SHJAM
01-16-2007, 07:30 PM
It has come the time when I must go to my peers AKA the Knowlege bank of the IIF and fill in some answers to a question that has me a bit stumped.
I am aware BOA as well as all banks have a buy/sell rate.
This on top of their fees is how they make money on foriegn exchange.
My last purchase of Dinars was 1/8/07 (the beginning of the shortage)
I gave my local institution $829.00 USD
The account manager gave me that days rate of .0009181 and quoted me 902,951 IQD.
When I got home and checked the rate by the CBI it was at 1320:1
so I did some calculating and by that 1320 I came up with 1,094,280 IQD.
It would seem to me that I received only 82.5% of the Dinars that I had expected as well as paying my banks and BOA's fees.
Thats 17.5% or 191,329 IQD
Thats alot of jingle.
Anybody?
I am aware BOA as well as all banks have a buy/sell rate.
This on top of their fees is how they make money on foriegn exchange.
My last purchase of Dinars was 1/8/07 (the beginning of the shortage)
I gave my local institution $829.00 USD
The account manager gave me that days rate of .0009181 and quoted me 902,951 IQD.
When I got home and checked the rate by the CBI it was at 1320:1
so I did some calculating and by that 1320 I came up with 1,094,280 IQD.
It would seem to me that I received only 82.5% of the Dinars that I had expected as well as paying my banks and BOA's fees.
Thats 17.5% or 191,329 IQD
Thats alot of jingle.
Anybody?