((Read!)) How To Open A Warka Investment Bank Savings Account...

[AAD]

How To Open A Warka Investment Bank Savings Account

Last updated: 01/26/2010

[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 funds/currency to their bank. Doing so may risk complete loss of your funds or full 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.

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 = 4% yearly percent rate.
IQD Savings Accounts = 7% yearly percent rate.

Remittance fees = 0.125% for each incoming wire transfer.
Swift charges = $50 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 an account through eMail with a request/consent form that you will need to copy, paste, and print it out. You can download and print an account request form by clicking the attachment at the bottom of this post. Fill it and signed it. Now scan and save it as a JPG image or PDF file. Attach that JPG or PDF file along with a JPG scanned image of your Passport or Driver License/State ID into your account request eMail and send it to Mr. I. at IFRD@Warka-Bank-Iq.com

Here’s an example eMail for a Warka Investment Bank 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 letter.

Thank You,


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:


I, _________________________ authorize Warka Investment Bank to withdraw from my USD Savings Account at Warka Investment Bank and exchange the US Dollars into Iraqi Dinars according to the price fixed by the Central Bank of Iraq at that day, and then deposit those funds into my IQD Savings Account at Warka Investment Bank.


Party in full agreement, signed below.



____________________________________ Date_________
(Print Your Name)



__________________________________________________
(Your Address)



___________________________________
(Your eMail Address)



___________________________________
(Your Signature)

__________________________________________________ ________________________

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 won’t block Warka’s eMails, so check your spam filters. You can contact IFRD@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

Warka Investment Bank Contact eMail Addresses

For any information concerning international foreign banking relations:
IFRD@Warka-Bank-Iq.com

For any information concerning banking customer services:
C.Services@Warka-Bank-Iq.com

For any information concerning opening an account at any Warka Bank branches:
C.Accounts@Warka-Bank-Iq.com

For any general information you need to ask Warka Bank about:
Info@WarkaInvestmentBank.com

For any information concerning the Iraq stock exchange (ISX):
ISX@Warka-Bank-Iq.com

For any information concerning Warka online banking:
e-Bank@Warka-Bank-Iq.com

For any information concerning wire transfers:
MT@WarkaInvestmentBank.com

For any information concerning credit cards (VISA/MASTERCARD):
CC@WarkaInvestmentBank.com

Official Warka Investment Bank Websites

www.Warka-Bank.com

www.WarkaInvestmentBank.com/contact_us.htm

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

[WheresDinar]

I want to open a Warka savings account so that I can open a CD. The attached form from above doesn't ask for a Social Security Number, just a copy of a Passport or Driver License. Should I include the the SSN with the savings account request form? If I don't would slow everything down?

[AAD]

Originally Posted by WheresDinar

I want to open a Warka savings account so that I can open a CD. The attached form from above doesn't ask for a Social Security Number, just a copy of a Passport or Driver License. Should I include the the SSN with the savings account request form? If I don't would slow everything down?

Your SSN number is not required/used at all and it will not make the setup any faster...

[Garf]

Originally Posted by AAD

Your SSN number is not required/used at all and it will not make the setup any faster...

It's a photo ID they require... passport, licence or ID card etc.

Note that Warka announced a series of new e-mail addresses recently:

Mr I ifrd@warka-bank-iq.com

ISX isx@warka-bank-iq.com

Customer Services c.services@warka-bank-iq.com

Customer Accounts c.accounts@warka-bank-iq.com

I'd use Mr I's e-mail ;)

Remember also that when contacting them, not all ISP's make it through to Iraq. I tried several but found Yahoo Mail to work. Others have had success with Hotmail and Gmail.

[skismenos_78]

Does any one have a link on how to purchase stocks on the isx. Like a step by step I am so lost. I have been reading these posts but I still don't get it. I have a savings account with warka already. I was wondering what do I need to do and if someone has some if on what stocks i should be looking @. If some could post or PM me that would make my day. Good luck 2 all of us!!!!

[giacos]

Sorry but I'm Italian as you send email warka bank? I can not send email is not recognized by the server

[AAD]

Originally Posted by skismenos_78

Does any one have a link on how to purchase stocks on the isx. Like a step by step I am so lost. I have been reading these posts but I still don't get it. I have a savings account with warka already. I was wondering what do I need to do and if someone has some if on what stocks i should be looking @. If some could post or PM me that would make my day. Good luck 2 all of us!!!!

http://www.investorsiraq.com/showpos...83&postcount=4 Or http://www.investorsiraq.com/forumdisplay.php?f=83

Good luck...

Originally Posted by giacos

Sorry but I'm Italian as you send email warka bank? I can not send email is not recognized by the server

Perhaps your ISP filters are causing a problem, also make sure that the Warka email address is indeed correct as you input it...

