FIB review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
First Iraqi Bank suits people banking in Iraq who want a fee free personal account and a fixed term deposit. The no monthly fee is matched by most rivals, but 6.7% currency conversion and a IQD 10,000,000 minimum on the term deposit narrow who benefits most.
Key facts
- Best for
- Anyone in Iraq wanting a fee free everyday account with an optional fixed term deposit.
- Monthly fee
- IQD 0↗
- Currency conversion fee
- 6.7%↗
- Currencies
- 3↗
- Local account details
- IBAN↗
- Transfer fee
- Local ACH transfer 0.2% (minimum 10,000 IQD); SWIFT charges 125,000 IQD plus 5% outward remittance commission↗
- Legal entity
- First Iraqi Bank↗
- Headquarters
- Iraq↗
- Founded
- 2021↗
- Support channels
- Email, Phone, Help-centre↗
- Audience
- Students
- Pricing model
- No monthly fee, Fixed rate
- Features
- Free ATM withdrawals
- Official website
- fib.iq
Savings
- Headline rate
- 4.5% to 9%↗
- Rate type
- Fixed↗
- Term
- 1 to 12 months↗
- Minimum deposit
- IQD 10,000,000↗
- Access terms
- Fixed deposit of 1, 3, 6 or 12 months; profit credited monthly or at end of term within one week; breaking the deposit before maturity needs prior bank approval and forfeits part of the interest↗
- Account kind
- Fixed↗
Pros and cons
Pros
- Monthly fee of IQD 0 on the personal account, in line with most of the everyday account market
- Fixed term deposits paying 4.5% to 9% over terms of 1 to 12
- Free ATM withdrawals, which is listed as a feature
- Local IBAN details and 3 currencies to hold and receive
Cons
- Currency conversion of 6.7% is the top of the everyday account range and well above the 0.22% median
- The term deposit needs a minimum of IQD 10,000,000, far above the €17.83 upper quartile in the category
- SWIFT transfers carry IQD 125,000 plus an outward remittance commission, so sending money abroad is costly
Who it suits
- People living and working in Iraq who need a local IBAN and free ATM access
- Savers with spare dinars who can leave money for a fixed term and want a fixed rate
- Students opening a first personal account, as the bank lists students as an audience
Who should look elsewhere
- PayPal Colombia, if you send money abroad often and would rather pay a conversion fee of 3% to 4%
- eToro, which shows no currency conversion fee, against 6.7% here
- Skrill, if a conversion fee of 3.99% and a wider choice of currencies suits a multi market wallet better
How FIB compares
8.3 vs 8.7
8.3 vs 8.6
8.3 vs 8.0
8.3 vs 8.9It shows a currency conversion fee of 0%, so anyone converting money often pays nothing there.
8.3 vs 9.1
8.3 vs 9.2
8.3 vs 8.7
8.3 vs 8.7
8.3 vs 8.7
8.3 vs 9.0A wallet rather than a bank, with a conversion fee of 3.99% and a broader multi currency offering for holding several currencies.
8.3 vs 8.7
8.3 vs 9.5
8.3 vs 9.4
8.3 vs 9.3
8.3 vs 9.2
8.3 vs 9.2
8.3 vs 9.2
8.3 vs 9.2
8.3 vs 9.2
8.3 vs 9.2
8.3 vs 9.1
8.3 vs 9.0
8.3 vs 9.0
8.3 vs 8.9
8.3 vs 8.9- 8.3 vs 8.9
8.3 vs 8.7
8.3 vs 8.5
8.3 vs 8.5
8.3 vs 8.5
8.3 vs 8.4
8.3 vs 8.3
8.3 vs 8.2
8.3 vs 8.1- 8.3 vs 8.1
8.3 vs 8.0
8.3 vs 8.0
8.3 vs 8.0
8.3 vs 9.1
Where FIB is available
- Available
- Iraq
- Licence in Iraq
- Central Bank of Iraq, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does a First Iraqi Bank personal account cost each month?+
The monthly fee is IQD 0 on the personal account. That matches the €0 median in the everyday account category, where most brands also charge nothing. The extra cost comes later, mainly on currency conversion and international transfers.
Who regulates First Iraqi Bank and where is it licensed?+
The bank is licensed in Iraq by the Central Bank of Iraq. The legal entity behind the account is First Iraqi Bank, and the service is built for the Iraqi market rather than for people opening accounts from abroad.
What does a term deposit pay and how long do I have to commit?+
Term deposits pay a fixed rate of 4.5% to 9% over terms of 1 to 12, with a minimum deposit of IQD 10,000,000. Profit is credited monthly or at the end of the term. Breaking the deposit before maturity needs prior bank approval and forfeits part of the interest.
What does it cost to send money abroad?+
SWIFT transfers charge IQD 125,000 plus an outward remittance commission, which makes sending money overseas expensive. Local transfers are much cheaper, at a small percentage with a minimum charge. Peer to peer transfers between First Iraqi Bank accounts are instant.
How many currencies can I hold, and can I get local account details?+
The account supports 3 currencies and provides IBAN local details for receiving money. Converting between currencies costs 6.7%, which sits at the top of the range compared with the 0.22% median for everyday accounts.
How do I get help, and are ATM withdrawals free?+
Support runs through email, phone and help centre, and free ATM withdrawals are listed as a feature of the account. There is no chat or community channel listed, so phone, email and the help centre carry the load for most questions.
Who is the personal account aimed at?+
First Iraqi Bank lists students as an audience for the personal account, alongside the free monthly fee and free ATM withdrawals. It is built around everyday domestic banking in Iraq, with local IBAN details and a term deposit on the side.
Sources
- apps.apple.com/us/app/1545549339 checked September 26, 2026
Backs: Currencies
“With First Iraqi Bank you can easily convert your money between IQD, USD, and EUR.”
- fib.iq checked September 26, 2026
Backs: Licences
- fib.iq checked September 26, 2026
Backs: Delivery time, Headquarters, Local account details
“Instantaneous, hassle-free money transfers between FIB account holders, directly from the FIB app”
- fib.iq/about-us checked September 26, 2026
Backs: Founded
“2021 Year of foundation in Iraq”
- fib.iq/fees-and-charges checked September 26, 2026
Backs: Features, Currency conversion fee, Exchange rate markup, Legal entity, Pricing model, Monthly fee, Transfer fee, Fee to send 1,000
“Commission for cash withdrawal via ATM: Free - Our ATMs (In the same account currency)”
- fib.iq/personal-account checked September 26, 2026
Backs: Audience, Support channels
“ISIC Card (backed by UNESCO) provides global student discounts”
- fib.iq/term-account checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Rate type, Term
“If the deposit is broken before maturity, the customer will not earn the full interest that was agreed upon initially. ... In case the deposit is broken, prior approval from the bank must be obtained.”
- link-p.fib.iq/2eti/ibbgdyb7 checked September 26, 2026
Backs: Payout methods
“First Iraqi Bank also allows you to make local and international transfers to other banks ... withdraw cash using a wide network of merchants all around Iraq ... They will appear in the app's wallet”
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Related by the facts
FIB
Anyone in Iraq wanting a fee free everyday account with an optional fixed term deposit.