GREAT IDEA FROM NOEL AT T&B

[iraqidinar2005]

NOEL SAID HE WAS GOING TO OPEN A BANK ACCOUNT IN IRAQ...NOT FOR ISX...BUT IN CASE THEY CHANGE THE CURRENCY CHANGES AGAIN!

The following is my reply to Noel.

noel - That is an excellent idea! That is exactly what happened the last time they changed from the Saddam Dinar to the New Iraqi Dinar (NID).

Folks had that had Saddam Dinar in hand were given a 3 month period to change it, however, those with money in the bank, it automatically coverted.

I know a lot of folks are getting bank accounts for the purposes of the ISX, however, I don't ever remember seeing anyone mention this as an alternative incase they did switch currencies. I am sure alot of them will feel reassured by this extra benefit.

I am going to submit that info to the http://www.investorsiraq.com/ forum with all due credit.

Thanks for the great idea Noel!!!

EW :happy64:

[BRYAN]

I think this is also another reason to hold an account with dinars already inplace . I agree

[iraqidinar2005]

Those worried about denominations that they will accept will not have to worry about it anymore!

[Psycho for Dinar]

Very true, the only thing to worry about would be the ones we have in our hands now......but I really don't believe there is enough justification to cause concern.

[Henry]

Does any one remember a post referring to Iraq being able to freeze foreign assets in time of Marshall Law? Should we be concerned about this? :confused:

[iraqidinar2005]

Not to mention the fact that you will no longer have to worry about Fedex or DHL.

I think if everyone puts their current dinar in the closet and holds on to them. They can look at opening a bank account as a new investment and purchase and "count on it" as a back up to what they already have.

Now I have not personally read all the details, nor have I contacted the banks mentioned, however, I would like to know the following question if anyone can answer that has a bank account.

1) For example, I understand that say you put $1 dollar in the Iraqi Bank and you will get 1461 IQD.

2) You have two accounts. One represented in dollars and one in dinar.

2) Now, when the dinar appreciates. Has anyone read the fine print to find out if they will honor that $1 becoming equal to $1461 dollars if if the dinar appreciated to $1 = 1 IQD?

Or will your dollar account of $1 remain at it's worth as your dinar account/amount automatically depreciate in line with the Foriegn exchange rate for the U.S. Dollar?

EW

[iraqidinar2005]

I do not remember any such posts, however, it is definetly worth doing a search on T&B as well as this board. Good question!

[Aunt Gwennie]

NOEL SAID HE WAS GOING TO OPEN A BANK ACCOUNT IN IRAQ...NOT FOR ISX...BUT IN CASE THEY CHANGE THE CURRENCY CHANGES AGAIN!

The following is my reply to Noel.

noel - That is an excellent idea! That is exactly what happened the last time they changed from the Saddam Dinar to the New Iraqi Dinar (NID).

Folks had that had Saddam Dinar in hand were given a 3 month period to change it, however, those with money in the bank, it automatically coverted.

I know a lot of folks are getting bank accounts for the purposes of the ISX, however, I don't ever remember seeing anyone mention this as an alternative incase they did switch currencies. I am sure alot of them will feel reassured by this extra benefit.

I am going to submit that info to the http://www.investorsiraq.com/ forum with all due credit.

Thanks for the great idea Noel!!!

EW :happy64:

Sounds great too....but how are we supposed to open up an account with our dinars if we are here in the US? This was probably answered earlier, and I missed is somewhere, but thought I would ask again.

[iraqidinar2005]

minigirl - Didn't you say you had relatives in Canada? If so, when they open bank accounts is it possible to open one in Canadian currency and one in U.S. currency with the same banking institution with absolutely seperate currency balances?

I have never heard of this before, however, I wouldn't know I am just a small town "dude" not "hick" raised west of minigirl.

P.S. Minigirl...I never suspected miniskirts as being the theme behind your name. After seeing you were a Vikings fan and from Minnesota...As the game show host used to say, 2 and 2. LOL! Your statement about miniskirts is intriguing though...LOL Don't worry...I am married and in the Middle East...I am a harmless flirt....LMAO!!! :lmao:

[BRYAN]

Sounds great too....but how are we supposed to open up an account with our dinars if we are here in the US? This was probably answered earlier, and I missed is somewhere, but thought I would ask again.
I'm not sure but I had read that the Dinars are not really alloud out of Iraq as of July 1 ?? Can some one confirm this > I read this in my response letter from Warka bank stating ( Please be informed that we can not transfer any Iraqi Dinars out of Iraq , because it's not allowed by the regulation of Iraqi Central Bank ) So this statement prompted me to try to start an accountwith Warka Bank to add to the dinars I already have , but in a non-currency application . This may be a safe path to follow ?? We will all see in the future who picked the right way to gather dinar wealth . :huge:

[iraqidinar2005]

Sounds great too....but how are we supposed to open up an account with our dinars if we are here in the US? This was probably answered earlier, and I missed is somewhere, but thought I would ask again.

