Cash in limits?

[hilljack13]

I have a nice amount of Dinar on hand and wondering when we get the r/v if anyone has heard of any limit that banks have as to how much can be cashed in. I ask b/c if we get close to .20 I somehow wonder if a bank will let me 'walk out' with a 1mil check.

[hilljack13]

Seeing 160 views and no replys I can answer this myself.....NO

[emile]

i don't think there is a limit but you may have to wait for your money so checks can be carried out.

[welshgaz]

Depending where you are they will be a limit you can cash in without haveing to pay stupid amounts of tax. For example in the UK after you make $26,000ish? you pay 40% capital gains tax etc etc....

I have a question related to this, if I cash in £20,000 and I get someone else to cash in £20,000 and they give me that money do i not get £40,000 on the lower tax band?

[TiredOfWork]

I have a nice amount of Dinar on hand and wondering when we get the r/v if anyone has heard of any limit that banks have as to how much can be cashed in. I ask b/c if we get close to .20 I somehow wonder if a bank will let me 'walk out' with a 1mil check.
I think the answer will be known once it happens. Like everything else with this speculation, we're all guessing until some official action is taken. I'm sure we'll be able to find out then, but most likely, not until.

[Adster]

Depending on the bank wonder how much they'd allow you to walk out in cash with! :lmao: :lmao: :D :D

[Joel57]

Depending on the bank wonder how much they'd allow you to walk out in cash with! :lmao: :lmao: :D :D

Individual bank branches only keep limited amounts of cash on hand.
Let's say you had 200,000 on deposit already and walked into your bank requesting 100,000 in cash, you would be told that arrangements would have to made in advance.....they simply do not keep large amounts of cash on hand.

[ISX_TIME]

Individual bank branches only keep limited amounts of cash on hand.
Let's say you had 200,000 on deposit already and walked into your bank requesting 100,000 in cash, you would be told that arrangements would have to made in advance.....they simply do not keep large amounts of cash on hand.

Well then , banks better start "getting with the program" , there will be a LOT of peeps cashin out soon

[hilljack13]

Individual bank branches only keep limited amounts of cash on hand.
Let's say you had 200,000 on deposit already and walked into your bank requesting 100,000 in cash, you would be told that arrangements would have to made in advance.....they simply do not keep large amounts of cash on hand.

do you think once it r/v i go to the bank they say i need to make arrangments would we be able to leave it with the bank and they deposit as they can? sounds flakey I know. I ask only to keep the same r/v for that day in case it drops in the coming days after..never know.

[GRETNA1970]

I have a nice amount of Dinar on hand and wondering when we get the r/v if anyone has heard of any limit that banks have as to how much can be cashed in. I ask b/c if we get close to .20 I somehow wonder if a bank will let me 'walk out' with a 1mil check.


Will you have a ski mask and a gun with you? :)

[GRETNA1970]

do you think once it r/v i go to the bank they say i need to make arrangments would we be able to leave it with the bank and they deposit as they can? sounds flakey I know. I ask only to keep the same r/v for that day in case it drops in the coming days after..never know.


They will give you the current exchange right then and there, and if you really have a lot of cash, they will probably give you a better exchange rate. The money will come in a few days.
You may want to look into forming a group of fellow investors within your home state (assuming you are in the US) and work together to negotiate the best rate. That is what a few of us are doing here in AZ. :D

[wherbie]

oddly enough....todays banks dont carry a lot of " cash "...or have it sitting around......I believe you have to order it....cash that is...it takes a couple of days...

I have a sweet deal with the currency trader here...but I cant tell you....LMAO

[hilljack13]

They will give you the current exchange right then and there, and if you really have a lot of cash, they will probably give you a better exchange rate. The money will come in a few days.
You may want to look into forming a group of fellow investors within your home state (assuming you are in the US) and work together to negotiate the best rate. That is what a few of us are doing here in AZ. :D

I am in Eastern NC. Have talked to two other on here that are in the area...anyone else want to do this? May start a thread.

[millionairetobe71]

They will give you the current exchange right then and there, and if you really have a lot of cash, they will probably give you a better exchange rate. The money will come in a few days.
You may want to look into forming a group of fellow investors within your home state (assuming you are in the US) and work together to negotiate the best rate. That is what a few of us are doing here in AZ. :D

That is a great idea!!!!!!!!!! I wonder if there is anyone from Texas in this forum that are willing to form an R/V coalition.....:happy64:

[axismundi]

Well then , banks better start "getting with the program" , there will be a LOT of peeps cashin out soon

Who is going to one millions in cash... I'd just put it in my account.

[dinar_skeptic]

I have a nice amount of Dinar on hand and wondering when we get the r/v if anyone has heard of any limit that banks have as to how much can be cashed in. I ask b/c if we get close to .20 I somehow wonder if a bank will let me 'walk out' with a 1mil check.
The first part is the biggest assumption... r/v'd at .2. I believe you'll have sometime to wait before that occurs. Good Luck

[markmopar]

if you live close to casinos, cash them in there. they give current exchange rate and keep more cash around than the banks.

