((Read!)) How To Wire Funds Into/Out Of Your Warka Investment Bank Account...

[AAD]

How To Wire Funds Into/Out Of Your Warka Investment Bank Account

Last updated: 03/24/2010

The first thing to keep in mind before wiring funds is to calculate the bank wire fees. Your bank should charge under $50.00 and the German bank should charge under $40.00, so make sure to count those fees in. The amount to wire is your choice but you should wire at least $500 - $1000. If asked, only mention or write that the wire is going to an investment account. There's no need to reference Iraq at any point in the wire transaction.

[NOTE: Wiring and or exchange fees will apply! For the latest wiring/exchanging fees please use the following link: Warka-Bank.com]

---> To wire funds out of your Warka bank account by using your online Warka account go here (props go to TreasureHunter for sharing that info).

---> For those without Warka online account access but wish to make an internal account transfer. Download the attached "Internal Transfer Authorization Form" file, found at the bottom of this post. Print it, fill it, sign it, scan it and save it as a PDF file. If you don't have a scanner, please go to your nearest copy/printing shop and they can help you save it onto a disk. Now send the PDF attached with your internal account transfer eMail request to: C.Services@Warka-Bank-IQ.com

---> To fully close and wire your funds out of your Warka bank account download the attached "Closing Accounts & External Wire Authorization Form" file, found at the bottom of this post. Print it, fill it, sign it, scan it and save it as a PDF file. If you don't have a scanner, please go to your nearest copy/printing shop and they can help you save it onto a disk. Now send the PDF attached with your closing account and wiring eMail request (if asked for what purpose simply explain that you are fully closing the account) to: C.Services@Warka-Bank-IQ.com

---> To wire funds out of your Warka bank account by eMailing Warka. Download the attached "External Wire Authorization Form" file, found at the bottom of this post. Print it, fill it, sign it, scan it and save it as a PDF file. If you don't have a scanner, please go to your nearest copy/printing shop and they can help you save it onto a disk. Now send the PDF attached with your wiring eMail request (if asked for what purpose simply explain; Investment, Real Estate, Bills, etc...) to: Nasser@Warka-Bank-IQ.com

Here’s an example eMail for wiring funds out request:


Hello,

Please note that I will require the wiring of some funds out of my account and attached to this eMail is the wiring information and authorization PDF form.

Thank you,


> Below is an example of how the External Wire Authorization form is used:

I, __(Your Name)__ authorize Warka Investment Bank to withdraw __(Amount To Be Wired)__ from my Warka Account #__(0000000/002)__ and wire those funds into the bank account listed below.

Beneficiary Name: __(Your Name Or Whoever Is Receiving Your Funds)__

Beneficiary Account Number: __(Your Account Or Account Of Whoever Is Receiving Your Funds)__

Beneficiary Address: __(Your Address/Bank Address Or Address Of Whoever Is Receiving Your Funds)__

Bank Name: __(JPMorgan Chase)__

Local Branch Name (if applicable): __(Chase Manhattan Bank)__

Swift Code: __(CHASUS33)__

Country: __(United States)__

City: __(New York)__

For Further Credit/Wire Note (if applicable):
__(Specify here if you need the receiving bank to further credit your funds to someone not already specified; To Be Paid For: [Beneficiary Name] & [Beneficiary Account]. Or use this to place a note to whoever is receiving your funds.)__

Reason for wiring funds (should not be applicable if under $10,000 USD):
_________________________________________________
_________________________________________________
_________________________________________________

Party in full agreement, signed below.

____________________________________ Date_____________
Legal Account Owner & Investor


---> To wire funds into your Warka account, it usually takes a couple of days for your account to be credited once the wire is received, but sometimes it may take a week or longer. Please keep in mind that the ABA number (ABA/RTN = Can be used as CitiBank’s domestic Routing Number) and the IBAN number (BLZ = Dresdner’s domestic Routing Number/Bankleitzahl) might not be needed by all banks.