C.Accounts@Warka-Bank-Iq.com Or IFRD@Warka-Bank-Iq.com

[cirujano17]

Dear fellows,

I have sent several e-mails to Mr. I new e-mail address and any answer has been received. In fact, I has been requesting my id and password information after I succesfully opened a Warka account. It has passed almost a month since I has been attempting for that. Does any one know any other better way may I use?

[Garf]

Originally Posted by cirujano17

Dear fellows,

I have sent several e-mails to Mr. I new e-mail address and any answer has been received. In fact, I has been requesting my id and password information after I succesfully opened a Warka account. It has passed almost a month since I has been attempting for that. Does any one know any other better way may I use?

Try again... they have had holidays recently.

[lndmn_01]

Originally Posted by cirujano17

Dear fellows,

I have sent several e-mails to Mr. I new e-mail address and any answer has been received. In fact, I has been requesting my id and password information after I succesfully opened a Warka account. It has passed almost a month since I has been attempting for that. Does any one know any other better way may I use?

Try with another email address. For some reason some services block the emails from warka

[inv24]

i've been waiting for more then 2 weeks but no reply or anything i'll wait a bit longer..;p

[giacos]

There are Italian or that speak Italian in this forum that can Help Me? Thanks

[DPR]

Ok folks I need some help. I know this is old stuff for most of you, I tried to get an account with Warka on there website but had no idea what to put in the profissional blank. Is this the way to go or do I just need to copy and paste the letter from earlier post. I hope there is still someone willing to help a newbe, I've been stockpilling dinar in my closet not knowing about Warka's cds and sxi. I've got alot of catching up to do and hopefully a short time to do it!!! I would like to know what that blank for "profissional" means.

[Panther]

Can someone post the mailing address for sending a Fedex to Warka?

[BNZI]

Originally Posted by Panther

Can someone post the mailing address for sending a Fedex to Warka?

Good call, I'll be needing this soon for my ISX paperwork. Might send a small amount of Dinar in with it as well.

[James]

Mr. I (use his full name - edited for safety reasons)
Warak Bank - Main Branch
Hay Alwihda - Sec. 902 - 14th Street
Elwiya Bldg. 50
Baghdad, Iraq

Shipping information: Document Value $1.00 (you have to say it's not valued but at $1.00)

Don't tell Fed Ex your sending dinars. I said it was documents. I had my dinar in an envelope with my letter wrapping them up, so it looked like an ordinary envelope. I used a brown envelope and put it into their envelope to keep anyone from seeing my dinar.

Cost from NC to send 2 packages was $121
The envelope you will use is International Priority.

I have also used UPS and the cost was about the same.

All my packages reached Warak safely.

[Ridewithme38]

arn't there fees associated with online access to these accounts...I think the Newb's should know this too Minimum of 150 in USD and 300,000 in Dinar accounts but there are fees so you have to keep funding them

[BNZI]

Originally Posted by James

Mr. I (use his full name - edited for safety reasons)
Warak Bank - Main Branch
Hay Alwihda - Sec. 902 - 14th Street
Elwiya Bldg. 50
Baghdad, Iraq

Shipping information: Document Value $1.00 (you have to say it's not valued but at $1.00)

Don't tell Fed Ex your sending dinars. I said it was documents. I had my dinar in an envelope with my letter wrapping them up, so it looked like an ordinary envelope. I used a brown envelope and put it into their envelope to keep anyone from seeing my dinar.

Cost from NC to send 2 packages was $121
The envelope you will use is International Priority.

I have also used UPS and the cost was about the same.

All my packages reached Warak safely.

Thanks (again) James.

[I AM]

Originally Posted by Ridewithme38

arn't there fees associated with online access to these accounts...I think the Newb's should know this too Minimum of 150 in USD and 300,000 in Dinar accounts but there are fees so you have to keep funding them

If you have a CD, does that count for the 300K dinar? Or does that have to be "cash"?

[rokjax]

I addressed my email to "Mr. I" and didn't use full name, is that ok??? Also approx how long does it take to get a response via email?

[PeaceKeeper]

I set up my account last night and got my account number this morning. A very quick response. Although there seems to be another bank in the mix, something like Dresdner, I am not sure what that is about? Does anyone know why it doesn't go straight to Warka?

[teddysalad]

It only took two days for me.

[James]

Warak uses a lot of Corresponding Banks. As long as you email Mr. I and alert him which branch you sent it to he will receive it.

http://www.warka-bank.com/?pid=pages&pageid=32&lan=en

I was told last time I tried to wire money that American banks cannot send money to Iraq. Using these Corresponding Banks is the back door approach.

