BofA Foreign Currency exchange info

[ozizoz]

There is no new information here, so dont get excited!
http://www.bankofamerica.com/foreigncurrency/

I have been watching this site every day for a while waiting to see Iraq jump onto the list of currencies you can exchange @ BofA. I have had a couple messages back and forth with them, but they only say they exchange what is listed. When it becomes traded, any BofA customer will be able to go to any BofA branch and deposit foreign currency into their account at the current rate. I tried to nail them down on rates to no avail and the length of time it would take to post . . again, no direct answer.

However, they have just about every other country under the sun listed to exchange including "Isle of Man" but you wont find Iran on the list :drunk: . You can purchase and sell a limited amount of currency online using their site. The site also has a currency exchange rate calculator that is fun to mess with.

I am looking to BofA as soon as it hits ForEx . . .especially since Chase doesnt have a Branch within the Loz Angelez area . . .and I dont really want to open an account with HSBC unless I have to.

Just some new "old" info . . .only posted here on Yeaster Vision

[CharmedPiper]

There is no new information here, so dont get excited!
http://www.bankofamerica.com/foreigncurrency/

I have been watching this site every day for a while waiting to see Iraq jump onto the list of currencies you can exchange @ BofA. I have had a couple messages back and forth with them, but they only say they exchange what is listed. When it becomes traded, any BofA customer will be able to go to any BofA branch and deposit foreign currency into their account at the current rate. I tried to nail them down on rates to no avail and the length of time it would take to post . . again, no direct answer.

However, they have just about every other country under the sun listed to exchange including "Isle of Man" but you wont find Iran on the list :drunk: . You can purchase and sell a limited amount of currency online using their site. The site also has a currency exchange rate calculator that is fun to mess with.

I am looking to BofA as soon as it hits ForEx . . .especially since Chase doesnt have a Branch within the Loz Angelez area . . .and I dont really want to open an account with HSBC unless I have to.

Just some new "old" info . . .only posted here on Yeaster Vision

Oz, did they say if there was a fee or flat fee or charge for exchanging?:)

[ozizoz]

They wouldnt say either way. My best friends Mom s an Account Manager . . .has been forever. She has 500k in Dinar but has no clue about the investment . . .well until I explained it to her a few weeks back when I opened my account. She call the head Foreign Currency exchange teller and asked about IQD . ..they said they werent exchanging it at that time and had no record of t because it wasnt publically traded. She told me that depending on the currency the fee can be waived, $5, or $10 flat . . .and she had never seen them charge a percentage.

That was a couple weeks ago . . .and everything is subject to change. No one will know what they charge until they charge it, whether they hedge a cent or two on the exchange or charge their customers a small fee.

Time will tell . . I definitely dont want to see a % fee . . .considering Im cashing in 2 mill IQD . . .and probably holding one for later

[sandy burton]

I did a post about this awhile back in another area. What I found out is, they have a little black book that the banks use almost like the casino. What it is, is when some one does something bad there names get listed and everyone has it. It is like a punishment with a date and when that date comes and goes you name comes of and you can go back in. So when they have accomplished everything and it goes on the forex that is when there name comes off. As for BofA if you have an account there with there branch, I was told that there was not a fee. But may also be up to that branch. I have done several hours of looking into all of this and hundreds of miles to get the answers and don't forget all the hours on the phone. What I would suggest you do is to wait and see when it re-vals and then go to the branch and ask if they will exchange after they re-ral.

[fsndirector]

I did a post about this awhile back in another area. What I found out is, they have a little black book that the banks use almost like the casino. What it is, is when some one does something bad there names get listed and everyone has it. It is like a punishment with a date and when that date comes and goes you name comes of and you can go back in. So when they have accomplished everything and it goes on the forex that is when there name comes off. As for BofA if you have an account there with there branch, I was told that there was not a fee. But may also be up to that branch. I have done several hours of looking into all of this and hundreds of miles to get the answers and don't forget all the hours on the phone. What I would suggest you do is to wait and see when it re-vals and then go to the branch and ask if they will exchange after they re-ral.

