Are US Investors in the Iraqi Dinar Being Left in the Cold?

You have not been scammed as long as you purchase authentic Iraqi Dinars and your Dinars are NOT counterfeit.  If you purchase the exact currency that they use in the country today, then your Dinars will spend just like any other Dinars in Iraq. 

The problem for Iraqi Dinar investors is that no US banks and few banks worldwide will allow transactions using the Iraqi Dinar.  Bankers turn their noses up when people ask about Iraqi Dinars. 

Most Iraqi businesses use money transfer companies to transfer money inside and outside Iraq.  Most locals hardly use banks for international transactions, keeping most of their funds in cash.  

After the 2003 invasion, people lost the money in their bank accounts.  They were left high and dry with nowhere to turn.   This memory fades slowly and is the reason people in Iraq, for the most part, do not trust banks.

Iraq is moving toward the e-payment system, forcing the Iraqi people to accept and spend using electronic payment systems.  This is how they can control the flow of the Iraqi Dinar. 

The channel was told that the people have ten years to turn in their Iraqi Dinar banknotes for the e-payment system.

Does this leave investors outside of Iraq in the cold without a way to make the changeover?

We are not sure yet how all this will work out.  However, we are sure that Iraq is making every effort to collect the paper money. 

We may need to form a corporation and hire the necessary financial managers to make us legal in Iraq.  We would then be able to take advantage of any future exchanges and or profits.

The problem is no one wants to be responsible for a large group's money.  It brings up all kinds of questions, thoughts, and possible issues.   The Edu Matrix channel and Blog will do everything possible to learn more about how we can participate in the Iraqi economy but are unwilling to be the agent of collecting monies and making exchanges. 

List of recommended banks in the Kurdistan Region for foreign companies - Nothing is said about banks for non-residents of Iraq.

• TBI (Trade Bank of Iraq) 
• BBAC (Bank of Beirut and the Arab Countries)
• Byblos Bank –
• Blom Bank –
• Kurdistan International Bank -

Transferring Money to Iraq

Western Union takes between one to two hours to transfer monies to Iraq, as long as the amount is under $2000.  Higher amounts take longer because they must go through security checks.  You have to remember that Iraq has a serious drug trafficking problem, and all monies going into and out of the country are scrutinized. 

Using Western Union eliminates the need to use the SWIFT network for forwarding money.

Transferring Money Out of Iraq

It is much easier to send money into Iraq than to get money out.  We found websites that said two different money transfer companies transfer money from Iraq to the United States, however, the Iraqi currency was not populated on either of the two service providers sites.  

Instarem or Wise.

We may be premature in our thinking. 

Maybe all of this will be worked out for us once the Central Bank of Iraq is ready to open the doors for exchanges between the IQD and other currencies.