The 60-second version
Iraqi bank exit needs zero balance certificate, IQD converted at CBI rate, and SWIFT to NRE before India tax residency. I retain closure letters for Schedule FA.
Convert IQD at bank before SWIFT — Rafidain and Rasheed need branch visit
Iraqi banks require in-person closure with passport and residency card — obtain zero balance certificate in English.
Rafidain Bank, Rasheed Bank, and Trade Bank of Iraq serve expats — convert IQD to USD at bank before SWIFT to NRE.
Tax exit: Iraq return guide for Baghdad payroll clearance parallel.
Iraqi bank wind-down
| Bank | Currency | Step |
|---|---|---|
| Rafidain | IQD/USD | Zero + close |
| Rasheed | IQD | Convert USD |
| Trade Bank | USD | SWIFT NRE |
| Linked card | Debit | Cancel first |
Closure
Cancel cards
Debit/credit first.
Convert IQD
USD leg.
Wire SWIFT
To NRE.
Closure letter
Bank certificate.
Schedule FA
Last FY foreign account.
Flow
Iraq bank kit
- Passport.
- Residency card.
- Zero balance cert.
- SWIFT receipt.
- Closure letter.
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USD preferred
Wire USD to NRE — IQD conversion at bank avoids black-market FX risk.
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IQD account?
Convert to USD at bank before SWIFT — NRE accepts USD.
Schedule FA?
Declare account in last FY you held foreign bank.
FBAR?
US person — FinCEN 114 if aggregate > USD 10K.
Iran parallel?
Iranian bank guide for Tehran account.
Dormant fee?
Close within 60 days of India move to avoid monthly charges.
Joint account?
Both holders sign closure.
Your NRE account redesignation has a deadline.
Banks don't remind you. You need the right account stack before salary, rent, and EMIs start moving. Get the exact sequence.