Swiss/Offshore bank account question

[AirForceGuy]

I am a military guy getting ready to head back to the States with about 700,000 NID. I have heard that I can open a bank account in either Switzerland or maybe in the Cayman Islands (assuming I can get to one place or the other) and keep the account in Iraqi Dinars. Some even say that there are accounts which pay interest. Also, this would make withdrawls easy as I could simply cash out whatever amount I wanted in any currency (USD) minus a small charge. Is this true? Does anyone know if such an idea even seems plausible? Thanks for any input.

[jayboz]

I am a military guy getting ready to head back to the States with about 700,000 NID. I have heard that I can open a bank account in either Switzerland or maybe in the Cayman Islands (assuming I can get to one place or the other) and keep the account in Iraqi Dinars. Some even say that there are accounts which pay interest. Also, this would make withdrawls easy as I could simply cash out whatever amount I wanted in any currency (USD) minus a small charge. Is this true? Does anyone know if such an idea even seems plausible? Thanks for any input.
Iraqi dinars aren't allowed out of the country, so I don't think you would be able to open an account outside of Iraq...yet. :shhh: I could be wrong! :o

[AirForceGuy]

Are they not allowed outside of Iraq, or currently not being traded outside of Iraq. I have heard that they could hit the open market as soon as October of this year. If this is the case, doesn't it follow that one could open an account in this particular currency?

[Iraqi Al Yahud]

It's all speculation when or if the Iraqi dinar opens on the world market. Until then, you have this forum. That's why it's here to speculate on all aspects of the Iraqi situation

[DrCashflow]

If Dinars really are not allowed outside of Iraq, are we going to have trouble cashing them in at a US bank when they begin trading on the market? Will the US bank deem them illegal because the dinars are not in Iraq, therefore forcing us to send/go to Iraq to cash them in?

[Iraqi Al Yahud]

Taking currency out of a country is usually illegal in most countries. There are limits and need to be declared. Same holds true for importing currency, it must be declared upon entry. Regarding the dinars, we should have no problems exchanging them at a bank once the dinar hit the world market. US banks may want proof as to how you obtained large quantities. Then you will have to pay capital gain taxes. Since our dinars are already in our pockets we are all set for know. However, if you are in Iraq today trying to take dinars out that is illegal.

[harkenkc]

When I left Afghanistan I went to Kuwait and they say you can not take more than $10,000 worth of anything out. So the exchange rate makes what you have way under $10,000 US. They told me not to even worry about it. Thats the good part of being on a military aircraft.

Tim