The following list outlines the general process to opening and using a bank account in Iraq:
1. The applicant prepares the official documents required to open an account in Iraqi Dinars: Iraqi ID, Iraqi nationality ID, and residency ID. To open an account in USD, one should provide the aforementioned documents and a passport.
2. The applicant identifies a consignee. A consignee must have an open account at the bank the applicant has chosen.
3. Applicant makes appointment with bank representative. The representative will require the applicant to fill out a number of forms and sign accordingly. Personal information is required along with documentation:
- Legal name
- Any other names used
- Date of Birth
- Place of Birth
- Street Address, Permanent Address
- Phone Number, Fax Number
- Email address
- Nationality
- Occupation
- Position Held
- Type of Account
- Nature of Banking Relationship
Once application is finished, one to two hours of wait time is required for processing.
4. Applicant makes first deposit. Amount of deposit is unspecified if account is opened in Iraqi Dinars. If the applicant is opening an account in USD and needs checks, he/she should make a deposit over 10,000 USD. For IQD, it should be over 10 million IQD. (this procedure is common at many private banks)
5. The applicant now has an active account and can deposit and withdraw.