For a full list of the current Warka Bank corresponding banks and account numbers, please go to Warka-Bank.com.

Below is the proper bank wire information to fund your Warka Bank account, you can also download and print the wiring info by clicking the attachment at the bottom of this post.


---> Wiring USD to the U.S.A. Bank:

• Beneficiary Bank Account (Warka's CitiBank account info):

Account Name --------> WARKA BANK FOR INVESTMENT
Account Number -------> 36908969
Street Address -----------> 339 PARK AVENUE # C
City ---------------------------> NEW YORK
State/Province ---------------> NEW YORK
Country --------------------------> UNITED STATES

• Beneficiary Bank Branch (CitiBank info):

Bank ABA/Fed Wire Code ------> 021000089
Bank SWIFT/BIC Code ----------> CITIUS33 or if required use: CITIUS33XXX
Bank Name ---------------------------> CITIBANK N.A.
Bank City -------------------------------> NEW YORK
Bank Country ---------------------------> UNITED STATES

• Additional Wire Information/Note (Required to credit your Warka Bank account):

TO BE PAID FOR: [Your Name]. A/C NO. [Your Warka Account] AT WARKA BANK. KEEP MINIMUM IN USD BALANCE, PUT THE REST INTO IQD.


---> Wiring USD or EUR to the German Bank:

• Beneficiary Bank Account (Warka's Dresdner Bank account info):

Account Name --------> WARKA BANK FOR INVESTMENT
Account Number -------> 08-005-734-00-400 or if wiring Euros use: 08-005-734-00-888
Street Address -----------> JURGEN-PONTO-PLATZ 1 D-60301
City ---------------------------> FRANKFURT AM MAIN
State/Province ---------------> HESSE
Country -------------------------> GERMANY

• Beneficiary Bank Branch (Dresdner Bank info):

Bank IBAN Code --------------> DE88-5008-0000-0800-5734-00
Bank BLZ Code -----------------> 500-800-00
Bank SWIFT/BIC Code ----------> DRESDEFF or if required use: DRESDEFFXXX
Bank Name ---------------------------> DRESDNER BANK AG
Bank City -------------------------------> FRANKFURT AM MAIN
Bank Country ---------------------------> GERMANY

• Additional Wire Information/Note (Required to credit your Warka Bank account):

TO BE PAID FOR: [Your Name]. A/C NO. [Your Warka Account] AT WARKA BANK. KEEP MINIMUM IN USD BALANCE, PUT THE REST INTO IQD.

__________________________________________________ ________________________

NOTE: The wire info in bold is likely to be required! The bank wiring templates/forms provided serve only as general examples. Should you need to modify certain things for whatever reason, that’s obviously up to you the individual or your bank. Also keep in mind that the Dresdner Bank AG seems to charge less for their wiring fees than the other German bank used by Warka Investment Bank. You can contact Nasser@Warka-Bank-IQ.com and or C.Services@Warka-Bank-IQ.com regarding any personal and important wiring issues.

None of the above is to be taken as financial or legal advice... - AAD

____________________________Important_____________ ________________

Whenever eMailing Warka Investment Bank for whatever important issue, do it around their business hours and preferably in the morning 8-11am Sun-Thurs Iraqi time. Never send them more than one email per day, just be patient for a response. Sometimes Warka Investment Bank may be very busy and what should normally take a few days, can take a week or more. If you also factor in any holidays in Iraq (and Germany if wiring funds) those can also delay the response process. Please don't drown them with eMails because this in the end will affect everyone's response time. Remember for common questions/tips you can always simply ask them here at the forum instead of eMailing Warka with non crucial questions. You can check the current Baghdad time before eMailing them: www.timeanddate.com/worldclock/city.html?n=27

Contacting Warka Investment Bank

Below are the contact details of the related departments at Warka's Main Iraqi Branch that will handle your specific requirements and inquiries. Please direct your emails directly to the related department where a full response should be provided within 3 business days. Inquiries/emails directed to the wrong department will be automatically disregarded; emails sent over the weekend (Friday & Saturday Iraqi time) or on holidays will also be disregarded.

For any information concerning opening an account at any Warka branch, please contact: C.Accounts@Warka-Bank-IQ.com

The contact details below are only for clients holding or wishing to hold accounts at the Main Branch.

For any general information you may need to ask, please contact: Info@Warka-Bank-IQ.com

For any information concerning opening CDs, wire transfer confirmations for clients whom do not have online access, exchanging funds for clients whom do not have online access, bank account statements, please contact: C.Services@Warka-Bank-IQ.com

For any information concerning online/e-banking, please contact: e-Bank@Warka-Bank-IQ.com

For any information concerning the Iraq Stock Exchange (ISX), please contact: ISX@Warka-Bank-IQ.com

For any information concerning wire transfers (in & out of IRAQ), please contact: Nasser@Warka-Bank-IQ.com

For any information concerning the SWIFT department, please contact: SWIFT@Warka-Bank-IQ.com

For any information concerning Western Union, please contact: WU@Warka-Bank-IQ.com

For any information concerning credit cards, please contact: CC@Warka-Bank-IQ.com

For any information concerning debit cards, please contact: Sawsan@Warka-Bank-IQ.com

For any information concerning International Affairs and Corresponding Banking Relations, please contact Mr. I. at: IFRD@Warka-Bank-IQ.com

Official Warka Investment Bank Website

www.Warka-Bank.com

I wish you the best of luck and prosperity...

[dinardiehard]

Has any one used Ameraq Exchange & Services Group/Ameraq Account to fund their Warka USD and IQD accounts?

I am told after funding, they take 10 day for withdrawl, have access to Citi Bank Jordan and can now move dollars from Iraq to the US in 72 hours.

If you have use this service, pls let me know your experience.

Dinar Diehard

[oldgringo1943]

Friends Hello:
The Warka Investment Bank opened both accounts for me in March 2005.
I never did send them a deposit.
My question is do I still have the account numbers? And has the method of funding these accounts changed. I would like the most current method of funding my account.
Anybody remember the exchange rate 2.5 years ago?
Thanks Dave

[duckxtales]

whats the fees that everyone pays to wire funds to warka? I'm currently paying $100 to wire my funds to warka using www.currencysource.com

Is this the going rate or am I getting ripped off? $100 seems a tad much. I've done it twice already because my bank can't wire it there.

[vipor]

whats the fees that everyone pays to wire funds to warka? I'm currently paying $100 to wire my funds to warka using www.currencysource.com

Is this the going rate or am I getting ripped off? $100 seems a tad much. I've done it twice already because my bank can't wire it there.

$45 with Bank of America. Why not just open a BoA account with the money being transferred? For example, open with $1,060. Then, send the $1000 wire, BoA takes their $45 fee, you're left with $15 in your new account. End result is your wire went through and it cost you $45 to send.

[Investo]

Hello.
Everything seems to be very self explanitory.
Thank you for all the hard work.

My main question is in relation to the actual Warka Account being in Germany and not in an Iraqi Branch.
a. Can you please explain the legality issue as to why this is??
i. Is your Personal 'name' on the account with no other on the
co-signer on the account other than whom you stipulate, like
a normal American Bank Account??

b. To confirm, the account will have 2 actual accounts, 1-in US-dollar
min amount + 2nd - in Iraqi Dinar amounts.
i. When you wire transfer the funds, it is simply stipulated that you
have x-amount of IQD. (not based upon paper amounts-just total)
ii. So, when you decide in the future to take a specific amount of
IQD out of the account, can you trade - transfer into an American
account in USD amounts of that current trade amount??
---can that be done directly at Warka Bank, with their rep??

iii. If their is any type of currency change down the road, will the
total amounts deposited in IQD currently be able to be 'kept' or
would you have to trade into the current currency change of that
time and re-issue the deposit at the Warka Bank??
---can that be done directly at Warka Bank, with their rep??
c. Lastly, does the IQD currency account at Warka Bank accru interest
as it sits in the account??

