WIFQIQBA

Payment Instructions

General instructions for international payments to banks in IRAQ:

• Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g., SWIFT BIC, IBAN, and beneficiary bank address).
• Payment Restrictions: Individual to individual (P2P) payments are not permitted.
• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
• Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary.
• Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier/code (where required), full name of bank branch, and address of the beneficiary bank (SWIFT BIC is 8 or 11 alphanumeric characters: xxxxIQxx or xxxxIQxxxxx).
• Reason for Payment (SWIFT MT103 F70): Purpose of payment is recommended.
• Additional Information: Payments below 10,000 IQD are not supported. If a transaction is submitted below this amount, it will be canceled.

IBAN: In Iraq, the IBAN consists of 23 characters. The country code is 'IQ' followed by a two-digit check number, a four-digit bank identifier, a three-digit branch code, and a twelve-digit account number. Example electronic format: IQ98NBIQ850123456789012. Print format: IQ98 NBIQ 8501 2345 6789 012.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of AL WED INTERNATIONAL ISLAMIC BANK FOR, INVESTMENT AND DEVELOPMENT for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from AL WED INTERNATIONAL ISLAMIC BANK FOR, INVESTMENT AND DEVELOPMENT, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.