[rokjax]

Originally Posted by PeaceKeeper

I set up my account last night and got my account number this morning. A very quick response. Although there seems to be another bank in the mix, something like Dresdner, I am not sure what that is about? Does anyone know why it doesn't go straight to Warka?

PK,
Did you set it up online or email?? I sent Mr. I an email and haven't got a reply, was this how you retrieved your account?

[rokjax]

Originally Posted by teddysalad

It only took two days for me.

I appreciate the feedback, did you ship your dinar to Warka? If so, how long did it take to fund? I have been pondering about shipping..... ,but I think it will be better to wire $1k to get the account asap... Keep the rest of the dinar on hand. This way it will not burn any bridges when this r/v's because of the possible reprint or the unity currency that's laid on the table by the GCC.....

[teddysalad]

Originally Posted by rokjax

I appreciate the feedback, did you ship your dinar to Warka? If so, how long did it take to fund? I have been pondering about shipping..... ,but I think it will be better to wire $1k to get the account asap... Keep the rest of the dinar on hand. This way it will not burn any bridges when this r/v's because of the possible reprint or the unity currency that's laid on the table by the GCC.....

Actually, yes. I did. It should get there by the 30th. Mr. I has been very quick with the emails so I would imagine it will be funded shortly thereafter.

[PeaceKeeper]

Originally Posted by rokjax

PK,
Did you set it up online or email?? I sent Mr. I an email and haven't got a reply, was this how you retrieved your account?

I set my account up by emailing c.accounts@warkainvestmentbank.com, in the email he said his address changed to c.accounts@warka-bank-iq.com

I used this form, with a jpeg of my drivers license :

I, _________________________ authorize Warka Investment Bank to withdraw from my USD Savings Account at Warka Investment Bank and exchange the US Dollars into Iraqi Dinars according to the price fixed by the Central Bank of Iraq at that day, and then deposit those funds into my IQD Savings Account at Warka Investment Bank.


Party in full agreement, signed below.



____________________________________ Date_________
(Print Your Name)



__________________________________________________
(Your Address)



___________________________________
(Your eMail Address)



___________________________________
(Your Signature)

[PeaceKeeper]

I received 2 accounts, one in USD and one in IQD. I am guessing that I wire transfer my USD into Dresdner Bank then alert Warka? Do I log online to to transfer from USD to IQD or will Warka do that for me?

[Firedog]

Originally Posted by PeaceKeeper

I set my account up by emailing c.accounts@warkainvestmentbank.com, in the email he said his address changed to c.accounts@warka-bank-iq.com

I used this form, with a jpeg of my drivers license :

I, _________________________ authorize Warka Investment Bank to withdraw from my USD Savings Account at Warka Investment Bank and exchange the US Dollars into Iraqi Dinars according to the price fixed by the Central Bank of Iraq at that day, and then deposit those funds into my IQD Savings Account at Warka Investment Bank.


Party in full agreement, signed below.



____________________________________ Date_________
(Print Your Name)



__________________________________________________
(Your Address)



___________________________________
(Your eMail Address)



___________________________________
(Your Signature)

I used the same form last week and it took 5 days to get a response back. I just wired the money yesterday, so I am waiting to see if hits.

[PeaceKeeper]

Which Warka site do you go to to login to your account? Are there instructions on the page as to how to get a user name and password linked to my account?

[PositivePegPoster]

This set of instructions listed above are pathetic.

[AAD]

Originally Posted by PositivePegPoster

This set of instructions listed above are pathetic.

You can't win them all I guess. You got better instructions, post them...;)

[mazdaq100]

Hi

Great site everyone, and thanks for the Warka instructions. I decided to submit my details through the Warka website to open an account a week ago but haven't heard anything since. I've read most people get the account open within a couple of days.

Is anyone else experiencing any delays? Should I follow it up with an email?

Thanks.

[mazdaq100]

I've now received an email from them.

[NotAPHD]

Originally Posted by mazdaq100

I've now received an email from them.

Yeah, they have lots of people to deal with, more public holidays than us and curfews to contend with but they do get there. I found them to be really quick. I think they're still improving but they've been fine so far with me.

[Kangell]

Has anyone in the last two weeks sent there info to Warka bank to open an online account? How long did it take to get your account information once you sent it to the bank? Also please reply if you sent it over two weeks ago and still have not received your account information. I read in one post where one individual has been waiting over one month with no reply back from the bank. Please advise;

[NotAPHD]

Originally Posted by Kangell

Has anyone in the last two weeks sent there info to Warka bank to open an online account? How long did it take to get your account information once you sent it to the bank? Also please reply if you sent it over two weeks ago and still have not received your account information. I read in one post where one individual has been waiting over one month with no reply back from the bank. Please advise;

You need to understand on thing: this is a bank in a WARZONE. Any holdups in the past two weeks have been due to public hoildays and also curfews. Please read back over what people are saying. Nobody can tell you the exact speed of reponse you'll get from Warka because every account is different and subject to the mentioned things, namely, staff not being able to get to work to process accounts, which they are flooded with.

In my recent experience they handled my account pretty quickly within a week or two of opening but it depends on circumstances happening in Baghdad at the time. You should expect some delays although they may process quicker than you expect too.

[tekKstarR]

Originally Posted by Ridewithme38

arn't there fees associated with online access to these accounts...I think the Newb's should know this too Minimum of 150 in USD and 300,000 in Dinar accounts but there are fees so you have to keep funding them

Can anyone elaborate more as to the exact cost of the fees that need constant funding? I'm waiting for my new account info....

[PeaceKeeper]

I just received this info from Mr. I

"savings accounts receive an annual interest and the new interest rate on the IQD account as applied on the 18th of April 2008 is 9%."

"To receive your online client id and password please send a signed request which authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter"

[Nufsed]

I have opened three Warka accounts now, and all went very smoothly. Expect to wait at least a week for a reply. As to funding the account, I used my dealer, he has a Warka account already, all I did was to transfer the money to his UK bank and he transferred the amount less his commission. It took about three days, I had an email from Warka confirming the arrival of the funds.

I am still waiting however for my Internet access codes, I was informed by others on the forum that this can take up to a couple of months.

[iraqiDave]

Originally Posted by Nufsed

I have opened three Warka accounts now, and all went very smoothly. Expect to wait at least a week for a reply. As to funding the account, I used my dealer, he has a Warka account already, all I did was to transfer the money to his UK bank and he transferred the amount less his commission. It took about three days, I had an email from Warka confirming the arrival of the funds.

I am still waiting however for my Internet access codes, I was informed by others on the forum that this can take up to a couple of months.

Nufsed, who is your dealer, and whats their commission. I got charged £30 at Natwest!! PM me if you don't want to reply on forum.

Thanks

[AAD]

Originally Posted by PeaceKeeper

I just received this info from Mr. I

"savings accounts receive an annual interest and the new interest rate on the IQD account as applied on the 18th of April 2008 is 9%."

"To receive your online client id and password please send a signed request which authorizes our bank to send your client id and password by email deducting the annual fee of IQD 15000 from your IQD account. Please indicate your account number in your signed letter"

You can find more info on the online accounts if you need it, go below:

How To Get A Warka Investment Bank Online Account Access

[Nufsed]

Originally Posted by AAD

You can find more info on the online accounts if you need it, go below:

How To Get A Warka Investment Bank Online Account Access

Thanks ADD

[Noob]

Don't get me wrong I am very, very interested in opening a Warka account and getting into the ISX, but this all seems extremely risky.

I am supposed to email one guy, names "Mr. I" who probably gets thousands of emails per day, and expect him to not only open my savings account and handle all that, but also be my personal stock broker, buying and selling stocks whenever I send him an email. Not to mention he lives in a war zone!

I guess I am just looking for some reassurance, I really think investing in the ISX is very lucrative at the moment, I just wish there was a more streamlined way of doing business with the Warka Bank

[AAD]

Originally Posted by Noob

Don't get me wrong I am very, very interested in opening a Warka account and getting into the ISX, but this all seems extremely risky.

I am supposed to email one guy, names "Mr. I" who probably gets thousands of emails per day, and expect him to not only open my savings account and handle all that, but also be my personal stock broker, buying and selling stocks whenever I send him an email. Not to mention he lives in a war zone!

I guess I am just looking for some reassurance, I really think investing in the ISX is very lucrative at the moment, I just wish there was a more streamlined way of doing business with the Warka Bank

It is risky and it's not for everyone, but that's how most investments with possible huge profit potential will be...

[steppingwolf]

Now that Warka has an internet site should we still use these instructions or just go to http://www.warka-bank.com/ ?

And should we use the info provided about wiring the $s as provided in the other thread?

And how do they update account statements for people without online accounts? Via emails or mailed statements?

Thanks sorry for all the questions

[AAD]

Originally Posted by steppingwolf

Now that Warka has an internet site should we still use these instructions or just go to http://www.warka-bank.com/ ?

And should we use the info provided about wiring the as provided in the other thread?

And how do they update account statements for people without online accounts? Via emails or mailed statements?

Thanks sorry for all the questions

How you setup the account is up to you (email or website) but I have no idea if the website stuff is all up and running properly.

The wiring info should still work fine, folks without online access do not get statements unless they ask for more account info from Mr. I (that might have change but it's best to ask them directly)...

