Banks and Fees

[lonelyintexas]

Opened up a savings account with BOA. Did alot of searching trying to find who was ready for exchange and they were and also have alot of branches. They do not charge a fee if you will open an account with them. This is only one I know of so far that will not charge a fee. Waiting to hear from others about which banks and if there are fees. In reference to taxes I talked with my CPA and he says it will be capital gains either short or long/less or more than a year.
LonelyinTexas:wave:

[Jgraj]

Opened up a savings account with BOA. Did alot of searching trying to find who was ready for exchange and they were and also have alot of branches. They do not charge a fee if you will open an account with them. This is only one I know of so far that will not charge a fee. Waiting to hear from others about which banks and if there are fees. In reference to taxes I talked with my CPA and he says it will be capital gains either short or long/less or more than a year.
LonelyinTexas:wave:

Do you mean BofA? if so, are you saying that they are ready for an exchange on the dinar?

[lonelyintexas]

Yes BofA,
Live in Texas

[Jgraj]

This is great news then, because many on here have stated that Bofa keeps on saying that they have no info on the dinar. I even called here in Az a while back and all I got was a response of that "we don't buy or sell dinar". Many on here have also noticed that the dinars they get from Compass bank sometimes have a BofA band around the dinar when they recieve them but Bofa would still claim that they don't deal in dinar.

So if they are now finally saying that they will exchange the dinar, is awesome news for us. The time to exchange them could be soon.

[Bishop]

mind tellin us which branch in tx??

[monkeyboy1nonly]

i heard that only some state are going to exchange denars. california will start exchanging in march, does anyone know if this is right or wrong, and for my own info i would like to know the current value or a web site that can tell me how much i will make.

[monico]

BofA may not have a fee but if you go to ther site they have one hell of a spread. I compared the Kuwait Dinar and the Buy price was $3.80 and the sell price was $3.03. I rather fly to Iraq. There has to be a better way.

We will see when reval happens.

[WilliamMunny]

i heard that only some state are going to exchange denars. california will start exchanging in march, does anyone know if this is right or wrong, and for my own info i would like to know the current value or a web site that can tell me how much i will make.

I'm in california, and I haven't heard that,...which bank?..

[WilliamMunny]

Opened up a savings account with BOA. Did alot of searching trying to find who was ready for exchange and they were and also have alot of branches. They do not charge a fee if you will open an account with them. This is only one I know of so far that will not charge a fee. Waiting to hear from others about which banks and if there are fees. In reference to taxes I talked with my CPA and he says it will be capital gains either short or long/less or more than a year.
LonelyinTexas:wave:

Apparently Wells Fargo does not charge for this as well, if you have an acct with them..

[REITman]

I think most banks will smile and tell you "Oh we don't charge a fee to exchange your Dinars." Then they'll crush you on the spread. I'd rather pay a reasonable fee or, like Monico, fly to Iraq. Add the spread and your taxes (Federal & State) and there will be hefty costs involved when cashing out.

However, when you consider the return we may potentially have we can't complain too much. Just figure what you want to walk away with and buy some extra Dinars to cover the costs.

[firedog25]

I'd never bank with Bank of America again.

When I was in college and very poor, I would deposit my paychecks manually. Every time my account would come up $40 or $60 short, which was easy to catch since I usually only had about $5 before the deposit. I'd call their customer service line every time and every time they'd say,"Oh! Yes, that was our mistake."

Yeah, NFS lady. After doing that three times I closed my account with them.

[lance]

I think most banks will smile and tell you "Oh we don't charge a fee to exchange your Dinars." Then they'll crush you on the spread. I'd rather pay a reasonable fee or, like Monico, fly to Iraq. Add the spread and your taxes (Federal & State) and there will be hefty costs involved when cashing out.

However, when you consider the return we may potentially have we can't complain too much. Just figure what you want to walk away with and buy some extra Dinars to cover the costs.

Just a word of caution, you might want to rethink flying to Iraq. Jordan perhaps, Kuwait certainly. For the average westerner the Iraq idea is bad, unless you have the proper support in place, skip it. I admire your determination and certainly dont mean to be negative it is just I dont want anyone to go without really knowing what they are doing. (DONT GO!) Good luck, Lance

[REITman]

Just a word of caution, you might want to rethink flying to Iraq. Jordan perhaps, Kuwait certainly. For the average westerner the Iraq idea is bad, unless you have the proper support in place, skip it. I admire your determination and certainly dont mean to be negative it is just I dont want anyone to go without really knowing what they are doing. (DONT GO!) Good luck, Lance

Thanks for the advice Lance. Kuwait would be the better choice. For now I'll just buy some extra Dinar to cover the costs. I don't want to be the headline "Dinar Investor to be be Beheaded.":no:

[Javabear]

Just a word of caution, you might want to rethink flying to Iraq. Jordan perhaps, Kuwait certainly. For the average westerner the Iraq idea is bad, unless you have the proper support in place, skip it. I admire your determination and certainly dont mean to be negative it is just I dont want anyone to go without really knowing what they are doing. (DONT GO!) Good luck, Lance

I'll be in Dubai in about 10 days. I'll check and see if convertability is now or will be available there.

[goldraker]

Whats up with Kuwait, we saved their butts. And now their main bank will not let US or any other citizens. Open up a bank account. Except Millitary, Kuwaiti's and I guess Iraqi's. We should file a complaint with our congressmen!

[lcoxusa]

Hey,
Am new at this. I just got back from Kuwait in Nov. Have a friends watching for me. Hopefully we all will come out ok. I am ready to retire early

[LongShot]

Could a Bank like BofA or Wells Fargo just hold the money for the time being and when it is time to cash out you could do it elsewhere?

[LongShot]

Then again just keeping it in a closet or a safe would be a more cost effective way to hold on to it.

[wbaker6]

Hi, not sure what the acroymn BOFA, stands for. Sorry, Im from canada and this is a new one on me.

Thanks

[Mr.Dinar$]

I just email my mom who works at a casino in Vegas. I do believe that the bigger casinos do take foreign currency. I also talk to a lady at H&R Block and asked her about if I was to take the Dinars and exchange them for Chips would I get hit with a capital gain. She told me I would not. I know when you go to Vegas and gamble some rules do apply when you win. If you are playing a machine and win over $1200.00 at one shot you pay taxes. Now if you hit 3 machines for $800.00 a piece you don’t. You can sit at any table and win over a million playing black jack or what ever game you like playing and as long as you are receiving chips you don not pay any taxes because chips are not controlled like coin machines are. As soon as she lets me know I will post what she tells me.

[Count Dinar]

Hi, not sure what the acroymn BOFA, stands for. Sorry, Im from canada and this is a new one on me.

Thanks

BOFA stands for Bank of America.

[trusty]

BOFA stands for Bank of America.


Bank of America

[Mr.Dinar$]

This is what my mom emailed me with.
It depends on if they are accepting the particular foreign currency or not. I am not sure if dinars are still being accepted. You may have to go to a currency exchange. However, I will ask tomorrow when I get back to work.