Money In Iraq

Money in Iraq in the form of cash for the coalition and civilian contractors is not used very often. Most of us use our debit or credit cards.

In the rare event that we use cash at the PX, pennies are not accepted. The prices are rounded up to the nearest five cents. More times than not, instead of cash and coins, we use POGS. These are thick cardboard coins that the PX accepts.Four years ago, when I first went to Iraq, I would use my debit card but it would not automatically take money out of my bank account.

Paperwork was filled out and it took about sixty days for a charge to show up on my bank statement. Now, using your debit card as money in Iraq is just like using it back home--instant deductions from your bank account.

The currency that Iraqis use for money in Iraq is called the dinar. Prior to his capture, the dinar had the face of Saddam Hussein on many denominations. After his capture, Iraq got newly designed dinars without Saddam.

The new dinars are more durable and are better protected against counterfeiting.

They became available on October 15, 2003 in several denominations and in both bills and coins.

As of April of 2006, 1500 dinars is equal to one United States dollar.

Money in Iraq for civilian contractors is paid either by direct deposit to their bank accounts in the contractor's country of origin or by wire transfer to their bank account. I have been paid both ways.

The company I am with now pays by wire transfer so I start out with $30 less than I earn. Why? I have to pay $20 out of my check for the transfer and then an additional $10 fee for my bank to receive the wire transfer.

With today's technology, you would think an international wire transfer could be completed in mere minutes. Not so.

It takes several days for my paycheck to be sent from Kuwait to a bank in New York City and finally on to my bank in the United States.

Now, if you work for a non-American company as I do, don't expect their contract to mean anything to them. My contract says I am to be paid my paycheck on the first of each month. That has not happened yet. The earliest in over two years that it has reached my bank account is the 9th of the month. The latest so far was the 26th of June 2007. Talk about bills being late!!!

Today is the 17th of the month and I still have not received my paycheck. Middle Easterners operate on a completely different timetable than Americans. They are laid back and the words "fast" and "timely" are just not in their vocabulary.

If you are making money in Iraq from a non-American company, just don't depend on it to be on time and you will be okay. If it is your only source of income, the bills will always be late. American companies use direct deposit and the paychecks are usually on time.

Thank you for your visit.

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