Best ways to make a money transfer in Iraq
Many money transfer authorities refuse to send money in Iraq. But still there are several ways available to transfer money in Iraq.
Money transfer companies vs Local banks
1)You can ask to your local banks for money transfer. If they do money transfer to another country then it is also truth that your local bank will take also 1 week for authority checking.
2)Another different way is that you can do money transfer by specialist transfer companies like WorldRemit and transferWise. Because they daily do large amount of foreign currency money transfer to different countries. And they also take little fees for money transfer.
3)You can also transfer money by Western Union. Western Union takes only 10 minutes transfer money in any bank account of the World.
4)MoneyGram is also transferred money around the world. It is second largest money transfer company which daily does lakh Dollar money transfer in various country of the World.
Types of options to send money
You can transfer your money in Iraq through Bitcoin. Because this electronic currency is allowed to use in Iraq. And this currency also doesn't have any central monetary authority. But it is unclear that what rules follow Iraq for Bitcoin. So, for avoiding any trouble, first get knowledge about it. And if possible then talk with you Lawyer.
Restrictions on receiving money
Currently, there is no restrictions on receiving money. If you have all ID proofs and information about your selected payment method then easily you can take your money.
Restrictions on sending money
Yes, there are few restrictions on sending money. Because, you are sending money to a different nation so first check-out the laws for money on that country and transfer the money. Always remember, you can not send or transfer too much money at a time. If you do so then you have to show a reason for big transfer.
Process to send money?
For sending money, you need an account in bank, supplying legal proofs. Keep record of your transection so later if any problem occurs then that will help you.Brief economic trend
Iraq's main economy power is its oil-sector which provides it 95% foreign currency in different forms. Iraq sold almost
$83.98 billion oil in 2014. Iraq mainly exports it goods to China, India, USA, Italy ect.
Main bank of Iraq
1) Central Bank Of Iraq
###Transfer from Iraq to UK### The Iraqi dinar? So before you send money to Iraq you will need to know a little more about the currency that you will be sending. The currency that Iraq uses is the Iraqi dinar which was introduced in 2004 directly after the much awaited fall of Saddam Hussein. Today many people will arrange a money transfer to Iraq in US dollars so that the recipient can buy Iraqi dinar. Use a currency converter One way to make sure you are getting a great deal when you exchange foreign currency online is to use a currency converter. These are very straightforward to use and enables you to see the currency rate Iraq currency is being traded for at any time. There is no cost involved when you use the currency converter and the conversion takes just a second or two. So make sure you take a look at this before you arrange your money transfer. Investing in Iraq Today there are people who are seeing the potential of Iraq and are investing in foreign currency in Iraq. Often the exchange rate is very generous and someone looking to exchange US dollars for Iraqi dinar can purchase a lot of foreign currency. Many of these people choose to arrange a money transfer to Iraq so that a recipient can buy Iraqi dinar on their behalf.