The process

[RET]

I know this is a little premature. But these are FAQ from friends and family. I think I know the answer, but want to check with the expert panel. :p

When the dinar reaches a desireable rate and you're ready to cash it in (all or part), do you just go to a bank, for instance Bank of America, hand them the dinars and ask for an exchange or deposit? Will there be paperwork involved? Do you expect any questions to be asked? Would it be advisable to speak with a manager, rather than a teller? Thanks Guys and Gals!

They are not as leary about investing in the dinar, they are more skeptical about the process of cashing in . . . seems too easy.

[iraqidinar2005]

RET - If you are going to be talking a substantial sum of money, i.e. $100,000 or more, I would definiately consider researching the rates of financial advisor/consultant. Write down your questions and invest 30-60 minutes of time with them. This way you will hopefully have all your all your questions answered as far as taxes and ways to get the most bang for the buck...errr...Dinar!

[iraqidinar2005]

RET: One more thing, I would definitely exchange a small amount first so if a mistake is made, you won't be hung out to dry. Test the waters to see who is going to throw what B.S. at you. Keep records and receipts of your sales and purchases of Dinar for tax purposes as proof. Worst case scenario, you and a family member take a trip to Dubai or Abu Dhabi for a weekend vacation (I heard it is nice down there) once the Dinar is legally accepted on the Foriegn Exchange.

L8R, EW

[Jared]

When the dinar reaches a desireable rate and you're ready to cash it in (all or part), do you just go to a bank, for instance Bank of America, hand them the dinars and ask for an exchange or deposit? Will there be paperwork involved? Do you expect any questions to be asked? Would it be advisable to speak with a manager, rather than a teller? Thanks Guys and Gals!


Yes, you can bring them to any major bank and exchange them. There will be forms to fill out if you exceed $10,000USD (the bank must report it to the IRS) and then you will have to file your capital gains tax.

If it is a large amount and you plan on taking it with you, then you need to talk to the manager to give him a couple days to be able to meet your request. Normal bank reserves are not set up for instances like this. There is a currency level they try to maintain which is based on a formula (paydays, business accounts, bla bla.)

Jared :wave:

[Dinar Eagle]

bump...........

[DrCashflow]

The limit is for BofA customers using the web to purchase or refund travellers cheques in foreign currencies. The international desk said there is no such limit on in-person deposits, i.e. depositing into your BofA account made at an actual branch.

[Jared]

All you really have to do is find the branch that you like and talk to the manager. If you are unloading all your dinar in one shot, it's nice to give the manager a "heads up" so he can have everything waiting. If you schedule a time with him you may even get the red carpet treatment.

Same would hold true if you are in the US and when you cash in wanting Euro's. They will most likely not have the amount you need. If you plan ahead a bit the bank will then have time to get the currency needed.

Another thing to consider is exchange fees. If your putting millions into your bank, haggle with them. They will be making more off your millions than off some exchange fee. As they say, money talks...

Jared :wave: