To bank or not to bank?

[Limon]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

[TiredOfWork]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

You just answered it. You DON'T want one. Actually, some have presumed that in the case of the currency exchange only happening within Iraq, or with strict limitations on the time and amounts that we can exchange elsewhere, that it could be a safer haven than the mattress.

[NewIraqiDinar]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

Protect your money against a lop...

[Okie]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

Warka pays 11% interest on their savings account and even higher on their CD rates. Compare that to any bank in the us.

[wolcott]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!


1.) Warka exchanges at the official CBI rate. Depending on what Dinar dealer you buy from, this might save you 15%-25% on the purchase price.

2.) Dinar sitting in a Warka account earns interest, currently at a very attractive 11% APR. Dinar sitting under your mattress earns nothing.

3.) You will be protected if Iraq issues a new currency (the dreaded zero lop).

[Okie]

1.) Warka exchanges at the official CBI rate. Depending on what Dinar dealer you buy from, this might save you 15%-25% on the purchase price.

2.) Dinar sitting in a Warka account earns interest, currently at a very attractive 11% APR. Dinar sitting under your mattress earns nothing.

3.) You will be protected if Iraq issues a new currency (the dreaded zero lop).


Exactly....good points.

Also, I started sending money to Warka in Aug '05, because the strong rumors in Iraq at that time indicated they might do an internal RV prior to opening up to the outside world.

[rurockin]

But there is no guarantee that you can get your money back when the time comes.

There isn't that many regulations concerning the banks and customer protections.

I tried getting an account while I was in Iraq but it was with one of the state banks but at the time it was a no go. Not sure about now.


But only time will tell if having it in a bank is really worth it or not. Its not like setting up a bank account in the US or Europe. Its not like setting up a bank in most Middle Eastern companies.

Sure you can say I am getting this much in Interest. But if it hits big is when you really find out if its worth it. There is alot of cruption going on from top to bottom in alot of different sectors.

Its all on what you feel. Do you trust the bank or not. I would rather have it with a state bank or one at least that is partnered with some foreign bank. For example HBSC if you can't get your money can you go after HBSC to try and get your money back since they also have the license to bank in Iraq.

[wolcott]

But there is no guarantee that you can get your money back when the time comes.

There isn't that many regulations concerning the banks and customer protections.

I tried getting an account while I was in Iraq but it was with one of the state banks but at the time it was a no go. Not sure about now.


But only time will tell if having it in a bank is really worth it or not. Its not like setting up a bank account in the US or Europe. Its not like setting up a bank in most Middle Eastern companies.

Sure you can say I am getting this much in Interest. But if it hits big is when you really find out if its worth it. There is alot of cruption going on from top to bottom in alot of different sectors.

Its all on what you feel. Do you trust the bank or not. I would rather have it with a state bank or one at least that is partnered with some foreign bank. For example HBSC if you can't get your money can you go after HBSC to try and get your money back since they also have the license to bank in Iraq.

Many, including myself, would like to have a choice of banks to do business with in Iraq. However, as far as I know, Warka Bank is still the only one willing to set up accounts for small non-Iraqi investors, and the only one providing access to the ISX stock market at this early stage.

[NewIraqiDinar]

Many, including myself, would like to have a choice of banks to do business with in Iraq. However, as far as I know, Warka Bank is still the only one willing to set up accounts for small non-Iraqi investors, and the only one providing access to the ISX stock market at this early stage. And we all know about the early bird...

[aares]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

What everyone else said, PLUS the "search" menu at the top of the page should satisfy you with many pages of information about Warka banks.

[H2OLover]

Please tell me why I want a Warka account (other than the fact that it will allow me to invest in stocks). I tend to feel safer with holding the hard cold cash rather than putting in a bank account that is across the world. Thank you!

for me it was a safe guard if there was a re issue of currency in the begining and now it is the best was to earn intrest and fund my ISX picks

[AAD]

Bottom line the IQD investment is a risk to start with and I'm able to take such a risk by having a bank account in Iraq. Keeping my money in Warka also allows me to invest greatly in the ISX, plus Warka is monitored and regulated by the CBI and they are also used by the U.S. Government. Also the notion about not being able to take your money out is total nonsense.

Having a Warka bank account is a no brainer for me when it comes to multiplying my investment many times over. If you don't feel comfortable with banking in Iraq, then don't. No guts no glory is my motto. Good luck to you all...:wave:

[rurockin]

Many, including myself, would like to have a choice of banks to do business with in Iraq. However, as far as I know, Warka Bank is still the only one willing to set up accounts for small non-Iraqi investors, and the only one providing access to the ISX stock market at this early stage.

And that is the thing that worries me. That why are they the only ones out off all the banks in Iraq. Not even the ones that have backing by some major banks are doing it. Or the big banks that are actually in Iraq.

[AAD]

And that is the thing that worries me. That why are they the only ones out off all the banks in Iraq. Not even the ones that have backing by some major banks are doing it. Or the big banks that are actually in Iraq.

If the U.S. government trusts Warka Bank with their money that's good enough for me. I don't have such worries when it comes to Warka...