Compare the best ways to send money to Iraq

The exchange rate determines how much IQD the recipient will get when you transfer money to Iraq.

For example, today, the average exchange rate between US Dollar and Iraqi Dinar is 1,310.2792.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more IQD.

If you do need to send IQD now, we suggest using Wise. Their rate for transfers to Iraq was the best over the past 6 months.

The cheapest way to pay for your transfer to Iraq is via Bank transfer with Wise. It is 0% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of IQD you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Iraq using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Debit card option for transfers to Iraq, as it’s the most expensive.

Credit card transfers to Iraq come with cash advance fees and higher interest rates on IQD.

Wise, for example, charges $38.46 when paying with a credit card vs $240.99 via bank transfer by Wise.

When possible, avoid sending IQD over the SWIFT network. Despite its name, SWIFT transfers to Iraq are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts.

For example, we recommend using Wise if you need to send large amounts of IQD abroad.

In general, the quicker you need IQD delivered, the more it will cost you in fees.

Transfer speed to Iraq depends on the IQD amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Iraq.

Overall, of 4 companies serving Iraq, Ria Money Transfer is the fastest regardless of the deposit method, appearing 43.5% of the time in our searches.

For bank or debit card deposits, services like Ria Money Transfer excel in this regard, offering near-instantaneous and cheapest IQD transfers with $4 or $17.84 fees respectively and 2.8% markup.

Credit card transfers via Wise to IQD can take up to a day with a $38.46 fee and -0.07% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

For most urgent transfers to Iraq, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for IQD transfers as it's slower due to intermediary banks in Iraq.

There are a few ways to send money to Iraq:

Online

You can send money to Iraq with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Wise is the overall best online money transfer provider according to our 6-month analysis. They’ve appeared 96.9% of the time for IQD transfers in our search system.

App

Most money transfer services supporting Iraq transfers have an app, often, offering a better IQD rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Iraq in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect IQD.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Iraq. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank transfers to Iraq.

And if you need cash right away, check if cash pickup is an option for transfers to Iraq.

Digital wallets and payment apps like Zain Cash, AsiaHawala, NassWallet, and FastPay are popular too, you can receive money directly into the wallet. These are usually almost instant, however, the recipient will need to withdraw money into their bank account which can incur more fees.

Please also note that CashApp is not available in Iraq.

To receive money in Iraq, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of IQD to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Iraq, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Iraq. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Iraq, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large IQD transfers and will help you get things done fast.

Gift amounts of IQD 20 million (roughly $15,267) aren’t taxed, but gifts in larger amounts are taxed at varying rates. For example:

• IQD 20 million to IQD 30 million: 3%

• IQD 30 million to IQD 60 million: 4%

• IQD 60 million to IQD 90 million: 5%

• Over IQD 90 million: 6%

Payments received for commercial purposes are classified as worldwide income and must be reported on the recipient’s income taxes.

Also, if your business sends more than $10,000 during the tax year, or you have a foreign account with more than $10,000, you may have to pay taxes.