Sorry for so many questions. I am just trying to be as detailed as possible.

Have a great day!
Investo

[AAD]

Hello.
Everything seems to be very self explanitory.
Thank you for all the hard work.

My main question is in relation to the actual Warka Account being in Germany and not in an Iraqi Branch.

a. Can you please explain the legality issue as to why this is??

The German bank is an intermediary so that Warka Bank can legally receive and send funds internationally. Most banks outside of Iraq aren't able to do direct business with Iraqi banks. Keep in mind that things are still being setup properly after the demise of the Saddam regime where Iraqi banks were excluded from the international community. This will hopefully change in the near future as Iraq financially becomes stronger.

For now Warka Bank simply has an account with the German Bank and from there your funds will go into your actual Warka Bank account in Iraq...

i. Is your Personal 'name' on the account with no other on the
co-signer on the account other than whom you stipulate, like
a normal American Bank Account??

Yes...

b. To confirm, the account will have 2 actual accounts, 1-in US-dollar
min amount + 2nd - in Iraqi Dinar amounts.

Yes...

i. When you wire transfer the funds, it is simply stipulated that you
have x-amount of IQD. (not based upon paper amounts-just total)

Your IQD amount will be based by the actual USD to IQD exchange rates set by the Central Bank of Iraq (CBI) at the time that your wire transfer actually goes into your Warka account in Iraq...

ii. So, when you decide in the future to take a specific amount of
IQD out of the account, can you trade - transfer into an American
account in USD amounts of that current trade amount??

Yes...

---can that be done directly at Warka Bank, with their rep??

Yes, this will be done by Warka Bank. You simply transfer X amount from your IQD Warka account and into your USD Warka account (this can be done through your Online Warka account or simply ask a Warka rep. to do it). Once those funds are in your USD Warka account you can wire those funds to any bank you specify (you can do this within you Warka online account or have a rep. wire the funds as your details have stated)...

iii. If their is any type of currency change down the road, will the
total amounts deposited in IQD currently be able to be 'kept' or
would you have to trade into the current currency change of that
time and re-issue the deposit at the Warka Bank??

If a currency change happens you do not need to trade and you can keep your IQD funds in your Warka account. Your funds will simply automatically be readjusted according to the new IQD exchange rate set by the CBI at that time...

---can that be done directly at Warka Bank, with their rep??

As stated above it will be done by Warka bank automatically for all IQD accounts...

c. Lastly, does the IQD currency account at Warka Bank accru interest
as it sits in the account??

Yes, last time I checked it was at 11% interest (yearly or every six months if I remember right) in your IQD account and 4+% in your USD account...

Sorry for so many questions. I am just trying to be as detailed as possible.

Have a great day!
Investo

No problem and I hope I understood your questions properly and answered them accordingly above...

[geot58]

No problem and I hope I understood your questions properly and answered them accordingly above...

Great Info! These are the very questions I was going to ask. I'm sold! I'm In!!

[Dinar=Dollar!?]

Great Info! These are the very questions I was going to ask. I'm sold! I'm In!!

Me, too. I setup up account two days ago and initiated a wire transfer yesterday. My bank hasn't put it through yet, but didn't have any problems when filling out the paper work as I followed Mr. I's instructions. Warka has had top notch communication and provide great assistance and support so far. My only hope is my money gets there before the RV happens!! Hopefully CBI will keep holding the rate for the next few days...

[Investo]

Hello...
My experience Mr. I was great on the initial account set-up!
Got an email quickly back to verify it was being handled and within 24hrs after that the account numbers were in my email.

Two Concerns or Questions:
1. As stated here in this post, we are actually sending the wire's to an account held within a German Branch.
--It states nothing to that affect in the email.
--Matter of fact, Mr. I stated after I asked to verify best method to
send IQD currency, to send via 'fedex' and had a Iraqi address and
Warka Branch location to send to. -Wouldn't it be going to the
german branch??