As I have said to many people about this issue, you need to be very specific about how you ask them (BofA especially), if they have a exchange rate, I checked the rate of the euro before I went into our branch of (BofA)which I have an account with. I asked her if they charge a exchange rate to change in foriegn currency she said no they do not if you have an account. I then asked her if she would tell me what they were paying that day for the euro, she brought it up on her computor and said they were paying $1.2475, when I checked it before I left my house it was $1.27. So I said why is there a difference between what Forex and every one else says the price today is and what you say you are paying? She said that is the price that they are told by corporate how much they are paying on that day. I said that is a 2.1/4% difference that looks to me like a exchange rate. She said we don't call it that, I then said "Listen I am a investor, what would you suggest that I call that if not a exchange rate? She said well I guess it is. I stopped asking any banks at that point about when this Dinar goes international because most generally their eyes just glaze over. When it goes on the market then we will find out who and where, but know your figures before you go in and then when they tell you they are paying X amount then you will know what their hidden "exchange rate" really is. Washington Mutual in every state they are in except Arizona (Naturally) charges 1%.You have to be careful how you word your question.

[ozizoz]

Thats the feeling I was getting from BoA . . .the responses I received seemed intentionally vague. Its like anyhting else . . .buyer beware . . .know your fact and you'll do fine.

With the wealth of resources here, it will become crystal clear where the best deals are. . . .

.02 on 2,000,000= 40,000 thats a big difference

[kerby team]

I have a personal account at WaMu and a short while back asked them about currency exchange. They told me they don't do currency exchange. Obviously, with all the double messages we are getting from the banking industry I would not rely on the accuracy of this conversation. As said prior, wait til it rv's and then arm yourself with current rates and seek out the best banker to help you.

[madamowicz]

I have a personal account at WaMu and a short while back asked them about currency exchange. They told me they don't do currency exchange. Obviously, with all the double messages we are getting from the banking industry I would not rely on the accuracy of this conversation. As said prior, wait til it rv's and then arm yourself with current rates and seek out the best banker to help you.


I have a few accounts with WAMU and they told me the same back in May when I asked about currency exchanges.

[ozizoz]

I was originally going to post this here in Dinar and exchange, but was asked to post it where I did. This is where it truely belonged from the beginning.

Thanks PTB for transplanting

[BusterBrown]

I opened an account with USBank when I invested in dinar just to have a safety deposit box. I told the bank officer I was holding dinar on spec. that it would be worth more someday. I asked what the procedure was for currency exchange, she told me all I needed was a current ID and a bank account with them. They would send the dinar to NY office to verify currency and then deposit the money at the current exchange rate on that day. I asked if there was a limit to the amount to exchange and was told no limit. Total cost of 17.00 dollars. She said it would take about ten days to two weeks. I asked this same questions to several bank officers at different times and they all told me the same thing. I still think it sounds to simple. They are not handling IQD at all at this time.

[REITman]

They wouldnt say either way. My best friends Mom s an Account Manager . . .has been forever. She has 500k in Dinar but has no clue about the investment . . .well until I explained it to her a few weeks back when I opened my account. She call the head Foreign Currency exchange teller and asked about IQD . ..they said they werent exchanging it at that time and had no record of t because it wasnt publically traded. She told me that depending on the currency the fee can be waived, $5, or $10 flat . . .and she had never seen them charge a percentage.

That was a couple weeks ago . . .and everything is subject to change. No one will know what they charge until they charge it, whether they hedge a cent or two on the exchange or charge their customers a small fee.

Time will tell . . I definitely dont want to see a % fee . . .considering Im cashing in 2 mill IQD . . .and probably holding one for later

You probably won't see a stated percentage. You'll have to do the math because they won't spell it out for you. You will never get the official CBI rate you will get the rate that BoA is willing to buy it at. The difference between the two will determine the percentage they're going to slam you on. And believe me BoA will slam. Shop the sell rates wisely it could mean tens or hundreds of thousands to you.

[ozizoz]

Yeppers . . its definitely gonna be homework. After reading some other posts I am looking into opening an acct @ US Bank. They have a grocery store branch a couple blocks away. I dont care if the have to send my IQD to Guam to get verified . . .if it saves me 40 or 50k

[Howler]

My home of record is in KY. (close to Ft. Campbell) My bank is Integra. Small bank doing business in Ky, In, and Il. Main bank in Indianapolis. LAST YEAR I asked them about exchanging Iraqi dinar. They didnt bat an eye. Knew exactly what I was talking about. They send it to main brach for authentication. Siad it could take 2 weeks. The day my notes are confirmed as "authentic" (which they are) my account will be credited at that days rate of exchange. When this happens I plan on flying home and driving to Indy with some of my stash to make sure it gets there safe and sound. Although I have photo copies of each and every note...I dont trust ANYONE with that kind of money! LOL

[BusterBrown]

M&I Bank out of Milwaukee Wisc. also will exchange the dinar. They have banks in Minnesota as well as some southern states.

