Al-Warka Fees - A Primer

[IQDFiend]

Please bear with me and correct me where necessary, but there has been some confusion as to the fees being charged I believe for account setup...

So here we go...

Fees:
- 0.125% for transfer (note that this is percent, so the real transfer fee is 0.000125t where t is the amount being transferred)
- 1,500 IQD for current account (Iraqi Dinar Account).
- 2,920 IQD for US Dollar account.
- 1.5 IQD/$1 exchange fee from Warka.
- 1.0 IQD/$1 echange fee from CBI (central bank of Iraq).

Now, lets do the math:

X=US Dollars I transfer
Y=Iraqi Dinar I transfer
Z=Amount you want in your Warka account AFTER the fees (in IQD).

Note that X*1460 = $1 or X = 1/1460 given one dollar is being exchanged at the CBI at roughly 1,460 dinar to the dollar.

Final Amount = Xfer Amount - Xfer Fee - Exchange Fees - Account Fees
Z = X - 0.000125X - ((1.5X + 1.0X)/1460) - $1.027 (1500 dinar converted @ 1460) - $2
Z = 0.999825X - ((2.5X)/1460) - $3.027
Z + $3.027 = 0.999875X - 0.001712X
Z + $3.027 = 0.998163X
Z + $3.027 = 0.998163X
X = (Z + $3.027)/0.998163 (USD)

So for example, if you wanted your Iraqi account to have, say 1,000 dollars in it after all of the fees, then you would have:

X = $1,000 + $3.027/0.998163 (USD)
X = $1004.872 (USD)

So, a deposit of $1004.872 USD will give you an account balance of $1,000 USD in your dinar account (or, 1,460,000 IQD at the current rate) AFTER all applicable fees at Warka. A quick check reveals that 1004.872 x 1460 = 1,467,114 IQD, which means you are paying roughly 7,114 dinar in fees.

And we know that you are paying on ~$1,004 - 2,510 dinar in exchange fees, 4,420 dinar in account fees, and ~183 dinar in transfer fees for a total of ~7,114 dinar. :)

SO... to make a long story short, the quick equation is as follows:

X = (Z + $3.027)/0.998163

- where X is the amount you need to transfer to Warka in order to have Z dollars in your dinar account. (this equation assumes the rate at 1,460 dinar/dollar, I can make a more complex one were a fluctuating rate can be entered as well...)

Also, I have word from Warka that the ISX will take 1% from each transaction in and out of the market, not sure if Warka will have any fees on-top of this as well for trading...

IQD

[bkewl]

- 0.125% for transfer (note that this is percent, so the real transfer fee is 0.000125t where t is the amount being transferred)
- 1,500 IQD for current account (Iraqi Dinar Account).
- 2,920 IQD for US Dollar account.
Email I received from Warka bank states there is no fees to move money between your accounts. You pay the .125% when you wire transfer you money to your USD account.

Email received:

Thank you for your e-mail dated July 20, 2004.
0.125 % is the fee to wire transfer money .
There is no fees to move money between accounts .
There is fees for Stock exchanging bureau , which it takes 1% from the total
shares price.
Best regards .


Miss R

[IQDFiend]

Right, that is what I meant.

0.125% for the initial wire transfer, and the rest of the fees as listed.

Are you going to get an account with them? They SEEM to be responsive and reputable, but who knows when it comes to such a different part of the world. Hard to argue with the miniscule fees though!

[Blake]

Anybody hear anything about Real-time quotes for stocks when it goes electronic or maybe just a heads-up on the dates for the IPO's of the next 100 companies to be listed on the ISX in the next 6 weeks?? That's the info that would make me feel oh so comfortable.

[Blake]

you hear any kind of specific target date for it going electronic yet?

[nubain45]

Have you done any research on the companies trading on the exchange? If so, who do you lean towards.........

F