Exchanging Dinar for Dollars

[GotDinar?]

Okay, since there is talk of a possible peg soon, I thought I would start this thread to review lastest info on exchanging our Dinars for Dollars. I just know that some smart-ass is going to say it has been posted somewhere else. However, lets get the lastest scoop here and now.

So, the obvious question is what banks/brokers are exchanging now? and what banks/brokers will be in the near future?

By the way, I am not a newbie here and I have over 25 million NID. The day it pegs I am cashing in every bit of it.

[stephen]

my strategy will be to head to 2 different banks where I have accounts, probably HSBC and Citi, and attempt to cash in half my 10 mill.

The other half I will wait for awhile to see what happens.

[mfriedl1]

I read somewhere on the forum that B of A will do it, but there seemed to be an outragous "fee" to do so. They say they do it for free, but it was figured that if the dinar pegged at .41, you'd only get .33. I was figuring on 2-5% exchange fee, but that's around 20%. Does anyone know if this is accurate, and/where it would be cheaper to do the exchange in the Mid Atlantic region?

[ISX_TIME]

I read somewhere on the forum that B of A will do it, but there seemed to be an outragous "fee" to do so. They say they do it for free, but it was figured that if the dinar pegged at .41, you'd only get .33. I was figuring on 2-5% exchange fee, but that's around 20%. Does anyone know if this is accurate, and/where it would be cheaper to do the exchange in the Mid Atlantic region?

C'mon, You know how long it's gonna take them to count all that Dinar. They should get 25%

(NOT!!!!!)

Just wait for the time to exchange, Bankers will be on you like
"stink on a monkey"
Shop it around

[mfriedl1]

C'mon, You know how long it's gonna take them to count all that Dinar. They should get 25%

(NOT!!!!!)

Just wait for the time to exchange, Bankers will be on you like
"stink on a monkey"
Shop it around

Funny.....VERY Funny.....

NOT!!! :happy64:


I hope you're right, but I just bought my first 10 mil a few weeks ago and I'm going to have to wait for the 1 year mark for tax purposes anyways, but I want to "cash out" my investment cost right away, which should only be around 25,000 dinar, depending on the peg of course.

[GotDinar?]

Stink on a monkey!!!!!!! Thats good...lmao.

I did some calling to Bank of America. They really couldn't give me any real info. They just said they dont exchange it. I live on Ohio, so we do not have any BofA branches here. I then called CitiBank in NewYork. They said they are not exchanging it. Furthermore, you have to have an account, to which I said "of course I would open one". The lady I was talking to then just blew me off. I have also checked National City Bank and Key Bank which are HQ here in the Cleveland area with no luck. Bob S., what do you have?

[Tango Mike]

I went to Bank of America, they said it would take "days to weeks" to CASH out a large quantify of money. There would be some FED forms to fill out, bank security would have to approve.....Feds forms have to do with IRS / Antiterrorism and Money-Laundering

[Joe D_inar]

2 local branches of US Bank yesterday 8/09 and they both told me they would exchange the dinars as soon as it opened. Live long and prosper,Joe D :happy64:

[mfriedl1]

yikes, sounds like it is going to be a process cashing these things out.

[Tango Mike]

I think "we" should not be worried about where or WHO will cash us out.

we should be worried about the RATE OF XCHANGE !!!!!

[mfriedl1]

yeah, you're probably right...I have to wait a year anyway....

[Wildbill]

I have posted this idea on several other threads, but it seems that this may be as good a place as any.

I am in discussions with some hedge/investment contacts of mine about purchasing a bank. In short, this bank would be primarly set up to:

1. Exchange Dinar
2. Save Dinar
3. Invest in the ISX (have a US trading floor)
4. Promote economic growth in Iraq
5. Make present holders of Dinar as finacially comfortable as possible (in laymens terms 'filthy stinkin ritch')

Anyone interested.

[mfriedl1]

Where would this bank be located and what kind of exchange fee would you charge?
Also what kind of accounts could be opened? (savings, checking..etc)

This is a great idea if it can be accessible to all dinar holders in the country!!!

[Joe D_inar]

I have posted this idea on several other threads, but it seems that this may be as good a place as any.

I am in discussions with some hedge/investment contacts of mine about purchasing a bank. In short, this bank would be primarly set up to:

1. Exchange Dinar
2. Save Dinar
3. Invest in the ISX (have a US trading floor)
4. Promote economic growth in Iraq
5. Make present holders of Dinar as finacially comfortable as possible (in laymens terms 'filthy stinkin ritch')

Anyone interested.
Count me in Bill!!!!!!!

[Marilyn]

Been kicking that idea around a while... you may want to start your own thread on this in the banking area...

[Geoff]

I read somewhere on the forum that B of A will do it, but there seemed to be an outragous "fee" to do so. They say they do it for free, but it was figured that if the dinar pegged at .41, you'd only get .33. I was figuring on 2-5% exchange fee, but that's around 20%. Does anyone know if this is accurate, and/where it would be cheaper to do the exchange in the Mid Atlantic region?

