Jaxjags Rafidain Bank launches MasterCard service for the disbursement of pensions outside Iraq
Saturday 16-05-2015 | 8:51:15
MasterCard - Z p
MasterCard - Z p
Twilight News / Rafidain Bank announced, on Saturday, announced the launch of MasterCard service E-retirees who are out of Iraq through its branches located there.
The general director of the bank on behalf of Kamal al-Hassani said in a statement responded to Twilight News, that retirees who are outside Iraq, they can become been paid through this service.
He noted that a retiree has the right to go to any ATM receipt of the same amount and currency of the country, who is there.
jaxjags Here are a few of my thoughts that I posted on another site:
XXXXX,...............something must be changing within the banking structure outside of Iraq if........as the article and as Rafidain has stated that retirees can use ATMs at its branches outside of Iraq and receive their salaries through the ATM in that countries' currency.
[7:49:48 AM] Alan White: How in the world can that work....................how can that country accept the IQD and exchange it electronically for another countries' currency????
[7:51:51 AM]: The next question is this: does the Rafidain have branches in the USA or Canada?
[7:54:12 AM] : Doesn't anyone remember the big announcement of the Radifain reopening their branch in London, UK????
[7:55:11 AM]: If this article is correct, retirees in the UK can use the ATM at the branch and receive their salary in the GBP.
[7:55:21 AM]: Am I reading this correct???
hi-five Great news, Jax - thanks! The assumptions were that Iraq had to have an easily available, internationally tradable currency in order to launch this.
If retirees actually have access to this now, then there should be a change in the exchange rate. I'm trying to remember the amount that the articles said the retirees were to receive. Whatever the amount, at the 1166 rate the pensions won't amount to much.
Jaxjags I like the term "launched".............as in past tense!!!!
Jaxjags I also remember the Rafidain running the test on this within the gulf region to include Jordan and it was successful. But now,.................if this includes all of its branched and remember, the Rafidain reopened its London branch a few months ago,...........IMO this is very good news.
G-Lin IMO they would need an internationally recognized conversion rate. 1166 would be a digital nightmare. CBI has been closed for 4 days. They should come back on line tomorrow. I'm not pumping here, just interesting timing.
Thanks jax. hi-five it seems like pensions were about 400 a month. I've read it a hundred times but now I've drawn a blank. What's new? :lol:
G-Lin [DIFF. SOURCE]
Rafidain Bank launches MasterCard service for the disbursement of pensions abroad
05/16/2015 10:40 Fired Rafidain Bank, MasterCard service, for the disbursement of retirees who are salaries outside the country.
The general director of the bank on behalf of Kamal al-Hassani, on Saturday, in a statement that "retirees who are outside Iraq, they can become been paid through this service."
He noted that "retired has the right to go to any ATM, the receipt of the same amount and currency of the country where the Protein content
mike Thanks G-lin and Jaxjags, I remember reading where pensions were between $300-$400 a month, depending on length of service.
I'd like to hear what OWHN has to say about this, I can see Rafidain having the ability to pay the salaries in dollars because they get paid those for the oil, but I'm not sure how they would convert dinars to GBP or the Euro without some kind of change in the status of the dinar.
Jaxjags What is of interest to me see the recently reopened Rafidain branch in London, UK. I can see this happening within the ME/ Gulf Region where the testing was done. However, for an Iraqi to walk up to an ATM at the Rafidain in London and receive the GBP drawn on the Iraqi's IQD account...........now that is huge.
DreamWeaver Well-respected dinarian, in discussion last year, told me Rafidian bank had originally opened in London in 2013 (?) ... and then closed.
His opinion was it closed because RV didn't occur, as expected, and no point in keeping it open--as no business, making any money, would be conducted.
When he saw bank branch re-open in London, he took that a huge sign that business would be transacted outside Iraq--international business--and RV was looming. Sharing his perspective, respectfully--as I absolutely agree with him and Jaxjags. Best ~ DW