Has anyone had Warka send $1 or so bank to your bank to ensure process is in place?

[iraqidinar2005]

Couple thoughts...

1) Has anyone had Warka send $1 or so bank to your bank to ensure process is in place? Test it out similiar to the way Paypal deposits money in your account when you setup an account with them. I am just curious as to whether that part of the process is verified as being in place to ensure they can wire your money back once you cash out.

2) Though I Iraq is open to foriegn investment, once you do get Warka to wire money back...I suspect we will likely end up in an intelligence database because we are wiring funds from Iraq to the U.S. Anyone know what the rules are as far as your bank having to report funds coming from foriegn banks. They are going to want to make sure we are not bad guys providing funding. As an American concerned about security, I would hope they have flags that go up, however, as an investor, not sure if I want the headache.

Oh well, nothing a couple of asprin and a few million can't relieve. LOL :D

[iraqidinar2005]

If you wired them money, say $300.

Could someone email Rannada and request they wire $1-$5 back so 1) you know it works and 2) You see they show up in your online bank statement? Appreciate any feedback on this.

EW

[joec]

If you wired them money, say $300.

Could someone email Rannada and request they wire $1-$5 back so 1) you know it works and 2) You see they show up in your online bank statement? Appreciate any feedback on this.

EW

It would probably cost a heck of a lot to wire $1 back to the U.S. than the $1 is worth. I know that the general idea is to test the system, but that is one heck of a price. Marilyn was saying that it cost her $60 total to send $500, which was taken out of that total amount.

[Dinar4Dollah]

Due to the new patriot act anone who transfers money from outside the US is subject to search and seisure of assets. The account may be frozen for a few days while the black helicopter circles your house. Then the IRS will send you a letter stating the amount of taxes due and impending audit. just my 2cent

[iraqidinar2005]

Flag number 1) Marilyn was saying that it cost her $60 total to send $500, which was taken out of that total amount.

Why does it cost so much? Is this "bank' a middleman trying to make an outrageous profit. I know Western Union charges those rates, however, that is for those in extreme circumstances whom are will to pay the rate.

And in this case, I think folks are likely willing to pay the rate due to the opportunity presented, however, it does not ensure they will wire it back.

I am willing to fly to the middle east to collect. I am not willing to carry a suitcase full of millions from Warka to Baghdad INTL Airport. Even if I made that trip, I would have the headache of Iraq customs and U.S. Customs.

A bank such as Warka, should provide confidence by wiring in a return a menial dollar amount.

$60 charge, heck no. Not in this day and age. They have access to internet. Believe you me.

There is no reason for such a large fee by Al Warka and if they try to justify such a fee, then they need to find a new provider. In a nutshell, they are making money and they need to realize that in order to compete with the west, they need to lower wire fees. I am willing to bet Western Union stock has either gone down due to online, web based bank transfers, or they have changed their business policy. Anyone who pays $50+ dollars for Western Union fees needs to reorganize and restructure their finances...

EW

[JJLL]

Most banks here in the US charge between $30 and $40 dollars to send a wire transfer regardless of amount. In the case of Alwarka, you are sending your money first to one of their account OUTSIDE of Iraq, then that money has to be transfered AGAIN to their Iraqi account.

I'm not sure why we just can't wire it directly to them in Iraq? But for now, thats the way it is. So to pay $60 to $80 for a wire transfer isn't really outrageous.

As for online banking, it would/will be nice to have but right now they're not setup for it. Hence the whole "rebuilding" process. The ISX isn't going full electronic until the first quarter of 2005.

In my opinion, its best simply to open an account. Your money is there and can be wire back into your account once it gains value.

If you have just a million dinar, and say you make 1/2M USD .... would you really take the risk of travelling with it? If you are, let me know when you plan on travelling :)

[iraqidinar2005]

My point is...If your willing to spend $500 dollars on an investment worth a possible $500,000, wouldn't you be willing to spend $60 to ensure your investment was payable?

[iraqidinar2005]

...because I haven't opened an account with Warka. I am leaning towards HSBC, though they are not allowed in at this time. Believe me, I will research, I will open an account with the minimum and if no one here has tested it, I will pay the $60 dollars to find out. I would rather lose $60 dollars than a couple thousand I invest as well as the millions I might earn.

[Monty]

Flag number 1)

Why does it cost so much? Is this "bank' a middleman trying to make an outrageous profit. I know Western Union charges those rates, however, that is for those in extreme circumstances whom are will to pay the rate.

And in this case, I think folks are likely willing to pay the rate due to the opportunity presented, however, it does not ensure they will wire it back.

I am willing to fly to the middle east to collect. I am not willing to carry a suitcase full of millions from Warka to Baghdad INTL Airport. Even if I made that trip, I would have the headache of Iraq customs and U.S. Customs.