[BusterBrown]

You probably won't see a stated percentage. You'll have to do the math because they won't spell it out for you. You will never get the official CBI rate you will get the rate that BoA is willing to buy it at. The difference between the two will determine the percentage they're going to slam you on. And believe me BoA will slam. Shop the sell rates wisely it could mean tens or hundreds of thousands to you.

I spoke with the exchange service for M&I Bank about how they went about converting the dinar to dollars. She told me that even after the dinar are accepted internationally they would still be considered an excotic currency, and would be treated as such. It sounded like they would just pass your dinar on to thier broker and he would sell them for you. Then be deposited into your account. Scary thought.

[REITman]

I spoke with the exchange service for M&I Bank about how they went about converting the dinar to dollars. She told me that even after the dinar are accepted internationally they would still be considered an excotic currency, and would be treated as such. It sounded like they would just pass your dinar on to thier broker and he would sell them for you. Then be deposited into your account. Scary thought.

Which means the broker will get his cut and the bank will get theirs. Every additional layer means less money for you.

[Waianae]

Which means the broker will get his cut and the bank will get theirs. Every additional layer means less money for you.

A+ REITman, best answer on basic exchange thoughts!

Washington Mutual, if you do it there, you will be applying what REITman warned you about, they are the "tail-end" type bank! You will be hit with extra cost, if they do it for you! They will be doing you a favor if there tell you "no, we do not do foreign exchanges" and you press-on! Do you think you are special, yes you are, but they will be charging you for every special fee they can come up with, all hidden of course!

Best tip, get on the net; and do basic hunts for banks that do foreign currency exchanges. Wait for the actual turn of events to occur and then proceed!

Are we having fun yet?

Here is a good example, lets look at it from another prospective:

Why you should NOT leave for your trip without foreign currency.

Purchases in a foreign country cannot be made with US dollars, not legally at times, you maybe helping their "black-market!"; it's important that you have some foreign cash handy. Remember convenience is expensive. The more convenient a money exchange location, the higher your total cost. If you arrive at night or your flight is delayed, the airport exchange will not be available. How will you pay for a cup of coffee, a taxi, or dinner? Etc...

Some good sites to check with their references: Forex scam - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Forex_scams)

Foreign exchange market - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Foreign_exchange_market)

Do some Homework! You and your family will benefit from your studies and research!

[Mr.Dinar$]

Why not hit Vegas and turn it in at some of the casinos. Casinos take foreign currency.

[sandy burton]

Don't get me wrong, but I use to work in the casinos in Las Wages. Turning it in there, they will charge you a fee for exchanging the currencies. If you do not have too I would suggest not to. See if you can find any internation bank such as BofA, Chase, Citibank or you may want to look at Wells Fargo or even HSBC oh don't for get Colonial Bank. If any one else knows of any other bank feel free to and it to the list.

By the way I still have a lot of contacts in Vegas and in Laughin they are the same way.

[REITman]

Don't get me wrong, but I use to work in the casinos in Las Wages. Turning it in there, they will charge you a fee for exchanging the currencies. If you do not have too I would suggest not to. See if you can find any internation bank such as BofA, Chase, Citibank or you may want to look at Wells Fargo or even HSBC oh don't for get Colonial Bank. If any one else knows of any other bank feel free to and it to the list.

By the way I still have a lot of contacts in Vegas and in Laughin they are the same way.

Thanks for posting that Sandy. A few people have recommended the casinos and I was curious if they'd give a good rate because because it puts more dollars in your hands to gamble or if they'd smack you on the rate because they can. The fee doesn't matter the exchange rate is the key.

Since you worked in the industry what do you know about casino exchange rates?

[REITman]

A+ REITman, best answer on basic exchange thoughts!

Nice of you to say so Waianae. Thanks.

[irons]

just another thing to remember when this gos the way we all want it to,buy an hour of time from your tax guy or gal.i really don't want anything from the bank but the exchange.:wave:

[Linus/Intense]

Hi..

For giggles, I tried calling a few of the casions, the belaggio, MGM, etc. and checking about foreign exchange... the MGM had an american express agency that did full exchange... but the casinos would do up to 3K comp, if you were a guest... no exchange if you were not a guest.

I looked at the Bank of New York.. huge money available (10 billion) for international exchange and transfers, especially because of the Harbor.. however the Dinar is not traded yet with them..*come on ShotgunSusie*

I also saw US Bank and they seemed like the best deal going... if they trade...

Once the reval hits *come on SGS !!!!* I am sure we will be able to find exchange programs... but the advice I did get was photocopy your notes and have the bank verify the copies, with the note number / image face up... also schedule an appointment with a bank employee... and give them some of teh business... they get a percentage of your new huge wealth too onthe interest...

Linus