Understand what your options are when transferring funds to Iraq.
Emergencies are not the only reason you may want to use money transfer services to send money to Iraq. You may be sending birthday and holiday presents or paying any ongoing bills for which you may still be responsible. Whatever the reason, with some research, you can find a service that’s reliable and convenient, both to you and the recipient back in Iraq.
If you are a Iraqi national, having a valid Indian visa along with a valid residential permit allowing you to live and work in India, you need to know RBI’s regulations to open an Indian bank account. You also should know the Indian regulations that govern overseas foreign exchange remittance.
How to compare transfer companies when transferring money to Iraq
Due to political issues, options for sending money to Iraq from India are more limited than what they are for other countries. It is important that you look carefully at the details to get the most value when transferring money.
- Exchange rates. This is where you will want to focus your attention, as higher rates can be hidden by poor exchange rates. First, look at the average exchange rate for your currency pair and then compare what the different transfer companies are offering.
- Fees. There can be a substantial fee associated with money transfers. This fee will change in relation to the amount of money you are sending, making it important to compare companies.
- Turnaround time. This is important if your recipient needs the money immediately. Also check online to see if a tracking service is offered so that you can check on the status of the transfer and know when it has been made available for pickup.
- Transfer methods. If you plan on sending money often, it may be in your best interest to look into online methods. Transfer companies have branches you can use, but some will also allow you to transfer the money directly from their online site.
- Transfer amount limits. Keep in mind that there is going to be a limit not only on the amount you may transfer at one time, but also on the amount you may transfer in a single day. These types of regulations are in place for your own protection.
How to send money to Iraq from India
The following is a list of financial institutions that may permit you to conduct transfers from the Indian Rupee to the Iraqi dinar:
- Citibank. As a worldwide bank, you can transfer money from your Citibank account to an account in Iraq.
- Bank-to-bank transfers. Some larger Indian banks will allow you to send money overseas. Check with the bank that you have opened your account in about the facilities they offer for sending money to India.
Emergency cash transfers in Iraq
If you are travelling in Iraq and find yourself in need of an immediate cash transfer from India, you do have a couple of options available to you:
- Credit card. If the credit card you used to pay for your travels has complimentary travel insurance, it could provide you with essential cash if the card is lost or stolen.
- Travel insurance. You should always buy travel insurance when booking a trip overseas. Depending on the type of insurance coverage, you may be eligible for cash in the event that you are the victim of a crime while on vacation. Call your insurance provider for details if you are robbed or lose your wallet while travelling in Iraq.
How to send money to Iraq
Sending money to your family in Iraq will depend on the method you use. If you are able to use an international bank to transfer funds, you will need to open an account in an Indian bank that you can link to your Iraqi account. To do this, you will typically need the following:
- Account information. The account details for your bank account back home. This will include the bank routing number and your account number.
- Address. Your Indian address as well as your last address in Iraq.
- Passport. A copy of your passport and your valid visa.
- Employment details. Some banks may require that you supply details about your current employment in India.
You will be given a tracking number for the transaction, which you will have to pass along to your recipient in order for them to be able to pick up the money. In some cases, you can also use a code question to help confirm the recipient’s identity.
Unlike other countries, you are limited in options when sending money to Iraq. Explore those that you do have and compare the services they offer with the currency exchange rates and fees they charge to save you the maximum amount possible when transferring money from India to Iraq.Back to top