A bank such as Warka, should provide confidence by wiring in a return a menial dollar amount.

$60 charge, heck no. Not in this day and age. They have access to internet. Believe you me.

There is no reason for such a large fee by Al Warka and if they try to justify such a fee, then they need to find a new provider. In a nutshell, they are making money and they need to realize that in order to compete with the west, they need to lower wire fees. I am willing to bet Western Union stock has either gone down due to online, web based bank transfers, or they have changed their business policy. Anyone who pays $50+ dollars for Western Union fees needs to reorganize and restructure their finances...

EW

It's not Warka bank charging transfer fee. What Marilyn said is $30 for local Bank here in US and $30 by Bank in Jordan through which money is routed to Warka Bank in Baghdad. These are standard fees for international wire transfer fees whether we like them or not. I assume similar fees applied on reverse route. Unless you are willing to do large transactions or keep longer time, initial costs will eat away most of your money. You invest say $250 by sending to Warka bank and decide in a month would like that money back; you will get only $120 approximately (assuming you are in US, everything goes smoothly and Dinar stays same price). If Dinar appreciates that’s different story. I sincerely doubt it will in a month time.

I wonder why they have an account in another Bank when they are Bank themselves. I only assume they are still in developing stage and not setup to accept international funds directly and that’s why going through another bank.

Any different ideas? :confused:

Monty

Disclaimer: Neither recommending nor against this investment. It is risky at some level like any other investments. Use your judgment.

[iraqidinar2005]

JJLL - If you have just a million dinar, and say you make 1/2M USD .... would you really take the risk of travelling with it? If you are, let me know when you plan on travelling

I will let you know...though you won't recognize me...I will be traveling with a dozen or so retired Seals that didn't get in on the Dinar action...LOL :shhh:

[iraqidinar2005]

And I mean the old school Seals....

[iraqidinar2005]

And I mean the old school Seals...I have Mucho Grande Respect for them and all SpecWar vets. I would also like to single out Pat T. , though not a Seal, he earns equivelant respect in my book. May god rest his soul and be with his family. He is not alone, there are many heroes just like him, it is just that he was unique and sacrificed more than many of us would.

If everyone had the opportunity he had, I know that DOD would have a hard time recruiting. The fact that not only did he enlist vs. becoming a Cant Cut-It Ostifer (for lack of an offending gender based term for idiot officers...C??t) , he gave it up and enlisted. Fought and Died For His Country.

God Bless All Of You That Fight. May You All Be An Inspiration To Those That Where The Flag Upside Down On Thier Jackt. May you boycott those idiot celebs that rape their fans by using their concerts, media coverage and interviews by spouting their political agendas regardless of which side of the aisle they are on.

[dinarmite]

leave those poor defenseless big eyed white seal babies alone!!!
no more clubbing seals for fur!!!
club rappers instead!!!!

[Jared]

Due to the new patriot act anone who transfers money from outside the US is subject to search and seisure of assets.

That may be tough with millions of people in the US doing this every day. :)

The account may be frozen for a few days while the black helicopter circles your house. Then the IRS will send you a letter stating the amount of taxes due and impending audit. just my 2cent

Taxes due? If I'm transferring money from my bank to another there are no tax implications. Just a fee for the transfer.

Jared :wave:

[BRYAN]

Due to the new patriot act anone who transfers money from outside the US is subject to search and seisure of assets. The account may be frozen for a few days while the black helicopter circles your house. Then the IRS will send you a letter stating the amount of taxes due and impending audit. just my 2cent
You don't mess with the IRS , When did you pay the IRS last ?????? :confused:

[Potogold]

:mad: Due to the new patriot act anone who transfers money from outside the US is subject to search and seisure of assets. The account may be frozen for a few days while the black helicopter circles your house. Then the IRS will send you a letter stating the amount of taxes due and impending audit. just my 2cent

WOW!!! SCCCCAAAAAARRRRRRRYYYYYYYY!

[CramptonMotorsports]

Due to the new patriot act anone who transfers money from outside the US is subject to search and seisure of assets. The account may be frozen for a few days while the black helicopter circles your house. Then the IRS will send you a letter stating the amount of taxes due and impending audit. just my 2cent


hahaha, thats funnier than most of the paranoid people's posts on overgrow!!
:no:

[Interstellar Medium]

Taxes due? If I'm transferring money from my bank to another there are no tax implications. Just a fee for the transfer.

Jared :wave:

I think they do tax you for the earnings you get from the exchange. Of course they don't know what the exchange rate was when you bought and sold.

When you get audited they look at your declared earnings and then compare it to your bank deposits don't they? I think they do, and I think there's going to be a discrepency there.

[minigirl]

And I mean the old school Seals....


Like Jesse the Bod!?? :lmao: :wave: