Has anyone pulled big money out of Warka?

[Adster]

I must admit to still being very skeptical with any bank in the current market and moreso with any bank in Iraq. Guess even if profits are made from their stock exchange there are no guarantees of pulling money out from your account there.

Question is have many of you pulled out much money successfully from your accounts there? This isn't an argument, I'm just getting a feel before deciding whether to get involved.

Thanks.

[iraqiDave]

No I haven't, but it has been done. If I remember, Lance did it... He sold all his ISX stocks, and had the money transferred back to the US. This was sometime ago now.

[RoyalBeluga]

No I haven't, but it has been done. If I remember, Lance did it... He sold all his ISX stocks, and had the money transferred back to the US. This was sometime ago now.

I've seen other posters having done the same, as an experiment, and its gone smoothly. The question is this: what else is there to invest in other than PM's and IRAQ :nerd:

[iraqiDave]

I've seen other posters having done the same, as an experiment, and its gone smoothly. The question is this: what else is there to invest in other than PM's and IRAQ :nerd:


Now thats a good question! Oil? Up or Down?

[4aprofit]

I've been asking those on the forum to show me a better investment than Iraq....Don't know of anyone that has actually lost a dime, especially if they have stayed with their investments; as some have went up and down somewhat at times, but overall, over the long haul, I have'nt seen anything any better....I've been asking for someone to show me something better..to no avail?...Most all of the people that I know here in the U.S., have lost in most everything!

[24mm exposed grid]

Last year I "lent" my Warka account some money that I had just sitting in my business account here in the UK. I transferred about £4000 last April when the pound / dollar rate was around 2:1. So had about $8,000 of dinar gathering decent interest out there for almost a year.

I left the interest in the Warka account and just transferred the $8,000 of dinar back about 2 weeks ago via Warka online, when the rate was down to around 1.39:1. The transaction was very simple and the money arrived back to my account in the UK within 2 days. First class service.

Probably doesnt count as a large transaction by any means, but very encouraging as far as service is concerned. A made a nice bit out of the exchange rate drop too, as I got back after the fees just short of £5700, as I say with the interest earned still at Warka.

[Adster]

Last year I "lent" my Warka account some money that I had just sitting in my business account here in the UK. I transferred about £4000 last April when the pound / dollar rate was around 2:1. So had about $8,000 of dinar gathering decent interest out there for almost a year.

I left the interest in the Warka account and just transferred the $8,000 of dinar back about 2 weeks ago via Warka online, when the rate was down to around 1.39:1. The transaction was very simple and the money arrived back to my account in the UK within 2 days. First class service.

Probably doesnt count as a large transaction by any means, but very encouraging as far as service is concerned. A made a nice bit out of the exchange rate drop too, as I got back after the fees just short of £5700, as I say with the interest earned still at Warka.

Thanks for posting, encouraging to hear.

Keep them coming folks.

[Sponson]

Warka debited my account the equivalent of 3M dinar just today. I'm having that money converted back into USDs and wired to my US account and so I should see it within a few days. The amount is around $2500.

:cash:

[iraqiDave]

Last year I "lent" my Warka account some money that I had just sitting in my business account here in the UK. I transferred about £4000 last April when the pound / dollar rate was around 2:1. So had about $8,000 of dinar gathering decent interest out there for almost a year.

I left the interest in the Warka account and just transferred the $8,000 of dinar back about 2 weeks ago via Warka online, when the rate was down to around 1.39:1. The transaction was very simple and the money arrived back to my account in the UK within 2 days. First class service.

Probably doesnt count as a large transaction by any means, but very encouraging as far as service is concerned. A made a nice bit out of the exchange rate drop too, as I got back after the fees just short of £5700, as I say with the interest earned still at Warka.

Nice one! :handshake:

[Dinar Index]

Hi Adster
Have moved money all around the world from Warka without any real problems. Kinda depends what you mean by "BIG MONEY"

[F355]

I must admit to still being very skeptical with any bank in the current market and moreso with any bank in Iraq. Guess even if profits are made from their stock exchange there are no guarantees of pulling money out from your account there.

Question is have many of you pulled out much money successfully from your accounts there? This isn't an argument, I'm just getting a feel before deciding whether to get involved.

Thanks.

Many have done it.

[RoyalBeluga]

Many have done it.

I too will do it ........ once I have BIG MONEY to move :happy:

[CHAZOWEN]

Hi Adster
Have moved money all around the world from Warka without any real problems. Kinda depends what you mean by "BIG MONEY"
I think we all know what Adster is getting at with regards big money...in my opinion big money is multiplr thousands of pounds.

