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Opening a USD Bank account

Discussion in 'Business & Tax Advice' started by GloryToCheese, Oct 31, 2014.

  1. GloryToCheese

    GloryToCheese Newbie

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    Hi everyone!

    This is a fantastic forum and I've seen several threads with great information on opening bank accounts, mainly in the US. However my predicament is slightly different.Fate has found me in a lovely, desert nation of Iraq and I need a USD bank account. Unfortunately the banks here are either Iraqi, Turkish or Lebanese - These banks provide no real security, no service and if ISIS were to come to the area, they would refuse to allow anyone to withdraw money.

    This has already happened twice this year when ISIS were near the city I live in.I have bank accounts in GBP and EUR but the banks I use are unable to set me up an account in USD as I'm not physically in the country to confirm documents etc (even though they already have them...). I am desperately seeking an alternative. I turned to Payoneer but they, perhaps understandably, place huge restrictions on Iraq.If anyone has any advice, I'd really appreciate it. My banks back in the two countries I've previously used have been less than helpful after I say the word Iraq.
     
  2. keadams26

    keadams26 Regular Member

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    You wouldn't happen to be related to a Nigerian Prince would you?
     
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  3. ResellerPanel

    ResellerPanel Junior Member

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    this guy related to ISIS, please STAY AWAY OR NIA WILL CATCH YOU
     
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  4. GloryToCheese

    GloryToCheese Newbie

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    Haha! I'm sadly not a Nigerian Prince nor am I involved with ISIS. I'm a boring agnostic British person who's working in Iraq and paid in USD. The banks here are about as secure as a donkeys anus around an ISIS militia.
     
  5. MafiaBoss

    MafiaBoss Elite Member

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    check my sig, payoneer will be the best option for you then.
     
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  6. GloryToCheese

    GloryToCheese Newbie

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    Payoneer won't let me transfer from or to an Iraqi Bank account. Initially I was told it would be ok for me to set up an Iraqi account and then move it to Payoneer for security but then they informed me that there are limitations on this. Essentially, I would have to use 3rd parties to fund the account and it's almost impossible for the card to get here (It will take almost three months) as they wouldn't courier outside the US.
     
  7. MafiaBoss

    MafiaBoss Elite Member

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    when there is a will there is a way buddy.
    you need to use payoneer frequently to request it's all feature unlocked, once done, you can withdraw to any bank account in almost any country you have a bank account on your name.

    check the list here : http://www.payoneer.com/localBankTransfer-Avail.aspx

    they support iraq and you can withdraw the money in usd or euro through local bank transfer which minimizes the fee's.
    also you can request them to send the card via express delivery if you are not sure that it will reach you.
     
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  8. GloryToCheese

    GloryToCheese Newbie

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    Thanks! I want to put thousands of dollars into an account so, of course I need to know I can have access to funds but especially in the case of an emergency. If ISIS get near, as I said, banks just close and shut everything down. I keep cash on hand but that's not always safe for a foreigner like me to do.

    I asked them to courier the card to me here in Iraq and they refused. Any advice?
     
  9. MafiaBoss

    MafiaBoss Elite Member

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    just apply for the card first, and when you submit everything ask them to courier it to you.i am sure you will get it, cheers

     
  10. GloryToCheese

    GloryToCheese Newbie

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    Already applied, been approved and requested such. They said it was sent by normal post and to expect delivery at the beginning of December. I'm not hopeful of its arrival :)
     
  11. bmac

    bmac BANNED BANNED Premium Member

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    You will have a very difficult time doing any banking in the US esp if you are in Iraq. One of our primary methods to fighting terrorist is to cut off their money supply so we watch our bank accounts very closely. And btw if you see any of those ISIS fighters tell them we will see them soon!
     
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  12. GloryToCheese

    GloryToCheese Newbie

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    US banks do operate here but you have to deposit $50,000 first time to open the account, which is a shame. Since I'm not an Iraqi, I am less restricted and those whom I work with who do have US bank accounts have absolutely know issue with their banks either sending funds home or using their cards in the 6 atms in the entire region.

    It's not an ideal situation but for security reasons I need an alternative to local banks. The Turkish and Lebanese banks here are just as awful.

    Thankfully, I don't come face to face with any ISIS fighters ;) Or I'd be dead lol
     
  13. shanna_doll

    shanna_doll Power Member

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    Convert to islam lol and tell them 'ahee' (arabic word for brother), let me withdraw my money :D On a serious side, I'd recommend turkish banks.. it may be not the best option for you but I don't see why you couldn't use some turkish bank, you can also cross the border if you need and withdraw your money there.. what about that ?
     
  14. eveneven

    eveneven Regular Member

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    Maybe a bit OT, but what are you doing there? Oil-field work? I was offered a job as a consultant in oil drilling in Iraq a while ago. Good money.
     
  15. GloryToCheese

    GloryToCheese Newbie

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    Yeah the money is good here in Iraq but payment is in cash - Which sucks for security reasons. It's not that easy to get to Turkey when you work especially when although it may look close, the roads make the journey unsafe in the rain and it takes forever to get to a civilised town.

    Also, online banking is a must to send money to family etc and the only form of 'online banking' here is the ability to check your balance.
     
  16. xeroxias

    xeroxias Junior Member

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    i dont understand! if you are British citizen why are you living in IRAQ? unless Iraq is your home country!
     
  17. GloryToCheese

    GloryToCheese Newbie

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    Because I work here...? I didn't realise citizens from one country weren't allowed to live and work in another. I'm sorry, I'll leave immediately.
     
  18. humanophilia

    humanophilia Newbie

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    Very tricky situation you are in, I can only think of Payoneer as a solution.
     
  19. GloryToCheese

    GloryToCheese Newbie

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    Payoneer will only accept funds from PayPal. They won't allow me to wire money into the Payoneer account which sucks. I just had a really long conversation with an agent who said I had misunderstood what the card was for, despite having this conversation with them before I applied and sent my documents.

    I get paid $5000 a month, I need a safe place to keep it.
     
  20. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    I don't see any international banks on Wikipedia page, may be the info is not updated.
    http://en.wikipedia.org/wiki/List_of_banks_in_Iraq