Warka ATM Card Works In 210 Counties
Officials from the Al Warka Bank in Iraq announced in a press conference in Erbil that a pre paid MasterCard tied to the global network is now available.
Banking with Warka in Iraq allows a foreign account holder to earn up to 6% annual interest with an Iraqi bank account without having to go to Iraq. There is only a $10US minimum to open the account also.
The new MasterCard for offered by Warka is the only one of its kind available anywhere in Iraq. The card is interfaced directly with the SWIFT banking system for easy International payments from any bank that accepts MasterCard payments.
Asking your Warka banker to set you up with one of these cards may be a good idea. Requesting the card to be linked to your Dinar savings account would be even better. These are simple features that would effectively allow you to withdraw your Dinars from a bank machine anywhere in the world. You would get the local currency instead of dinars and the exchange rate would include a new banking fee of about 2% minimum plus other fixed ATM fees for international use.
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Written by Darren Chabluk for http://DrDinar.com
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DrDinar helps people with Warka procedures.
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I wasn’t sure how it all worked and the ~big wall~ for my husband was how they charge you for your own money. We really didn’t look behond it from that. Plus, I do good to keep up with my banking in America…living paycheck to paycheck and all.
I was interested in the Warka for my dinar for only one reason. WHEN…we see a RV I wanted to have a place that would “be a sure thing” to convert my dinar into American $. I found out “by stipulation” that they would charge so much more than if I just held out for the banks in America to get the memo that they can exchange Iraq dinar. I know that we will be charged here, as well, but I am looking along the lines of the banks that I bank with now (where I have an open checking and savings account) to do my transaction for me and just put it in to those accounts. Does Warka have what we have here?> something along the lines of being FDIC insured? I am sure it would be called something else there, if they have something like that but I was just curious. You have your dinar there…do you feel secure if the bank goes bankrupt? Are your dinar safe? I was never really clear about that. I thought of opening an account there but it just seems too dangerous. I really haven’t looked in to it in great detail either though.
What Warka has is whopping interest rates on savings and CD’s. Please check out ther CD rates at like 10% for one year. Savings at 7%. Show me a US bank that gives you that. Oh, and our US Banks have plenty of fees, trust me. The Warka Bank fees are .1% for transfers between accounts and $50 to wire outside the country. This is minimal.
Hello again Jennofer
I have both the hard currency and a Warka bank account, I have simply hedged my bets. In case it becomes difficult to cash out the hard currency.