[RoyalBeluga]

I think we all know what Adster is getting at with regards big money...in my opinion big money is multiplr thousands of pounds.

Les Dennis came to mind, wasn't a nice thought :giggle:

[iraqiDave]

Les Dennis came to mind, wasn't a nice thought :giggle:

When most people think about big money... Fast cars, fast women and nice food come to mind... You thought about Les Dennis... I'm disapointed

[RoyalBeluga]

When most people think about big money... Fast cars, fast women and nice food come to mind... You thought about Les Dennis... I'm disapointed

'YOU' was disappointed :crying:

:giggle:

[Chaka]

Addy, my friend received withdrawl over 20k last yr.

FYI there is an American with $ 5 million USD in dinar at Warka in their account.

There are no guarantees anywhere but things have become easier and easier over the years to conduct business in Iraq.
Far from perfect but we are witnessing real time evolution of their banking system

Warka is not the hole in the wall bank many believe it to be-- Branches of Warka total roughly 5% of the entire bank sector in Iraq. Over 50k clients , of which about 10k are for foreigners.

Only advice is : if you plan to open a warka account, contact existing account holders privately about their experiences (good and bad) before making a decision.

Advice from those without accounts wont tell you much other than their reasons for electing to not open an account.
Don't invest money that you will need in the near future and do not do it as a novelty.

Know that there are other banks that may open accounts for you so Warka isnt sole option- but would require more legwork on your part. Pros and cons for doing that as well

Understand why you want to invest and do your diligence before proceeding.
IE: Verify info posted on IIF is still accurate etc

Bottom line is its a bank but the fact its a foreign branch makes it scary at first. Over time, the more interaction with the bank by using its services- the fear wanes and you realize its just a bank...at least for me personally

[rich man]

i wouldn't call it "big" but i had Warka transfer 8,500 usd back to the U.S.


no problem...

it took about 4 days....:hi:

[GottaDash]

Adster,

Thanks for bringing this up. I too am interested. I would like to know if there are any delays over $10K because of the US Patriot Act. Anybody run into this?



** On the side - will it take you as long to decide whether to open a Warka account as it's taken you to decide to have the Lasik eye surgery? Just wondering... :giggle::giggle: (J/K my friend :kiss:)

[Rob N.]

Chaka,

I found your post stating "FYI there is an American with $ 5 million USD in dinar at Warka in their account" very interesting. Are you this account holder? If not, how do you know this? If what you stated is true, it does not mean the Dinars in this account or in your account are free from confiscation by the GoI or Al-Warka prime.

Thanks,

Rob N.

[mpfxtrader]

Had Warka wire me back around $30K last year and it took them only 2 days. They wired it to my Citibank account without any hassle at all.

Hope this helps Addy.


Adster,

Thanks for bringing this up. I too am interested. I would like to know if there are any delays over $10K because of the US Patriot Act. Anybody run into this?



** On the side - will it take you as long to decide whether to open a Warka account as it's taken you to decide to have the Lasik eye surgery? Just wondering... :giggle::giggle: (J/K my friend :kiss:)

[RoyalBeluga]

Had Warka wire me back around $30K last year and it took them only 2 days. They wired it to my Citibank account without any hassle at all.

Hope this helps Addy.

Hopefully not too much of a personal question but .... do you declare your Iraqi bank accounts and when you wired the $30K back to citi did you have to declare that too and pay any gains tax on it? Presumably it falls under the patriot act? One day I may be rich enough to get Warka do the same for me :hi:

[Chaka]

Chaka,

I found your post stating "FYI there is an American with $ 5 million USD in dinar at Warka in their account" very interesting. Are you this account holder? If not, how do you know this? If what you stated is true, it does not mean the Dinars in this account or in your account are free from confiscation by the GoI or Al-Warka prime.

Thanks,

Rob N.

lol no its not me but its one of the persons I provided info to for opening an account. I think some believe IIFers are the only foreigners in the Warka/ISX which is not true.
Granted, our investments are all relative to our income and our $$ affect us more than the big dogs. I was trying to make a point that there are folks with alot more at stake than us.
Whether people here believe it or not- It doesnt matter to me.

I have shared in good faith the past 5 yrs and will continue to do so

I never indicated anything about free from confiscation- I clearly indicated there are no guarantees. With Iraq attempting to join the international community seeking foreign investment and joining the SWIFT network with corresponding banks- the possibility of confiscation is ever decreasing.

