 5,000? I didn't have the Million before nor did I have the 5000. So I am sure I won't miss it.