[von30]

Originally Posted by James

Mr. I (use his full name - edited for safety reasons)
Warak Bank - Main Branch
Hay Alwihda - Sec. 902 - 14th Street
Elwiya Bldg. 50
Baghdad, Iraq

Shipping information: Document Value $1.00 (you have to say it's not valued but at $1.00)

Don't tell Fed Ex your sending dinars. I said it was documents. I had my dinar in an envelope with my letter wrapping them up, so it looked like an ordinary envelope. I used a brown envelope and put it into their envelope to keep anyone from seeing my dinar.

Cost from NC to send 2 packages was $121
The envelope you will use is International Priority.

I have also used UPS and the cost was about the same.

All my packages reached Warak safely.

you know that you run a high chance of getting a nasty Gram from customs. silly boy. if you wrap that doesnt mean that the X ray wont see though it.

[ROBOCOP]

Is one Warka branch, better than the other, such as area? If so which one in your opionion would be thet best to open an warka account?

[tekKstarR]

I applied for an account online at there website and via email, got a response to my email but still no account yet as of about 1 month and counting >.<

What should I do now?

[tmorr37]

Originally Posted by ROBOCOP

Is one Warka branch, better than the other, such as area? If so which one in your opionion would be thet best to open an warka account?

we only deal with the main branch

[tmorr37]

Originally Posted by tekKstarR

I applied for an account online at there website and via email, got a response to my email but still no account yet as of about 1 month and counting >.<

What should I do now?

what ever I do I send a copy to MR I.
He will make sure that it is done.

I would contact Mr I with a copy of your original email

[bergmanb]

If you guys are interested I will post a scan of my Fedex airbill and some pictures on how I wrapped and packed my Iraqi Dinar.

I sent three packages totaling 8,575,000 Dinars which cost about $191 to send via Fedex.

[skismenos_78]

Originally Posted by bergmanb

If you guys are interested I will post a scan of my Fedex airbill and some pictures on how I wrapped and packed my Iraqi Dinar.

I sent three packages totaling 8,575,000 Dinars which cost about $191 to send via Fedex.

Hi there I would be intersted to see the airbill and some pics on how you wrapped them. Thanks again.

[HumbleGenius]

I feel like I have been set up for the biggest scam going. Yesterday I wired "1,000's" via germany to Warka and today I fedexed half my dinar. If someone wants to say "Hey It'll work out and make it to your account" I could use the reassurance. It is going to be a very long weekend and couple of days next week waiting to see if it arrived in the right place. Sort of like waiting for Apollo 13 to break through the atmosphere during the re-entry.

[dinar shore]

Originally Posted by HumbleGenius

I feel like I have been set up for the biggest scam going. Yesterday I wired "1,000's" via germany to Warka and today I fedexed half my dinar. If someone wants to say "Hey It'll work out and make it to your account" I could use the reassurance. It is going to be a very long weekend and couple of days next week waiting to see if it arrived in the right place. Sort of like waiting for Apollo 13 to break through the atmosphere during the re-entry.

You'll be fine via FedEx, HG. I've sent over 15 million dinar to Warka during the past 4 years via Fedex with zero problems. I sent 3 million just 2.5 weeks ago. Whatever is going to happen is beyond our individual control and we all know this has always and still is a high risk speculation.

[Gary0422]

Could someone make an idiot-proof checklist and procedure guideline to ensure that I don't screw something up?

I'll be sending 14 million, in several packages, and I'd freak out if I screwed something up.

[tmorr37]

The Bank is Closed to the 6th isn't it?
So no word till then

[cheap23]

Okay, I am new. What is the purpose of having a Warka account - trading ISX or cashing in at the reval?

Why would you want an account in dollars vs. dinars?

Banks in the US are FDA insured up to $100K - how do we know what will happen to this money?

We're talking IRAQ and for some a mysterious Mr. I! Whose to say they say they never received the dinar or it was lost upon arrival, etc.

How much will FED EX insure for going to a warzone?

Can someone please explain for me -

[IraqiFreedom]

Originally Posted by cheap23

Okay, I am new. What is the purpose of having a Warka account - trading ISX or cashing in at the reval?

Why would you want an account in dollars vs. dinars?

Banks in the US are FDA insured up to $100K - how do we know what will happen to this money?

We're talking IRAQ and for some a mysterious Mr. I! Whose to say they say they never received the dinar or it was lost upon arrival, etc.

How much will FED EX insure for going to a warzone?

Can someone please explain for me -

You have both a dinar and dollar account. Most people keep a minimum balance in the dollar account and the majority in a savings, checking account, or CD. Savings and CD rates have been higher than you can get domestically. You need the dollar account because no banks will wire your funds to Warka denominated in dinar. They go into your dollar account and then you move to your dinar account as desired.

You can also trade in the ISX via Warka.

FED-X won't insure any of your dinar since they do not insure currency.

Forget about FDIC insurance. The Bailout Bill should be the only evidence that you need to know that the FDIC is not properly reserved to handle a banking crisis. If the FDIC were sound, we could let the corrupt banks fail. FDIC insurance is for the psychological benefit of an unquestioning public and for intermittent small bank failures only.

[Archie2k]

Ok I'm sure this has been asked 1000 times.. Is this the most up to date information on setting up an account.. I need to start from ground zero. I need to open a bank account so I can start investing in the market. What is my first step is there a list somewhere from start to finish.. setting up accounts, invensting, etc. I plan on doing this today if anybody can help! please PM me thanks!!

[brian308]

yes can I get a copy of the bill, and pics please. I'm new, and currently in Iraq, but have dinar in the u.s. I'm about open an account, and fund it.

Thank you very much.

[cowpoke]

Anyone know if there have been any changes to these procedures?

Thanks

[HumbleGenius]

I followed them in early October and they were the same.

[jssphoto]

Why is Warka a good idea??

[I AM]

Because you earn interest on your money via a CD. Currently 11% per year

[only1salome]

Originally Posted by I AM

Because you earn interest on your money via a CD. Currently 11% per year

Will we need a Warka account to be able to cash in?

[Crow]

Originally Posted by jssphoto

Why is Warka a good idea??

You get dinar tight to the CBI rate with interest and pip moves you start making money fast. If you pay a dealer or U.S bank spread it may take a long time before your in the money.

[Crow]

Originally Posted by jssphoto

Why is Warka a good idea??

Say they really do re-base, change the currency, you avoid the bank or dealer "double dip" they sell the dinar to you and make a fee and then you sell it back and they make another fee!

[I AM]

Originally Posted by only1salome

Will we need a Warka account to be able to cash in?

Your guess is as good as anyone's. No one will know what changes are going to occur. But I personally use Warka as a hedge against any "money outside Iraq, will not be allowed in the exchange" scenario.

But, If they only allow Iraqi citizens to exchange or cash-in. Almost all of us will be out of luck.

[Crow]

For newbies. As I have stated before I would not recommend buying cash dinar at this time, a bank account is the way to go. If you have cash, hold but new positions should be in bank accounts in Iraq. Buying cash at a premium makes no sense at this time.CROW

[cowpoke]

Originally Posted by only1salome

Will we need a Warka account to be able to cash in?

Most likely NO. However, I can almost promise that you will be paying a VERY HEFTY FEE to someone OR som Business stateside to cash in for you.

Originally Posted by I AM

But, If they only allow Iraqi citizens to exchange or cash-in. Almost all of us will be out of luck.

Your account says RESIDENT..

[only1salome]

Originally Posted by I AM

Your guess is as good as anyone's. No one will know what changes are going to occur. But I personally use Warka as a hedge against any "money outside Iraq, will not be allowed in the exchange" scenario.

But, If they only allow Iraqi citizens to exchange or cash-in. Almost all of us will be out of luck.

Thank you for that info, I AM

[only1salome]

Originally Posted by Crow

For newbies. As I have stated before I would not recommend buying cash dinar at this time, a bank account is the way to go. If you have cash, hold but new positions should be in bank accounts in Iraq. Buying cash at a premium makes no sense at this time.CROW

You are right, Crow! I am looking at opening an account today/ tomorrow jsut in case

[only1salome]

Originally Posted by cowpoke

Your account says RESIDENT..

On the new Warka website they specify non-resident or resident individual accounts now.
I do feel that they will honour any accounts, though, as they also have commercial accounts etc. It would be very bad business practise to treat different accounts with different criteria.

[cowpoke]

Originally Posted by only1salome

On the new Warka website they specify non-resident or resident individual accounts now.
I do feel that they will honour any accounts, though, as they also have commercial accounts etc. It would be very bad business practise to treat different accounts with different criteria.

As long as they don't say National and NON-National. How do they know you are not an Iraqi Liv.. I mean Working abroad..

[frtlnrblues]

When opening an account via internet, should we blackout any information on passport or license?

[only1salome]

Originally Posted by cowpoke

As long as they don't say National and NON-National. How do they know you are not an Iraqi Liv.. I mean Working abroad..

Hi Cowpoke,

The options are :

Kindly choose your Individual account type: Iraqi citizen inside Iraq

Iraqi citizen outside Iraq

companies accounts and associated personnel accounts of the company

Individual non-resident alien

This is copied from their website, so there is no chance for a mistake!

I do really just pray that they don't pull a fast one.

only1

[beachpotato]

so then what?
do we use their atm cards/checks like we would from our banks or do we still need a separate acct here?

