Ability to exchange

[Dinareffic]

New to the forum here, been following it for a week now, very nice. I have a couple mil in Dinars and forgive me if this has been already discussed. How easy is it gonna be to exchange these in for dollars, I'm gonna be able to stroll in to a bank that exchanges and thats it or am I gonna have go to Iraq? Cuase these things are useless here in the US if we cant exchange them. Thanks and advance.

[DinarDummy]

If you do some research on the forum, you will find a wide variety of OPINIONS on this, but the hard cold fact is, nobody knows for sure. Most of us expect that banks with foreign currency exchange services will exchange it once it is on the open world market. We won't know until it happens. Welcome ;)

[Hot Sauce 080]

I just finished asking the same question on another section. Some one said we may need a paper trail in order to justify purchase. I sure hope not:rolleye03 I just wanna walk in and exchange it for some cash without providing proof of purchase..:lmao:

[Dan_mk]

I think at the very least, in order to walk in and exchange for cash you will probobly need proof of purchase ( a reciept ) certainly to exchange large amounts anyway. If you do not have a reciept for you purchase, the next best thing would be to go through your bank statements and keep handy the ones that show your withdrawals to fund your purchase

[OHYEHDINAR]

If you can hold on to the your dinar for 12 months or longer, and you have proof of when you purchased them then you will only have to pay long term capitol gains. 15% vs short term capitol gains @ 28-35%

[Hopeful]

to keep in mind is that for large U.S. transactions, the bank is required by law to file a SAR (suspicious activity report) with the government. I think that is currently any transaction that involves USD 10,000, or more. Someone with more banking knowledge can confirm the amount that triggers the report. I recall a rumor that homeland security ruling decreased the amount from 10k.


H: :shhh:

[Michelleirs]

to keep in mind is that for large U.S. transactions, the bank is required by law to file a SAR (suspicious activity report) with the government. I think that is currently any transaction that involves USD 10,000, or more. Someone with more banking knowledge can confirm the amount that triggers the report. I recall a rumor that homeland security ruling decreased the amount from 10k.


H: :shhh:

A SAR can be issued on any transaction that a bank feels is neccessary. The $10,000 is any cash transaction must be reported to the IRS. 2 totally different reports. Hope this helps!

[donotdenydinar]

Also, different institutions will charge different amounts (percentages) for the service. As has been discussed before, "shopping around" should be necessary to keep the maximum in your pockets. As far as which institutions to use, I'm planning to do that research if it ever becomes necessary to cross that bridge.

[Dinareffic]

I am planning on buting another million, but want to creat a paper trail this time or a reciept of some kind, any suggestions. Does Amer do this. Thanks in advance.

[MEALTICKET]

If you can hold on to the your dinar for 12 months or longer, and you have proof of when you purchased them then you will only have to pay long term capitol gains. 15% vs short term capitol gains @ 28-35%



How about making transfer to offshore business account? Then what kind of taxes are talking about? Slim to none is my guess.

Oops I forgot about Iraqi taxes as well...Anyone got a clue on how much that is?

[The Sultan of Sod]

I purchased from Amer. Didn't receive an invoice. Emailed him a couple of day's again asking for an invoice/reciept of transaction and have not heard from him. Will try him again. Until I get some sort of a response. All I have is a copy of the fedex package from Jordan.:mad:

[Rotor_ace]

Hmmm...long term capitol gains..been holding my dinar for two years now, unfortunately I was in Iraq when i bout them and the middle east is not big on receipts...I could very well be screwed here.

[fsndirector]

What you would need a reciept for is to prove to the IRS of your purchase date so they can determined if you have held them for one year or more, which could be the difference of paying 15% or 28% in capital gains. The banks that I have confirmed that will exchange them are,Bank of America ($10.00) transaction fee. Wells Fargo (1% FOR EXCHANGE) Chase Bank, don't know their fee yet, Compass bank in Arizona. It may take a couple days to have your funds deposited into your account for the spot price for the day you took your Dinar into your bank. You will want to open a account with the bank of your choice or you will pay much more.:huge:

[panhead]

I purchased from Amer. Didn't receive an invoice. Emailed him a couple of day's again asking for an invoice/reciept of transaction and have not heard from him. Will try him again. Until I get some sort of a response. All I have is a copy of the fedex package from Jordan.:mad:

If you paid with a cc.....you have proof of purchase,same with a money order,bank draft or wire transfer.

[masterymc]

Don't worry folks, there will be a way on how to convert the iraqi Dinar.