I have not read this anywhere on the IIF. I have called countless BOA branches, main offices and their foreign currency desk, and no one has even hinted at exchanging. I would expect that to change shortly after it opens. I spoke with someone on the IIF who deals with currency for a large U.S. bank, and was told that no bank will exchange at the "spot" price for a given day, but that the exchange would be a few cents less...as in say, $.38 or so if it opened at $.41. Banks will make $$ on the exchange, no two ways about it. That applies to any currency.
The problem I foresee with exchanging is going to be in shipping my dinar to who knows where to confirm authenticity. Too many things could happen to that currency between points A and B to make me feel comfortable handing over any sizeable amount.
I also believe that when the dinar opens, it will create a market for currency traders, who will exchange your currency, most likely on a commission-based system. I know of at least one dealer who is geared-up to do this, although I have no idea whatsoever about what it would cost to do an exchange. I suspect currency exchangers will make their appearance here when, and if the dinar opens on the FX.

[GotDinar?]

No doubt, the dinar has to peg. That is step #1.

Step #2 is cashing out. I for one do not want to wait too long. I have had my dinar for over a year.

Step #2 and a half...have a party!!!!!!!!!!!!!!!!!!!!!!

Step#3 is obtaining legal and financial council.

Step #4 is proper investment into mutual funds, bonds, real estate, etc.

Step #5 is retiring, staying healthy, enjoying life, and not pissing it all away!!!!!!

These are my 5 steps to Financial Independence...man, this is starting to sound like an infomercial...LMAO :drunk:

[ISX_TIME]

Personally, after a brief discussion (with myself) I can see the US banks (on authorization of our gov't) by decree of the new and improved "Patriot Act"

It may be necessary to produce and supply copies of receipts, invoices and proof of method of payment for the physical amount of dinar that we would bring for "cash in" or deposit

Thourough way for them perform real-time audits on us and make sure they jive with the 1040's

[ISX_TIME]

Ooops. Maybe mods can merge this with

Exchanging Dinar for Dollars

[ISX_TIME]

Personally, after a brief discussion (with myself) I can see the US banks (on authorization of our gov't) by decree of the new and improved "Patriot Act"

It may be necessary to produce and supply copies of receipts, invoices and proof of method of payment for the physical amount of dinar that we would bring for "cash in" or deposit

Thourough way for them perform real-time audits on us and make sure they jive with the 1040's


Started a NEW thread , I didnt see this one, ... a much better place for this

[GotDinar?]

Geoff, I agree there will be what I call "Exchange Sharks" will be popping up on here. I am sure all of us will end up not getting the exact exchange rate anywhere.

[mfriedl1]

No doubt, the dinar has to peg. That is step #1.

Step #2 is cashing out. I for one do not want to wait too long. I have had my dinar for over a year.

I just bought my dinar 2-3 weeks ago....is it worth it for me to wait for the year + a day mark? :confused:

I don't want to pay any more taxes then I have to, but if its THAT volitle of a situation, I'll get out early and pay the extra taxes...

any opinion? :lmao:

[tstowe]

Hello everyone,

I have been told that once presented for exchange that it will take at least three weeks for the process to take full circle, maybe longer if you have any questionable background hits :shhh: ! The rep stated that it would be ideal to possess an account at the bank in which the exchange is to occur to minimize fee's and to speed up the deposit into your possession.

I spoke to rep's from Union Planter's, Well's Fargo and Merrill Lynch and the initial discussion was hit with "we do not trade in the NID!" and to get any further discussion from them almost cost me my first born. I then approached the subject matter in terms of, "IF I wanted to exchange any foreign currency, what it the process, fee's, etc?" Very frustrating!

My 2cents.

Tony

[Java]

I read somewhere on the forum that B of A will do it, but there seemed to be an outragous "fee" to do so. They say they do it for free, but it was figured that if the dinar pegged at .41, you'd only get .33. I was figuring on 2-5% exchange fee, but that's around 20%. Does anyone know if this is accurate, and/where it would be cheaper to do the exchange in the Mid Atlantic region?

Yeah B of A told me that would charge 5% if you do not have an account with them. However, if you are banking with Bof A, it will be at no cost.

[Stevo]

I can't wait to go into the Local Bank and throw down a Hundred pack of 25K's and ask for an exchange. The Local Mgr will sh#t her pants!

[mfriedl1]

Yeah B of A told me that would charge 5% if you do not have an account with them. However, if you are banking with Bof A, it will be at no cost.


Does that take in to account the bank making $$ on the transaction as stated above? ie if the rate is .41 they'll probably give you .38

If it really is no cost if you have an account and you get the right rate, I'll opend a BofA account today in preporation!!!!! :huge:

[hank123]

Does that take in to account the bank making $$ on the transaction as stated above? ie if the rate is .41 they'll probably give you .38

If it really is no cost if you have an account and you get the right rate, I'll opend a BofA account today in preporation!!!!! :huge:

I did the currency calculation on BOA's site for selling 5000 euro's to them and it worked out that they take 5.6% of the interbank rate or 2.3 cents on $0.41.

