Iraq is not the easiest country to send money to compared to other countries. This is mainly due to the lack of good money transfer options available to you. Despite this, you can still send money to Iraq cheaply, quickly, and/or fairly easily.
The current exchange rate for the Iraqi Dinar (IQD) is 1454.181127 IQD per American Dollar (USD) as of the time this was written. The IQD reached a high of 1,460.0000 IQD per USD and a low of 1,454.1811 IQD per USD during the last 90 days. The average exchange rate for the last 90 days was 1,459.2101 IQD per USD.
The IQD had an average volatility rate of 0.33% against the USD for the last 90 days. This is a moderate volatility rate, although the IQD has stabilized further during the last month. You can reasonably expect only moderate fluctuations in the exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Iraq is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Iraq’s destination in a matter of minutes. The only drawback to using Western Union over the competition is that Western Union is quite expensive. While the company can guarantee better waiting times than others through their fast option, you will have to pay a higher price for it.
MoneyGram is the cheapest way to send money to Iraq. While MoneyGram’s prices are the cheapest, they only beat Western Union’s by a marginal amount. With MoneyGram, you can expect reasonable rates on both their upfront, stated costs and their hidden currency conversion fees, which are typically the higher cost.
The easiest way to send money to Iraq is through Payoneer. Payoneer is a simple option when it comes to either sending or receiving money, and they are one of few services (alongside WorldRemit) which is available almost everywhere in the world.
The recipient to a Payoneer transfer can receive money in their bank account, or directly on their debit or credit card. If you opt to use the card options, the recipient can withdraw the money from an ATM immediately after receiving it. Payoneer also offers nice little perks that can save you money if you use certain money transfer methods through their platform.
The overall best way to send money to Iraq is through Western Union. Western Union is one of the easiest such services to access in Iraq, which adds to their secure and simple process of sending money. Western Union agents are available in most of Iraq’s largest cities, including Bagdad, Basrah, and Hila. Agents can facilitate the faster cash pickup money transfers, or you can send the money to the recipient’s bank account.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com