Aunt Gwennie - I posted after you so you may have already read this. Keep the dinar you have, I am. I have no worries about changing it. If it doesn't get to the foriegn exchange level, then those with bank accounts will not have any advantage over those without. Reason being, if it doesn't hit the foriegn exchange, it will likely stay at about the same rate it is. But it is inevitable that it will eventually make the FIX.

The difference will be from this point forward, if you can't get dinar by any other means and have extra money to afford to risk, I would say that you should open a bank acount

...(That is if someone can reassure my previous post that the Dinar will appreciate with the dollar in their account)...

I FEEL A RESPONSIBILITY TO POST THIS WARNING!!!

For goodness sakes people!!! If you do open a bank account...

DO NOT WIRE YOURE ENTIRE LIFE SAVINGS TO YOUR IRAQI ACCOUNT!!!!

I know that since gambling has become more predominant with the legal opening of casino's on Native American territory, I know first hand that many lives have been ruined over gambling. This is no different. DO NOT BE GREEDY. DO NOT THINK THIS IS A GET RICH QUICK IDEA. DO NOT GET IN THE MIND SET, WELL, I CAN AFFORD A HUNDRED OR TWO MORE WHILE YOUR HARD EARNED LIFE SAVINGS DWINDLES. DO NOT RUIN YOUR LIFE AND FAMILY OVER THIS!!! DO INVEST IN IRAQI SECURITY THAT WHICH YOU CAN AFFORD. THINK OF IT AS A DONATION WITH INCENTIVE TO DONATE.

If speculation becomes reality, then any small amount you can afford will enough to help out if it materializes!

I have a military friend that bought a humble 350,000 IQD as compared to the rest of us. If it works out then he can afford a home and continue with his life, if it doesn't, then that is ok. He keeps pressing forward.

I am addressing this because of how easy it will be to transfer as much as you want via wire service from your bank account to the Iraqi bank. When you see another person say he has 50,000,000 million dinar, don't try to up them! Enjoy your 100,000, 1,000,000 or what ever you can afford and think of those that missed this opportunity and save you gains wisely.

Please do not put yourself in a pinch. This is much to risky to be worth your financial security and your family.

That said...See you in 5 to 10 years!!!

EW

[iraqidinar2005]

You are the first person to report an Iraqi bank saying as such that I have seen.

I see this as a silver lining...Iraqi Dinar was never "legally" allowed from the get go. The fact that banks are now informing folks of this means tighter restrictions. That said, Central Bank Of Iraq may be starting to limit the number of notes they produce (order).

This may be a change for the good.

[minigirl]

lol EW, you ARE a flirt! ;) :wave:

I wish I would have read your question earlier about canadian money - I'll ask someone tomorrow as it's late now. My work has offices in Canada too - I can ask them as well when I get in tomorrow. BUT I'm not sure how "translate-able" their info will be to Iraq because of the unique circumstances... I'll check it out though.

I agree about not socking the life savings into an Iraqi account. I do have a few thou that's been sitting in my savings for a year now that I've been trying to decide what to do with. I'm going to put a portion of that into my Warka account and cross my fingers. It is a gamble, but I still think it's a better odds that the value will go up than shoving it in a video poker machine. (gosh those things eat up your money fast, don't they? lol)

I also think it's a very good point about our currency concerns to take the money you'd spend on paper dinar in the future and have it in an account. (not to take away any future business from Amer or the others!!) In that way, I'd feel more secure. The paper makes me nervous! lol So many things could happen to it -- probably won't -- but could.


Gwennie, go to the main page on this forum and there is a section all about banking with a ton of info. Opening an account can be done via email/fax and wire transfer. It's actually relatively easy - coming from a big ADD head from me, that's saying alot. :drunk:

[Aunt Gwennie]

Bryan, Iraqidinar2005, joec, minigirl....and everyone else I may have forgotten.

Thanks for your wonderful replies about opening an account. I have all my info in hand and will start working on this next week.

Thanks again...I am so glad I am no longer in the dark on some of this stuff!! Just don't let anyone else know....I was in the dark!! hehehe :shhh:

Gwennie

[BRYAN]

Bryan, Iraqidinar2005, joec, minigirl....and everyone else I may have forgotten.

Thanks for your wonderful replies about opening an account. I have all my info in hand and will start working on this next week.

Thanks again...I am so glad I am no longer in the dark on some of this stuff!! Just don't let anyone else know....I was in the dark!! hehehe :shhh:

Gwennie
Your welcome Aunt Gwenni , Glad to help . ;)

[Jerry]

I originally posted opening a bank account on the Portal Iraq site. The idea went along the lines of how to get an account. Being out of Iraq proves difficult to get an account. My idea was "if your allowed to buy stocks... that reqires an account." So I started looking at accounts. Found the info on the most crediable bank there... NBK. The idea is to put a little in stocks and leave the bulk of the IQD in the account and let it churn. Now the ultimate idea I think would be to 1. Keep some physcial IQD with you. 2.Open an Iraqi bank account to hedge against currency change or any other "demonitizing" issues. 3. Put a little in the ISX for a chance to make maximum profit on minimal capital (as the ISX is trading at such rediculiosly low levels. Those companies are waaaay UNDER VALUED.

