SENDING MONEY TO MENA / KURDISTAN FROM EUROPE
COMPARISON OF OPTIONS
Bank transfer (SWIFT):
- Fee: 15-40€ per transfer
- Exchange rate: bank rate (usually poor, 2-4% markup)
- Speed: 2-5 business days
- To Iraq/Kurdistan: limited — most Iraqi banks are not on SWIFT
Wise (TransferWise):
- Fee: 1-3€ for small amounts
- Exchange rate: mid-market rate (best available)
- Speed: 1-2 days (to supported countries)
- Iraq: NOT supported. Works for Turkey, Morocco, Jordan
- Best for: Turkey, Morocco, Egypt, Jordan, Lebanon
Western Union / MoneyGram:
- Fee: 5-15€ (varies by amount and destination)
- Exchange rate: 2-5% markup
- Speed: minutes (cash pickup) or 1 day (bank)
- Iraq/Kurdistan: AVAILABLE (cash pickup in Erbil, Sulaymaniyah, Dohuk)
- Best for: Iraq, Syria, where banks don't work
Hawala (informal):
- Fee: 1-3% of amount
- Speed: same day
- Risk: no legal protection, no receipt, potential legal issues
- Still widely used for Iraq/Syria where banking is unreliable
- Legal grey area in most EU countries
Ria / Azimo / Remitly:
- Fee: 1-8€
- Speed: minutes to 2 days
- Coverage: varies by country
- Often best rates for Morocco, Algeria, Tunisia
TIPS
- Always compare on remittanceprices.worldbank.org
- Avoid airport/train station exchange offices (worst rates)
- For regular transfers: set up recurring with Wise or Ria
- Keep receipts for tax purposes (large transfers may trigger bank questions)
- Iraq: Western Union + cash pickup is most reliable currently