2. Where does your United States Bank account info go on the Wire
request?
--It seems as if only the Warka Bank is on the form and not where
the funds are originating from in the US-please advise.

3. Are most investors finding it most cost effective to find hard currency
and shipping it to Warka Bank?
--What is the Fedex Cost for shipping Int'l? (aprox)

Thank you as always!
Investo

[Garf]

Hello...
My experience Mr. I was great on the initial account set-up!
Got an email quickly back to verify it was being handled and within 24hrs after that the account numbers were in my email.

Two Concerns or Questions:
1. As stated here in this post, we are actually sending the wire's to an account held within a German Branch.
--It states nothing to that affect in the email.
--Matter of fact, Mr. I stated after I asked to verify best method to
send IQD currency, to send via 'fedex' and had a Iraqi address and
Warka Branch location to send to. -Wouldn't it be going to the
german branch??

2. Where does your United States Bank account info go on the Wire
request?
--It seems as if only the Warka Bank is on the form and not where
the funds are originating from in the US-please advise.

3. Are most investors finding it most cost effective to find hard currency
and shipping it to Warka Bank?
--What is the Fedex Cost for shipping Int'l? (aprox)

Thank you as always!
Investo

1. You sent hard dinar currency (via Fedex) to Warka in Baghdad, or wire USD etc to the Warka account in Germany. Most banks cannot wire cash directly to Iraq at the moment. Warka access your funds from this account in the German bank and will deposit it into your new account in Iraq !

2. I am in Australia and my details (name/address/acct number) were all entered. In fact I couldn't proceed until this had been verified. When you withdraw funds from Warka (I had to because of an unexpected emergency) you simply tell them the bank acct you want it sent to. Find your IBAN bank code from your local bank. Warka will need this when you request funds returned.

3. Again, different country here, I wired AUD from here a year ago and was charged about $90 AUD in fees. Fedex costs around $150 AUD but is cheaper from the States I believe. Some months ago I did have close to a million in notes and was so close to sending them via Fedex to Baghdad.

[Garf]

As an afterthought.... some swear by Fedex while some deem it too risky.

If I had that 900K notes now I'd sell them on ebay and wire the proceeds (plus profits) to Warka.

At least we have choices.

[WheresDinar]

Don't send cash by Fdex. Everybody in Iraq know a package addressed to Warka means "MONEY". So if you send cash it will probably be "lost". There is an email from Mr I stating "don't send cash by Fedex" Somebody on this forum already lost his cash that way. If you wire the funds you will probably get the exchange rate set by the CBI for that day. If you send cash you will pay alot more than the exchange rate when you buy the dinars. Try buying some from a dealer or on ebay and see how much more you are paying over the exchange rate.
I've wired some funds to my Warka account 8 days ago but haven't received any confirmation yet. Are they on holiday for 2 weeks? I would really like to get them converted before something happens!

[Investo]

To verify before I ship anything; can someone give me the address they were given by Mr. I in regards of shipping currency for them to count and deposit.

--Does anyone know if there is an actual fee for counting and depositing or is it free since the funds are received in hand?
--Other than the $150 min. in the USD account is there anyother fee requirements?
--Would you ship Mr. I the $150 in the Fedex or wire them those funds? if you wire just the $150 it will probably cost too much to wore so I would imagine it would be cheaper to wire the entire amount huh...(thoughts)
--Also, to confirm, when you wire, there is a total of about $90 in fees on both end, but Warka gives you the direct amount trading that day on the currency--Do you know if you get a wire notification at time of submission to show it was received?