[beachpotato]

ok, another dumb question:
Is it illegal to do this? Do I have to worry about not making any $10K purchases for fear they will wonder how I'm funding them?

[cowpoke]

Originally Posted by beachpotato

so then what?
do we use their atm cards/checks like we would from our banks or do we still need a separate acct here?

They have a Visa Card I believe.. There are threads here in the forum that people have used the card that Warka issues. Just search the Banking threads, there is a lot of stuff there.

Originally Posted by only1salome

Hi Cowpoke,

The options are :

Kindly choose your Individual account type: Iraqi citizen inside Iraq

Iraqi citizen outside Iraq

companies accounts and associated personnel accounts of the company

Individual non-resident alien

This is copied from their website, so there is no chance for a mistake!

I do really just pray that they don't pull a fast one.

only1

That's pretty cool. I have not been to their site for a while now. Thanks for the post and DD.

Originally Posted by beachpotato

ok, another dumb question:
Is it illegal to do this? Do I have to worry about not making any $10K purchases for fear they will wonder how I'm funding them?

No fear as long as you are not breaking any laws. It is perfectly legal to have a Bank Account in Iraq.
You just need to asses the risk for yourself with regards to Iraq and The IRS when it comes to reporting income.

[clibro]

ok, say i open an account with warka and i want to put dinar in that account.will chase bank wire that dinar or will they exchange it for usd then proceed to wire and the usd is converted to dinar at warka?
also in opening a warka account will they set it up without an immediate deposit? appreciate any info

[BNZI]

Originally Posted by clibro

ok, say i open an account with warka and i want to put dinar in that account.will chase bank wire that dinar or will they exchange it for usd then proceed to wire and the usd is converted to dinar at warka?
also in opening a warka account will they set it up without an immediate deposit? appreciate any info

You can open a Warka account and fund it later. You don't want to leave it too long though.

You have to wire USD so Chase would have to exchange it back to USD before wiring it. Warka will exchange your USD for IQD when it gets to them. You need a USD account and an IQD account with Warka. If you open an account they automatically open both and send you the details. Warka also automatically leave the minimum required in the USD account and exchange the remaining amount to IQD.

[miltont]

I have 1 question, if i create the account with warka, and i deposit
an example of 1million dinars + $150 for the USD Account
And then next year or next week the CBI decides to go with the LOP thing
and removes the 3 zeros on the Notes, does this will do a change on my Dinars Account that i created before that occur?

[clibro]

Originally Posted by BNZI

You can open a Warka account and fund it later. You don't want to leave it too long though.

You have to wire USD so Chase would have to exchange it back to USD before wiring it. Warka will exchange your USD for IQD when it gets to them. You need a USD account and an IQD account with Warka. If you open an account they automatically open both and send you the details. Warka also automatically leave the minimum required in the USD account and exchange the remaining amount to IQD.

thanks bnzi i have another question, chase will hit me for a spead when i convert back to usd for wiring purposes right? then warka will hit me for another spread to convert usd back to dinar?

[miltont]

I requested to open an account for me on dec 1 2008 and I received this email:

Dear Mr. Rivera,

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

We are happy to have you as our clients 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.

Best regards,

Mr. I
Deputy Managing Director
International Affairs.


NOw i have been waiting for the details of account number but havent received them!
Normally they take a while on this process?
Somebody who had similar experience?

[435613422]

for those who have accounts with Warka Bank. Under "account type", does your account is listed as saving account or checking account or anything at all, because mines is completely blank.

[HumbleGenius]

Originally Posted by 435613422

for those who have accounts with Warka Bank. Under "account type", does your account is listed as saving account or checking account or anything at all, because mines is completely blank.

Blank, Blank here also.

[BNZI]

Originally Posted by miltont

I have 1 question, if i create the account with warka, and i deposit
an example of 1million dinars + $150 for the USD Account
And then next year or next week the CBI decides to go with the LOP thing
and removes the 3 zeros on the Notes, does this will do a change on my Dinars Account that i created before that occur?

A LOP will have the same effect on IQD held in a Warka account as it would physical cash. Both would lose 3 zeroes.

Originally Posted by clibro

thanks bnzi i have another question, chase will hit me for a spead when i convert back to usd for wiring purposes right? then warka will hit me for another spread to convert usd back to dinar?

Yep, you'll get stung for the conversion by Chase. The Warka charges aren't worth worrying about. They don't really take much to transfer money between accounts. That's pretty much why most would suggest selling the cash on Ebay before wiring the money to Warka. You'll avoid paying the spread Chase will charge and you might even make a little profit to cover the wire transfer fee.

Originally Posted by 435613422

for those who have accounts with Warka Bank. Under "account type", does your account is listed as saving account or checking account or anything at all, because mines is completely blank.

Mine's blank as well.