[H2OLover]

They will give you the current exchange right then and there, and if you really have a lot of cash, they will probably give you a better exchange rate. The money will come in a few days.
You may want to look into forming a group of fellow investors within your home state (assuming you are in the US) and work together to negotiate the best rate. That is what a few of us are doing here in AZ. :D
Doing the same in Alaska this is a case of money talks and volume counts !

[Pip]

Very interesting--cashing in as a group. However, what are the tax ramifications of such a collaboration. One person cannot cash in that amount as the transfering of money to others will become taxable. Or does the bank say that they will give each individual a better rate assuming everyone cashes in at the bank on the set date? Do you set it up as a co-op/investment group? What paperwork is required for such a thing?

[H2OLover]

Very interesting--cashing in as a group. However, what are the tax ramifications of such a collaboration. One person cannot cash in that amount as the transfering of money to others will become taxable. Or does the bank say that they will give each individual a better rate assuming everyone cashes in at the bank on the set date? Do you set it up as a co-op/investment group? What paperwork is required for such a thing?
going in as a group to work the exchange rate .....tax is done on a scale to what you made last tax year and it is the IRS not the bank. Even if we are taxed on what we are holding it wont matter we all have more than a couple.

[choochie]

You guys come up with questions and answers that I had never even begun to think about! As soon as I absorb one thing, something else I didn't think about comes up! I think my head is going to explode!:eek:

[GRETNA1970]

I can't take credit for the idea, but was approched by G Mann (fellow Arizonian) and I believe he is the mastermind behind it. I instantly thought it was a great idea and joined in. I really think we can save a lot on the exchange rate. Rather than me going to a few banks with only a few mil, we are all hunting the whole state as representitives of our group with backing 100's of millions. I think we will get a lot of banks attention that way and best of all the best rate.

[Bishop]

You guys come up with questions and answers that I had never even begun to think about! As soon as I absorb one thing, something else I didn't think about comes up! I think my head is going to explode!:eek:

i'm with ya on that! :drunk:

[Chuckles]

Well to answer one of the earlier guys, I don't really think you would want to walk out of a bank with a $1,000,000 in cash! I mean why not just leave it in an account. If your worried about the full million not being covered by insurance, spread it out. I am sure that the bank could easily set up transfers for you to get accounts at several banks. Of course I am not positive how all this stuff works, but I believe that would be a better option than taking a $1,000,000 check home. I mean what are ya gonna do with that check... where could you cash it? Besides Vegas! :p

[hilljack13]

Well to answer one of the earlier guys, I don't really think you would want to walk out of a bank with a $1,000,000 in cash! I mean why not just leave it in an account. If your worried about the full million not being covered by insurance, spread it out. I am sure that the bank could easily set up transfers for you to get accounts at several banks. Of course I am not positive how all this stuff works, but I believe that would be a better option than taking a $1,000,000 check home. I mean what are ya gonna do with that check... where could you cash it? Besides Vegas! :p

purpose is to cash in, and put it in my credit union that get a higher interest than regular banks, they dont do currency exchanges.....:(

[hilljack13]

For anyone interested in useing TravelEx to exchange when the time comes. According to them there is only a $5 fee if you use the mail in form...

"Thank you for your email to Travelex.

First we would like to sincerely apologize for the long delay in responding.

We are more than happy to exchange any amount you wish to transact with Travelex. Please note that since this will be considered a large trade, showing proper identification and additional information are required.

Please visit or call your nearest Travelex store to speak with an individual regarding the information required.


We hope to serve you in the near future.

Kind Regards,

Retail Marketing
Travelex Canada Ltd.

Travelex... the world's foreign exchange company."

[cloaked]

That is a great idea!!!!!!!!!! I wonder if there is anyone from Texas in this forum that are willing to form an R/V coalition.....:happy64:

me, i is a texan :wave:

[mfriedl1]

For anyone interested in useing TravelEx to exchange when the time comes. According to them there is only a $5 fee if you use the mail in form...

"Thank you for your email to Travelex.

First we would like to sincerely apologize for the long delay in responding.

We are more than happy to exchange any amount you wish to transact with Travelex. Please note that since this will be considered a large trade, showing proper identification and additional information are required.

Please visit or call your nearest Travelex store to speak with an individual regarding the information required.


We hope to serve you in the near future.

Kind Regards,

Retail Marketing
Travelex Canada Ltd.

Travelex... the world's foreign exchange company."

Any mention of the difference between their rates and the bank rate? I would think they add 3-5% to the bank rate for exchanges...any one actually KNOW what they charge?

[TiredOfWork]

Any mention of the difference between their rates and the bank rate? I would think they add 3-5% to the bank rate for exchanges...any one actually KNOW what they charge?
Nobody is going to know anything specific to the dinar. Even after you call and visit, it will all be a guess until it is truly 'on the market'. My guess is that the more we ask, the more they know the market is here. Supply and demand. Demand goes up, the cost of exchange will go up. We're most likely driving up the exchange rates by jumping the gun. Relax, and wait for the news. There will be no true answers before then.

[mfriedl1]

Nobody is going to know anything specific to the dinar. Even after you call and visit, it will all be a guess until it is truly 'on the market'. My guess is that the more we ask, the more they know the market is here. Supply and demand. Demand goes up, the cost of exchange will go up. We're most likely driving up the exchange rates by jumping the gun. Relax, and wait for the news. There will be no true answers before then.
I shouldn't matter...if you exchange euros, the "mark up' should be the same percentage as if you were exchanging dinar...
I'm looking for number like 5% no a value like .01....

[TiredOfWork]

I shouldn't matter...if you exchange euros, the "mark up' should be the same percentage as if you were exchanging dinar...
I'm looking for number like 5% no a value like .01....
Is it? 'Should be?' Assume? Most likely? I would think... I'll believe the numbers when they happen. Until then, I'm going to keep it to myself. I just feel it's a waste of everyones time to be chasing down 'ghost' numbers. But hey, help yourself. :happy26:

[hilljack13]

Any mention of the difference between their rates and the bank rate? I would think they add 3-5% to the bank rate for exchanges...any one actually KNOW what they charge?

Right now i dont think it matters as I didnt mention the word "DINAR" in my request. Just if they had a limit. and looks like they dont. I didnt get any other information on what they charge besides the $5 processing fee for mail in exhanges...

[DinarDummy]

Is it? 'Should be?' Assume? Most likely? I would think... I'll believe the numbers when they happen. Until then, I'm going to keep it to myself. I just feel it's a waste of everyones time to be chasing down 'ghost' numbers. But hey, help yourself. :happy26:
While it might be nice to have an idea where to go and what to expect, I have to agree that we really won't know until it happens. I would not be surprised to see 'special' rates and fees, just for the dinar. And I don't mean lower. Hopefully, we find out sooner than later.

[mfriedl1]

Is it? 'Should be?' Assume? Most likely? I would think... I'll believe the numbers when they happen. Until then, I'm going to keep it to myself. I just feel it's a waste of everyones time to be chasing down 'ghost' numbers. But hey, help yourself. :happy26:
right, so there is no reason to find out what other currency mark ups are to get an idea...you're right....my bad.

[millionairetobe71]

me, i is a texan :wave:

Here we have another troop...let's get the numbers growing so we can get a better rate!!!!!! Are you "in" Cloaked?? C'mon, lets say YES!!!!

[troon]

To avoid huge taxes, it is advisable that you cash them in slowly not to exceed 10K USD at a time. Otherwise, the bank will make you fill out a tax form which in turn goes to the IRS. So, to keep your tax liability to a minimum my advise is to cash them in slowly over a period of time rather than in one lump sum. Hope that helps.

[kashkow]

I belong to a credit union and I know it is backed by the feds. I also know they will exchange any currency from any country. How may people are from Alabama and Missouri? I just relocated to missouri last year.

[dannykimji]

I agree with axismund i'll just put it in my acct. And if it's a different bank just wirer it to your own acct.And Millionairetobe71.your by your own lip's SAID YOUR FROM THE ISLAND NOT FROM TEXAS! How can we trust you with are dinar NOT??!!

[OK_Tax_Lawyer]

To avoid huge taxes, it is advisable that you cash them in slowly not to exceed 10K USD at a time. Otherwise, the bank will make you fill out a tax form which in turn goes to the IRS. So, to keep your tax liability to a minimum my advise is to cash them in slowly over a period of time rather than in one lump sum. Hope that helps.

Troon,

What you are suggesting might be seen as tax evasion (I believe it is). A U.S. citizen is taxed on his/her worldwide income, and from whatever source derived. You can't get around the tax laws by skirting the currency reporting laws. The two sets of laws are not related in that way.

All dinar speculators should get good advice from competent CPAs/tax lawyers and reduce their tax burdens legally. Several threads on this Forum explore numerous ways to do just that.

[WOTA]

Fifth Third told me it does not matter the amount. Only that it would take two weeks to post to my account and that they do it through Brinks.

[ksdunlap]

Who wants to walk out with that moch cash without armed guard just tranfer to your account

[REITman]

As far as Travelex goes their website says they'll by your foreign currency at "A" current rate not the current rate. So there will most likely be a spread. The big question is how much of a spread.

"Whether you purchased your foreign currency notes or foreign travelers cheques from us or not, we will buy them back at a current rate. It’s easy."

http://www.travelex.com/usa/personal/SU_yourcurrency.asp?content=su