Send Money to Iraq

GCEN
Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Iraq

Send Money Transfer to Iraq

Despite the perilous condition of the country politically and economically it is possible to transfer funds to Iraq. The Iraqi currency the dinar (IQD) has suffered historically from erosion by inflation and state mismanagement such that the US dollar is preferred. The Iraqi banking sector has not recovered since the Gulf wars and with the Islamic insurgency is unlikely to recover soon. For ordinary Iraqi’s this means that the country has a cash point for every 100,000 people The average for the Middle East and North Africa is 32 times higher. Less than 10% of Iraqi’s are now said to have active use of a bank account. The destruction of family wealth by hyper-inflation and frozen bank deposits by Saddam has destroyed confidence in the sector. This makes the typical wire transfer option to an Iraqi bank an uncommon, if not impossible option.

Transfers are however possible using a money transfer service via a Money Sending Bureau. These establishments, mainly operated by the biggest players in the sector can be found in major cities around the world can be found in major cities in Iraq. With this option however you will need to pay a significant commission on the transfer but choice is limited. Timescales can also vary mainly as a result of liquidity on the ground in Iraq.

The procedure in theory isrelatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Bank Note System
Banknotes: 50, 250, 500, 1000, 5000, 10000, 25000 Dinars

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