Keep your receipts and invioces!

[Sensei]

:wave:
Hello,
I just had a meeting with a branch manager at TRAVELEX (a premier currence exchanger). Travelex in located all over the country and there are many at airports! I have had a dialog with this manager for a couple of weeks now and I learned some good stuff today during our meeting.
1st) There is a inter company buzz about the dinar.
2nd) Tomorrow this manager is meeting with the regional or district manager to discuss Dinar!
3) Currently there is no Travelex protocol for Dinar exchange.
4) Normal protocol for other currency exchanges is as follows.
A) Bring your forign currency to Travelex (I have found that Loomis armored car charges $500 per 5 Million of insurance (Free trip, they make their and on the insurance and Loomis has never had a loss) Remember once it revalues you would be insane to carry thay much COIN by yourself.
B) Travelex (at least the branch in Bellevue WA.) has a de le ruy (spelling?) machine to authenticate and count the cash on the spot.
C) Retail exchange rate is about 5% above the world recognized rate however, the more money you have the more negociating power you have! The rate for Dinar is not set and only God himself knows what they will charge you!
E) Directly after the cash is authenticated and counted they cut you a Travelex corporate check & DO NOT EXTRACT TAXES. THATS RIGHT To my surprize she told me that it is up to us to pay LTCG or STCG in April with our tax return! (Spooky) The whole thing should take about half an hour.
NOW FOR THE RUB - The Branch manager told me that you MUST HAVE ALL RECEIPTS, COPIED OF CHECKS, MONEY ORDER STUBS AND INVOICES OR THEY WILL NOT DO BUSINESS WITH YOU!
I think that it is obvious that they need to protect themselves form money laundering and monies from ill got gains.
Personally I am going to go to Kinkos and manufacture a bound portfolio with a notorized cover letter if intent explaining every detail of my Dinar purchases including dates ordered and received with tracking # invoices included!
I just thought this might help to get all your ducks in a row early in the game!
Hope that this helps!
Godspeed
Sensei,
:huge:

[dejavu]

ooh, kind of scary for me, we don't have a receipt, if you talk to him/her again could you ask if travel papers would suffice? they would document the travel from overseas this is when we bought ours........

[kingkong]

Thanks for your post. I stopped by the exchange in Atlanta and inquired. The guy just smiled at me and politely said "it's not in the system".

One day...... :)

[Dinar Lady]

Thanks Sensei,

I'll be working on my portfolio also!

Aloha! :happy26:

[mfriedl1]

Nice post...Good Info.

Thanks

[dinaro]

As one who travels internationally several times a year,Travelex has the worst exchange rates whether one wants euros or yuan or yen.The rates at their online website are just as bad as at their airport kiosks,even worse than ordercurrency.com's.
If the dinar opens,am sure they will have the worst exchange rate.My Bank of America gives the best rates for foreign currency and American Express is a close second.

[mfriedl1]

As one who travels internationally several times a year,Travelex has the worst exchange rates whether one wants euros or yuan or yen.The rates at their online website are just as bad as at their airport kiosks,even worse than ordercurrency.com's.
If the dinar opens,am sure they will have the worst exchange rate.My Bank of America gives the best rates for foreign currency and American Express is a close second.
Does anyone know how commerce bank ranks on exchange rates?

[SARGE]

Their is an old saying possession is 9 tenths of the law maybe this will be good for proof. If not people that can't prove purchase will be :crying: If this is true.

[dejavu]

i don't think i could use this........it says transactions must be completed within 31 days of original transaction?.....this is a bummer, this is the only place i have been able to find that has a physical location less then 6 hours away :rolleye03

Offer available to Travelex customers only and at locations where the original transaction was completed (or at any Travelex location within the same airport).

Offer is non transferable and we require the original receipt along with identification presented at the time of the original transaction.

The sale or purchase of cash and the sale or purchase of foreign travelers cheques are regarded as separate transactions even if conducted during the same visit.

COIN NOT ACCEPTED FOR EXCHANGE.

"Buy Back plus" transactions must be completed within 31 days of the original transaction

[Sensei]

As one who travels internationally several times a year,Travelex has the worst exchange rates whether one wants euros or yuan or yen.The rates at their online website are just as bad as at their airport kiosks,even worse than ordercurrency.com's.
If the dinar opens,am sure they will have the worst exchange rate.My Bank of America gives the best rates for foreign currency and American Express is a close second.
:wave:
Hello,

Thanks for the info! I have never been in this situation before. You can bet your sweet a$$ that when it happens I will be researching the best rate as a primary concern. The only thing that sticks in my mind is the "buying power" Between me and several others we have about 70 million in dinar and this at 1% might be attractive to Travelex.
Do you know what the average "spread" is for Bank of America?
Sensei
:huge:

[EJAMM]

:wave:
Hello,
I just had a meeting with a branch manager at TRAVELEX (a premier currence exchanger). Travelex in located all over the country and there are many at airports! I have had a dialog with this manager for a couple of weeks now and I learned some good stuff today during our meeting.
1st) There is a inter company buzz about the dinar.
2nd) Tomorrow this manager is meeting with the regional or district manager to discuss Dinar!
3) Currently there is no Travelex protocol for Dinar exchange.
4) Normal protocol for other currency exchanges is as follows.
A) Bring your forign currency to Travelex (I have found that Loomis armored car charges $500 per 5 Million of insurance (Free trip, they make their and on the insurance and Loomis has never had a loss) Remember once it revalues you would be insane to carry thay much COIN by yourself.
B) Travelex (at least the branch in Bellevue WA.) has a de le ruy (spelling?) machine to authenticate and count the cash on the spot.
C) Retail exchange rate is about 5% above the world recognized rate however, the more money you have the more negociating power you have! The rate for Dinar is not set and only God himself knows what they will charge you!
E) Directly after the cash is authenticated and counted they cut you a Travelex corporate check & DO NOT EXTRACT TAXES. THATS RIGHT To my surprize she told me that it is up to us to pay LTCG or STCG in April with our tax return! (Spooky) The whole thing should take about half an hour.
NOW FOR THE RUB - The Branch manager told me that you MUST HAVE ALL RECEIPTS, COPIED OF CHECKS, MONEY ORDER STUBS AND INVOICES OR THEY WILL NOT DO BUSINESS WITH YOU!
I think that it is obvious that they need to protect themselves form money laundering and monies from ill got gains.
Personally I am going to go to Kinkos and manufacture a bound portfolio with a notorized cover letter if intent explaining every detail of my Dinar purchases including dates ordered and received with tracking # invoices included!
I just thought this might help to get all your ducks in a row early in the game!
Hope that this helps!
Godspeed
Sensei,
:huge:

Don't miss the forest for the trees...

[EJAMM]

One quick question Sensei. Do they only exchange Forex foreign currency.

BTW, Thanks for the info.

[SEABEE CAN-DO]

not to worry i have about 40 reciepts , all form regestered (BLANK) Dealers. I will sell them all. I dont need them. :D

[EJAMM]

not to worry i have about 40 reciepts , all form regestered (BLANK) Dealers. I will sell them all. I dont need them. :D

I am liking your signature there Seabee.

[Sensei]

ooh, kind of scary for me, we don't have a receipt, if you talk to him/her again could you ask if travel papers would suffice? they would document the travel from overseas this is when we bought ours........
:wave:
D,
I don't know what to tell you. You might take it up with Corporate or Right now generate a good relationship with Wells Fargo and or Bank of America as to create a close banking relationship with the branch manager to " grease the wheels"
Sensei
:huge:

[Sensei]

One quick question Sensei. Do they only exchange Forex foreign currency.

BTW, Thanks for the info.
:wave:
Hi,
I am ignorant in this matter and do not understand the question. All I do know is htat they do exchange forign currency. I guess all we would have to do is to call them. They are "on line"!
Sensei
:huge:

[Sensei]

If anyone has any questions please PM me and I will tell all you I can!
Sensei
:wave:

[EJAMM]

:wave:
Hi,
I am ignorant in this matter and do not understand the question. All I do know is htat they do exchange forign currency. I guess all we would have to do is to call them. They are "on line"!
Sensei
:huge:

Sorry, I meant do they only exchange foreign currency acknowledge by Forex. Some currencies like the NID is not yet on the Forex. My point was if they are talking about it tomorrow they could be allowing prep time and the NID could be on the Forex by next week.

And I will check their online branch, Thanks

[SteelToe1978]

If you bought your dinar from a friend, who bought it from another friend, who bought it from another friend, etc., can't you just have the friend you bought it from (or anyone else in the world) write you a receipt? Are they seriously going to try to track it all the way back to the person in Iraq who sold it in the first place? My point is, there's no way to really prove where it came from in the first place. What do you all think?

Or better yet... what if it was just given to you as a gift? :shhh:

Seriously... I've given away dinar to family members as a gift, and they don't have a receipt from me, but if I really need to, I'll take 10 seconds to write one. :)

[LauraD]

not to worry i have about 40 reciepts , all form regestered (BLANK) Dealers. I will sell them all. I dont need them. :D

Um...do you take Visa? :D

Just kidding...kind of.

[CBAF13]

I bought my DInar in country (Iraq) will my travel voucher and orders over there work for that?

[dejavu]

I bought my DInar in country (Iraq) will my travel voucher and orders over there work for that?

same question i had :rolleye03

[mawilso24]

This sounds good!! My question to you is, if you were not provided an invoice or official reciept from a purchase, and you paid in cash... what would stop me or others from going to a local office max and buy some reciept pads and have a buddy of mine write out a fake reciept for my purchase just to cover my ?

[psychojerm]

since when does travelex require receipts of origin of your cash?

I'm in the same boat as many of you guys as I got my dinar in baghdad and have no receipts. if one place won't exchange without a receipt I guarantee you somewhere else will.

I've done a good many currency exchanges with all sorts of different countries money, including arabic ones, and I've yet to be requested to provide a receipt.

[Sensei]

since when does travelex require receipts of origin of your cash?

I'm in the same boat as many of you guys as I got my dinar in baghdad and have no receipts. if one place won't exchange without a receipt I guarantee you somewhere else will.

I've done a good many currency exchanges with all sorts of different countries money, including arabic ones, and I've yet to be requested to provide a receipt.
:wave:
Hello,
I think that the difference is the rather large amount! Huge million dollar transactions need to be accounted for at the corporate level. Also the whole Iraq thing is new to the market and will be heavily scrutinized.
Sensei
:huge:

[Part-timer]

As one who travels internationally several times a year,Travelex has the worst exchange rates whether one wants euros or yuan or yen.The rates at their online website are just as bad as at their airport kiosks,even worse than ordercurrency.com's.
If the dinar opens,am sure they will have the worst exchange rate.My Bank of America gives the best rates for foreign currency and American Express is a close second.
What is the exchange rate at B of A, if you don't mind me asking? Is it the same for all currencies or on a per currency basis? Thanks in advance!!!

[buck74]

Thank you for a great thread. It is nice to read a thread that is not full of bickering, and bs. When this thing does increase in value the forum will be a great source of information to compare these exchange rates.

[dinaro]

What is the exchange rate at B of A, if you don't mind me asking? Is it the same for all currencies or on a per currency basis? Thanks in advance!!!


I use my ATM cards in the countries to get their local currency as ATM cards are the best in each country as to the exchange rates.I have only ordered Chinese yuan,Malaysia Ringgits,Euros when it was last at $1.19/euro,etc.
I would get $1000 worth each time and when the yuan was pegged at 8.3 yuan per dollar,$1000 would get me 7500 yuan at BOA which I picked up at my local branch,about 7450 yuan at AMEX which delivered with a small delivery fee,and found that ordercurrency.com would have given less than 7300 yuan/$1000 and Travelex was about 7250 yuan/$1000.BOA and AMEX have the best rates with every currency I checked from euros to Thai bahts to Egyptian Pounds.BOA,AMEX,Travelex,and ordercurrency.com all have websites where one can compare every currency and see the differences in what they will each give.
The best way to exchange money is in the countries,and as I will be in Paris next week and the euro/dollar rate being so good compared to last year,I intent to withdraw $1000 in euros each day with my 2 ATM cards to bring home with me for my next trips and investment puropses.

[BlueLake]

I don't think we should worry because you dont have a receipt.
He said "this company won't work with you without it"
They're not the only place you'll be able to exchange them.