[geot58]

Don't send cash by Fdex. Everybody in Iraq know a package addressed to Warka means "MONEY". So if you send cash it will probably be "lost". There is an email from Mr I stating "don't send cash by Fedex" Somebody on this forum already lost his cash that way. If you wire the funds you will probably get the exchange rate set by the CBI for that day. If you send cash you will pay alot more than the exchange rate when you buy the dinars. Try buying some from a dealer or on ebay and see how much more you are paying over the exchange rate.
I've wired some funds to my Warka account 8 days ago but haven't received any confirmation yet. Are they on holiday for 2 weeks? I would really like to get them converted before something happens!

This is what I got from Mr. I a couple of days ago when I opened my account:


Thank you for choosing our bank and I look forward to providing you with my full cooperation and support.

We are happy to have you as our client and I am positive that you will be overwhelmed and highly delighted with our services as our number one priority is serving you best.

I have instructed my customer accounts department to setup and open your savings account details of which will be provided shortly.

I would like to bring to your kind attention that our Eid Holiday and end year break will begin on the 19th of December 2007 and we will be back in the office on the 2nd of January 2008.

[WheresDinar]

This is what I got from Mr. I a couple of days ago when I opened my account:


Thank you for choosing our bank and I look forward to providing you with my full cooperation and support.

We are happy to have you as our client and I am positive that you will be overwhelmed and highly delighted with our services as our number one priority is serving you best.

I have instructed my customer accounts department to setup and open your savings account details of which will be provided shortly.

I would like to bring to your kind attention that our Eid Holiday and end year break will begin on the 19th of December 2007 and we will be back in the office on the 2nd of January 2008.

That is the same letter I got from Mr. I. But he did not say a thing about their offices being closed for 2 weeks. So I'm going to be stuck holding Mr. one eye for 3 weeks wondering where my wire transfer is. The whole time the value dinar is going to be going up. He says "I am positive that you will be overwhelmed and highly delighted with our services as our number one priority is serving you best." If companies in other countries treated their customer this way then they won't have any customer!

[KAYALYK]

I have a question for those who have wired money to their Warka accounts using a credit union. I tried to get my credit union to wire money to my Warka account I had setup while I was in Iraq and they said they needed a name of a bank and a routing number in New York to complete the transaction. Has anyone encountered this before and if so do you have the information on the bank and a routing number? Thanx

[geot58]

I have a question for those who have wired money to their Warka accounts using a credit union. I tried to get my credit union to wire money to my Warka account I had setup while I was in Iraq and they said they needed a name of a bank and a routing number in New York to complete the transaction. Has anyone encountered this before and if so do you have the information on the bank and a routing number? Thanx

I tried to wire funds using my credit union and after a half a day, they told me they could not do it because the money was going to Iraq. I didn't tell them it was going to Iraq but to Germany, they said it didn't meet their requirements.
I have another account at Wachovia, I pulled the money out and deposited into the Wachovia account. The next day I went to my local branch and it took all of 15 minutes.

[WheresDinar]

I have a question for those who have wired money to their Warka accounts using a credit union. I tried to get my credit union to wire money to my Warka account I had setup while I was in Iraq and they said they needed a name of a bank and a routing number in New York to complete the transaction. Has anyone encountered this before and if so do you have the information on the bank and a routing number? Thanx

I had the same problem using my credit union when I tried to wire money to France. They said that they needed the routing number for corresponding bank in the USA for the French bank. The big didn't need that number. When I wired money to Warka my credit union only charged me $10.00, but by the time it got to Warka the money was down by $89.60. Dresden was of charged me for that. I printed out the wiring instruction from AAD and made sure I crossed out anything that said Iraq. I just had to make sure they knew out to fill it out and that it was going to Dresden in an account for warka and into my Warka account #. Again I made sure that I never said the word "Iraq". I didn't get any confirmation from Warka after a week so I emailed Mr. I. He emailed me back the next day and said he would check into an got back to me the next day that they had it in my account. If you want anything done you will probably have to email Mr. I. One note you should put a note on the wire instructions to put the funds into your account # and to put $150 into the US dollar savings account and the reast to exchange and put into the IRQ dinar savings account.

[harold4187]

so i take it there is no good way to get the dinar from the US to the warka bank????????????