New Member Questions - Exchanging

[Cylent]

Ok, I know I'm a total noob here but it never hurts to ask. About a week ago I purchased about 200k in 50 Dinar notes, CASH. I physically have the notes in my posession. Here are my questions.

1.) Do I have to have a bank account in another country to exchange IQD for USD?

2.) When is the IQD expected to hit the market?

3.) The second it does hit the market, should I sell them off as quickly as possible? Or should I hold on to them hoping to get a better exchange rate?

4.) How do I sell them anyway?

5.) Will a US bank exchange the notes for USD?

I've been trolling the board for about a week and see that most everyone has alot more dinars than I do, like 40 million in some cases, but 200k was all I could afford at the moment. I truly hope it pans out. Any help from experienced users is greatly apreciated. Thank you and I hope to have a long stay here.

[WilliamMunny]

[I]
one to two pennies on a dollar isn't much until you get into the hundreds of thousands of dollars, so call around.


...wow,...kinda' thought there'd be a fee, but never thought about how much that could actually be....1mil = 10K fee!!

[jp21k3]

This is aslo my first post. I've been reading everyone's post for awhile now but have not had the nerve to post myself. I though this would be a simple thread to start. One of the many questions I have is regarding Taxes. Will we or won't we need to pay taxes if and when we exchange. I've heard from a few people that we won't and most people said we will. What does everyone think/know? I also would like to thank all of you whom love to post their ideas on here. Every idea helps, good or bad. Anyway, now I"m not a virgin!!!!...I feel so violated....Just kidding...Thanks again.

[donotdenydinar]

Altho I got mine from Compass, I have no loyalty as to where to exchange them. I hear from 1 to 3 percent is what to expect. Does anyone know what Compass charges? Will this rate lower if you're cashing out more?
How can I find those institutions that charge 1%?
Bet if ranch were here, He'd know all this stuff!

[TiredOfWork]

This is aslo my first post. I've been reading everyone's post for awhile now but have not had the nerve to post myself. I though this would be a simple thread to start. One of the many questions I have is regarding Taxes. Will we or won't we need to pay taxes if and when we exchange. I've heard from a few people that we won't and most people said we will. What does everyone think/know? I also would like to thank all of you whom love to post their ideas on here. Every idea helps, good or bad. Anyway, now I"m not a virgin!!!!...I feel so violated....Just kidding...Thanks again.
Haha, that's good, violated. Want to feel violated? Post a rumor! LOL!

It's generally accepted that a profit from the dinar will result in capital gains taxes being owed. Best idea is to search this site for the many, many discussions, then call a tax attorney when the time comes. Welcome!

[Laurali]

I have a question:
Several people have said that they were going to put their dinar in a swiss account or some other int'l account. Then they will just take out $500 or so each from an ATM states side. Doesn't conversion of that particular country you have your account set up in come into play?

I also was told that as long as you don't have to pay taxes on anything below $10k. Any truth in that?

[hilljack13]

I have a question:
Several people have said that they were going to put their dinar in a swiss account or some other int'l account. Then they will just take out $500 or so each from an ATM states side. Doesn't conversion of that particular country you have your account set up in come into play?

I also was told that as long as you don't have to pay taxes on anything below $10k. Any truth in that?

Anything over a mere $200 you have to pay taxes on. It is in one of the IRS pubs. Someone posted it before on here too..should be able to find it.

[King_NID]

...so shop around and don't let on to how much you have...barter for a price!
Uminchu, when bartering for a price wouldn't it be helpful to let the institution know how much you will be exchanging? The more they know you have the better the rate they would be willing to give you, right?

[BABYBULL24]

Uminchu, when bartering for a price wouldn't it be helpful to let the institution know how much you will be exchanging? The more they know you have the better the rate they would be willing to give you, right?


Money is power. If this reaches anywhere close .50 - will be putting 10+ million USD's into a US Bank. Not only will I be negotiating a rate but will have my feet up on the bank president's desk while he running for my beverage. I definately would tell them if you have a decent amount.

[LakewayDaze!]

Money is power. If this reaches anywhere close .50 - will be putting 10+ million USD's into a US Bank. Not only will I be negotiating a rate but will have my feet up on the bank president's desk while he running for my beverage. I definately would tell them if you have a decent amount.


That is so funny. The best part is that your absolutely right. You will at that point have the power....as will I. :)

Go Baby Go!!

[BABYBULL24]

I was at a BOA on Friday to get some paperwork notarized. Sat down with the assistant manager - in passing I asked if they a foreign currency book on site. She looked at me sideway's and said foreign currency book???

Knew I was in trouble - she said if I had foreign currency to exchange that I could do it with a teller. Thinking to myself - if this lady only knew how much foreign currency I was talking about "it wouldn't be taking place through plexiglass"!

It would be the infamous CDX - closed door exchange!

Peace

[King_NID]

What I meant was that as you are bartering for the price, work them...if you let the cat out of the bag right away they have you...then there is nothing to work towards...Does that make sense...Something on the line of "I have several million or even start out with several hundred thousand" Just to see their reaction...if they are willing to work with you.
Gotcha, Uminchu. Come to think of it you're right about not letting the cat out of the bag too soon. After all, he who names price first loses. Once you've nailed them down to a good rate then bam, give them the good news as to the amount! That way everybody is happy.

[middleasterncrusin13]

I'm also a new member. I'm a contractor in Iraq, working in support of coalition and Iraqi forces. Although I'm in Iraq, I can't just walk to the nearest Iraqi bank. I do have Dinar here, but can't find a place to put it. I go to Dubai and Thailand several times a year, but failed to find a bank in Thailand that would open a Dinar account. Does anyone know where, in Dubai, I can just walk in with Dinar and open a Dinar account? I don't go to USA, and am looking to hold on to my dinar as an investment. I'm also afraid that Iraq will either de-value the Dinar (create new Dinar) or join a "Gulf Euro Dollar". This fear of mine is what's driving me to look for a bank (or ?) which will automatically exchange if that happens.

Can anyone alleviate my fears or give me some help? Thx