Currency in Iraq: IQD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Iraq with the Iraqi dinar.
What's in this Iraq currency guide?
What currency is used in Iraq?
The official currency of Iraq (country code: IQ) is the Iraqi dinar, with symbol ع.د and currency code IQD.
What is a good Iraqi dinar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in Iraq?
The domestic currency in Iraq is the Iraqi dinar.
What is the Iraqi dinar currency code and symbol?
The three letter currency code for the Iraqi dinar is IQD — symbol is ع.د.
What does the Iraqi dinar look like?
Here is an example Iraqi dinar banknote:
Which countries use the Iraqi dinar?
It is the domestic currency in Iraq.
Is the Iraqi dinar a closed currency?
No, the Iraqi dinar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and IQD?
Here are some popular conversion amounts for USD to IQD (US dollar to Iraqi dinar)*.
| USD | IQD |
|---|---|
| $ 0.7640 | ع.د 1,000 |
| $ 3.8200 | ع.د 5,000 |
| $ 15.28 | ع.د 20,000 |
| $ 76.40 | ع.د 100,000 |
More amounts
*Converted at the current USDIQD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Iraq
Using Wise for Iraqi dinar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Iraqi dinar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Iraqi dinar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the IQD cash locally or even on travel day at the airport.
Iraq: Travel Guide
Traveling to Iraq requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Iraq is a country in the Middle East with a history that dates back millennia. It is home to some of the world's most iconic archaeological sites, as well as large stretches of unspoiled desert and mountains. Iraq has been through a lot in recent years, with a devastating civil war and the rise of ISIS, but the country is slowly rebuilding and is safe to visit for travelers and expats. The Iraqi people are incredibly hospitable, and visitors will find plenty of opportunities to experience traditional Arab culture.
Best things to do and see in Iraq
- Explore the ancient city of Babylon
- Visit the Shiite shrines in Karbala
- Pay your respects at Saddam Hussein's tomb
- Stroll through the markets of Baghdad
- See the ancient city of Ur
- Visit the Mosul Museum
- Explore the Citadel of Erbil
- Visit the ancient city of Nineveh
Top Travel tips for Iraq
- Visiting Iraq can be a rewarding and enlightening experience, but there are a few things to keep in mind to make the most of your trip.
- The best time to visit Iraq is during the spring or fall when the weather is more moderate.
- Be sure to dress conservatively, especially if you are a woman, and be respectful of local customs and traditions.
- Iraq is a predominately Muslim country, so be mindful of religious traditions and customs.
- The security situation in Iraq is unstable, so be sure to check the latest travel advisories before you go.
- Iraq is a fascinating country with a rich history and culture. Be sure to allow plenty of time to explore all it has to offer.
What's the best way to pay in Iraq?
Most businesses in Iraq will accept cash payments in Iraqi dinars. There are ATMs available in major cities, but they may not always have sufficient funds. Credit cards are not widely accepted, so it is advisable to carry enough cash to cover all expenses.
Everyday Costs in in Iraq
How much does it really cost to live, work, or travel in Iraq? Here's what to expect for daily expenses and expat living.
Currency Guide for Iraq (ISO Code: IQ)
When planning a mid-range stay in Iraq for one week, travelers should budget between 600,000 IQD to 1,000,000 IQD (approximately $500 to $830 USD) to cover typical expenses. The following are typical daily costs in Iraqi Dinar (IQD) that can help guide your budget:
- 🍽️ Meal at a local restaurant: 20,000 - 30,000 IQD
- ☕ Coffee: 3,000 - 5,000 IQD
- 🚍 Public transport fare: 1,000 - 2,000 IQD
- 📱 Prepaid SIM card: 6,000 - 10,000 IQD
- 🏨 Budget hotel or Airbnb: 30,000 - 50,000 IQD per night
Overall, Iraq can be considered an affordable destination for travelers compared to the United States, where similar dining and accommodation options can cost nearly double. For instance, a meal at a mid-range restaurant in the U.S. averages $20, while in Iraq, it only costs around $15. When compared to the UK, the costs are similarly favorable, making Iraq a viable option for budget-conscious travelers looking for unique experiences.
Living Costs and Financial Tips for Expats in Iraq
For expats living in Iraq, the typical monthly living costs can vary significantly based on lifestyle choices, with a general estimate ranging from 1,500,000 IQD to 2,500,000 IQD (about $1,250 to $2,080 USD). This budget usually covers accommodation, food, utilities, and transportation. For those navigating the local banking environment, it's advisable to use cash whenever possible, as card acceptance can be limited outside of major cities. However, using cards can be convenient for larger purchases, so carrying both cash and a card is a good strategy.
When it comes to sending and receiving money, online money transfer services like Wise or OFX can often offer better exchange rates and lower fees than local banks, especially for international transactions. While it is typically more advantageous to exchange money locally for daily expenses, utilizing these services for larger transfers may result in significant savings. Be sure to do your research and compare rates between local exchanges and online services to make the most of your money while living in Iraq.
USD/IQD Market Data
The below interactive chart displays the USD/IQD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Iraq - Best Rates
To get a good (and fair) exchange rate when sending money to Iraq you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Iraq
When sending money to Iraq it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Iraqi dinar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted IQD amount will be transfered to the recipient account you specify in Iraq.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Iraqi dinar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Iraq
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Iraqi dinar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the IQD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Iraqi dinar bank account: A local IQD bank account can make it easier for you to manage your finances and pay bills while you are in Iraq. It may also be more convenient to use a local IQD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Iraq. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Iraq. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Iraq, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Iraq.
How is the cost of living in Iraq?
The cost of living in Iraq is high.
How is the expat life in Iraq?
The expat life in Iraq can be quite challenging. There are a number of issues that can make it difficult to adjust to life in Iraq. These include the political situation, the security situation, and the economic situation. Additionally, the cultural differences can be quite pronounced.
Any laws in Iraq that foreigners should be aware of?
There are very few laws in Iraq that foreigners should be aware of. The Iraqi legal system is based on Sharia law, which is a set of religious laws that govern all aspects of life in the country. Sharia law is applied to both Muslims and non-Muslims, and it is the only legal system in Iraq. There are no secular laws in Iraq.
What is doing business like in Iraq?
There is no easy answer for this question as business conditions in Iraq vary greatly depending on the sector, location, and other factors. Some businesses are thriving in Iraq, while others are struggling. Overall, however, business conditions in Iraq are challenging. Security concerns, weak infrastructure, and bureaucratic red tape are just some of the many challenges businesses face in Iraq.
How is the economy in Iraq?
The economy in Iraq is slowly improving due to recent reforms and an increase in oil production. However, it remains relatively weak compared to other countries in the region. The unemployment rate is still high, and many Iraqis are living in poverty.