[Adster]

Thanks Chaka and co, this info is very helpful.

[iraqiDave]

lol no its not me but its one of the persons I provided info to for opening an account. I think some believe IIFers are the only foreigners in the Warka/ISX which is not true.
Granted, our investments are all relative to our income and our $$ affect us more than the big dogs. I was trying to make a point that there are folks with alot more at stake than us.
Whether people here believe it or not- It doesnt matter to me.

I have shared in good faith the past 5 yrs and will continue to do so

I never indicated anything about free from confiscation- I clearly indicated there are no guarantees. With Iraq attempting to join the international community seeking foreign investment and joining the SWIFT network with corresponding banks- the possibility of confiscation is ever decreasing.

Chaka, That guy must have some serious dosh to invest $5million... I have 20% of my total portfolio invested in iraq... I wouldn't go any higher... So that begs the question, how much are people willing to risk???

[RoyalBeluga]

Chaka, That guy must have some serious dosh to invest $5million... I have 20% of my total portfolio invested in iraq... I wouldn't go any higher... So that begs the question, how much are people willing to risk???

It begs the question - just exactly how much of a risk is there? If any? Someone with that kinda doe isn't gonna go into something like this blind, IMO :happy:

[iraqiDave]

It begs the question - just exactly how much of a risk is there? If any? Someone with that kinda doe isn't gonna go into something like this blind, IMO :happy:

Theres risks involved in everything... However to me this is a low risk/ high reward investment, for sure. If I were to invest $5M, I would only feel comfortable if I had, say $100M+ usd... If thats the case, its encouraging to see big money, and big players already invested.

[Sponson]

Warka debited my account the equivalent of 3M dinar just today. I'm having that money converted back into USDs and wired to my US account and so I should see it within a few days. The amount is around $2500.

:cash:

Debited my account yesterday afternoon, it's in my US account this morning.

Cool.

:cash:

[Chaka]

Chaka, That guy must have some serious dosh to invest $5million... I have 20% of my total portfolio invested in iraq... I wouldn't go any higher... So that begs the question, how much are people willing to risk???

It is very common for one person to open an account and hold $$ of others in their account. I have no clue how many others money counts toward the total.

For those who may not have seen or forgotten there has been at least 3 ISX transactions of $ 1 million USD in the past yr and a half.

Why they didnt move the index or share price? I have 2 thoughts. First, a negotiated price because of the large amount. Second, these were merely transferred from a proxy to their name. The 2nd one is more likely IMO
Matter of fact one broker commented "Proxies turning up everywhere I guess" at the time transaction was in news

Just nice to know some big players share our enthusiasm about ISX

[ObaDinar]

Thank you all, Ad, Chaka, Dave and many others who have contributed their infos from your hearts. l am well imformed now to look up to my investments in Warka and ISX with deep convictions that l made good decisions when finally RV occur in the nearest future.

[HumbleGenius]

Has anyone transferred money from Warka to another brokerage institution in Iraq? Since my the stock I have in proxy at Warka is held captive I am thinking of opening up a different investment account with a different broker. This way I can buy my stocks in my good name and then sell the ones being held captive in proxy. If Warka were to work a deal for me and let me sell them to myself (I'd even pay an extra 1% on top of the two) now I would gladly keep the account with them. However, they are a little to busy to realize the business they are losing. Probably doesn't matter to them at this point anyway.

So, all you brokers out there feel free to give me your sales pitch. Leaning towards Karmal or Al Rabee at this time. I need to know the financial institution they are connected to and any other info you would want me to know. If anyone out there thinks I should stay clear of these I would be interested in that viewpoint also.

Responses here or PM appreciated.

Thanks, HG

[Crow]

Has anyone transferred money from Warka to another brokerage institution in Iraq? Since my the stock I have in proxy at Warka is held captive I am thinking of opening up a different investment account with a different broker. This way I can buy my stocks in my good name and then sell the ones being held captive in proxy. If Warka were to work a deal for me and let me sell them to myself (I'd even pay an extra 1% on top of the two) now I would gladly keep the account with them. However, they are a little to busy to realize the business they are losing. Probably doesn't matter to them at this point anyway.

So, all you brokers out there feel free to give me your sales pitch. Leaning towards Karmal or Al Rabee at this time. I need to know the financial institution they are connected to and any other info you would want me to know. If anyone out there thinks I should stay clear of these I would be interested in that viewpoint also.

