Money Transfers

It is the money transfer operation from country to country as a service implemented for a commission specified by the bank.

Outgoing foreign remittance requirements:
1. The customer applies for a transaction by filling out a specific form for this purpose attached to the money laundering form for amounts in excess of ($10,000) and all that supports the purpose of the said transaction from the documents and bonds specified by the Central Bank of Iraq and verified by the department officer.
2. The customer must open a current account with the bank with original official documents, and ensure that sufficient balance is available in case the customer has an account with the bank.
3. Ensure the safe status of customers’ taxes.
4. The approval of the transaction is obtained according to the mentioned authorities by our bank after verifying the validity of the document by the Money Laundering Department. 5. The transaction amounts and fees will be deducted from the transaction requester’s account according to the bank’s banking operations price list.

Incoming remittance requirements:
1. When filling out a form for entering amounts into Iraq, the transaction documents must be delivered after receiving the correspondent bank’s notification, including the order to pay the amount to an individual or a company, and the bank must verify and verify the purpose of the transaction with the recipient’s pledge of the safety of the process.
2. The correspondent bank is the remitting party and the receiving party is our bank.
3. The commission rate is determined according to the price list of the bank’s operations.
4. The amount is entered into the beneficiary’s account, whether it is in foreign currency or its equivalent in Iraqi dinars, after verifying its authenticity by the Money Laundering Department.