wiring money questions

[Bowling for Dinar]

I have recently opened an Al-Warka savings account, and have a few questions about how to proceed with funding the accounts.

1- I have never wired money before. What is the best (cheapest) method? I am thinking of Western Union (there is one near my house). Do you send the money from a bank account or can you use cash?

2- Why do we send the money to Jordan (or wherever) first? Is it because we cannot as Americans send it straight to Iraq?

I appeciate any help you can give me. If this info is elsewhere, please point me in the right direction.
Thanks,
Lou

[bkewl]

1- I have never wired money before. What is the best (cheapest) method? I am thinking of Western Union (there is one near my house). Do you send the money from a bank account or can you use cash?

I would check with your bank for their wire transfer rates. I believe you will find this to be much cheaper than Western Union.

2- Why do we send the money to Jordan (or wherever) first? Is it because we cannot as Americans send it straight to Iraq?

US Banks, at this time, can not wire directly to Iraq. Therefore you use an intermediary bank. Check the sticky posts in this forum.

Hope this helps :)

[Bowling for Dinar]

I just checked at my bank, and they will charge $50.00 for money transfer. Is this too much, and should I check Western Union?
Lou

[bkewl]

How about you check with Western Union and then tell us
1) the amount to transfer
2) bank fee
3) western union fee.

Others may benefit from this information.

[Tyreds Tale]

I checked at my bank and it is $50

then I checked Scottrade and they only charge $20! I knew their commissions were great, but overseas wiring for only 20 bucks! what a deal.

As for the jordan thing (it bothers me too) here is one post describing it:

I have received an email from Warka investment bank and I have wired them some money via Jordan Natioanl Bank PLC. Warka National bank has an account with them. The way that it works is like this. My credit uunion sends money to Jordan National Bnak and puts that money into an account that is given to warka investment bank. when it is put in warka investment banks' account number they are notified of the transaction. then they take that money and put it in my account that they have set up for me.

MY credit union verified that the money went from jordan national bank and then to Warka Invesment Bank in Baghdad Iraq. I wire transferred 1000 US dollars to Jordan Naitonal bank which was then transferred to Warka
Investment Bank.

thats from http://truckandbarter.com/mt/mt-comm...i?entry_id=114

the bank and branch is on the web:
http://www.ahli.com/show.asp?s_count...atm_branch=-13