The rate goes down with quantity on the site, so I'm sure a better rate can be negociate with volume :happy64:

[joefr1968]

I believe someone mentioned this already...Im worried about taking 5million dinar to whatever bank and just handing it over to them...then switch-a-roo..Im sorry Sir those bank notes were all fraudulant. Thats what has got me spooked..It was stated before somewhere here on IIF, to scan each serial number in a computer for storage but jeesh, that would take forever....thoughts people

[GotDinar?]

Dude, my buddy and I were just talking about that. Hell yes, I will scan every damn note if I have to. And I have 25 million!!!. As far as I am concerned, they are all good. As soon as I give it to the bank and get a receipt, it is as good as done. No respectable bank is going to lose it. I already know my money is good. :happy64:

[Chaz]

Hey everyone, first post for me. I'm pretty much a noob, jumping on the Dinar bandwagon. I've a small number of Dinar (100k Dinar in 5k denominations) on their way to me, I got them on eBay.
An important thing to note is that I live in the UK.
Simply assuming that the Dinar gets pegged at 0.41 on the 16th, and that the NID becomes open to foreign exchange, would exchanging it for GBP be a simple process? I've read about how HSBC (I have a current account with them, maybe its time to apply for a savings account?) have ties with Iraq, would I simply be able to walk into my local branch once the NID is open to the FOREX, have my Dinar exchanged for GBP and deposited into my account?

[twinsfan]

Allright guys, do NOT get caught paying a precentage!!! I traveled to Minneapolis and spoke with the head of the currency dept. at Wells Fargo and she said there would be NO charge to those that hold an account with the bank! Sounds like a good deal to me.

[G Mann]

I talked to local branch manager yesterday about Dinar exchanges, I took a little smooth talking to get info. but this is what she said. I told her that I am member of a group of people looking for the best rates, so that's why I mention other members in our conversation.

The first thing she said, was that you’d have to have an account with them (of course) and that the exchange fee was usually $8. She stated that they will wave this fee. I asked her about other fees; buy/sell spread (she stated that “we wouldn’t sell Dinar, only buy them.”) or PIP’s?

She then told me the following, “rates on something like that…..I had a million dollar transaction the other day and made a call to get a better rate for them, was 0.00061 and I got a 0.00057.” I specifically counted the three “zero’s” (to the right of the decimal) the second time she said that, which means we will probably pay anywhere from $570 to $610 in fees per million that we exchange. (about $3400+ dollars off my 6+ million.) I’m no expert, but those sound like PIP’s, am I right?

I asked her what is the total time from going on the exchange to when they will start exchanging them? She replied, “probably just a few days time.”

I said, “I know that the Dinars will be sent to Houston for verification and some members have expressed concern over this. She stated there is no need to worry, “we overnight them.” And “it usually takes 2 days.” I ask, “what is the total time from exchanging the Dinar in branch, to the time where the money is deposited in our account? She said, “max 48 hours, we would only need to verify that you are customers and that the currency is good.”

She said to me, “We will have to report these transactions.” (I’m thinking 1099’s, Capital Gains) I said that we are all very aware of the taxes that need to be paid. She said, “No, this doesn’t have anything to do with taxes…..to the proper authorities.” I kind of interrupted and said, “yes, I understand that.” RICO laws? Or maybe the Patriot ACT? Either way, doesn’t matter to me.

I asked her if she’s had many inquiries concerning the Dinar? Her answer, “none until recently.” I was the third person in the last week.

I am still very leery about sending the Dinar across two states......definetly scan and photograph each one (don't care how long that will take) and let them know I did that. if I go with them, I will probably do smaller transactions initially, until I got comfortable with the process. Does anyone else want to share converations they had concerning exchange rates? G.

[G Mann]

Allright guys, do NOT get caught paying a precentage!!! I traveled to Minneapolis and spoke with the head of the currency dept. at Wells Fargo and she said there would be NO charge to those that hold an account with the bank! Sounds like a good deal to me.

Do you really think that they will do the transaction without charging some fee?

[Gooch]

It is my understanding that airports and casinos will exchange foreign currency. Being situated in South Jersey I have at least six international airports within a two-hour drive and over ten casinos a half-hour away. I mention this for those, like myself, who harbor some apprehensions about tossing a stack of dinars across the counter to a bank employee to go to some unknown destination for verification.
It may seem a tedious way to exchange the dinars, but within a few days one could exchange a fair number of them without them ever leaving sight.
Does anybody know anything about this: exchange limits, paperwork, etc.?

[twinsfan]

Dont airports exchange currencies for travel destinations? cause I dont think Iraq is one of those and wont be for a long time.....

[BrerRabbit]

Western union takes cash.
Will it take Dinars if they are convertable?
If they do couldn't you just WU yerself?

[JCsaves2]

Just got off the phone with them. They patched me through to a supervisor for foreign currency. They stated they don't have a limit on the amount I can exchange per day, but will have to answer a lot of questions if I'm exchanging a lot. They also said I needed to live in or work near the bank to open an account. They also said I could open a personal, or business account. This was the branch in Los Angeles, 213-553-8088

Have a great night!