Thats just the way I see developing a good portfolio with the IQD. When T bills and Bonds are available try to include them too. I personally find it all very exciting, how ever I'm not betting the farm. I am only putting in what I can afford. I agree with EW do only what you can when you can. If this is part of your high risk portfolio keep it that way... "PART".

No one wants to end up like that Egyptian guy who bought in Feb and sold his only way to provide for his family. He sold his taxi. Now he has nothing and his IQD has depreciated over 25% and most likely he is having to hear it from his wife everyday because he made a poor decision and "Bet The Farm".

[Aunt Gwennie]

I originally posted opening a bank account on the Portal Iraq site. The idea went along the lines of how to get an account. Being out of Iraq proves difficult to get an account. My idea was "if your allowed to buy stocks... that reqires an account." So I started looking at accounts. Found the info on the most crediable bank there... NBK. The idea is to put a little in stocks and leave the bulk of the IQD in the account and let it churn. Now the ultimate idea I think would be to 1. Keep some physcial IQD with you. 2.Open an Iraqi bank account to hedge against currency change or any other "demonitizing" issues. 3. Put a little in the ISX for a chance to make maximum profit on minimal capital (as the ISX is trading at such rediculiosly low levels. Those companies are waaaay UNDER VALUED.

Thats just the way I see developing a good portfolio with the IQD. When T bills and Bonds are available try to include them too. I personally find it all very exciting, how ever I'm not betting the farm. I am only putting in what I can afford. I agree with EW do only what you can when you can. If this is part of your high risk portfolio keep it that way... "PART".

No one wants to end up like that Egyptian guy who bought in Feb and sold his only way to provide for his family. He sold his taxi. Now he has nothing and his IQD has depreciated over 25% and most likely he is having to hear it from his wife everyday because he made a poor decision and "Bet The Farm".

Thank you to you to Jerry for getting this thing rolling. You are absolutely right not to put all your eggs in one basket. And obviously the best move to get a much better exchange rate for the usd when you convert it over to your iqd account. I will be ready to go this next week....Thanks again to everyone who bring so much this forum!!!

[lleuci]

I'm new to this forum, so if this question has already been answered I'm sorry.

I have 1 Million Dinar on hand. I am an American soldier in Iraq. I have heard rumor of the Dinar changing to lower denomination bills in the future, possibly after I am gone. I am worried that I will lose my investment not to a plummeting economy, but to a change in currency which would render my Dinar worthless. Any ideas on my options??

[minigirl]

I'm new to this forum, so if this question has already been answered I'm sorry.

I have 1 Million Dinar on hand. I am an American soldier in Iraq. I have heard rumor of the Dinar changing to lower denomination bills in the future, possibly after I am gone. I am worried that I will lose my investment not to a plummeting economy, but to a change in currency which would render my Dinar worthless. Any ideas on my options??

Welcome to the forum lleuci! :) Thank you for all you are doing - we love and appreciate you and pray you stay safe!

Alot of us only have cash at the moment. Someone in Iraq or Kuwait, or who has come home from there can address this better for you, but I wanted to ease your mind at least the denominations.

If they phase out the higher denominations, they'll still be good. At the very least, you'd have time to exchange. I think that they'll be valid currency and exchangeable, but the banks just won't put them back into circulation.

Read up on the forum section on bank accounts. There's so much info there. There are quite a few here with accounts at Al-Warka Bank. In the states, we are unable to send the cash to Warka from here to deposit it so we're left with those dinar on hand. Maybe you could open an account before you leave, I dunno. :confused: one of our other wonderful soldiers or contractors could give you some more info on that!

:) Nice to have you here!

Jacquie

[BRYAN]

Has any one checked out the site FXall.com HSBC bank became a member on june 6th . http://us.hsbc.com/inside/news/pressreleasas2000-june-6.html
My aol server is not secure enough to open and online account - msn is safe enough and i'll probley change over .

[BRYAN]

Original article is at http://melbourne.indymedia.org/news/2004/07/74895.php Hide comments.

is US trying to institute MAI in Iraq? CPA order no 39
by brian Saturday July 24, 2004 at 11:30 AM
:rolleye03

[Okie]

Someone stated the thought that you couldn't take Dinars out of Iraq....effective the first part of July. I'm not sure of the date but I can confirm that friends had dinars removed from their luggage by the Iraqi customs during July. Nothing was given in return.

[OU FAN]

Welcome to a fellow Okie !!! Hope you are an OU fan, too, and not an OSU cowpoke !