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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.
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Exchange rates for different currencies fluctuate with the economy. Keep in mind that while you can compare official exchange rates to get an idea of movements in rates, banks and other money transfer companies will typically offer the service at a less competitive rate.
Abdel was temporarily transferred from the company he works for in Iraq to their offices in Australia six months ago. He would like to continue adding funds to his savings account back home and has decided that he will send payments to his account whenever possible. To find the best prices available, he compares two money transfer companies.
| Money transfer service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate | AUD$1= IQD987.356 | AUD$1 = IQD985.2 |
| Transfer Time | Within minutes | Within minutes |
| Transfer fee | AUD$60 is charged to the sender for sending $1,000. There should be no charge to the recipient when picking up the money. | AUD$70 is charged to the sender for sending $1,000. There should be no charge to the recipient when picking up the money. |
| Amount received for AUD$1,000 | Recipients will get IQD987,356.27. | Recipients will get IQD985,119.27. |
| Hidden charge | Approximately IQD41,544 is lost in the exchange. | Approximately IQD43,781 is lost in the exchange. |
With Abdel’s first option, not only will he save AUD$10 on his end, his family will receive IQD2,237 more depending on whether they are charged to convert funds to the dinar. The frequent changes in exchange rates would make it sensible for Abdel to check these rates every time he is preparing to make a transfer.
Due to political issues, options for sending money to Iraq from Australia are more limited than what they are for other countries. As the case study shows, even with limited competition, it is important that you look carefully at the details to get the most value when transferring money.
Western Union will allow you to make transactions between Australia and Iraq. The Iraqi dinar is an exotic currency, making it difficult to find other services to conduct the transaction for you.
The following is a list of financial institutions that may permit you to conduct transfers from the Australian dollar to the Iraqi dinar:
If you are travelling in Iraq and find yourself in need of an immediate cash transfer from Australia, you do have a couple of options available to you:
Listed here are a few of the cash pickup locations you will find when travelling in Iraq. Before you go to the location, make sure that you have the money transfer reference number, the sender's name and location, the amount sent and your passport.
Baghdad Diplomatic Support Center Airport Area
Baghdad, Baghdad
+964-7903373003
Open Sunday through Thursday from 8am to 3pm.
Almansoor District 609 St 18
Baghdad, Baghdad
+964-1-5430080
Open Sunday through Thursday from 8.30am to 2:30pm.
Opposite Al Basra Airline
Al Basrah, Al Basrah
+964-770-4447268
Open Monday 8am to 11pm; Sunday and Friday 12pm to 11am
Basrah 14 July St
Al Basrah, Al Basrah
+964-4-7709226060
Open Monday 8am to 9pm; Sunday and Friday closed.
According to the Department of Foreign Affairs and Trade (DFAT), travellers should avoid travelling to Iraq. If you absolutely must make the trip, proceed with extreme caution when frequenting a financial institution to retrieve cash. Go to a well-known location, such as the one inside of the Baghdad airport, and bring along a friend who is familiar with the area and local customs if possible.
Back to topSending 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 Australian bank that you can link to your Iraqi account. To do this, you will typically need the following:
If the Western Union money transfer is a better option, be prepared to give your full name and contact information as well as the full name of the recipient and their contact information. It is imperative that the name you give matches the name on your recipient's photo ID exactly to avoid any delays in the transaction.
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 Australia to Iraq.
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