JCsaves

[Geoff]

Allright guys, do NOT get caught paying a precentage!!! I traveled to Minneapolis and spoke with the head of the currency dept. at Wells Fargo and she said there would be NO charge to those that hold an account with the bank! Sounds like a good deal to me.

Did you ask specifically if they will be paying full exchange value? Because if you did, and that was the answer you got, she is either lying or misinformed..probably the latter. Sure as I'm typing this, you're going to exchange at a reduced rate, account holder or not.
Part of the problem here is with how folks are defining the word "fee".
You are going to pay to exchange your currency at a bank. If you get online and find the exchange value for your NID on the FX, and then run down to the bank expecting to get that same rate, you're going to be disappointed. Call it a fee, call it a percentage, whatever. You're not going to get full spot value for your currency.

[RogerL]

Before settling on a bank to conduct your exchange look at both the spread AND the total fees. I would bet that banks without fees have high spreads and vice versa (low spread/high fees). Take both into account and then calculate how much you'll have net before deciding who to exchange with.

Once banks start to exchange, we should have a fixed post at the top of the dinar forum with a list of all banks that are exchanging and their fees and spreads. That way, people can see what banks are near them and can more easily figure out who to go through.

International airports usually have some sort of forex booth, but they tend to have exorbitant spreads, so they may not be the best places to go.

[bottlebush]

Just do a C B A on all them

[EJAMM]

Western union takes cash.
Will it take Dinars if they are convertable?
If they do couldn't you just WU yerself?

I wire money to Thailand every month. It costs me 27 dollars to wire the money for the amount I send. Even if you wire the money to yourself wouldn't they still charge you a fee? I believe the fee is based on how much and where you send the money, so in the long run it could cost you more.

[EJAMM]

Just do a C B A on all them

Can you explain the C B A?

[bottlebush]

Can you explain the C B A?
Cost Benfits Analysis.
Do a Google on it
Its a nice tool

[PapaPark]

It seems I'm gonna be the only one walking in nervous. And hell.. I only have 100,000 Dinars.

[PlayBall]

It seems I'm gonna be the only one walking in nervous. And hell.. I only have 100,000 Dinars.


Nah ....I'll admit I'll have shaky hands.
I'll be cashing in 40 X that

[GotDinar?]

G Mann, good info. Me personnaly, I have no problem with them (the bank) shipping it out for verification. 2 days turn-around sounds reasonable.

RogerL, good idea about posting bank info on IIF.

By the way, I got back from Iraq 5 days ago. When I was passing tthru Frankfurt, I stopped by one of those ForEx places and was told they do not and have no plans at this time to exchange Iraqi Dinar. However, I am sure this may change someday. Hopefully by that time I will have already cashed out.

Going back to the idea of copying every dinar....I think it is a must. Period.

[Geoff]

Going back to the idea of copying every dinar....I think it is a must. Period.

What are you seeing as the benefit to doing that?

[OutToDinar]

What are you seeing as the benefit to doing that?

I plan on photocopying ALL my notes at the bank when I exchange for $. I also want the bank manager to compare the copies to the notes to verify serial numbers and sign the photocopies.

I'm a little paranoid about handing over my dinar, what can I tell ya. I was raised in NY...suspicious about everything. :D

[WR450]

I plan on photocopying ALL my notes at the bank when I exchange for $. I also want the bank manager to compare the copies to the notes to verify serial numbers and sign the photocopies.

I'm a little paranoid about handing over my dinar, what can I tell ya. I was raised in NY...suspicious about everything. :D



I plan to do the same. It scares me that they may need to send them off to another location.

[Stevo]

Get on the phone and find the Bank location or "Main Branch" where they do verification/certification. It would probably be worth the trip to get an "On the Spot" transaction on the first exchange. Then you can then evaluate the situation and do a local transaction if you feel secure doing business with your Bank.

[OutToDinar]

I plan to do the same. It scares me that they may need to send them off to another location.

I'm more concerned about one of the handlers swapping my notes for counterfeit, or the old Sadam dinar notes. Then again, I'm sure exchanges like this take place a thousand times a day, without any problems...I'm sure I'm just paranoid.

We should probably be more concerned with getting the best exchange rate possible.

[botso]

I'm going to go to Wells Fargo (current bank), Chase Bank of Texas (former bank), Compass Bank, and one or two of the smaller banks in Houston and say:

1. I need to see a bank manager please.
2. I plan to exchange approximately $2-2.5 million USD of IQD. I plan on putting $1 million of that into several investment vehicles (CD) with whatever instution gives me:

a. the best exchange rate, AND
b. the best interest rate.

3. What can you do for me?

On a transaction of that size, I'll expect them to:
1. Provide on-site verification of the currency in my presence;
2. I'll expect them to get darn close to the InterBank exchange rate for that day;
3. I'll expect them to give me a jumb CD rate that is not published and significantly higher than normal;
4. I'll expect them to give me a credit card with a limit of between $10,000.00 - $25,000.00;
5. I'll expect them to give me a free safety deposit box;
6. I'll expect them to have a Venti Soy Caramel Macchiato waiting for me when I arrive at the bank.

Ok, ok, #6 is negotiable.

