Online banking:

Commercial bank of Iraq always strives to provide the best by keeping abreast of the latest technological developments that enable its customers to benefit from these electronic banking services by simply connecting via the Internet using a personal computer or smartphone from anywhere in the world. The customer can conduct his own banking operations without having to review Bank branches, where the customer can transfer funds between accounts, get the statement of account, knowledge of the balance, transfer from the client account to another client account within the same bank, in addition to the possibility of applications such as the request of the cheque book in a very easy manner and supported by the highest levels of security

    This service requires: -

  • Complete the online banking application form.

Deposit and withdrawal service from any branch:

Through this service, the customer can get the benefit from the banking services by going to any near branch, not necessarily the same branch (in which account has been opened).

This service requires: -

  • When depositing and exceeding the amount of 10 thousands dollars or 15 million Iraqi Dinars, the customer must submit supported documents and fill out KYC form plus bringing the authorization granted to the company representative or the person who is in charge to deposit as well as company seal.
  • In case of withdrawal by the company's CEO, and the amount of money exceeds 10 thousand dollars or 15 million Iraqi Dinars the KYC should be filled.
  • If the withdrawal by the beneficiary him/herself then the following requirements should be submitted as” personal IDs, the residential card and other supported documents that show relationship of the beneficiary with the drawer and fill out the form Know your customer (KYC) in the case if the amount of money more than (15 million) dinars or (10 thousand) dollars.

Electronic Clearing Service (ACH):

It is the service that enables the customer to collect the amounts of the Checks deposited in his account in a short period.

This service requires: -

  • Having an account for the company.
  • Providing a customer identification card.
  • Provides legal and technical requirements in the deposited check.
  • Fill out the Financial Resources Disclosure Form if it exceeds the amount of the check (10,000) in US dollars, or (15,000,000) Iraqi dinars.
  • Providing enhanced holdings of funds sources if the amount of the check exceeds (10,000) in US dollars, or (15,000,000) Iraqi dinars.

Business to Business (B2B):

The Bank provides its clients with a comprehensive automated system that ensures full control over the execution of its various electronic payments such as employee salaries and supplier invoices, as well as managing the collection of receivables from third parties. This system is a direct, secure and integrated point of contact between the company and the bank and is consistent with the various resource management systems and accounting systems.
This system ensures faster and easier payment, as well as simplifying the reconciliation of accounts through the issuance of statements of accounts for various transactions. It also has the ability to adapt it to meet the different purposes and needs of companies and institutions and achieve operational efficiency

To obtain this service requires: -

  • Opening an account by the company's authorized manager.
  • Complete the B2B service application form.
  • Opening accounts with staff names.
  • Contract with the bank to grant the service.

IBAN International Bank Account Number:

The International Bank Account Number contributes to improve the level of financial and banking services and to settle payments locally and internationally, thus this will contribute to the completion of money transference more quickly as a result of the use of a valid bank account number confirmed by international bank account standards.

IBAN (23 Digits)
Country code Checking code Definition of the bank
Bank Identifier code Account Number
Two digit Two digit SWIFT Code of four numbers The three digit branch code The 12 digit account number

Foreign Account Tax Compliance Act (FATCA)

The Commercial Bank of Iraq is one of the Iraqi banks that keens to comply to FATCA

Where the model follows (Reporting Model 2 FFI) And has a global identification code (GIIN). (XNHD3J.00004.ME.368)