Remittance Request for Bills Iraq : Rasheed Bank

Name of the Organization : Rasheed Bank
Type of Facility : Remittance Request for Bills
Country : Iraq

Official Website : http://rasheedbank.gov.iq/

Remittance Request for Bills :

A banking service under which funds are transferred or collected based on the branch customer request or to a beneficiary citizen off the branch city, which could be abroad.

Related : Rasheed Iraq Certified Checks Withdrawn On Bank : www.statusin.org/5643.html

They are either purchased, sold or for- collection bills; or foreign bills (abroad). Under this, accounting entries are made according to nature of the bill, whether it is cash or from the account. It also could be under a check or phone, mail or telegram remittance, as in sold bill case. Remittances are made for commissions and expenses which represent the operation cost according to the Banking Operation Fee List.

Description of Services :
The remittance is requested under a Remittance Request Form which is filled and signed by the customer or branch authorized signatories (purchased/ sold bills). A Cost Bill is organized by the employee of the sold bills’ department and it is charged either in cash or by crediting it. In the purchased bill case it is crediting upon collection of bill amount or in cash by the customer. Same is done in case of bills for collection. Special procedures are taken by using test numbers and codes for checking authenticity of operation (sold- purchased). A check is made if the bill is sold under check that includes all required data : date and name and signature of the issuing branch, name of ordered. Branch Form # (45) is used if it is a mail remittance. Necessary accounting entries and note for that purpose are made.

Required Document :
The Bank and remittance applicant are committed to the conditions stated in the papers signed by the remittance applicant according to the forms adopted at the Bank and to the applied rules of Commerce Law.

Legal Framework And Conditions :
The standard time of purchased and sold bills is the filling of the form by the remittance applicant and procedures of cash depositing and withdrawing from someone’s account, and the time spent to make the phone call in (purchased and sold bills) , then making necessary accounting entries, making its note and signing by categories (A and B) signatories. In case of sending them for collection, the legal grace period is (21) days to receive the drawee branch reply to finish the required procedures, otherwise the branch is referred to investigate about it.

Standard Time of Service :
Fees, commissions and expenses are charged for each type of bills (purchased/ sold/ for-collection) mentioned in the Banking Fee List issued by the Bank.

About Us :
Al Rasheed Bank was established under Law No. (52) for the year 1988. It is subject to the Public Companies Law No. (22) for the year 1997 and on 4/12/2001 the capital of the Bank became two billion Iraqi Dinars.

The Rashid Bank aims to support the national economy through its functions, With the following :
1- Comprehensive commercial banking
2 – Investment of money at home and abroad
3. Financing all economic sectors according to development plans

4 – Providing banking services in the field of internal transactions of current accounts and savings and fixed deposits and grants advances and miscellaneous loans (in dinars and foreign currency) and credit facilities for individuals and companies.

Contact Us :
Al Rasheed Bank
General Administration
Al Rasheed District, Mahalat 110, Street 25
Pour. Postal Bab Al – Mu’amaz – Baghdad – Iraq
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