Should the IQD ever be of any significant USD value, then those who have significant IQD holdings will be in the DRIVER's seat, not the banks. I like the idea of having a banker competing for my business. If you go to the bank and tell them, I'll let you use my money for 1 or 2 years but I want to get full value for my foreign currency exchange, I am confident they will beating down your door for business. When you invest money in a CD or other bank investment vehicle, you're really just allowing the bank to borrow money from you that they then lend out to others at a higher rate.

Just my $.02. And this isn't an absolute plan, but more of a blue print.

B

[Rob'snest]

I called Well's Fargo Bank's Main headquarters in S.F. yesterday (8-10-05) Asked for the MCA account dept. Was transfred to a lady in Sacramento Calif, " Regina" 1-800-869-3557. Her exact wards were to me, " Yes, you can go into any local Wells Fargo Branch and open an account at any time".

I than called infomation in Livermore California for the main office of Wells Fargo and asked again for the MCA Dept at that branch. I was transfred to a man by the name of "Migiel" 1-925-447-1401.

He again comfired that "Yes". once I opened the MCA account, deposited the IQD, it than would take approx one week before I could "with draw". Of course it would be exchanged into US Funds. He said this was to varify that the money is infact real.

Now I had already taken all of my IQD to BofA in Livermore Ca and they had a mechince there that they ran all of my IQD through and than told me is was all Legidimate.

I also asked Miguel what the "fee" would be for this service and he told me between 1.5 % and 2 %.

Now here is the kicker and of couse I got a little excited when he said this to me,

"Sir, I would wait a few days before you open this account". As if he, the Bank knew of something that most of us are thinking is a rumur.

One thing about these entire phone calls. I didnt have to repeat my self one single time about any of this. So something is UP>>>>>>>>>>>>


Well folks. Perhaps this is really going down. What a deal.

[mfriedl1]

I called Well's Fargo Bank's Main headquarters in S.F. yesterday (8-10-05) Asked for the MCA account dept. Was transfred to a lady in Sacramento Calif, " Regina" 1-800-869-3557. Her exact wards were to me, " Yes, you can go into any local Wells Fargo Branch and open an account at any time".

I than called infomation in Livermore California for the main office of Wells Fargo and asked again for the MCA Dept at that branch. I was transfred to a man by the name of "Migiel" 1-925-447-1401.

He again comfired that "Yes". once I opened the MCA account, deposited the IQD, it than would take approx one week before I could "with draw". Of course it would be exchanged into US Funds. He said this was to varify that the money is infact real.

Now I had already taken all of my IQD to BofA in Livermore Ca and they had a mechince there that they ran all of my IQD through and than told me is was all Legidimate.

I also asked Miguel what the "fee" would be for this service and he told me between 1.5 % and 2 %.

Now here is the kicker and of couse I got a little excited when he said this to me,

"Sir, I would wait a few days before you open this account". As if he, the Bank knew of something that most of us are thinking is a rumur.

One thing about these entire phone calls. I didnt have to repeat my self one single time about any of this. So something is UP>>>>>>>>>>>>


Well folks. Perhaps this is really going down. What a deal.
Do you need to have a Wells Fargo Branch locally to open an account?

[Geoff]

I plan on photocopying ALL my notes at the bank when I exchange for $. I also want the bank manager to compare the copies to the notes to verify serial numbers and sign the photocopies.

I'm a little paranoid about handing over my dinar, what can I tell ya. I was raised in NY...suspicious about everything. :D

Maybe I'm wrong, but I would just expect a record of serial numbers to be made at the bank, and that I would be given a signed copy. Nothing wrong with making photocopies, I just don't see it providing another layer of security. Bottom line, if anything happens to those notes before they can be verified and recorded as such, that person is going to be SOL if they can't be accounted for.
I would have no problem making an appointment and driving a few hours to Atlanta to have my currency verified by BOA while I waited. Maybe that's possible. Hopefully, I'll have the opportunity to find out :D
Nothing wrong with letting a little paranoia creep in. This could be a once-in-a-lifetime event. I wouldn't leave anything to chance.

[Geoff]

Now I had already taken all of my IQD to BofA in Livermore Ca and they had a mechince there that they ran all of my IQD through and than told me is was all Legidimate.

I also asked Miguel what the "fee" would be for this service and he told me between 1.5 % and 2 %.


Interesting. Questions:

What was the process for verifying at Livermore? What paperwork was involved?
Did you just walk in, or schedule an appointment?

The "fee"...does that mean 1.5% - 2% off the interbank rate, or is that a tranaction fee aside from whatever exchange rate they would offer?

Thanks.

[PapaPark]

So wait... someone went into BofA already and got them to authenticate it?

Maybe I should go set up an account now.

[Stevo]

I talked to the Main Branch Office in Minneapolis. Yes! If and when they get the "Memo" they can and will do "On the Spot" transactions. If too many, then they would have to send to their Headquarters in Portland, OR. Thanks to twinsfan for giving me some Good Info........

[JCsaves2]

This is a good thread. I imagine, once it hits, we'll have all kinds of posts about our exchanging experiences and where, really, is the best place to make the exchange. My first attempt's will be at Wells Fargo and HSBC, I think :)

Have a great day!

JCsaves

[Drivin' me Dinar Crazy]

Maybe I'm wrong, but I would just expect a record of serial numbers to be made at the bank, and that I would be given a signed copy. Nothing wrong with making photocopies, I just don't see it providing another layer of security. Bottom line, if anything happens to those notes before they can be verified and recorded as such, that person is going to be SOL if they can't be accounted for.
I would have no problem making an appointment and driving a few hours to Atlanta to have my currency verified by BOA while I waited. Maybe that's possible. Hopefully, I'll have the opportunity to find out :D
Nothing wrong with letting a little paranoia creep in. This could be a once-in-a-lifetime event. I wouldn't leave anything to chance.


How would you feel about driving a few hours with IQD potentially worth 7 figures in your car? That's the part I'm worrying about as well. Unless you live IN a big city and can take a cab (or armored truck) directly to the bank, you're taking a big chance no matter what you do. When there's big money involved, the potential exists to get screwed royally.

[Geoff]

How would you feel about driving a few hours with IQD potentially worth 7 figures in your car?

A helluva lot better than I would handing it over to a banker and having it flown out of state. You can't eliminate risk, but you can do things to minimize it.

[Stevo]

Yeah, I am thinking there are Pirates out there just waiting for your car to come along.

[GotDinar?]

Rob...awesome scoop!!!

Botso...your step 6...i will ask for a cappo with a piece of dark choc...lol.

I am gonna check out Wells Fargo some more. Hey also, if anyone knows of any Lawyers/CPAs who deal with rich people, we need to start getting some names so we can get set up with some sound legal/financial advice.

[Fortunae]

Sorry if this has been asked before but only been posting for a couple of days, although I've been a guest for the past two months. Does anyone have any ideas for exchanging in the uk when the time is right. I'd also just like to say I appreciate all the info you good people post, ( and some of the juicier rumors) keep up the good work, and where is Clay?

[interestmanster]

It appears to me that this thread is dealing mainly with exchanging dinar bank notes held in the US for dollars. What about those of us with dinar savings accounts in Iraq. What is the best way for us to exchange?

[SmoothRide]

please check your private messages

Thanks!

[ubid1]

Roger L.

This is an excellent idea of yours !

Once banks start to exchange, we should have a fixed post at the top of the dinar forum with a list of all banks that are exchanging and their fees and spreads. That way, people can see what banks are near them and can more easily figure out who to go through.

[LakewayDaze!]

Roger L.

This is an excellent idea of yours !

Once banks start to exchange, we should have a fixed post at the top of the dinar forum with a list of all banks that are exchanging and their fees and spreads. That way, people can see what banks are near them and can more easily figure out who to go through.

I also think this would be a great tool. I plan on trying to wait a few days and get all my ducks in a row with some good advise from tax attorneys and financial advisors. ROget you always give good sound advise and I appreciate it. :)


Just a matter of days folks........ :happy64:


Woah Bundy!!! :drunk:

[BigE]

I can't remember was the rumor that it was not suppose to be one the forex for actual trading until around the 22nd. I'm leaving town to go somewhere and won't be back until the 21st. I don't whether to take some with me or leave at bank in box. I won't be in driving distance to my place to simply go get them.

any opinion.

[LakewayDaze!]

I was trying to decide on which bank I would use if and when the DiNAR was finally available on the FOREX and I sent this email to Compass bank. I know someone has already given this information to the forum. I am just another verification. This has got to be good news I would think.

This is what I sent to them:

I am curious to know if the IRAQ Dinar goes on the Forex will Compass
Bank be exchanging it and if so what the fees will be??

This is thier reply:

Compass Bank is buying and selling the Iraqi Dinars at this moment for
account holder only.

Kathy


WOAH BUNDY!!! :drunk:

[CBAF13]

I just got off the phone with Wells Fargo foreign exhange department and the lady there told me that when you exchange there that as long as you have an account with them that there is no fee from WF. She also told me that there is no tax assessed at the time of exchange just when you file for your income tax. Has anyone heard any different?

[KennyinOC]

Good to hear that WF may have no fee's, but somehow I may doubt that. I am a WF client, but they do need to make money.
As for the taxes, I would not listen to anybody unless they are a CPA. I wouldn't want to have the tax man banging on my door several years from now. :no:

[BlueLake]

I just got off the phone with Wells Fargo foreign exhange department and the lady there told me that when you exchange there that as long as you have an account with them that there is no fee from WF. She also told me that there is no tax assessed at the time of exchange just when you file for your income tax. Has anyone heard any different?


I understand this is correct - no taxes are paid to the bank during the exchange. They file a form on you if over 10K or if you return enough times to make it 10K. You are responsible to file and pay the taxes.
I have not seen anything that shows us differently.
Agree, good tax account should be your source.

