How To Open A Warka Investment Bank Savings Account
Last updated: 08/18/2010
[NOTE: Warka was the trend-setter but it is now not the only bank in Iraq willing to do business with foreigners, I cannot provide you with bank requirements from other banks as I don't do business with them. But please don't let that stop you from checking out the competition and doing your own due diligence. Simply go to the official Cbi.Iq site, look at the bank list and contact those banks as to what procedures they may require from you.]
If you acquire an account at Warka Investment Bank keep in mind that they do not necessarily condone mailing of cash/currency to their bank. Doing so may risk complete loss of your sent cash or confiscation by Customs agents and Warka Investment Bank will not be held responsible. Bank wires are the only officially accepted way of funding any acquired Warka Investment Bank account. If you are still set on mailing your IQD, please divide your quantities into smaller shipments and use Fedex as your carrier. See the "Mail Funds To Warka Investment Bank" attachment at the bottom of this post. Please also take a look at the Warka risk notice for mailing cash to Warka.
For information on wiring funds to Warka Bank go to: How To Wire Funds Into/Out Of Your Warka Investment Bank Account
All USD and IQD Warka Bank accounts established after July 22, 2007 must maintain a minimum balance of $150 dollars in their USD account and 300,000 dinars in their IQD account. Also keep in mind that it may take up to a week or more to get your account setup confirmation eMail.
For the latest fees and or account interest rates please use the following link: Warka-Bank.com
Interest Paid Annually on Warka Bank Savings Accounts.
USD Savings Accounts = 3% yearly percent rate.
IQD Savings Accounts = 7% yearly percent rate.
Remittance fees = 0.3% for each incoming wire transfer.
Swift charges = $52 USD for sending an outgoing wire transfer from our bank.
Open USD account = $2 USD which is a one time fee.
Open IQD account = 2,000 IQD which is a one time fee.
USD account statement = $2 USD which will be charged only if you request your USD statement.
IQD account statement = 2,000 IQD which will be charged only if you request your IQD statement.
Transfer between Dinar accounts = 1,000 IQD which will be charged whenever such a transfer is made.
Transfer between Dollar accounts = $2 USD which will be charged whenever such a transfer is made.
The purchase of IQD will be according to the rate set by the Central Bank of Iraq on that particular day.
---> To open an account online go to the following link and have an image copy of your Passport or Driver License/State ID ready and fill out their online form. Warka-Bank.com
---> To open a Warka account by eMail, download the attached "Savings Account Request 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 along with a JPG color scanned image of your Passport or Driver License/State ID and attach them to your open account eMail request to: C.Accounts@Warka-Bank-IQ.com
Here’s an example eMail for a Savings Account request:
Hello,
Please open a USD and IQD savings account at Warka Investment Bank on my behalf. Attached to this eMail is my appropriate ID and a signed authorization PDF form.
Thank You,
__________________________________________________ ________________________
NOTE: Opening a Warka Investment Bank account is free but if you do not fund your account within six months, your account will be closed. Make sure that your ISP/eMail service is not blocking Warka’s eMails, so check your spam filters. You can contact C.Accounts@Warka-Bank-IQ.com regarding any personal and important account 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 Iraqi holidays will also be disregarded.
The contact details below are only for clients holding or wishing to hold accounts at the Main Branch.
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 International Affairs and Corresponding Banking Relations, please contact Mr. I. at: IFRD@Warka-Bank-IQ.com
Official Warka Investment Bank Website
I wish you the best of luck and prosperity...
((Read!)) How To Open A Warka Investment Bank Savings Account...
Reply With Quote
Originally Posted by WheresDinar
There are Italian in this forum
Might send a small amount of Dinar in with it as well.
