Exit Strategy

[Jetsa]

I am trying to formulate an exit strategy plan once my personal goal is reached with the value of my Dinar. Once that goal price is announced, or made available, I do not want to wait until the Dinar is made exchangable in the US, so I am contemplating a trip to the mideast. I dont think that the Dinar will be convertible worldwide when they up the value, I think that part of the equation happens a little later on. I have an ex-coworker who is Jordanian born that's parents still live there. He would be willing to make the trip with me to translate for me.

What I'm wondering is if I could go to Jordan or Kuwait with my Dinar and open a bank account there with Iraq Dinar. Then come back to the US and have the funds wired to my US bank already exchanged. I am assuming that it would be much safer to travel to another nearby country versus Iraq, and also assuming that in the neighboring countries, the exchange of Iraq Dinar is very similiar to exchanging inside of Iraq.

Anyone over there have any insight on any of this?

[ISX_TIME]

Unless you have citizenship in any bordering countries, I dont think your gonna be able to open a bank account

[F355]

What makes you think you'll be able to leave the U.S. to travel abroad with a honkin big pile'o cash?...Don't you think you'll have problems getting out?

[Lonestar]

From my experiences going through customs you have to declare over 10000 dollars US. They will allow you to travel with it but it must be declared.

[Jetsa]

I hadnt thought of the citizenship thing however surely there are other banks that will allow you to open up an account online, AKA Warka? And I wouldnt be carrying any $US across any border.

[phiberoptik]

I cant tell you for a fact kuwait wont allow you to open an account without a resident id ( and they dont just hand those out )

unless they have lifted travel to iraq the only way i know of to get there is via the military (and your going to need orders to prove it )

Jordan wouldnt be a bad idea if it was a small amount but i personally wouldnt set foot in or near that country without a small army to back me up.

I had thought about this for a little bit. IMO i think a swiss back account wouldnt be a bad idea or if push comes to shove theres always turkey i just dont know what there policy is about non citizens and bank accounts

[F355]

From my experiences going through customs you have to declare over 10000 dollars US. They will allow you to travel with it but it must be declared.

what if you are now traveling with the (USD equivalent) of 10 million USD?

[v1rotv2]

I would not do anything that would risk the money. I am just going to sit tight and wait for a U.S. Bank to exchange it. I have already talked to Bank of America and the manager told me when it comes on the international market they will gladly exchange it. I waited this long I can wait for that to happen. If it takes a month or so after a reval so be it. In my opinion, once it comes on the market, the dinar will only be going up. Some of my dinar has not pasted the magical one year mark for tax sake, so I need to wait a bit longer anyway.

[Alphamystic]

I can't remember what thread but someone had posted about a month ago that they went into Bank of America and asked if his Dinar was real. If I remember correctly he said they had charts and all kinds of info on the new Dinar.

He then asked if he could exchange it and they told him not yet. I believe that most of the big banks are ready for this and are just waiting for the go-ahead.

Long story short - you may not have to go anywhere. Does anyone know what thread that was?

[RET]

http://www.investorsiraq.com/190601-post10.html

I took a couple of 25K dinar notes in to my local Bank of America branch back in November of last year. I explained what they were and that they were not internationally traded yet. I just wanted to see if they had any info on them. Sure enough they had examples of every single new dinar note in their foreign currency books with descriptions of the security features, etc.. And this was at the teller counter. I did not even have to speak to a manager or customer service rep. They confirmed that they are not allowed to take them yet, but it appeared to me that they are quite ready to go and just waiting for the green light. And this was months ago. (Switchgear)

[imwright1]

Besides for your local banks most international airports have currency exchange within the airport for people travelling over seas.

[Pindar]

Go walking around in public...even flying into some other country...with several million dollars of cash stuffed in your pocket? Yikes!!! I'd be worring about a lot more than some customs guy.

Pindar

[Lonestar]

Teh fact is the customs guy would tip off his relatives or friends more than likely that there is a tourist travelling with tons of money on them. It truly is a jungle out there.

[Pindar]

Yes...the customs guy might very well give you away. Or some friend in an accidental comment with someone in hearing range... And do you think you could walk around with millions in your pocket and not give off some subtle signal that expert crooks couldn't easily spot a mile away? You've just hit the once in a lifetime jackpot and you're willing to even expose it to that kind of risk? That's insane!

How many people have had their car broken into only once and it was the one time they had something valuable in their trunk that no one supposedly could have known about? Even if you're only carrying a measly $100,000 that's crazy. Occasionally in the news you read about even professional hit men who kill people for only 5 or 10 thousand. If all this works out I don't even want anyone here (USA) to know I've got that much money (except for very few like my accountant, bank, spouse, etc.) If certain people know (or suspect) you have that much in an account you will be a huge target.

Pindar

[Alphamystic]

http://www.investorsiraq.com/190601-post10.html

I took a couple of 25K dinar notes in to my local Bank of America branch back in November of last year. I explained what they were and that they were not internationally traded yet. I just wanted to see if they had any info on them. Sure enough they had examples of every single new dinar note in their foreign currency books with descriptions of the security features, etc.. And this was at the teller counter. I did not even have to speak to a manager or customer service rep. They confirmed that they are not allowed to take them yet, but it appeared to me that they are quite ready to go and just waiting for the green light. And this was months ago. (Switchgear)

That's the one. Nice leg-work Ret. To me this indicates that they are ready and waiting for the green light.

[Jetsa]

Well in my perception of a perfect world they would release the Dinar globally at the same time of announcing the new value, but I doubt that is going to happen. I also think that there is the possibility of having to be in country (Iraq) for an exchange, therefore my questions about neighboring countries banking.

[phiberoptik]

Just got off the phone with Wells Fargo,

while they'll happyly sell you dinar they wont buy any back and they've no plans in the near future to accept it. HSBC on the other hand looked promising I'm waiting on a call from there premiear accounts manager will update later

[Alphamystic]

Really? Wells Fargo is selling Dinar?

[Lonestar]

I could not have said it better P.

[phiberoptik]

Really? Wells Fargo is selling Dinar?

that was the question i asked keep in mind this guy didnt speak english very well so who knows ( i miss the days when people who answeared the phones were actually people who worked in the building instead of differnt states and countries

[taxmama]

You can travel with any amount of money you want. You just have to tell u.s. authorities if it is valued at more than $10,000 U.S.
I had a client whose mother just went back to Iran and she had $70,000 U.S. on her - no problem, she just declared it and got on the plane.

The same goes with any currency, if it is valued at over $10k u.s., declare it and get on board.

[ordinaryseawoman]

My husband and I work on ships that supply the Navy out at sea--our last tour took us to the gulf.
We bought our first lot of dinar in Bahrain at the money exchange on base--I'm sure you could probably get them out in town too, and our second lot in Dubai at the money exchange center in the City Centre Mall. I'm not sure if they were buying at the time (feb, this year).

If you found yourself wanting to go to the region to exchange dinar, you might want to consider Dubai. It's clean, safe, modern and all about the dirham, dinar, dollar, pound, rial....seriously there is a lot of wealth in that place, so they know how to handle money and people who have money. to see how much try google searching "Dubai the world" or "Dubai the palm"--pretty interesting.

hope this helps,

OSW :wave: :wave:

[REITman]

My husband and I work on ships that supply the Navy out at sea--our last tour took us to the gulf.
We bought our first lot of dinar in Bahrain at the money exchange on base--I'm sure you could probably get them out in town too, and our second lot in Dubai at the money exchange center in the City Centre Mall. I'm not sure if they were buying at the time (feb, this year).

If you found yourself wanting to go to the region to exchange dinar, you might want to consider Dubai. It's clean, safe, modern and all about the dirham, dinar, dollar, pound, rial....seriously there is a lot of wealth in that place, so they know how to handle money and people who have money. to see how much try google searching "Dubai the world" or "Dubai the palm"--pretty interesting.

hope this helps,

OSW :wave: :wave:

Thanks OSW, do you know if you can open a bank acct without a work visa or without being a resident. I wouldn't want to travel out of Dubai with millions of dollars in cash. If I could wire it from a Dubai acct to my U.S. acct then it would make sense.

[ordinaryseawoman]

Thanks OSW, do you know if you can open a bank acct without a work visa or without being a resident. I wouldn't want to travel out of Dubai with millions of dollars in cash. If I could wire it from a Dubai acct to my U.S. acct then it would make sense.

That I'm not sure of--I do know that many international banks have branches there-- HSBC seems to be pretty global--with branches in major US cities ( we would go to the one in Delaware)--and in Dubai.

I haven't researched this, but it seems to me that you should be able to open an account at a US branch and once in Dubai, if you don't exchange at an HSBC, you could take your truckloads of cash to a local branch in Dubai and make a deposit. (Oh happy day!!):happy64:

Get some dirhams while you're at it and go to the gold souk...buy some bling for the ones you love:)

OSW

Are we there yet? Okay, How bout now?

[REITman]

That I'm not sure of--I do know that many international banks have branches there-- HSBC seems to be pretty global--with branches in major US cities ( we would go to the one in Delaware)--and in Dubai.

I haven't researched this, but it seems to me that you should be able to open an account at a US branch and once in Dubai, if you don't exchange at an HSBC, you could take your truckloads of cash to a local branch in Dubai and make a deposit. (Oh happy day!!):happy64:

Get some dirhams while you're at it and go to the gold souk...buy some bling for the ones you love:)

OSW

Are we there yet? Okay, How bout now?

Thanks for the response OSW. Good food for thought. I've heard Dubai is the place for bling. ;)