Masterymc

[dinarmad]

What you would need a reciept for is to prove to the IRS of your purchase date so they can determined if you have held them for one year or more, which could be the difference of paying 15% or 28% in capital gains. The banks that I have confirmed that will exchange them are,Bank of America ($10.00) transaction fee. Wells Fargo (1% FOR EXCHANGE) Chase Bank, don't know their fee yet, Compass bank in Arizona. It may take a couple days to have your funds deposited into your account for the spot price for the day you took your Dinar into your bank. You will want to open a account with the bank of your choice or you will pay much more.:huge:



do you mean if i'm holding my dinars or if it in a account ??sorry I didn't understand

[Flash531]

So is there a way to send our Dinar to Warka, have them put it in a savings acct that will generate interest, and will provide us the ability to immediately convert when necessary?

Main thing, I don't think we want to have these sitting in hand when we're ready to convert?

[Coldstone]

Won't having a warka account solve the coverting issue? That is why I am debating mailing mine to go into my warka account. i have 1.5 million there already. i want to mail 10 mil more. i suspect however, that it may be hard getting it out of warka!

[v1rotv2]

You will be able to convert in the U.S. Don't worry. Warka has it's risks. There are too many financial institutions that have an interest in this.

[Adster]

We'll be able to cash in when the time is right. I'm in the UK, once it's on the world markets we'll be able to exchange at most banks. :huge:

[shotgunsusie]

So is there a way to send our Dinar to Warka, have them put it in a savings acct that will generate interest, and will provide us the ability to immediately convert when necessary?

Main thing, I don't think we want to have these sitting in hand when we're ready to convert?
why not? lol
go to your nearest international bank, go in and talk to the manager, ask him if when the iraqi dinar becomes convertible you can set up an account for several million dollars worth. he will let you know if they will exchange it or not right then. if they exchange international currency and want your commission you will find out in a hurry, lol.

[v1rotv2]

Folks this is legal tender. Once they verify that it's real then you will be paid for it. No receipt will be required to do that. If you had to prove that all the currency you have was by legal means, how in the world would we get things done? Also, if you were in the middle east, a stamped passport with date, travel orders, tickets, flight logs or other paperwork proving you were there will surfice for the IRS. Myself and fellow pilots are using our flight logs. I got some of mine through the currency trade at the Kuwait Airport, no receipts.

[goldraker]

Folks this is legal tender. Once they verify that it's real then you will be paid for it. No receipt will be required to do that. If you had to prove that all the currency you have was by legal means, how in the world would we get things done? Also, if you were in the middle east, a stamped passport with date, travel orders, tickets, flight logs or other paperwork proving you were there will surfice for the IRS. Myself and fellow pilots are using our flight logs. I got some of mine through the currency trade at the Kuwait Airport, no receipts.

Tell us are you going to buy a jet? I bet you have it already picked out! Any pictures?

:shhh: :happy64: :wave:

[v1rotv2]

My real idea of flying for fun, not for profit, is low and slow.

[garthstar]

cash in just enough for a business class ticket return and hotel, fly over there with the dinars in a beltbag and deposit in person if you have to if the U.S govt is being too nosy. why lose 15% if you dont have to. you can watch movies and drink beer on the plane. take a friend with you for company...

or just post em to a swiss bank for deposit into a euro account if you can trust a courier...

boxes are for storing stuff in, not for thinking inside of!

the swiss govt for instance takes quite a different approach to peoples rights of financial privacy than the US government.

and US residents are exempt from the swiss 30% tax on interest earned in bank accounts.

live off the interest or find a good broker...

i dont think youd have any trouble in Vanautu or even Hong Kong either...

tax is optional - remember that.

everything is a matter of choice :)


Garthstar

[Sheila Sharp]

:huge: Hmmm...long term capitol gains..been holding my dinar for two years now, unfortunately I was in Iraq when i bout them and the middle east is not big on receipts...I could very well be screwed here.

If you where in Iraq,you have travel orders to come here.Use that to show when you where here.:wave:

[BusterBrown]

Hi everyone, I finally am able to post some good news, then again maybe you informed folks already know this. Marshall & Ilsley Bank out of Milwaukee Wisc. is selling and exchanging dinar. I followed up on a rumor about a month ago and found a branch bank about a mile from my home here in Minnesota. Their rates are 1352IQD/1USD, when asked about the exchange rates they said it would depend on the day I wanted to exchange them. I already had dinar before I went to see them so I did not purchase any. I told a friend about it and he purchased some thru the bank, it took about ten days to receive them. When I first went in to talk to them they had no idea the bank was even dealing with the dinar until they called their exchange service. The exchange co. also told the bank officer they saw no problem in the the forseeable future with exchanging the dinar. :D I currently have an account with USbank and they are not exchanging them yet. As far as I know this is the only bank doing this at this time. Hope this makes someones day out there :happy64:

[trusty]

Hi everyone, I finally am able to post some good news, then again maybe you informed folks already know this. Marshall & Ilsley Bank out of Milwaukee Wisc. is selling and exchanging dinar. I followed up on a rumor about a month ago and found a branch bank about a mile from my home here in Minnesota. Their rates are 1352IQD/1USD, when asked about the exchange rates they said it would depend on the day I wanted to exchange them. I already had dinar before I went to see them so I did not purchase any. I told a friend about it and he purchased some thru the bank, it took about ten days to receive them. When I first went in to talk to them they had no idea the bank was even dealing with the dinar until they called their exchange service. The exchange co. also told the bank officer they saw no problem in the the forseeable future with exchanging the dinar. :D I currently have an account with USbank and they are not exchanging them yet. As far as I know this is the only bank doing this at this time. Hope this makes someones day out there :happy64:


Thats only $740.00 per million...good price state side.
Good to have options.

Trusty

[areweryt]

Guy's and Gal's,
When the time comes to exchange and hopefully that will be in the next say two years just open an account overseas. The British Virgin Islands look very good for this and Panama is starting to look good.

[Buckster]

Hey Buster, which bank or what is the address. I live in WIS.too and would like to know. I will try mine in Fond Du Lac tomrrow. Tanks

[bizop1]

Anyone here from PA.

[cmeshon]

I am from Pa.

[bizop1]

I am from Pa.
R\
Where at.

[granny]

What do you think the chances are that Pres Bush plans to use the tax collected from us after the Dinar revalues to pay off the National Debt?

It actually could happen, given the amount of reval and amount of notes here in US.

[Dinar Duchess]

If you can hold on to the your dinar for 12 months or longer, and you have proof of when you purchased them then you will only have to pay long term capitol gains. 15% vs short term capitol gains @ 28-35%

Does anyone know if this the same for the UK, thanks

[tklincoln]

cash in just enough for a business class ticket return and hotel, fly over there with the dinars in a beltbag and deposit in person if you have to if the U.S govt is being too nosy. why lose 15% if you dont have to. you can watch movies and drink beer on the plane. take a friend with you for company...

or just post em to a swiss bank for deposit into a euro account if you can trust a courier...

boxes are for storing stuff in, not for thinking inside of!

the swiss govt for instance takes quite a different approach to peoples rights of financial privacy than the US government.

and US residents are exempt from the swiss 30% tax on interest earned in bank accounts.

live off the interest or find a good broker...

i dont think youd have any trouble in Vanautu or even Hong Kong either...

tax is optional - remember that.

everything is a matter of choice :)


Garthstar

A guy I know(not me), plans on doing this exact thing with a small caveat. He is renting a private jet from Air Service for a jaunt down to Cook Islands where they have some bullet proof banking privacy laws. He will exchange a portion through the house there and keep the remainder physical dinars in safety deposit co-located at the bank. He will assign a bank rep to exchange for and in his behalf so he doesn't have to fly down there every time he gets an itch.

That way he is legally not initiating a taxable event and remaining within the bounds of the law.

That's what he said anyway. :lmao:

[Michelleirs]

A guy I know(not me), plans on doing this exact thing with a small caveat. He is renting a private jet from Air Service for a jaunt down to Cook Islands where they have some bullet proof banking privacy laws. He will exchange a portion through the house there and keep the remainder physical dinars in safety deposit co-located at the bank. He will assign a bank rep to exchange for and in his behalf so he doesn't have to fly down there every time he gets an itch.

That way he is legally not initiating a taxable event and remaining within the bounds of the law.

That's what he said anyway. :lmao:


Good Luck with that idea!!!

[maxie63]

As far as offshore accounts, here is an interesting link. Tells you how to do it. They have some interesting locations, including Gibralter of all places.
But it takes you from step one all the way through:

http://www.offshore-companies.co.uk/


MJW

[REITman]

Does anyone know if this the same for the UK, thanks

I believe it's 40% capital gains but try this thread.
http://www.investorsiraq.com/dinar-exchange-tax/12332-dinars-uk-tax.html

[Zerep11]

http://www.moneychimp.com/features/capgain.htm

[fsndirector]

do you mean if i'm holding my dinars or if it in a account ??sorry I didn't understand

You can't put your Dinars in a bank account other than Warka of coarse. When we have a reval and you decide which bank you want to use to exchange for US funds,you need to open a bank account with that bank to place your funds into as they sure won't let you walk out of their door with a million dollars or whatever you are cashing in. I hope this answered your question, if not we will try again.
:happy64: