The Real Deal About bank accounts....

[Jerry]

O.K. All...

I have been playing alot of phone tag over here.
I believe what we need above all is a source that has wireing capabilities to Iraq.
I have read on other blogs that all U.S. banks have been unsucessful in wireing money directly to Iraq.
However NBK is 98% sucessful in wire transfers to Iraq. How do I know?

Yestery day I sopke with Talal Alreyez NBK (in Kuwait) International Accounts Manager. He said " We have been sucessful in wire transfers, however it has taken in some cases up to 10 days."

Its no secreate why NBK got the licence to be one of the 3 first foriegn banks to operate there. The contractor giant " Bechtel" needed wire transfer capabilities to Iraq back in august of 2003 because NBK was awarded the task of running the countries TRADE BANK OF IRAQ. NBK made it happen. They were the ones who spear headed the wire transfer network there. So as of now they are the only proven bank to make it.

NBK also purchased 75 % of Credit Bank Of Iraq, making that bank essentially another NBK under a different name.

I also spoke with Monther Al-Fettal of Al Baraka bank. He told me that even though Credit Bank Of Iraq is not listed as a broker on the ISX, they infact are as all private banks are brokers for ISX. Monther went on to tell me that his bank (as with 90%) of banks in Iraq do not yet have wireing capabilities and that setting up an account with Credit Bank Of Iraq would have faster results. So wire transfers have been proven to Credit Bank Of Iraq, and Bank of Baghdad since 2003 under the Bechtel project which implemented it. (this just goes to show how close Bechtel and the goverment i.e. CPA and NBK are all tied together, but thats for anoter thread)

Anyway, No fear all you dinar supportes in the U.S. because I have almost reached the answer....

All that has to be done now is create an account at Credit Bank of Iraq or Bank of Baghdad, by having them mail you the forms (I have requested a hundred or so) and establish a routing number and account number.

Then wire the funds via NBK (i.e. to NBK then to Iraq) where your account would be allready set up for your funds destination.

When I get the address form the banks Ill post them as I am working on that today. Also I will have the routing numbers for both NBK Kuwait (you can get that on their web site (www.nbk.com) and the postal address of Credit Bank an of Iraq and Bank of Baghdad (for thos of you who want to fed ex your dinar to them)

Please be patient.
Jerry

[diva]

wow...thanks for your diligence, jerry...and marilyn and tony and all the other great posters...i'm always a day late and a dollar short so i dont know what i would do without you all

[OU FAN]

Sounds like very promising news to me!!! Thanks for the update and all of your efforts.

[Blake]

Jerry,
Very good work.

One question, how is Credit Bank of Iraq or Baghdad Bank insured for its customers? Anything similar to FDIC here in the States? I would be hesitant to physically put my dinars in a bank account overseas without my account being insured.

[Jerry]

Blake,

A very good question. I can not speak for bank of Baghdad. However I can speak for Credit Bank of Iraq.

Credit Bank of Iraq is owned by NBK. NBK is the largest bank in the middle east. All maijor contractors use them for banking. I use them myself. I have never had a problem transfering money to my creidt union in the states. They even allow you to transfer up to $70,000.00 if you request it. And thats monthly!!! Online even! No hassel about writing or calling. Daily ATM limits are up to $3000.00.

So to answer your question Credit Bank of Iraq is NBK and has the same criteria as that in Kuwait. They insure your money up to how much I dont know.

It would be best for you to go to www.nbk.com and look at their web site to judge for your self their professionalism and cutting edge banking technology.

This is a reflection of what Credit Bank Of Iraq will look like.

All the best,

Jerry

[JHawk]

Thanks for the info Jerry, hope you have more soon. I keep trying to email Credit bank of Iraq and Bank of Baghdad but my email keeps getting kicked back as undeliverable.

[danpeg]

Bank of Baghdad:

http://www.bankofbaghdad.net

[Marilyn]

Now I don't know where to open my account !?!?!?
This is wonderful news, Thanks Jerry !

I can't wait to receive the forms, you're the best.
Power in Numbers! :D

[Northof48]

Thanks for the info. Jerry ,and all the hard work by yourself and others.

So to clarify, if one has a bank account with Credit Bank Of Iraq, one doesnt need have an account with NBK? I ask because it is my understanding that one needs to have a civil ID to open an account with NBK.


I haven't had this much fun since the dot com boom of the late '90's.

Wonder what the Iraqi version of "Stewart from Ameritrade" will look like?

[bkewl]

Stop emailing the Credit Bank of Iraq and the Bank of Baghdad. Stop it! Stop it!

Give them a chance to answer my emails LOL

Two emails to each have gone unanswered.

I'll let you all know if and when I do hear from them.

[BRYAN]

THANKS JERRY FOR GETTING THE INFORMATION . YOUR THE MAN !!!! I DON'T KNOW THE ANSWER TO THIS QUESTION ? CAN WE PUT THE EX :confused: ISTING DINARS WE HAVE NOW INTO AN ACCOUNT & IT BE RECONIZED AS LEAGAL TENDER ??? OR DOES IT HAVE TO BE WIRED TO THEM AND THEY DEPOSIT IT FOR YOU ?? & DO THEY ALLOW US TO GO TO THEIR BRANCH ( NBK) IN NEW YORK ?? I'VE BEEN WORKING TOO MUCH AND HAVE NOT BEEN NEAR THE P/C TOO MUCH BUT AM EXTREEMMMEELLY HAPY TO FIND SIMILAR FOWARD THINKING INDIVIDUALS IN THE SAME SPACE !!

[bkewl]

Bryan,

I emailed Warka Bank and asked them about sending dinars fedex to them for deposit. Their response:

Your Iraqi Dinar you have outside its dangers to send it by mail because
its not allowed by the law so it may be taken and even if its reaches
peacefully how can you guaranty if its not forgery currency , so its better
to sale it ( exchange ) it to Dollars and then transfer the Dollars to our
bank and then we can purchase Iraqi Dinars.
Best regards.

[Marilyn]

Mailing Dinar has seemingly become a problem. An investment in the ISX will require more of your hard earned USD...

[Jerry]

Wow I didnt Know Baghdad Bank Web Site Is Allready up, jeeze this is moving fast.

I have a meeting set up with Talal Sunday. I requested 70 forms. He will instruct me as to how to fill them out. First thing is first, I am obligated to first get those people here on the ground who were here supporting the war with me accounts which is aboutonly 25 or so left from the origional crew.
Then I can mail out the remainer.

NBK in N.Y. will only do commercial transctions. The dinars you have now will not be able to be sent to that account. The account will require dollars which will eaither converted to dinar or stay in a seperate dollar account.

You do not have to have a civil I.D. to have an Iraqi Bank account. I have an NBK account without a civil I.D. Then again I know people who have alot of wasta in those areas. The fact that one who allready has a bank account with NBK simply speeds the whole process because that individuals info is allready on hand, and is able to be easily transfered to the branch in Iraq. The banking system for The Credit Bank Of Iraq, mirrors that of the head office in Kuwait.

Talal said that NBK will not hold Iraqi Dinar accounts in Kuwait until the CBI in Iraq gives its approval. He would not go very deep into it. Perhaps during the meeting I could try and pump him for more info, but definatly not before.

The wire transfer deal was set up, and is currently running on the pretance of: Contractors being able to pay their people in Iraq.
Iraqis being able to move their money out of country.


Itll take a little time but we'll all gat there. Please feel free to post any questions so that I may pass them along to Talal at the meeting on Sunday.

Jerry

[minigirl]

Jerry.... did you ever know....

that you're my heeeeerrrroooooooooooo?


:p :p :p

[BRYAN]

Bryan,

I emailed Warka Bank and asked them about sending dinars fedex to them for deposit. Their response:

Your Iraqi Dinar you have outside its dangers to send it by mail because
its not allowed by the law so it may be taken and even if its reaches
peacefully how can you guaranty if its not forgery currency , so its better
to sale it ( exchange ) it to Dollars and then transfer the Dollars to our
bank and then we can purchase Iraqi Dinars.
Best regards.


RTHANK YOU BEKEWL !! I SEE YOU Are IN PHILA. AREA I LIVE OUSIDE READING - DID YOU SET UP AND ACCOUNT YET - I'M STILLL WAITING FOR THE FORMS TO SEND BACK TO THEM !! I'LL TRY AGAIN FOR THE NBK ACCOUNT TO BE STARTED . I THANK ALL FOR THEIR DILLIGANCE AND ATTTENTION TO DETAILS WHICH ARE VERY GOOD PERSONALITY TRAITS TO HAVE FOR THE NEXT GENERATION OF NEW MILLIONAIRES LOL!!!! !!!

[bkewl]

Hey Bryan,

I'm in Erie, PA not Phila. I know where Reading is though. No I haven't set up an account yet. I'm teetering... do I set one up with Warka or NBK? I don't know!!!

I agree a BIG thank you to all the peeps here is definitely warranted.

[jules]

jerry,

so the set up would be similar to that of warka bank---wire US dollars to the account and have them exchanged to dinar, correct?
the ones we have we still have to keep in the mattress for a different bank with a US branch?
thank you in advance for your hardwork and info, same to many others here as well

as for the forms, do we just contact that bank if you don't have enough to send out to everyone?
you could start selling them on ebay!! :p

[Jerry]

Jules,

As of yet I do not have the forms, and yes it would be similar to Al Waraka Bank. The dinar which everyone has right now will not be able to be deposited into the account until the currency is available to the world market.

I am currently making a list of of people that I will be sending forms to, of 70 forms that I will be getting only so far 19 are spoken for.

Any individual who wants a form can send me a private message and I will add you to the list. Please make absolutely sure that you are going to open an Iraqui bank account, as these forms are limited and their availability is extreemly rare. Please do not waste a form on an undecided or "just -in-case"
feeling, take time and think about the pros and cons of having the bank account.

All the best with you investment,
Jerry

[jules]

still think you colud make a killing on ebay!!..lol

[BRYAN]

Jules,

As of yet I do not have the forms, and yes it would be similar to Al Waraka Bank. The dinar which everyone has right now will not be able to be deposited into the account until the currency is available to the world market.

I am currently making a list of of people that I will be sending forms to, of 70 forms that I will be getting only so far 19 are spoken for.

Any individual who wants a form can send me a private message and I will add you to the list. Please make absolutely sure that you are going to open an Iraqui bank account, as these forms are limited and their availability is extreemly rare. Please do not waste a form on an undecided or "just -in-case"
feeling, take time and think about the pros and cons of having the bank account.

All the best with you investment,
Jerry
HI JERRY . YOU CAN PUT ME DOWN FOR AN APPLICATION TO MAKE ME # 20 . I'M SETTING AN ACCOUNT UP TODAY WITH WARKA BANK . THRU MY BANK ( COMMERCE BANK ) . FOR A FEE THEY WILL DO THE WIRE TRANSFER TO THE BANK , IT TAKES ABOUT 4-6 DAYS. I WILL POST EVERYTHING I FIND OUT TODAY WHEN I GET HOME TONIGHT . :happy64:

[Monty]

Hi BRYAN,

Details please (Opening account through Commerce Bank).

Monty :huge:

[allen]

Jerry had said "NBK in N.Y. will only do commercial transctions. The dinars you have now will not be able to be sent to that account. The account will require dollars which will eaither converted to dinar or stay in a seperate dollar account. " Ok, so i know i am ignorant, but where then do we exchange our money? and is Iraq the only place we can deposit this money? :confused:

[Blake]

and is Iraq the only place we can deposit this money? :confused:No, this is mainly for investing in the ISX, or for some, how they plan on acquiring more dinar. It's not for the dinars you already have. Don't worry.

[allen]

AHH, once again i am on the wrong thread.

[Marilyn]

The Real Deal About Banking is:

1. Maximum Profit
2. Maximum Security
3. Minimum Risk


Maximum Profit: You get 1,460,000 Dinar for $1000 usd (No middle man)


Maximum Security: Not sending cash through the mail (Need I say more?)


Minimum Risk: Held in an accredited Bank, earning 7% interest, in a vault.
(Not under the bed)

Weather you trade on the ISX or not, this is the where your dinar is...

[BRYAN]

I'm Using Them To Wire Transfer The Actual Us Funds

[BRYAN]

Hi BRYAN,

Details please (Opening account through Commerce Bank).

Monty :huge:
I'M USING THEM TO WIRE TRANSFER The MONEY TO WARKA BANK VIA SWIFT CODE :happy64:

[IQDFiend]

Hay Marilyn... did you open a current account, or a savings account at Al-Warka?

[Marilyn]

Hi Paul,

I'm afraid I was rather unspecific...
I told Miss R to open whichever type gives me the highest interest but still allows me to trade on the ISX. I suspect it will be the savings account.
I'm so glad we did this together. I was so nervous. You've been very helpful, thank you. :)

Regards
Marilyn

[IQDFiend]

Thanks Marilyn, you to..

Ah well, we may end up losing our shirts on this, but what a ride!!!

Small risk (i.e. low initial capital used/needed) to high reward is my kind of investing! LOL

[jules]

found this a few minutes ago, sorry if someone already posted
http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5720575 ;)

[Northof48]

VIA SWIFT CODE :happy64:
So what is swift code and can I wire them through western union?

[RogerL]

So what is swift code and can I wire them through western union?

It's equivalent to an ABA Bank routing code. SWIFT actually stands for: Society for Worldwide Interbank Financial Telecommunication. It's a network for communicating between worldwide banks while ABA is domestic.

I've never used Western Union, but I'd bet you can. It would be very difficult to imagine that you can't since their business is wiring money.

[minigirl]

Jerry had his meeting yesterday, I believe - and his last post was on Saturday - I'm anxiously waiting any new info he has before moving forward on any account!

So Jerry, when you wake up get on here dude! LoL

[Jerry]

There is a delay with the forms due to the fact that they are in Arabic.

However there there should be forms made available in English in the comming week. Most likely Sunday. I have not had the chance to post much, due to the fact of the workload picking up so much lately.

I am still accepting names for the list. I hope this posting finds you all in good health and positive spirits about our investment.

I also would like to give a special thanks to all the new members who are part of our "Dinar Family"

"Go Iraq!!!"
Jerry

[BRYAN]

There is a delay with the forms due to the fact that they are in Arabic.

However there there should be forms made available in English in the comming week. Most likely Sunday. I have not had the chance to post much, due to the fact of the workload picking up so much lately.

I am still accepting names for the list. I hope this posting finds you all in good health and positive spirits about our investment.

I also would like to give a special thanks to all the new members who are part of our "Dinar Family"

"Go Iraq!!!"
Jerry
Jerry you do have me on that list , If not could you please place me on it
so I may recieve an application also ??? :wave:

[xersizeguy]

Hey I need on that list! A buddy and myself are looking to open an account so we can buy stocks when it opens to us small people. Also, what are your thoughts on shipping the cash dinars to the bank of iraq?

[RogerL]

Hey I need on that list! A buddy and myself are looking to open an account so we can buy stocks when it opens to us small people. Also, what are your thoughts on shipping the cash dinars to the bank of iraq?

Definitely *DO NOT* mail your dinars to the Bank of Iraq! First, the banks tell you it isn't safe to send it through the mail (ironic since most of us got our dinars through the mail). Second, bank notes outside of Iraq are illegal. They might confiscate them when they get there. If you have cash dinars, keep them in a safe place so you can exchange them for big bucks later.

When you open an account in an Iraqi bank, wire American dollars to them and have them converted into dinars.

[Jerry]

Hey I need on that list! A buddy and myself are looking to open an account so we can buy stocks when it opens to us small people. Also, what are your thoughts on shipping the cash dinars to the bank of iraq?

I know NBK is the only bank accepting Iraqi Dinars and wiring them to Iraq.

I will provide the forms as soon as I get them, however I do not want to be personally responsible for tranfering Iraqi Dinar into accounts in Iraq.

I work 14 hrs a day and barely have time to post. I cannot afford to lose so many work hours to do this as there is alot going on still that requires so much support. I would not trust anyone else with depositing money especially other peoples, while I am at work. Perhaps one of the other members could do this who are here in Kuwait.

Thanks for your understanding,
Jer

[jules]

jerry,
good to hear from you! I expect the meeting about credit bank of iraq was promising/positive? :confused:
I read your note about arabic english forms

[Jerry]

The meeting went well, I was however a little disturbed that Talal failed to inform me that the forms were in arabic. He seemed extreemly knowlegable but I didnt peg him to be the big cheese over the credit bank. I think those players are never in the office and are on the ground doing stuff from software development to organizing classes. I suspect most of them are over at the Trade Bank Of Iraq trying to deal with that.

[Potogold]

O.K. All...

I have been playing alot of phone tag over here.
I believe what we need above all is a source that has wireing capabilities to Iraq.
I have read on other blogs that all U.S. banks have been unsucessful in wireing money directly to Iraq.
However NBK is 98% sucessful in wire transfers to Iraq. How do I know?

Yestery day I sopke with Talal Alreyez NBK (in Kuwait) International Accounts Manager. He said " We have been sucessful in wire transfers, however it has taken in some cases up to 10 days."

Its no secreate why NBK got the licence to be one of the 3 first foriegn banks to operate there. The contractor giant " Bechtel" needed wire transfer capabilities to Iraq back in august of 2003 because NBK was awarded the task of running the countries TRADE BANK OF IRAQ. NBK made it happen. They were the ones who spear headed the wire transfer network there. So as of now they are the only proven bank to make it.

NBK also purchased 75 % of Credit Bank Of Iraq, making that bank essentially another NBK under a different name.

I also spoke with Monther Al-Fettal of Al Baraka bank. He told me that even though Credit Bank Of Iraq is not listed as a broker on the ISX, they infact are as all private banks are brokers for ISX. Monther went on to tell me that his bank (as with 90%) of banks in Iraq do not yet have wireing capabilities and that setting up an account with Credit Bank Of Iraq would have faster results. So wire transfers have been proven to Credit Bank Of Iraq, and Bank of Baghdad since 2003 under the Bechtel project which implemented it. (this just goes to show how close Bechtel and the goverment i.e. CPA and NBK are all tied together, but thats for anoter thread)

Anyway, No fear all you dinar supportes in the U.S. because I have almost reached the answer....

All that has to be done now is create an account at Credit Bank of Iraq or Bank of Baghdad, by having them mail you the forms (I have requested a hundred or so) and establish a routing number and account number.

Then wire the funds via NBK (i.e. to NBK then to Iraq) where your account would be allready set up for your funds destination.

When I get the address form the banks Ill post them as I am working on that today. Also I will have the routing numbers for both NBK Kuwait (you can get that on their web site (www.nbk.com) and the postal address of Credit Bank an of Iraq and Bank of Baghdad (for thos of you who want to fed ex your dinar to them)

Please be patient.
Jerry
We are counting on you so please continue to update your postings.
:p

[IraqiFreedom]

Did opportunities with Credit Bank of Iraq fizzle out. This looked like a better (possibly more secure) option than Al Warka based on Jerry's research.

Has anyone opened an account? If yes, what rate did you get on the dinar exchange? What fees were charged. Are forms available, perhaps in PDF? :confused:

[peterz]

Has anyone transfered funds into Alwarka Investment Bank, and then tranfered funds back out to verify you can get your money out?

[BRYAN]

Has anyone transfered funds into Alwarka Investment Bank, and then tranfered funds back out to verify you can get your money out?
WHY DOES THIS QUESTION APPEAR ??
Do these people have an account?
If Warka will recieved the money by wire they will be able to transfer it back to you if you when you provide the authorization letter and provide the Swift code to your bank . If you do not trust them all I can say is don't invest in tha bank account sceniro .
It does cost money to send a wire transfer from bank to bank , just to see if they will send the money back to you , to satisfy your fears or anyone else, is not worth it to me .
I will wait till the fund matures and at that time I'll get my funds transfered back to me , If they can't, than I will take a trip to Iraq with an interputer and retrive the funds myself !! If it comes to that !!
I can see the concern about retriving the funds that were deposited , to do a pratice run ???
I tell you what, Why don't you send your money and ask for them to send it right back to you .... How does that sound ???? :confused:
As for me I trust Warka 100% :happy64: and fell I will retrive all the funds that are intitled to me .
If I get scewed , than Oh well I knew this was a high risk deal going into this venture . That's my 2 cents .

[peterz]

If you haven't made a test transfer back why answer? Of course I can do the test myself once I have an account set up. But one purpose of forums like this is to build on the knowledge and experience of others, not reinvent the wheel.

[peterz]

WHY DOES THIS QUESTION APPEAR ??
Do these people have an account?
If Warka will recieved the money by wire they will be able to transfer it back to you if you when you provide the authorization letter and provide the Swift code to your bank . If you do not trust them all I can say is don't invest in tha bank account sceniro .
It does cost money to send a wire transfer from bank to bank , just to see if they will send the money back to you , to satisfy your fears or anyone else, is not worth it to me .
I will wait till the fund matures and at that time I'll get my funds transfered back to me , If they can't, than I will take a trip to Iraq with an interputer and retrive the funds myself !! If it comes to that !!
I can see the concern about retriving the funds that were deposited , to do a pratice run ???
I tell you what, Why don't you send your money and ask for them to send it right back to you .... How does that sound ???? :confused:
As for me I trust Warka 100% :happy64: and fell I will retrive all the funds that are intitled to me .
If I get scewed , than Oh well I knew this was a high risk deal going into this venture . That's my 2 cents .
If you haven't made a test transfer back why answer? Of course I can do the test myself once I have an account set up. But one purpose of forums like this is to build on the knowledge and experience of others, not reinvent the wheel.

[Aunt Gwennie]

I was wondering out of the people here that set up a Warka Account like myself, how many are also electing to buy actual currency and have it shipped to the U.S. for storage in safe keeping??

Josh (Confused Country Boy) :confused:

No can do Josh. It is my understanding that they won't do that. You need to just convert your USD to Dinars and either purchase stocks when the ISX opens for world trading or just let the Dinars sit there until it opens for world trading and then convert is back to USD and have them wire the USD to you.

It is also my understanding, they will be paying 5% annual interest on the Dinar account. If you manage to get a tidy sum of Dinars in your account, you could just have them convert the interest to USD and have a nice little nest egg coming back to you each year once the Dinars opens on the world market and gains in value.

Hope that cleared some things up for you.

Aunt Gwennie :wave:

[Jerry]

Credit Bank is a wash. Warka is a better bet. Its my personal opinion that if anyone wants to start an account to do so with WARKA. Credit bank is taken care of by NBK. Warka is going it alone and would benifit more if people built accounts with them. You would be helping a finantial institution in Iraq directly. Youd make money while helping them become a more attractive bank which Foreign banks will want to be part of. I have an account with Warka and am recruiting people to open bank accounts with them daily.

Warka is an extreemly credible bank with 13 branches throughout Iraq. None of their banks have been bombed as they are not in the conflict zones. Credit bnk has allready lost 3 banks.

Furthermore Warkas Borker for the ISX has good experience and speaks english very well.

[Jerry]

Tried to set up something btwn NBK and Warka. They wont have anything to do with them. He said NBK only deals with Credit Bank Because they own them. He confirmed that almost all of the contracting companies are dealing with Credit Bank. He also said that they were not doing business with any other banks because of security reasons i.e. laundering terrorist funds. NBK does have a direct link with Credit bank and if your in Kuwait and have a Credit Bank account NBK allows Iraqi Dinar to be wired to Iraq. However they want an individual to purchase IQD at THEIR RATE. Which if you look at their web site they are charging more than the CBI rate.

R is going to try and work something out with them as soon as I get her the names and phone numbers for the people she needs to contact. I think she'll just be spinning her wheels because they were so adament about how they will only wire to Credit Bank and thats it.

If anything new develops Ill post it.

[Jerry]

Banks' security fears over Iraq 'exaggerated'
Posted: Monday, September 20, 2004
Dubai
Banks reluctant to start operating in Iraq over security concerns are being over-cautious and missing out on a lucrative opportunity to develop a 'virgin land', the managing director of an Iraqi bank said on Sunday....

'The security threats are being exaggerated,' Abdul Aziz Hassoun, director of Iraq's North Bank, told Reuters at a meeting of regional bankers in Dubai....

'The banks will find a virgin land,' he said. 'The country has been cut off from the world for a long time. It needs everything.'...


http://www.tradearabia.net/tanews/newsdetails.asp?Ref=S&Article=73995&Sn=&Cnt=31

[Jerry]

I think when it is finally available an account with Credit Bank would be the best route. I use NBK to wire to Warka. However if I were to have a Credit Bank account in Iraq I would be able to wire my "hard currency" Iraqi dinar directly to Iraq. NBK it the only bank in the Region who can do this. So when Credit Bank opens up to the public it should be jumped on. Credit Bank of Iraq is receiving all the same technology that NBK has in Kuwait. It will be the largest most secure bank with the most branches in the region. They plan on building 44 more branches in Iraq by 2010.

Mr. Al-Reyez told me that Credit Bank in Iraq is viewd by the Iraqis as "a normal local bank" locals do not know NBK owns it which makes it less likely to be attacked. Mr. Al-Reyez said "Nobody knows we own it and right now thats the best way to do business given the situation there"

Seems like hes right on the money. I wonder how many other things are handled in this manner with reguards to the economy that no one is reporting?

Point being theres most likely alot more going on POSITIVLY with the economy which we have no idea about because of the way business has to be conducted there due to security problems.



NBK wins Global Finance awards
Posted: Tuesday, September 21, 2004
Kuwait City
National Bank of Kuwait (NBK) has been awarded the best consumer internet bank, best consumer online bill payment and presentment and the best consumer online credit in Middle East and Africa.

Global Finance, a leading financial magazine, has announced the award in its "World's best internet banks" rating in the September, 2004 issue.

http://www.tradearabia.net/tanews/Newsdetails.asp?Article=74078&Sn=BANK

[IraqiFreedom]

Mr. Al-Reyez told me that Credit Bank in Iraq is viewd by the Iraqis as "a normal local bank" locals do not know NBK owns it which makes it less likely to be attacked. Mr. Al-Reyez said "Nobody knows we own it and right now thats the best way to do business given the situation there"This is the information age, even in Iraq. Even if that is true it won't last. Nonetheless, NBK has a reputation to protect and is likely to be a good bet for low risk.

[ChicoInIraq]

When the money becomes available to the open market, and let's assume it opens at .41, there will be many people trying to transfer thier Dinars to Dollars right? What will happen if that number crashes at the end of the day, will people be able to transfer their money to a US account without any serious repercussions?

[hopeful-future]

I just want to know if its the same way as opening an Warka account? Can you open it online, or is through the mail the only way to complete the application? Also if I open up a CBI account will I need to open a NBK account also to do business between the two banks?

Further more I believe I read somewhere on this thread that in order to send dinars from NBK to CBI you would have to purchase those dinars from NBK directly...., did I read that, or imagine it?

Thanks to anyone and everyone for any and all info.

[dinarwealth]

Hello everyone!

I'm new and just needed clarification. If I get an account at NBK, they can wire my US funds to this Al-Warkaa bank which in turn will convert my US funds into Dinar. I can then either keep the funds converted to Dinar or use it to buy Iraqi stock? Will someone please welcome me with open arms and clarify. Thanks

[Jerry]

I just want to know if its the same way as opening an Warka account? Can you open it online, or is through the mail the only way to complete the application? Also if I open up a CBI account will I need to open a NBK account also to do business between the two banks?

Further more I believe I read somewhere on this thread that in order to send dinars from NBK to CBI you would have to purchase those dinars from NBK directly...., did I read that, or imagine it?

Thanks to anyone and everyone for any and all info.
No one at present can open a Credit Bank of Iraq account privatly. They only do commercial. If you are in Kuwait and can open an NBK account then you can purchase Dinars from NBK (which is a bad rate) and wire them to Iraq.
I have an NBK account but I wire dollars to Jordan then Warka converts them to Dinar and I get a way batter rate.

[Jerry]

Hello everyone!

I'm new and just needed clarification. If I get an account at NBK, they can wire my US funds to this Al-Warkaa bank which in turn will convert my US funds into Dinar. I can then either keep the funds converted to Dinar or use it to buy Iraqi stock? Will someone please welcome me with open arms and clarify. Thanks
You do not need an NBK account to Wire to Warka. Most banks can do an international transfer. Warka will then convert your Dollars to Dinar at your request.
Yes after you have requested to convert the Dollars to Dinar you can keep it in Dinar or you use it to buy stocks on the ISX when it opens. However you have to make a form that states how much you want to invest and what stocks you want to buy. As of yet the ISX is still closed to foreigners and should be opening in the near future.

[Tagulouss]

Hi all,

i am in the process of opening my Al Warka account.

after reading the latest threads i now dont know what to do.
is it better to go the NBK route or the Warka route?

How easy is it to get the NBK account?

[duracell]

hi jerry i am very new to this site but I have been keeping up with the dinar situation and Iam also stuck in the every lasting maze of dinar information. Iam very much interested in opening an account when you get your forms back if there are any left please give me a shoot out!

[HEALTHisWEALTH]

:) I am interested in the NBK Bank system, would you please include me in the listing for the form.

[Aequitas]

Jerry,
Please include me on the list.

Thanks,
Aequitas

[tlagiloi]

Great post Jerry even reading it this much later

I've not been able to get a response from this bank.
They actually were my first choice.
I guess I should've picked up the phone as you did.

O.K. All...

I have been playing alot of phone tag over here.
I believe what we need above all is a source that has wireing capabilities to Iraq.
I have read on other blogs that all U.S. banks have been unsucessful in wireing money directly to Iraq.
However NBK is 98% sucessful in wire transfers to Iraq. How do I know?

Yestery day I sopke with Talal Alreyez NBK (in Kuwait) International Accounts Manager. He said " We have been sucessful in wire transfers, however it has taken in some cases up to 10 days."

Its no secreate why NBK got the licence to be one of the 3 first foriegn banks to operate there. The contractor giant " Bechtel" needed wire transfer capabilities to Iraq back in august of 2003 because NBK was awarded the task of running the countries TRADE BANK OF IRAQ. NBK made it happen. They were the ones who spear headed the wire transfer network there. So as of now they are the only proven bank to make it.

NBK also purchased 75 % of Credit Bank Of Iraq, making that bank essentially another NBK under a different name.

I also spoke with Monther Al-Fettal of Al Baraka bank. He told me that even though Credit Bank Of Iraq is not listed as a broker on the ISX, they infact are as all private banks are brokers for ISX. Monther went on to tell me that his bank (as with 90%) of banks in Iraq do not yet have wireing capabilities and that setting up an account with Credit Bank Of Iraq would have faster results. So wire transfers have been proven to Credit Bank Of Iraq, and Bank of Baghdad since 2003 under the Bechtel project which implemented it. (this just goes to show how close Bechtel and the goverment i.e. CPA and NBK are all tied together, but thats for anoter thread)

Anyway, No fear all you dinar supportes in the U.S. because I have almost reached the answer....

All that has to be done now is create an account at Credit Bank of Iraq or Bank of Baghdad, by having them mail you the forms (I have requested a hundred or so) and establish a routing number and account number.

Then wire the funds via NBK (i.e. to NBK then to Iraq) where your account would be allready set up for your funds destination.

When I get the address form the banks Ill post them as I am working on that today. Also I will have the routing numbers for both NBK Kuwait (you can get that on their web site (www.nbk.com (http://www.nbk.com)) and the postal address of Credit Bank an of Iraq and Bank of Baghdad (for thos of you who want to fed ex your dinar to them)

Please be patient.
Jerry

[onenomad]

Great post Jerry even reading it this much later

I've not been able to get a response from this bank.
They actually were my first choice.
I guess I should've picked up the phone as you did.

Somewhere around here is a post about people in the UK contacting NBK in london and were told only Kuwaities could have an account at there bank?? dont know if same in US will try to find post

[tlagiloi]

It's possible
but it's inconsistent with the info I ran across while
searching for a bank to deal with

they even have full electronic access online banking.
which means you could transfer funds using ACH: electronic transfers
which would rock.

the big IF is getting a response from them.

[WyoCowboy]

are you trying to resurrect and work with 2 year old information? I've been doing wire transfers from my bank to warka for ALMOST 2 years without a hitch.

Catch up folks!

[trusty]

are you trying to resurrect and work with 2 year old information? I've been doing wire transfers from my bank to warka for ALMOST 2 years without a hitch.

Catch up folks!


Which one of the Germany banks do you go through?