[CBAF13]

Because I asked about something that I read on here about banks exchanging at less then the actual exchange rate. She told me that as far as she knew WF wouldnt be doing anything like that BUT the actual paperwork hasnt come out stating their practices yet so she didnt want to be specific with anything yet

[Geoff]

Because I asked about something that I read on here about banks exchanging at less then the actual exchange rate. She told me that as far as she knew WF wouldnt be doing anything like that BUT the actual paperwork hasnt come out stating their practices yet so she didnt want to be specific with anything yet

She's wrong. When you call or walk into your local bank to inquire about exchange rates, they'll pull up a screen that lists exchange rates. At the BOA branches I have called, the computer shows no interbank rate, just the current rate the bank is using. That rate is not going to be the interbank rate, period. It will be less. That is where banks make $$ on a currency exchange. The rate may vary between banks (BOA, WF, etc.).

[smokeyb111]

I've made a few posts here and there.....I just wanted to inform you guys that while my wife works for a bank (Commerce Bank) and I've come to be very good friebds with the branch mnager where my wife works at, he does not know much about the dinar, but did say that what would happen is that they would call and verify the dinar is traded and at what exchange rate, credit the exchanged amount in USD to my account, send off the dinars to their international dept. and charge me 17.50.

yeah you read that right...seventeen dollars and fifty cents...for the transaction NO MATTER THE AMOUNT.

I just though this was good news for anyone who has Commerce Bank accounts......

smokey

[mfriedl1]

I've made a few posts here and there.....I just wanted to inform you guys that while my wife works for a bank (Commerce Bank) and I've come to be very good friebds with the branch mnager where my wife works at, he does not know much about the dinar, but did say that what would happen is that they would call and verify the dinar is traded and at what exchange rate, credit the exchanged amount in USD to my account, send off the dinars to their international dept. and charge me 17.50.

yeah you read that right...seventeen dollars and fifty cents...for the transaction NO MATTER THE AMOUNT.

I just though this was good news for anyone who has Commerce Bank accounts......

smokey
This is for the TRUE exchange amount? That sounds good to me...I have a commerce bank right down the street!!

[smokeyb111]

Yeah, I asked him "does it matter the amount"

"nope....17.50 regardless of the amount of the transaction"

Those Commerce Bank's are EVERYWHERE, poised for world domination (or domination of the Northeast) if you ask me.

[mfriedl1]

Yeah, I asked him "does it matter the amount"

"nope....17.50 regardless of the amount of the transaction"

Those Commerce Bank's are EVERYWHERE, poised for world domination (or domination of the Northeast) if you ask me.
No, what I meant by true exchange amount is if the interbank rate is .41 will you get .41 or will you get .35-.38...the bank makes money like this....

[regenpower]

Yeah, I asked him "does it matter the amount"

"nope....17.50 regardless of the amount of the transaction"

Those Commerce Bank's are EVERYWHERE, poised for world domination (or domination of the Northeast) if you ask me.
Yes they are a very good bank. Excellent hours and very flexible with all business. It's my choice for Jersey banking.

[mfriedl1]

Yes they are a very good bank. Excellent hours and very flexible with all business. It's my choice for Jersey banking.
Yeah, I'm in NJ too....sounds like a good option...if they give you full rate and only the 17.50 fee...works for me. :)

[LauraD]

Yeah, I'm in NJ too....sounds like a good option...if they give you full rate and only the 17.50 fee...works for me. :)

I would think the only way they could possibly give you Interbank rate is if you were exchanging millions at a time. Still...that's not a bad fee.

[mfriedl1]

Well, that's no problem, but It would be nice to find out for sure what rate they use...I just can't imagine that if you go in with say....5 million worth that they wouldn't make anything more then the 17.50 on it...it would be GREAT but it doesn't really make sense...

[smokeyb111]

No, what I meant by true exchange amount is if the interbank rate is .41 will you get .41 or will you get .35-.38...the bank makes money like this....


Oh did'nt really understand. I'd assume it's the same way. I mean it makes sense for a bank to have their "own" exchange rate to make money on the dollar. With your example the bank woule make .3-.6 on the dollar.

I'll ask tomorrow. Or have my wife ask........

[mfriedl1]

yeah...I'd be really interested to find out!

[mike55]

Is there not a "buy" rate and a "sell" rate?

[mfriedl1]

there should be....the bank likes to make money on these transactions...

common sense I think ;)

[PghRiverRat]

Oh did'nt really understand. I'd assume it's the same way. I mean it makes sense for a bank to have their "own" exchange rate to make money on the dollar. With your example the bank woule make .3-.6 on the dollar.

I'll ask tomorrow. Or have my wife ask........
I would be very surprised if you get an accurate answer anytime before forex trading actually begins.

[BIG WAVE]

Anybody know anything about the securities auction page on the CBI website?
I just found this interesting?

Auction Number 27 of Government Debt Securities was a uniform inital public Offering for ID 150.000.000.000 price value of Bills which concluded on 29-08-05. Total Public ID 150.000.000.000 par . Valid competitive bids totalled ID 158.500.000.000 and valid noncompetitive bids totalled ID 1.500,and the cutoff yield ( the highest yield of a successful bidder) determined by auction was 10.50%.

http://www.cbiraq.org/cbs6a.htm
Does it say that every day they have an auction?

