Problem Transferring Funds/ Need Different U.S. Bank/Help

[Blake]

OK,
I have a bank account with Fleet, and a few days ago I went in to wire the funds over to my Al-Warka account and Fleet told me they had a policy of only doing wire transfers with international banks that have a U.S. Branch and a U.S. Routing Number. So they wouldn't perform the transfer with any of Al-Warka's intermediary banks we have listed.

Next try,
I gave my money to my close friend who has a Wachovia Bank account to transfer the funds for me. However, they wanted him to sign some documents related to the new Patriot Act regulations and informed him there might be an investigation and he might get a call. So, seeing how this wasn't really his money and his vested interest, he didn't want to go through all of that trouble and didn't want to be investigated. Definitely fair enough. I appreciated his effort nonetheless.

So, I think I going to have to open a new bank account over here in the U.S. that will conduct the international wire transfer for me with minimal hassle. I might just close my Fleet account all together, I'm not sure at this point.

For those that have already successfully transferred funds over to their Al-Warka Accounts, could you give me feedback on your experience with your U.S. bank, what bank was it, how long did it take to complete the transfer and have the funds show up in Iraq, any hassle, etc.?

This will help me decide what bank to choose.

Thanks everyone!

[dinardude]

OK,
I have a bank account with Fleet, and a few days ago I went in to wire the funds over to my Al-Warka account and Fleet told me they had a policy of only doing wire transfers with international banks that have a U.S. Branch and a U.S. Routing Number. So they wouldn't perform the transfer with any of Al-Warka's intermediary banks we have listed.

Next try,
I gave my money to my close friend who has a Wachovia Bank account to transfer the funds for me. However, they wanted him to sign some documents related to the new Patriot Act regulations and informed him there might be an investigation and he might get a call. So, seeing how this wasn't really his money and his vested interest, he didn't want to go through all of that trouble and didn't want to be investigated. Definitely fair enough. I appreciated his effort nonetheless.

So, I think I going to have to open a new bank account over here in the U.S. that will conduct the international wire transfer for me with minimal hassle. I might just close my Fleet account all together, I'm not sure at this point.

For those that have already successfully transferred funds over to their Al-Warka Accounts, could you give me feedback on your experience with your U.S. bank, what bank was it, how long did it take to complete the transfer and have the funds show up in Iraq, any hassle, etc.?

This will help me decide what bank to choose.

Thanks everyone!

Hey Blake

I to am going to attempt to wire money to my Al Warka accounts on Friday. I'm going to try this approach http://www.investorsiraq.com/showpost.php?p=8843&postcount=5

I'll post my results.

P.S Sensory overload at times with all this info. I understand the frustrations. :eek:

[Blake]

What U.S. bank do you have? That's what I'm after.


BTW, that approach is what all of us are doing.

[dinardude]

What U.S. bank do you have? That's what I'm after.

First State Bank. I'm very limited to the banks I can go to because of where I live. So I'm going to try them first and see what happens.

[Marilyn]

I wired funds via my online banking with Citibank.

[bkewl]

Blake,

Ask your bank if they can use J.P Morgan as a connecting bank.

[dinardude]

I wired funds via my online banking with Citibank.


I take it this approach worked fine?

[jules]

I used my local state credit union without any problem. They didn't ask any questions.
Although had they asked, I think setting up an account to be able to invest in ISX at the time foriegn investors are able is perfectly reasonable.
As far as a major branch, I'd expect Wells Fargo would be easy to work with given there international fx experience and willingness to xchg dinar when on the market.

[Blake]

Blake,

Ask your bank if they can use J.P Morgan as a connecting bank.The people at Fleet's int'l wire transfer dept can't seem to fully understand my questions. I keep on getting somewhat different answers to my associate bank questions.

They said that Al-Warka or the Housing Bank (in Jordan) must have an account with J.P. Morgan in order to complete the intn'l wire transfer??

I explained & stressed they probably do b/c you were able to use J.P Morgan as a connecting bank for your transfer when your original bank couldn't do it for you.

???

[bkewl]

sounds to me like it's time to open an account at a different bank!