Responses here or PM appreciated.

Thanks, HG Held captive? Don't start over thinking this whole thing.:rolleyes: Brokers might be interested, how much invested? $1 million USD $5 million $10 million ?

[Seaview]

........... Since my the stock I have in proxy at Warka is held captive I am thinking of opening up a different investment account with a different broker. This way I can buy my stocks in my good name and then sell the ones being held captive in proxy......
Man, that really ticks you off doesn't it. :giggle:

[Seaview]

Brokers might be interested, how much invested? $1 million USD $5 million $10 million ?
Stop giving it the Big'un. :hi: You really don't need to have that much invested to go with a Broker. :rolleyes:

[HumbleGenius]

Stop giving it the Big'un. :hi: You really don't need to have that much invested to go with a Broker. :rolleyes:

Crow is recommending i dont move all my funds at one time i guess. i dont think it is that much to ask to put my stocks in my own name but what do i know. Never mind. i should give up posting for Lent.

[RoyalBeluga]

Crow is recommending i dont move all my funds at one time i guess. i dont think it is that much to ask to put my stocks in my own name but what do i know. Never mind. i should give up posting for Lent.

I'm sticking with proxy so that I can sell quickly if I need to.

[HumbleGenius]

I'm sticking with proxy so that I can sell quickly if I need to.

(My fn eyboard wll not type the letters that come after H or J so f ll n the blan s)

So you are sellng your stoc before they go electron c. f not you wll have to pay the 2% to convert n order to sell afterwards. Gladly would love to hear otherw se on how th s s go ng to play out.

[Mucho_Dinaro]

I must admit to still being very skeptical with any bank in the current market and moreso with any bank in Iraq. Guess even if profits are made from their stock exchange there are no guarantees of pulling money out from your account there.

Question is have many of you pulled out much money successfully from your accounts there? This isn't an argument, I'm just getting a feel before deciding whether to get involved.

Thanks.

Adster,
If I could do it over again I would avoid Warka like the plague. As soon as they discovered that I needed to sell stocks and pull some money out they put me on their ignore list. A good bank will be there for you when you need to take some of YOUR money out. Al-Karmal on the other hand sold my stocks and wired my money back to me in about 3 weeks.

[RoyalBeluga]

(My fn eyboard wll not type the letters that come after H or J so f ll n the blan s)

So you are sellng your stoc before they go electron c. f not you wll have to pay the 2% to convert n order to sell afterwards. Gladly would love to hear otherw se on how th s s go ng to play out.

No I ain't going to sell for a while but I'd rather keep my shares in proxy to I can sell quickly if I want to.

[BNZI]

No I ain't going to sell for a while but I'd rather keep my shares in proxy to I can sell quickly if I want to.

What makes you think it's slower if you hold them in your own name? :smoke:

[RoyalBeluga]

What makes you think it's slower if you hold them in your own name? :smoke:

I was under the impression the stock certs were mailed to you and that you have to mail them back if you want to sell them?

[Seaview]

Glad you asked that BNZI, that thought occurred to me.

[Seaview]

I was under the impression the stock certs were mailed to you and that you have to mail them back if you want to sell them?
No on both counts.

[Seaview]

Adster,
If I could do it over again I would avoid Warka like the plague. As soon as they discovered that I needed to sell stocks and pull some money out they put me on their ignore list. A good bank will be there for you when you need to take some of YOUR money out. Al-Karmal on the other hand sold my stocks and wired my money back to me in about 3 weeks.
Mucho Dinaro have you tried phoning Warka?

[RoyalBeluga]

No on both counts.

I'm sure I read it here, must be over a year ago now, but I remember reading here that once the stocks are in your good name they're mailed to you? It's one of the reasons why I haven't bothered to do the paperwork.

[BNZI]

I was under the impression the stock certs were mailed to you and that you have to mail them back if you want to sell them?

As Seaview said.

I think it's an option to have them sent to you but the standard procedure is for Warka/Karmal to keep the certs and eMail you a copy.

[HumbleGenius]

And I am wondering why some members on here want to have their good name on their certificates but want others to keep their shares in proxy....:smoke::smoke::coffee::smoke::drink: :smoke:

[RoyalBeluga]

As Seaview said.

I think it's an option to have them sent to you but the standard procedure is for Warka/Karmal to keep the certs and eMail you a copy.

Well I've learned something today :nod:

Though I'm guessing keeping stock in proxy will not hamper things if one wants to sell eventually?