The flag went up with "initial public offering" and "concluded 29-08-05"

The last time someone had a question about the securities auction, it was regarding they had to postpone an auction.

[smokeyb111]

I would be very surprised if you get an accurate answer anytime before forex trading actually begins.

Well I don't think ANY bank can commit to what they would exchange Iraqi Dinar at...but I would ask using an example like EUR to USD transaction....basically what is the REAL exchange rate, and what THEY exchange it at......

That is what you mean, right mfriedl1?

[mfriedl1]

Well I don't think ANY bank can commit to what they would exchange Iraqi Dinar at...but I would ask using an example like EUR to USD transaction....basically what is the REAL exchange rate, and what THEY exchange it at......

That is what you mean, right mfriedl1?
yeah...I'd think that the "profit" on the exchange would be constant for any currency...ie they always add .03 to the dolloar or something like that .

Thanks.

[Just_Sayin]

As I've read through the posts in this thread, there seems to be a lot of confusing and conflicting information about which banks will charge us for exchanging dinar. I'm hoping that once the RV takes place, this forum will continue to be a useful resource as a place where we can all share the best places to exchange, etc. But if we are to benefit from each other's efforts on this, we should all have a common understanding of HOW banks make money, so that we don't confuse the information the banks give us in response.

With that in mind, I offer some BASIC clarification on the difference between EXCHANGE RATES and EXCHANGE FEES....

**********

Banks can make money converting your NID to USD (or any other currency) in two possible ways:

1) EXCHANGE RATE
The profit they make on the difference between the rate they "buy" dinars (from you) and the price at which they can sell them in the market place (interbank exhcange, forex markets, etc.). This difference is called the "spread", and what it means is that the bank will always buy them from you at a lower rate than they can sell them for. Each bank determines its own exchange rate, and can often differ from other banks by .000X (hundredth of a penny).

2) EXCHANGE FEE
The bank can also choose to charge you an exchange FEE. This is usually a flat rate, like $17.50 or $25 per transaction. If the bank chooses to charge you a FEE, it is always IN ADDITION to making money from you on the exchange rate.

WHAT DOES THIS MEAN TO US?

When you call a bank and ask about exchange scenarios, and the bank responds with "we'll exchange it at no cost" or "we don't charge exchange fees to customers" or somethings like that, what the mean is that they will buy your dinars for the exchange rate published on that day, and they will not charge you an exchange fee.

BUT UNDERSTAND... the exchange rate published by the bank IS DETERMINED BY THE BANK - it is not related to the "PEG" published by the CBI, other than it will always be LESS. If, for example, the NID "Pegs" at .41, there won't be a bank in the world (save the CBI) that will actually exchange them for you at that rate. Every bank has a currency exchange rate sheet that is published daily from their HQ that informs the exchange officers what that day's rate will be for any given currency. EVERY RATE LISTED ON THAT SHEET WILL REPRESENT SOME SORT OF "SPREAD" (profit) FOR THE BANK.

Getting back to EXCHANGE FEES, most banks worth their salt will waive the "fee". It is designed to make money on casual customers who have a few hundred quid left over from vacation and want to convert them back to USD. When one of us, who is a potential multi-million dollar account holder is looking them in the face, most smart bankers will waive the $25 (probably without even mentioning it) to avoid offending us.

Now, for those forum members who will have multi-million $$$ to exchange, then there COULD be some room to negotiate the EXCHANGE RATE with the bank. This is where careful shopping and shrewd negotiation skills will come in handy. I expect that large national banks (BofA, Wells Fargo) and most multinational banks (Chase, HSBC, etc.) will be in a position to do that, IF YOU ASK. Smaller regional banks are less likely to be able to offer negotiated exchange rates. The only way to know is to call around.

I hope this makes sense and clarifies some things. I applaud all who have already started calling their banks, and have shared their findings with all of us. :happy64: Let's continue the effort! :happy26:


Just_Sayin

[Hillbilly]

Hi yall,whats up on the forum?I am a newbi and wanted to ask a question about cashing in my dinar and where.But i kept serching and found my answer.Any comments would be appreciated.Just call me hillbilly and or anything except late for supper.

[gk-montag]

No doubt, the dinar has to peg. That is step #1.

Step #2 is cashing out. I for one do not want to wait too long. I have had my dinar for over a year.

Step #2 and a half...have a party!!!!!!!!!!!!!!!!!!!!!!

Step#3 is obtaining legal and financial council.

Step #4 is proper investment into mutual funds, bonds, real estate, etc.

Step #5 is retiring, staying healthy, enjoying life, and not pissing it all away!!!!!!

These are my 5 steps to Financial Independence...man, this is starting to sound like an infomercial...LMAO :drunk:

You hit the nail right on the head good job

[IQDman]

Roger L.

This is an excellent idea of yours !

Once banks start to exchange, we should have a fixed post at the top of the dinar forum with a list of all banks that are exchanging and their fees and spreads. That way, people can see what banks are near them and can more easily figure out who to go through.

I agree ubid1....

A Great Idea!

Can we Please have a Sticky on that information Contributed!:happy64: