BoA HSBC and Chase

[axismundi]

All three of these banks today... told me they can not convert USD to IQD... I called Branches as well as their 800's numbers and spoke to persons at the currency exchange numbers as well as at the branches and they have all said the same thing...

anyone else experience this problem?

[SimplyD]

When the NID hits the Forex those banks will definately be exchanging.

[axismundi]

Well the way everyone has been talking for over a year now... they have all been exchanging USD to IQD... and now apparently they aren't.

[AKScott]

There is really no reason for them to be actively converting yet. It will happen, but I think that you meant to say "converting IQD back to USD$$.;)

[reconaz]

All three of these banks today... told me they can not convert USD to IQD... I called Branches as well as their 800's numbers and spoke to persons at the currency exchange numbers as well as at the branches and they have all said the same thing...

anyone else experience this problem?

But it's nice that all of them are aware of the NID. I remember when I used to call around back in 2005, no one know what I was talking about. :wave:

[lglwzrd]

its premature for these banks. nid is not an international currency yet. after a reval or peg-they will convert. a lot has been posted re proceedures. my suggestion: open an acct at b of a. there will be a $10 transaction fee when the time comes.

[DinarAg]

I think axis IS talking about being able to get NID...not exchange NID for USD.

[lglwzrd]

axis- of course they cant sell it yet. either go to iraq and buy factory direct, e-bay, this forum or some other dealer. you should pay less than $800 per mil. that factors in the brokers commission. i would suggest cod fed ex overnight. there are at least 100 brokers who sell nid. not many cod. buy a black light to check the security functions. also when it pegs-you can buy from the usual currency sources-it will cost more then, of course.

[coconut]

axis- of course they cant sell it yet. either go to iraq and buy factory direct, e-bay, this forum or some other dealer. you should pay less than $800 per mil. that factors in the brokers commission. i would suggest cod fed ex overnight. there are at least 100 brokers who sell nid. not many cod. buy a black light to check the security functions. also when it pegs-you can buy from the usual currency sources-it will cost more then, of course.


I know of several people in the US that have purchased Dinar through a bank. This has been common knowledge here for sometime - if you can't now then that is new. I can only suggest they are now retaining Dinar for their own personal reasons (reval for example) if this is the case.

[BBbucks]

Yup- there were many that were able to buy from Compass Bank- but they stopped selling this past spring.

[Justpraying]

Yup- there were many that were able to buy from Compass Bank- but they stopped selling this past spring.

Yes I had a friend that was buying from them up till a few months ago, they told him that they would not be able to get anymore.

[fsndirector]

All three of these banks today... told me they can not convert USD to IQD... I called Branches as well as their 800's numbers and spoke to persons at the currency exchange numbers as well as at the branches and they have all said the same thing...

anyone else experience this problem?

The way the question is asked is the whole secret that determines the answer you will get. I went through this whole thing myself. Then I started asking."When the Iraqi Dinar goes on the international market will you be exchanging the NID for USD? See what kind of response you get then.

[sandy burton]

Last firday August 4 th, I spent many of hours on the phone with all of the major banks that everyone had posted. If you talk to the branch they will tell you yes they are going to exchange. I went a little futher and I contacted there "FOREIGN EXCHANGE DEPARTMENT" and I was told the total opposite. The only 2 banks after reaching there foreign exchange department that said that they would exchange the DINAR is Colonial Bank and Citibank. There Foriegn exchange departments told me that they would do the exchange. Colonial bank said that when it hits the market the cashier would enter it into your account but you would not get credited the money until it was verified by the FOREX in California. They will send the money over night to the Forex to get verified and then they will credit your account it could take from 5 to 10 days. Now for Citibank they are training there cashiers and they will do it right there and it goes into your account on the spot. Every one else said they are not sure if they would every do it becase it was to risky. That was my responce from them. I have posted this in another spots may be I should have post this all over I don't know. I told these banks that said they are not going to do this that they will probably loose a lot of customers and lots money. Tomorrow I am taking my money out of B of A and going to Citibank. I was tired of being lied to by the banks so I went to the top in there FOREX Department. There loss not mine EH!!!! If you do not believe take 6 hours out of your day and call every one and see what kind of answer you get.

Sandy:)

[inquisitive]

Good Job, Sandy! We do know that Citibank is opening a headquarters in Dubai and that they acted as advisors for the Dubai Port World takeover of P&O. It all makes sense.

[LoveDemDinars]

Hi Sandy,
I did read your post and thank you for you efforts and information. I believe we get different answers to our questions because the we 1. Are not clear in the question we ask or 2. the people don't understand the question we ask.

The question I asked BofA Foriegn Exchange Dept was "If the iraq dinar is traded on the world market can I exchange it through you?" Answer was "Yes, when it is on the world market we will be converting it."

Oh, and it is entirely possible that that individual knows nothing about it.
I think we need to just wait until it is on the world market then call around for the best prices. (JMO) Hoping for Aug but who knows.
LoveDemDinars

[v1rotv2]

Folks the odds are that if a bank does currency exchanges they will be doing the dinar. I know, I know banks that exchange currency do not exchange all currencies. But they all do major oil producing countries. It will be ok.

[Lady D]

I can see I will have to go a little further in my research. BoA told me two weeks to have the cash in my acct. and no fees. I will have to check with the local city bank down here and see if I get the same answer at the local City Bank.
If so it's time to open an acct there this very week.
LADY D

[lglwzrd]

i wouldnt close your b of a acct. you might split between citibank and b of a. personally-i hate them both. i will go with the least expensive exchange fees. so far its b of a.

[sandy burton]

I just got a suprise of my life. I went and closed my account at B of A. Then I drove over to Citibank, The branch lady there called the Forex office and you would not believe the answer I got. We are not sure if we are going to exchange. I drove just a couple of streets down and I saw a Wells Fargo, So I went in and I asked the same question, But the answer I receive was about the same but with a slight twist. The twist is The countries at this point in time that are not currently exchanging with, are in what the call a black book. Until they are taken off of the black book you will get the same result I did. My suggestion to you all at this point in time is to hold on to it until it hits the International Market and go to the bank you wish, that will take care of this for you. Unit till then do not get frustrated, I guess that was my job today. I came home and I called the Forex with the Citibank and I asked for a supervisor, Trust me I was really steamed, especially when you drive over a hundred miles one way to get an answer you were not expecting. I told the supervisior The whole story and he did apologized for that but, what he did tell me is about the same thing thatWells Fargo did, but he could not give me a difinative answer when it would be released.

Sandy
P.S You can slam me if you want at this point in time I don"t care. But what I will tell you that I still have a positive thought it will go.

[ozizoz]

i wouldnt close your b of a acct. you might split between citibank and b of a. personally-i hate them both. i will go with the least expensive exchange fees. so far its b of a.

My best friends MOm is an account manager @ BoA. I went and talked with her, she's also a sideline NID investor with 500k. . . but she doesnt know anything about it. While I was there, she called the International Exchange Teller . . .they said that they do not currently exchange NID . .. no kidding, but BoA does foreign currency exchanges so when it does hit the ForEx they will 99.9% handle the transaction for a $10,$5 or free. This is much better than some places talking about a 1% fee . . .especially when you are looking at a 7 fingure cashout.

Needless to say, I broke down and opened an BoA checking acct . . .no charge with direct deposit . . .I'll only be depositing $5 a week :) Otherwise my accts are at a credit unioun who doesnt do foreign currency . . .but the tellers are smokin hot!!!

[poomaker]

All three of these banks today... told me they can not convert USD to IQD... I called Branches as well as their 800's numbers and spoke to persons at the currency exchange numbers as well as at the branches and they have all said the same thing...

anyone else experience this problem?

Yes, I got the same thing. I contacted HSBC and they said they are not at this time and dont know if they will in the future. Funny cuz arent they allowed to do business in Iraq!!

[R-MAN]

<<<While I was there, she called the International Exchange Teller . . .they said that they do not currently exchange NID . .. no kidding,>>>> last week i went to capital one and exchanged 105,000 dinars. all i had to do was see the teller and she filled out a form to submit to the intl desk downtown.i just wanted to see what i had to go thru and how long it would take..their mark-up was about 20%. thats what their broker charged them to buy back..thats the difference in the buy and sell rates,i assume since its not a tradeable currency yet.so they had about $57 in my acct the next day...so its really not any problem to do it..

[REITman]

My best friends MOm is an account manager @ BoA. I went and talked with her, she's also a sideline NID investor with 500k. . . but she doesnt know anything about it. While I was there, she called the International Exchange Teller . . .they said that they do not currently exchange NID . .. no kidding, but BoA does foreign currency exchanges so when it does hit the ForEx they will 99.9% handle the transaction for a $10,$5 or free. This is much better than some places talking about a 1% fee . . .especially when you are looking at a 7 fingure cashout.

Needless to say, I broke down and opened an BoA checking acct . . .no charge with direct deposit . . .I'll only be depositing $5 a week :) Otherwise my accts are at a credit unioun who doesnt do foreign currency . . .but the tellers are smokin hot!!!

You better read this thread from post #29 down to learn what you need to know before you get burned big time. Fee and exchange rate are two different things entirely. You just fell for the first trick. Educate yourself so you don't fall for the more expensive one.

http://www.investorsiraq.com/iraqi-dinar/19707-california-banks-2.html#post202083

[Riceboi]

<<<While I was there, she called the International Exchange Teller . . .they said that they do not currently exchange NID . .. no kidding,>>>> last week i went to capital one and exchanged 105,000 dinars. all i had to do was see the teller and she filled out a form to submit to the intl desk downtown.i just wanted to see what i had to go thru and how long it would take..their mark-up was about 20%. thats what their broker charged them to buy back..thats the difference in the buy and sell rates,i assume since its not a tradeable currency yet.so they had about $57 in my acct the next day...so its really not any problem to do it..

What state is this capital one in?

[slickrickq8]

In dealing with world currencies sometimes the "local" bank in your area will just submit paperwork to an international bank in order to complete the transaction. Then they both charge you.

Some years ago I would get 100 German Marks (DM) from my uncle for birthday and i would take it to my local bank. of course the charges were over $35. but it did take a week to do.

National Bank of Kuwait is currently selling NID but not buying it. This would lead me to believe that they will exchange it to dollars whenever it does rev. There is an NBK in New york and around the Middle east as well.

Anyway I got a little set aside and just waiting for the chance

[REITman]

<<<While I was there, she called the International Exchange Teller . . .they said that they do not currently exchange NID . .. no kidding,>>>> last week i went to capital one and exchanged 105,000 dinars. all i had to do was see the teller and she filled out a form to submit to the intl desk downtown.i just wanted to see what i had to go thru and how long it would take..their mark-up was about 20%. thats what their broker charged them to buy back..thats the difference in the buy and sell rates,i assume since its not a tradeable currency yet.so they had about $57 in my acct the next day...so its really not any problem to do it..

Thanks for doing the experiment R-MAN. Except for the 20% spread it sounded pretty good having the money in your account the next day.

[maxie63]

Where was this Capitol One branch located at? It would be interesting to see if Capitol One is now doing this, it's the one bank no one has mentioned before.


MJW

[vipor]

Where was this Capitol One branch located at? It would be interesting to see if Capitol One is now doing this, it's the one bank no one has mentioned before.


MJW

According to the Capitol One website, they do business in LA and TX.

http://www.capitalone.com/bank/index.php

[phiberoptik]

According to the Capitol One website, they do business in LA and TX.

http://www.capitalone.com/bank/index.php

also got this from that same page http://www.capitalone.com/welcome/index.php?linkid=WWW_0406_BANK_04_HOME_R1_02_T_WLC M

[vipor]

also got this from that same page http://www.capitalone.com/welcome/index.php?linkid=WWW_0406_BANK_04_HOME_R1_02_T_WLC M

Yup. There's one on my way to work (about 3 blocks from where I work). :) Used to be Hibernia and is now Capitol One.

[Justpraying]

You better read this thread from post #29 down to learn what you need to know before you get burned big time. Fee and exchange rate are two different things entirely. You just fell for the first trick. Educate yourself so you don't fall for the more expensive

http://www.investorsiraq.com/iraqi-dinar/19707-california-banks-2.html#post202083

Thanks for the repost Ret it can make a big difference.

[meninblack]

yes sir got one right down the street

[R-MAN]

Where was this Capitol One branch located at? It would be interesting to see if Capitol One is now doing this, it's the one bank no one has mentioned before.


MJW
this is in the Big Easy. it used to be hibernia bank. capital one bought them out just this year..

[maxie63]

Hey;

I just recieved an email from Capitolone Bank in N.O. This is what they said:

We will exchange Iraqi Dinars (IQD) as long as our Broker is exchanging
IQD's. We do not provide foreign currency exchange services to non
customers. However, if the IQD's were purchased from us, we will
exchange them, providing our Broker is also exchanging IQDs.

So, there is another US bank that is beginning to deal with them.

MJW