question about turning in dinars

[MonteandMe]

I have a question. If and if the Iraq dinars peg can I go to HSBC bank when the branch is finalized in Iraq and then open an account here at the local branch and have my account in Iraq Dinars and just deposit the dinars into this account. I know you can open an account locally in the currencies that they have branches. It would seem since you are not selling the dinars you would not have to pay the taxes in a one lump sum.

[PlayBall]

http://www.investorsiraq.com/search.php?

Should be the best way to find out.

[sprtbuf]

That's cold Playball...

Dude give them a call after it opens...and if not them Wells Fargo. :D

[Drivin' me Dinar Crazy]

I have a question. If and if the Iraq dinars peg can I go to HSBC bank when the branch is finalized in Iraq and then open an account here at the local branch and have my account in Iraq Dinars and just deposit the dinars into this account. I know you can open an account locally in the currencies that they have branches. It would seem since you are not selling the dinars you would not have to pay the taxes in a one lump sum.

Find yourself a good tax attorney or financial planner. Cheaper than the taxes you'll save. It's what I intend to do.

[dinaro]

Odds are,no.Large international banks with branches in many countries must abide by the banking laws and regulations of that country.Having an HSBC account in the US would be in US dollars and under US regulations.The Iraq branch of HSBC would be for Iraqis and their dinar accounts.It may be easier to wire or transfer between acccounts if you have an account in both the US and Iraq.

[Roger]

Odds are,no.Large international banks with branches in many countries must abide by the banking laws and regulations of that country.Having an HSBC account in the US would be in US dollars and under US regulations.The Iraq branch of HSBC would be for Iraqis and their dinar accounts.It may be easier to wire or transfer between acccounts if you have an account in both the US and Iraq.
HSBC (Miami) says that (when traded on the international market)you can deposit Dinar into your account and have all or part converted into any other currency (that's recognized on the world market's).

[sogrgirl]

the question then becomes, who's exchange rate would they be using??
my bet is their own. say that: 1 US Dollar = 1,470.00 Iraqi Dinar

and you want to exchange them from dinar into dollars. your bank could give you an exchange rate of 1 USD = 1,200.00 IQD (random number)

this is what wells fargo told me yesterday. they will use their own rates, this is why they don't charge you to exchange them. they really do, they just don't call it an exchange fee. but, they have the authenticator right there in our main branch. I also HIGHLY recommend a trial run with a new bank prior to the peg. I am less than impressed with WF to date. :( time will tell.

I am going to go check out some exchange "stores" for comparison on saturday (first time I will be near one) our local casinos said they won't exchange at all, which, quite frankly, surprised the heck out of me!! weird.

this is one of the things we will be having to research during the 2 weeks we are all planning on spending getting our financial/legal/banking team together rather than rushing out to get it all exchanged, right?!?! the 2 weeks to absorb our new reality and therefore NOT BLOW IT!!

sheesh. I am already suffering from sudden wealth syndrome.

[PghRiverRat]

But...there's no wealth yet. I still don't understand why anyone would expect accurate information from any financial institution right now, before a world announcement. It's ALL speculation until it happens. I sure hope nobody has been pounding my bankers...they have got to be getting pretty tired of the calls by now. The chance of reaching someone at a bank who has the knowledge AND is willing to share it is very remote. Until it's official.

[mfriedl1]

I agree, but I'm also not going to even start seriously doing my research until the RVD is done. Call is superticious, but I'm not going to count my chickens before...well you know the rest.

[sogrgirl]

I agree about not starting serious research, what is the point of calling with only a ridiculous question. when I ask around, i just say "foreign currency" not dinar. and I haven't called any financial planners or my tax atty. just waiting.

but, i did open my account at WF just to get it done.

[mfriedl1]

Yeah, I don't have a wells fargo around, so I'm probably going to end up using B of A, which I'll open an account with sometime soon...But I too will not do ANYTHING until I talk to my family's long time trusted tax guy.

[Mazin-Man]

Ihave less than good luck with Wells Fargo, I find the exchange people both uninformed and irragant in putting it mildly..As posted before on here i do believe that there are far better banking institutions out there than W.F...one being Zions bank in Utah and thats where im going...and yes I do have an account with WF...NOT FOR LONG THOUGH!!..Matter of fact the one manager accused me as well as others of aiding and abeting insurgency with the purchase of dinars...I have a feeling the are going to be sickly nice when this breaks and the dinar is open for foreign exchangs :crying:

[sogrgirl]

Ihave less than good luck with Wells Fargo, I find the exchange people both uninformed and irragant in putting it mildly..As posted before on here i do believe that there are far better banking institutions out there than W.F...one being Zions bank in Utah and thats where im going...and yes I do have an account with WF...NOT FOR LONG THOUGH!!..Matter of fact the one manager accused me as well as others of aiding and abeting insurgency with the purchase of dinars...I have a feeling the are going to be sickly nice when this breaks and the dinar is open for foreign exchangs :crying:

this is precisely the reason I don't mention the dinar word. when I got my cool t-shirt transfers from Bottlebush I had to deal with that mentality and she wouldn't do my transfers :mad:

and there was Western Union, I went through it with them, too.

yes, they will be sickly nice when this breaks. and I will just as sickly nice close my accounts. if you can't treat me like a queen when I am your average jodi, then you can't treat me like a queen when I am rich and have me believe you are sincere.

B of A isn't any better, good luck with that!!

i like my small town bank, then it got bought by HSBC, which suits me just fine. too bad they have to send out the money for authentication and it takes 2 weeks. think i will just go on a vacation off shore... not to evade taxes, just to get a better exchange amount hopefully, I will see. if not, hey, a nice tropical vacation is looking really good from where I sit, regardless!

[DINARbuyer]

When the dinar is peg to the dollar I will be buying all the dinars I can get my hands on so If any one whts to sell them when it pegs let me know.

[Mucho Dinaro]

Find yourself a good tax attorney or financial planner. Cheaper than the taxes you'll save. It's what I intend to do.


THis can't be stressed enough people.....please take it seriously.