[Crow]

Stop giving it the Big'un. :hi: You really don't need to have that much invested to go with a Broker. :rolleyes: No kidding, but to have brokers PM you to solicit your business and offer you deals, well you might need to invest a few bucks.:rolleyes:

[Seaview]

And I am wondering why some members on here want to have their good name on their certificates but want others to keep their shares in proxy....:smoke::smoke::coffee::smoke::drink: :smoke:
What? :confused:

[Seaview]

No kidding, but to have brokers PM you to solicit your business and offer you deals, well you might need to invest a few bucks.:rolleyes:
Doesn't that happen anywhere and that really has nothing to do with HG's original thoughts. :smile: :wave:

Now your just showing off. :giggle:

[HumbleGenius]

No kidding, but to have brokers PM you to solicit your business and offer you deals, well you might need to invest a few bucks.:rolleyes:

In all seriousness, for me, I am small game and I understand that. With my moaning and groaning I am glad I have what I have.

However (and there is always one of those) I have a buddy who has befriended me from the other side of the tracks. For him, we are talking the money you used as an example. Every time we shoot the bull about this he becomes more engaged. But that is not the focus of my point. I am just blowin smoke I guess.

(You made me get off the sofa and laptop to get on a PC so I can type the I's and K's - those letters are a nuisance)

[HumbleGenius]

What? :confused:

figured it would raise an eyebrow. The older mans way of stomping his feet on the floor for attention. Darn, Didn't think it would work that well. Glad I did not cry Wolf, or is that Crow?

[BNZI]

Well I've learned something today :nod:

Though I'm guessing keeping stock in proxy will not hamper things if one wants to sell eventually?

I'd be more concerned that Warka will end their proxy service and set a time limit to get the paperwork done or sell your holdings.

Also, what if Warka, for whatever reason, go under or just stop responding? It's clear that some are already having problems with the service offered by Warka. If the shares are in your own name, I'm assuming you could go directly to the ISX to get your certs replaced. :smoke:

[RotaryRevn]

I'd be more concerned that Warka will end their proxy service and set a time limit to get the paperwork done or sell your holdings.

Also, what if Warka, for whatever reason, go under or just stop responding? It's clear that some are already having problems with the service offered by Warka. If the shares are in your own name, I'm assuming you could go directly to the ISX to get your certs replaced. :smoke:

good point there

[Crow]

People should do whatever they want, whatever you feel comfortable with. Most foreign companies or banks have Iraqi holding companies to buy stock with, for now it is easier, but whatever. People always want something to worry, and moan about, it is to be expected and will get worse as prices rise. It must be a pain for Warka to deal with all this, all I have to say is better them then me.:rolleyes:

[Fishindinar]

I was under the impression the stock certs were mailed to you and that you have to mail them back if you want to sell them?

I got this off the ISX website.

11) The broker is not allowed to keep the non Iraqi investor shares certificate which should be delivered to him or to his dealer as soon as it is received.

[RoyalBeluga]

I got this off the ISX website.

11) The broker is not allowed to keep the non Iraqi investor shares certificate which should be delivered to him or to his dealer as soon as it is received.


..........:wondering:

[Seaview]

I got this off the ISX website.

The broker is not allowed to keep the non Iraqi investor shares certificate which should be delivered to him or to his dealer as soon as it is received.
That's fine.

[RoyalBeluga]

So if warkas proxy company is the broker, who is the dealer?

[Mucho_Dinaro]

People should do whatever they want, whatever you feel comfortable with. Most foreign companies or banks have Iraqi holding companies to buy stock with, for now it is easier, but whatever. People always want something to worry, and moan about, it is to be expected and will get worse as prices rise. It must be a pain for Warka to deal with all this, all I have to say is better them then me.:rolleyes:

I am more than willing to ease Warka's burden. All they have to do is cash me out. I won't even ask for an explanation as to how a bank can legally ignores some clients.

[Sponson]

I am more than willing to ease Warka's burden. All they have to do is cash me out. I won't even ask for an explanation as to how a bank can legally ignores some clients.

A couple of days ago I received an e-mail from Mr. I saying that he was getting "failure to deliver" messages when trying to e-mail me. Evidently this is a periodic problem. He said he was receiving mine just fine, but sending an e-mail back was the problem. He requested I open another e-mail account, and so I opened a .gmail account. He hasn't responded yet but it's also been the weekend. Perhaps you should try as well.

I currently have a sbcglobal.net address and they have been having e-mail issues.

:wave: