HSBC BANK opening accts

[Potogold]

I opened a bank accont with HSBC, one of the three banks authorized to do banking in Iraq. They have an office in Buffalo, NY, a U. S. telephone number, where one can call and speak with a live person. I feel better with my account with this well-known bank, and I can send money to them via check, wire, or other sources and can check my account on line. I have also applied via e mail to the Al warka bank.

[bkewl]

HSBC has many branch locations througout NY as well as a few other major cities. With out a doubt you can open a bank account with them. My questions are: Can you establish an IQD account and do they allow you to exchange USD for IQD?

I think the answer to the above questions is NO... but being Sunday I can't confirm this.

Even if the answer is NO, I would think having an account established with them could be beneficial once the doors to Iraq are open.

Any other thoughts?

[bottlebush]

USA HSBC Bank USA Address: One HSBC Center
Buffalo
NY 14203 Telephone: +1 716 841 2424
+1 716 841 5391 ***********************************************
Our Direct Banking representatives are available 24 hours a day, 7 days a week to assist you. Call 1-800-975-HSBC (1-800-975-4722). Outside the U.S., call 1-716-841-7212.

Hi Kids,
This is my first post.
The question asked was about contacting HSBC.
They are at : http://hsbc.com
hope this helps. Think I may call them today.

[bottlebush]

O/K
I just called HSBC
They OR no other bank in the US is authorized to deal in the Iraqi Dinar at this point.
Thats what I figured. Until the World bank recognises Iraqi dinar.
They DO international banking now.Just not the Iraqi dinar
Also, a previous post said that there are 3 US banks that deal in Iraqi dinars????? I don't think so.

[bkewl]

Bottlebush,

thanks for the follow up... good work :)

[Marilyn]

This bank has branches all over NYC. My plan is to use them for the exchange of the paper currency I'm holding, once it opens globally. They are one of the official banks named to do business in Iraq so it's a safe bet they'll be exchanging dinar. I haven't done my homework yet on the fees....

[Jared]

HSBC was given the green light to come into Iraq, but have they as of yet? If they are set up, they should be able to do the same thing as Al Warka shouldn't they?

Jared :wave:

[King Dinar]

Marilyn, does it matter if you open a HSBC account now or after the dinar goes global? I think either way it doesn't matter. You still have to go there to cashin the dinars. After the dinar goes public, and the bank sees how much dinars you would like to exchange, they would LOVE to open up an account with your dinars....

[Marilyn]

Why put my usd in their bank? Are they offering better rates?
Or do you mean, leave it in dinar? not too likely with a big increase but perhaps with a slower growth it would be more secure than Warka... :rolleye03
The big advantage of the Warka acct, and the reason I opened it, was to buy dinar at 1465 and invest in the ISX. I cant do that here...

[Potogold]

Why put my usd in their bank? Are they offering better rates?
Or do you mean, leave it in dinar? not too likely with a big increase but perhaps with a slower growth it would be more secure than Warka.
The big advantage of the Warka acct, and the reason I opened it was to buy dinar at 1465 and invest in the ISX. I cant do that here...

I posted the message earlier that I had opened an accont with HSBC, and they are one of the three banks authorized to do business in Iraq. I am not interested in rates at this time, I am interested in having a clear exit strategy in the event the Dinar should take an increase overnight.

I have also applied for an accout with Alwarka. :p

[Potogold]

I posted the message earlier that I had opened an accont with HSBC, and they are one of the three banks authorized to do business in Iraq. I am not interested in rates at this time, I am interested in having a clear exit strategy in the event the Dinar should take an increase overnight.

I have also applied for an accout with Alwarka. :p

I am interested in buying at under 1500 on the USD and that is why I am opening an account with Alwarka.

[jayboz]

This bank has branches all over NYC. My plan is to use them for the exchange of the paper currency I'm holding, once it opens globally. They are one of the official banks named to do business in Iraq so it's a safe bet they'll be exchanging dinar. I haven't done my homework yet on the fees....
What type of account did you open with HSBC? Does it matter? Checking? Savings? Thanks Marilyn or anyone else who replies! ;)

[Roger]

O/K
I just called HSBC
They OR no other bank in the US is authorized to deal in the Iraqi Dinar at this point.
Thats what I figured. Until the World bank recognises Iraqi dinar.
They DO international banking now.Just not the Iraqi dinar
Also, a previous post said that there are 3 US banks that deal in Iraqi dinars????? I don't think so.
I havent seen a post that stated that any banks ( other than Central bank of Iraq ) are dealing in Dinars. I believe what WAS stated is that there are 3 banks licensed to do business inside Iraq. There are no banks anywhere ( other than above mentioned) that will deal in a currency, that is not on the exchange markets. Once the currency opens, even my local banks have stated to me that they will be doing exchanges and the little town I live in doesnt even have 1 red light.
All bank's ( legally chartered ) in the US are authorized to conduct exchanges in foreign currencies, that are traded on world markets :happy26:

[Just_Sayin]

Gang -

I just got around to reading this thread. When I was investigating exit strategies for cahing out my dinar, I too had read something about HSBC being licensed to operate in Iraq. So, to help clear some things up, I backtracked my reading and found what I had seen before.

Basically, when the Central Provisional Authority was running things, they reinstated many of Iraq's private banks (which were outlawed under Hussein) and also gave three international banks (including HSBC) the option of beginning operations in Iraq as long as they did so by the end of 2004.

As far as I know (and I can't confirm this), none of those 3 banks have taken up the offer, presumably either because of the security situation, or the deal changed when the Iraqi Interim Government took control. I do know, (see articles below) that HSBC is definitely NOT operating there now. However, if you read between the lines in the articles, it looks like they are seriously investigating and/or preparing for it. It was rumored for a while that HSBC had purchased controlling interest in one of the private banks to facillitate operating in Iraq, but as you read, you'll see that HSBC denied this was true.

Anyhoo, here is the page from the CPA site that shows what private banks are operating in Iraq, and the 3 international banks that were given the option (scroll way down).

http://www.iraqcoalition.org/economy/iraq_private_banks.html

Here's a news story that appeared that probably started the rumor that HSBC was actually operating in Iraq.

http://www.guardian.co.uk/Iraq/Story/0,2763,1265693,00.html

Finally, here's a story that ran (on several news orgs) with HSBC statements denying their purchase of a private Iraqi bank.

http://www.aina.org/news/20040720211731.htm

HSBC is a big international bank, based in the U.K. that seems to have a very robust set of international currency exchange services (based on what I read on tehir website). My GUESS is that they are probably interested in operating in Iraq as soon as it is prudent.

Hope this helps!

Just_Sayin....

[FAST1]

Very valuable info, thank you!

[OU FAN]

JUST SAYIN------ Thanks for the good info !