[AAD]

Originally Posted by cowpoke

Anyone know if there have been any changes to these procedures?

Thanks

I think the biggest change is that folks can now open an account through the Warka website instead of going the email route (image copies of passport and state ID are required as instructed already). Checking the Warka site would always be best for any possible procedure updates.

http://www.warka-bank.com/inner.php?type=1&id=11
http://www.warka-bank.com/individual.php
http://www.warka-bank.com/news.php

I would like to update various "How to" topics but I must wait for the Admins to approve and allow for the edit. But unfortunately to do that everyone's posting rights also get changed while I edit my posts. So I'm sure it's not something that the Admins like doing, and it can also be difficult to coordinate an exact time to do it as I'm not here as much like I use to...

[tco]

Originally Posted by miltont

I requested to open an account for me on dec 1 2008 and I received this email:

Dear Mr. Rivera,

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

We are happy to have you as our clients 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.

Best regards,

Mr. I
Deputy Managing Director
International Affairs.


NOw i have been waiting for the details of account number but havent received them!
Normally they take a while on this process?
Somebody who had similar experience?

My father got the same email on Nov 26 and we're still waiting for the account! I hope it won't be too late!!

[bultn]

Originally Posted by 435613422

for those who have accounts with Warka Bank. Under "account type", does your account is listed as saving account or checking account or anything at all, because mines is completely blank.

Yes, it is blank for me too.

From the email I got from Mr I when he informed account numbers:

Your USD savings account no. is: ******
Your IQD savings account no. is: ******

[tco]

Originally Posted by bultn

Yes, it is blank for me too.

From the email I got from Mr I when he informed account numbers:

Your USD savings account no. is: ******
Your IQD savings account no. is: ******

I open my account about four years ago with two accounts for saving and checking but now I only have one account number for USD and IQD.

[tmorr37]

Originally Posted by tco

I open my account about four years ago with two accounts for saving and checking but now I only have one account number for USD and IQD.

Yes it looks like this now
Your USD savings account no. is: 790 / 811123 / 2 / 2521 / 0
Your IQD savings account no. is: 790 / 8111123 / 1 / 2521 / 0





The format simply represents the following:

790= main branch code number / 811123= account number / 2= USD currency / 2521= savings account/ 0= account active
790= main branch code number / 811123= account number / 1= IQD currency / 2521= savings account/ 0= account active

[Ian C]

Originally Posted by AAD

I think the biggest change is that folks can now open an account through the Warka website instead of going the email route (image copies of passport and state ID are required as instructed already). Checking the Warka site would always be best for any possible procedure updates.

http://www.warka-bank.com/inner.php?type=1&id=11
http://www.warka-bank.com/individual.php
http://www.warka-bank.com/news.php

I would like to update various "How to" topics but I must wait for the Admins to approve and allow for the edit. But unfortunately to do that everyone's posting rights also get changed while I edit my posts. So I'm sure it's not something that the Admins like doing, and it can also be difficult to coordinate an exact time to do it as I'm not here as much like I use to...

Silly question, but does the passport have to be current to open an account? Mine expired a few months ago and I haven't renewed it yet. Could I use my drivers license instead?

[Ian C]

Originally Posted by AAD

I think the biggest change is that folks can now open an account through the Warka website instead of going the email route (image copies of passport and state ID are required as instructed already). Checking the Warka site would always be best for any possible procedure updates.

http://www.warka-bank.com/inner.php?type=1&id=11
http://www.warka-bank.com/individual.php
http://www.warka-bank.com/news.php

I would like to update various "How to" topics but I must wait for the Admins to approve and allow for the edit. But unfortunately to do that everyone's posting rights also get changed while I edit my posts. So I'm sure it's not something that the Admins like doing, and it can also be difficult to coordinate an exact time to do it as I'm not here as much like I use to...

One other question...I want to open a Warka account under a corporation. What information do I need to provide?

[Templar62]

Thanks for the info. . I'm now on my way to opening a Warka savings account @ 300,000.00 IQD. Happy Holidays and a prosperous New Year !!!!!

[RotaryRevn]

Originally Posted by tmorr37

Yes it looks like this now
Your USD savings account no. is: 790 / 811123 / 2 / 2521 / 0
Your IQD savings account no. is: 790 / 8111123 / 1 / 2521 / 0





The format simply represents the following:

790= main branch code number / 811123= account number / 2= USD currency / 2521= savings account/ 0= account active
790= main branch code number / 811123= account number / 1= IQD currency / 2521= savings account/ 0= account active

I hope you didn't post your real account number? If it is, have someone delete it quick!

[Ian C]

Anyone know how to open a Warka account under a corporation? Specifically, what information do I need to provide?

[wingnut]

Has anyone ever opened an account while in Iraq?