5 Common Mistakes When Sending Money Abroad from Iraq

Sending money abroad has become an essential part of daily life for individuals and businesses in Iraq. Many Iraqis need to transfer salaries to workers abroad, pay tuition for students enrolled in international universities, support family members living overseas, or conduct business transactions with international partners.

Although the transfer process may seem simple and fast, many people make small but costly mistakes that can lead to losing part of the money due to hidden fees, delays of days or weeks, or legal issues due to non-compliance with financial regulations.

For example, someone may send money to their family without paying attention to intermediary bank fees or exchange rate differences, only to find that the recipient receives much less than expected. Or, they might try to send a large amount without providing the required documents for compliance, leading to the transfer being delayed or rejected entirely.

That’s why it’s crucial to know the common mistakes when sending money internationally from Iraq and practical ways to avoid them. Rakiiz is a trusted solution that provides secure, transparent, and fast international transfers, with accurate exchange rates and full compliance with laws, ensuring your money reaches recipients safely and easily.

Ignoring Hidden Fees from Banks and Intermediaries

Many senders assume the full amount will reach the recipient, but reality is different. Hidden fees can significantly reduce the amount sent, especially when transferring to other countries.

Common Problems:

• Bank transfer fees: Iraqi and international banks charge fixed or percentage fees for each transfer. For example, sending $1,000 may incur $20–50 in fees.

• Intermediary banks: Some transfers pass through multiple banks before reaching the recipient, with each bank deducting its own fees without notifying the sender, causing unexpected deductions.

• Receiving fees: Some banks in recipient countries charge extra fees when receiving the money, further reducing the actual amount received.

Solution with Rakiiz:

Rakiiz works directly with international banks to minimize or eliminate intermediary fees whenever possible, ensuring that almost the full amount reaches the recipient. The platform also provides full transparency on any potential fees before completing the transfer.

Practical Example:

If you send $500 to your family in Jordan, they might receive $460 via a traditional bank due to accumulated fees. With Rakiiz, nearly the full amount can reach them, or with only a minimal deduction of 2–3 dollars, saving unnecessary loss.

Ignoring Currency Conversion Costs

The exchange rate directly affects the value of money sent abroad. Ignoring this point can lead to significant losses, especially when sending large or frequent transfers.

Common Problems:

• Hidden margins: Many banks apply a difference between the official exchange rate and the actual transfer rate, meaning the recipient gets less than expected.

• Currency fluctuations: The Iraqi dinar against the dollar or euro changes daily. Any transfer delay can result in a lower amount received.

• Large transfers: Banks often apply higher margins on large amounts to cover market risks.

Solution with Rakiiz:

Always choose a service that provides real-time, transparent exchange rates. Rakiiz shows the exact exchange rate before completing the transfer, with no hidden margins, preserving the value of your money for the recipient.

Practical Example:

Sending $2,000 to Turkey, a 1% exchange rate difference could cost you $20. With Rakiiz, the recipient receives nearly the full amount, or only a tiny deduction of $5.

Ignoring Legal and Regulatory Requirements

International money transfers are subject to strict regulations to combat money laundering (AML) and ensure customer verification (KYC). Ignoring these rules can cause delays, freezing of funds, or even legal issues.

Common Challenges:

• AML and KYC compliance: If you don’t provide proper identification and financial documents, the transfer may be suspended or rejected.

• Large transfers: Large amounts often require additional documents to prove the source of funds.

• International legal obligations: Some countries require official reports on financial transfers, and non-compliance can lead to fines or major delays.

Solution with Rakiiz:

Rakiiz provides an easy interface to upload the required documents electronically and ensures automatic compliance with all legal and regulatory requirements, even for large amounts.

Practical Example:

Sending a large sum to a relative abroad may require proof of funds, such as a bank statement or employment contract. With Rakiiz, you can upload all documents online, and the transfer is processed quickly without visiting a bank.

Underestimating Transfer Speed

The speed of money delivery is as important as its security, especially in urgent cases or for daily financial commitments. Delays can create real financial problems and affect personal or business plans.

Common Problems:

• Delays in business payments: International suppliers may charge penalties if payments don’t arrive on time.

• Personal and family obligations: Students and families may struggle to pay tuition, rent, or bills on time.

• Currency fluctuations: Every hour of delay increases the risk of losing money due to changing exchange rates.

Solution with Rakiiz:

Rakiiz offers fast, secure transfers, often completing in hours instead of days, reducing financial risks and preserving the full value of the sent money.

Practical Example:

Sending $1,000 for university fees may take 3–5 days via a traditional bank, with potential exchange rate losses. With Rakiiz, the money can arrive within a few hours, ensuring timely payment and avoiding penalties.

Choosing an Unreliable or Unsuitable Platform

Security and reliability are the most important factors when sending money internationally, especially from Iraq where transfers are vital for family, education, or business needs.

Common Problems:

• Security risks: Untrusted platforms may be hacked, putting your financial and personal data at risk.

• Complex usability: Some complicated platforms confuse the sender or recipient.

• Limited support: Unknown platforms often lack immediate support for issues.

Solution with Rakiiz:

Rakiiz combines security, speed, and ease of use in a single platform, with high-level protection for transactions and 24/7 direct support.

Practical Example:

A sender using an unknown platform experienced over a week of delays due to technical issues and no direct support. With Rakiiz, the money arrives in real-time, and support is available immediately to resolve any problems.

Conclusion

Sending money internationally from Iraq doesn’t have to be complicated or costly. Avoiding these five common mistakes ensures your money reaches its destination safely, quickly, and at maximum value:

1. Hidden fees: Avoid unexpected deductions from intermediary banks or receiving fees.

2. Poor currency management: Always check real exchange rates to prevent losing part of the sent amount.

3. Ignoring legal requirements: Compliance with AML and KYC prevents delays or rejection of large transfers.

4. Transfer delays: Slow transfers may affect personal or business obligations and risk losing money.

5. Choosing unreliable platforms: Unknown platforms may compromise your funds and lack prompt support.

Are you ready to send your money safely and quickly?

Stop wasting time and money with traditional transfers. Try Rakiiz today for international transfers that are:

• Fast: Arrive within hours

• Secure: Full transaction protection

• Transparent: No hidden fees

[Start your transfer now with Rakiiz] and ensure your money reaches your family or partners abroad at maximum value!