SWIFT/BIC codes in Iraq

Iraq: banks and their SWIFT/BIC codes

Here you will find the SWIFT/BIC codes of 73 banks in Iraq, 94 codes in all. A SWIFT code tells the banks handling a transfer which institution is meant to get an international payment.

Every bank has its own page showing its main code and if there are any, branch codes. The rest of this page explain how the codes work, what transfers cost and the checks worth doing before a payment.

When does money sent to Iraq arrive?

How quickly money arrives in Iraq is determined by several factors: the currency, the number of banks in between, daily processing deadlines and differences in time zone. Bank holidays in either country can add a day or more, because banks do not process payments on those days.

A growing number of banks use SWIFT gpi, which lets them follow a payment from bank to bank. Every payment carries a unique transaction reference, the UETR that banks can use to see where the money is. Specialist transfer services usually provide tracking online, which makes it easier to see where the money is.

Commercial Bank of Iraq P.s.c. and its SWIFT codes

Commercial Bank of Iraq P.s.c. tops the list of Iraq banks when it comes to SWIFT/BIC codes. Its main office has AUBBIQBAXXX; that is usually the right code for a transfer.

Banks differ in whether they register branch codes – a high count is not a measure of size. Paying someone at Commercial Bank of Iraq P.s.c.? Go with AUBBIQBAXXX except when the recipient gives you a branch code.

How SWIFT codes from Iraq are built

Every SWIFT/BIC code has eight or eleven characters in a fixed order. Characters one to four stand for the bank, the fifth and sixth characters form the country code and characters seven and eight give the location.

In every code from Iraq, characters five and six are the two-letter ISO code of Iraq, which makes these codes easy to recognise. A code with other letters in that position come from another country.

An 11-character code adds a branch code, where XXX means the head office. In most cases the head office code is fine, unless the recipient gives you a branch code.

Getting paid from abroad into an account in Iraq

To receive an international payment in Iraq, the sender needs not just the BIC. In practice that means: your full name as your bank knows it, your IBAN or account number, the BIC of your bank and, often, your postal address.

The code of your bank appears in the list on this page, yet the version on your own statement or in your banking app is leading. Certain sending banks may also ask for your bank’s address.

The amount you receive is often less than the amount sent. Intermediary banks may deduct a fee and your own bank may charge for processing, and when currencies differ, a markup on the rate applies. For business payments, agree who bears the costs, so nobody is left short.

International payments to Iraq and the BIC

For Iraq you usually need the BIC, because the country is outside the SEPA area. Without it, most banks will not process the payment at all.

Not all countries use IBAN numbers; in that case the local account number is used instead. Ask the recipient exactly which details their bank needs for incoming international payments. International transfers sometimes go via one or more intermediary banks and fees can be taken along the way.

What a transfer to Iraq really costs

The price of a payment to Iraq is made up of more than one component – not only the fee you see. You pay the transfer fee, sometimes fees from correspondent banks and, above all, the margin on the exchange rate if the money is converted.

That exchange rate margin is often the largest part of the cost. Compare the bank’s rate against the mid-market rate. The difference is your real cost.

For many routes, a specialist provider turns out to be less expensive than a bank, mainly because of the rate. GoldexPay lists transfer services side by side so you can see what actually arrives in Iraq for the same amount sent.

How reliable is this list?

The best place to find the correct BIC is paperwork issued by the bank. An incorrect BIC may lead to a delay, a returned payment or extra fees, so compare it with the list on this page.

This list is compiled from publicly available sources. Still, banks merge or retire codes, so information can be out of date. Treat this list as a starting point, not as the final word: the bank details from the recipient come first. GoldexPay is an independent comparison site.

Fraudsters regularly use payment requests carrying changed bank details from what looks like a familiar address. A real SWIFT code says nothing about whether a request is genuine: criminals use real codes too.