Trusty

[Fireman-Hott]

Commerz Bank

[eleanor]

Do you know if this bank is insured? It would seem to be easier to deal with them since they are connected to NBK.

How should this go. Should I open an account at NBK and Credit Bank of Iraq in order to get transfers quickly.

Thanks,
Eleanor

[spyerika]

i'm interested in receiving the form..




Jules,

As of yet I do not have the forms, and yes it would be similar to Al Waraka Bank. The dinar which everyone has right now will not be able to be deposited into the account until the currency is available to the world market.

I am currently making a list of of people that I will be sending forms to, of 70 forms that I will be getting only so far 19 are spoken for.

Any individual who wants a form can send me a private message and I will add you to the list. Please make absolutely sure that you are going to open an Iraqui bank account, as these forms are limited and their availability is extreemly rare. Please do not waste a form on an undecided or "just -in-case"
feeling, take time and think about the pros and cons of having the bank account.

All the best with you investment,
Jerry

[Lux]

i'm interested in receiving the form..

That post is nearly two years old.

If you are interested in opening an account in Iraq. please refer to this post:

http://www.investorsiraq.com/iraqi-bank-accounts/12818-how-open-warka-account-faqs.html

:wave:

[shadow81]

how will i need to go about things as im from the uk

[shadow81]

will i need to open an american account so the pound sterling would be converted to dollars and the open an account in iraq and get it changed to dinars from there or could i send money directly from my uk account

[Aunt Gwennie]

will i need to open an american account so the pound sterling would be converted to dollars and the open an account in iraq and get it changed to dinars from there or could i send money directly from my uk account

I know there have been others in the UK that have opened Warka accounts. Not sure how they did it, but since the CBI is buying and selling Euros and Sterling Pounds.....I would think you could set up your account in pounds and then convert them to dinars. Here's the CBI link.....

http://www.cbiraq.org/cbs6.htm

AG

[luntha]

Wow I didnt Know Baghdad Bank Web Site Is Allready up, jeeze this is moving fast.

I have a meeting set up with Talal Sunday. I requested 70 forms. He will instruct me as to how to fill them out. First thing is first, I am obligated to first get those people here on the ground who were here supporting the war with me accounts which is aboutonly 25 or so left from the origional crew.
Then I can mail out the remainer.

NBK in N.Y. will only do commercial transctions. The dinars you have now will not be able to be sent to that account. The account will require dollars which will eaither converted to dinar or stay in a seperate dollar account.

You do not have to have a civil I.D. to have an Iraqi Bank account. I have an NBK account without a civil I.D. Then again I know people who have alot of wasta in those areas. The fact that one who allready has a bank account with NBK simply speeds the whole process because that individuals info is allready on hand, and is able to be easily transfered to the branch in Iraq. The banking system for The Credit Bank Of Iraq, mirrors that of the head office in Kuwait.

Talal said that NBK will not hold Iraqi Dinar accounts in Kuwait until the CBI in Iraq gives its approval. He would not go very deep into it. Perhaps during the meeting I could try and pump him for more info, but definatly not before.

The wire transfer deal was set up, and is currently running on the pretance of: Contractors being able to pay their people in Iraq.
Iraqis being able to move their money out of country.


Itll take a little time but we'll all gat there. Please feel free to post any questions so that I may pass them along to Talal at the meeting on Sunday.

Jerry

Jerry,

I'm new to this forum so I'm hoping to get clarification to the following question, although it may be an old topic for manuy.

I contacted the Credit Bank of Iraq with the intent of opening two savings accounts: USD and IQD. I emailed and treid to call Mr. Fouad M. Moustafa, Managing Director but was am still unsuccessful. I did speak with someone and was told that I needed to open these accounts with NBK. The caller provided me with the telephone number for NBK-NY, however, according to your [quote] NBK-NY only handles commercial accounts.

With respect to opening personal savings accounts is this something that I need to address with Mr. Talal Al-Reyez? If so, could you provided me with his email address and telephone number with extension so I can contact him? I would appreciate it.

:confused:
Aloha,
Luntha

[enki]

in that link of the CBI there is reference to interest rate hikes 10% to 12% and more about Banks Deposits(savings account?)overnite to 30 days.
at 30 days it is 12%. does this mean that savings accounts are at 12% or is this much like the federal reserve prime/discount rates??

[enki]

I know there have been others in the UK that have opened Warka accounts. Not sure how they did it, but since the CBI is buying and selling Euros and Sterling Pounds.....I would think you could set up your account in pounds and then convert them to dinars. Here's the CBI link.....

http://www.cbiraq.org/cbs6.htm

AG in the above link the cbi raises interest rates on Banks Deposits at 30 days to 12%! Is this a savings account and if not what is a typical interest rate at these Iraqi banks??
Thanks