How to send money to Iraq from Spain with the best EUR-IQD rate

The exchange rate determines the price you’ll pay for Iraqi Dinar when sending Euro to Iraq.

The rate between the Euro and Iraqi Dinar is currently 1,516.6778. Wise offers the best exchange from EUR-IQD.

The EUR-IQD exchange rate is always moving.

Sometimes, waiting a day or two can help you get more IQD for the same amount of Euro. Using a forward contract that also allows you to lock in an agreed exchange rate between Spain and Iraq.

Sending money via a bank transfer is the recommended option for sending money from Spain to Iraq.

The company offering the best bank transfer price is Wise.

This bank transfer to Iraq is 2.62% cheaper than the second-best option in the market.

Spain and Iraq have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Spain and Iraq.

Some services between Spain and Iraq have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Iraq as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Iraq, use Wise. The combination of rates and fees when sending from Spain to Iraq is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Spain, or entering Iraq. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Iraqi Dinar in Iraq. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Spain to Iraq will offer every method for incoming Iraqi Dinar, so it’s best to check ahead of time.

One of the more common ways to transfer from Spain into Iraqi Dinar is directly into a bank account. Wise is the best company for bank transfers between Spain and Iraq.

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

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to and sending Euro to Iraq, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Spain this will be a government issued ID such as a passport or driver's license. In Iraq it will be similar, although this should only be needed if you are opening a new account in Iraq, or collecting in cash. Sending to an existing bank account in Iraq shouldn’t require any additional ID checks.

Large transactions between Spain and Iraq, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Iraq is their easy sign up process in Spain.

When sending large amounts of money between Spain and Iraq there will potentially be a tax declaration to consider.

Some transfers into Iraqi Dinar may need to be reported to tax authorities in Iraq, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Iraq based on age, income and a few other elements. When in doubt, please contact a tax professional in Spain or Iraq to discuss your personal circumstances.