[Blake]

I think I may have found a solution. I have an account with my state credit union as well, that my car payment is routed to b/c I financed it thru them.

I just called the credit union and they said that I can deposit the money into my account with them and they can conduct the intn'l wire transfer with no problem!!

Only bad thing is the credit union only has 2 branches in the state, and neither is close to me, So i have to decide later to do the wire transfer over the phone or drive to do it in person.



Thanks Jules for providing your feedback which led to my solution!!!

[dinardude]

Blake...I have an account at the local credit union here in town as well but never gave it any consideration. I guess I thought they would be to small to handle a situation like this. I called them and they said the same thing...that it wouldn't be a problem to wire the money. Go figure. There I go again over thinking things :o .

I was wondering if you could let me know what info you are going to give your credit union? Is it this:

"Beneficiary name: Warka Investment Bank
Beneficiary account no: 0019583140201 (our account no in Housing Bank).
To be paid for: your name
A/C No.: your Dollar account no.
Warka Investment Bank-main branch
The Swift Code of Warka Investment Bank is: WAIVIQBA"


Thanks for your patience. :)

[Blake]

Yes. that is the info. Be sure to include Al-Warka's complete Baghdad address as well.

[dinardude]

Yes. that is the info. Be sure to include Al-Warka's complete Baghdad address as well.


How is this:

Alwarka Investment Bank
Baghdad - Iraq
Hay Alwihda - SEC 902 - 14th St BLDG 50
PO BOX 3559 ELWIYA
Swift code: WAIVIQBA

Beneficiary Name: Alwarka Investment Bank
Beneficiary Account: 0019583140201
To be paid to: (Your Name Here)
Account: (Your USD account number at Alwarka)

[Blake]

Yeeeeeeeeeesssssssssssssss.

[dinardude]

Yeeeeeeeeeesssssssssssssss.

I can see I'm annoying you (dinardude walks away with tail between legs)...turns and says "Thanks I won't bother you anymore" (dinardude continues to walk away with tail between legs)..... :crying:

[Blake]

I was just a little frustrated with the paranoia that I've read throughout the board today. I was only lightly kidding around. Don't take it that hard. ;)

[dinardude]

I was just a little frustrated with the paranoia that I've read throughout the board today. I was only lightly kidding around. Don't take it that hard. ;)

Cool...I feel much better. I kinda like the paranoia it keeps us on our toes.

P.S. I didn't really take it that hard...it was all drama. :)

[Blake]

I kinda like the paranoia it keeps us on our toes.Let's just say I don't. It gets old when you've been here for awhile, trust me.

[dinardude]

Let's just say I don't. It gets old when you've been here for awhile, trust me.


I hope life is different when I hit the big "298". Hang in there, man! It will all work out! :)

[jules]

please note, do not use warka swift code:

Please change the Swift code from Warka Bank to the Swift of Hosing
Bank ,
you should give the Housing Bank Swift Code which is :
Swift Code: HBHOJOAX .
Have nice day.

WIB
R

[Jen39503]

Just out of curiosity, whats a good amount to start with? I'm really interested in the soda company.
I know, I know, dont invest more than you can afford to lose, ....but would $100 buy enough to start? 300? ....how much is a good start for a good investment. Does that make sense?
thanks
jen

[jules]

Jen,
there's a thread 'how to turn $13,000 into $39million' where tony gives a good breakdown of possible returns of stock if you invest 'this much' and it goes up 'that much' kinda thing that's interesting.

i read alot of posts that say 'only as much as you can afford to lose'
but if i was at my last $100 (and the dinar increases like i expect it to) and i didn't invest, i'd kick myself forever! :happy26:

[Jen39503]

thanks, i'm off to read it now

[Blake]

I think there is a $500 minimum or something to keep an open account with Al-Warka to invest in the ISX. I could be wrong about the exact figure, but I remember there is indeed a minimum.

[BRYAN]

There is a balance of 100.00 in your us account and 1,000 dinars in your IQD account , I sent 1,000.00 to start and was able to get $ 962.00 converted .