[Joel57]

I believe the receipts would be pertinent to dealing with the IRS concerning long vs. short term capital gains IMO

[MS66]

Interesting topic, I have ordered dinar through a few dealers that have been mentioned on this forum. One provided a very generic receipt with no reference to name/seller. Also have ordered through Amer, no receipt provided with those transactions. Both of the dinar sellers did provide confirmation #'s, order #'s via email.

Question I have is if anyone who has purchased through Amer. Have you received a receipt with dinar package ?

Yes, I'm a newbie here in the forum discussion room. Have been " lurking for some time ". Appreciate any ones comments. Will follow the rules of the forum and if reprimand is needed will abide by the suggestions

Thanks, MS66

[BBbucks]

Question I have is if anyone who has purchased through Amer. Have you received a receipt with dinar package ?

When I bought from Amer- I printed out a copy of my e-mail confirmation as a "receipt"- also have kept my credit card statement and the orginal shipping envelope with the shipping label still attached- I hope this should be enough.

Also-everyone don't forget the fact that we will need to fill out a suspicious activity form when we cash in to be checked out by homeland security and for money laundering activity. That's probably another reason for all the proof of purchase & ID.

For those with no receipt- another member mentioned that he was going to bring his travel papers and dinar to a bank notary to seek a receipt that may help when claiming for taxes.

Hope this helps- :wave:
Bbbucks

[Amerasianstunner]

Well I talked with Bank of America and also City Bank and it seems that they will exchange my dinar cause I have an account there with both banks and I also have a receipt from Iraq. So I don't think I will run into any problems and I don't think if you don't have a receipt that there will be any problems. Each bank will check for authenticity anyways. ;)
good luck to all... :wave:

[PghRiverRat]

I keep all receipts. Everyone should. :wave:

[Dinars2Dollars]

I'm calling B_ _ _ S_ _ _ on this one. Once the NID goes on the Forex it will be exchangable. Period. They may do personal back ground checks to make sure we are not part of the mujahideen, but come on?!? ... a receipt. I don't save my Home Depot receipts! Its a nice rumor, but it doesn't pass the smell test. No offense Sensi.

[dinar4me2]

I'm calling B_ _ _ S_ _ _ on this one. Once the NID goes on the Forex it will be exchangable. Period. They may do personal back ground checks to make sure we are not part of the mujahideen, but come on?!? ... a receipt. I don't save my Home Depot receipts! Its a nice rumor, but it doesn't pass the smell test. No offense Sensi.
It will be exchangeable, true, but the question is, what kind of Homeland Security safeguards will be put into place? There was a thread a while back that talked about a form that you would have to fill out, and that they would hold the dinar while they make sure you are not connected to terrorism. Sensei has some good first-hand intel on the process that we will have to go through.

[PennStateMtnMan]

I'm calling B_ _ _ S_ _ _ on this one. Once the NID goes on the Forex it will be exchangable. Period. They may do personal back ground checks to make sure we are not part of the mujahideen, but come on?!? ... a receipt. I don't save my Home Depot receipts! Its a nice rumor, but it doesn't pass the smell test. No offense Sensi.

I agree with you. Although, if Sensi is correct, I won't have any problems printing up my own reciepts. By the way, this statement does not, nor should it imply that I have any dinars.

[aporl]

Talking about receipts, I emailed one of the very popular dinar sellers on the internet asking for a receipt for my two purchases. I told him that if I get the receipts soon that I may make another large purchase in the near future... He emailed me back the same day with two receipts on the company’s letterhead in word format. The dollar amounts were wrong so I just went in and changed them. I could make as many receipts as I wanted on his company’s letterhead.... I just found it humorous that I could alter the receipts or reproduce them if I wanted. Not saying that I would do that, so don't ask... :no:

[Iraqfiredawg]

Guys/Gals,

I too have purchased the bulk of my dinar over here.(Iraq) But I also covered myself by buying a few million online. I did this primarily to have receipts for tax purpases down the road. Why no just exchange some of you smaller amounts and see what hoops you have to jump through. Obviously amounts over $8,000? will be followed by Homeland security and I am sure alot of us will have LTG to pay inially. You entered this as an investment, I would hope that most of us were mature enough to keep receipts,email confirmations etc.

Good luck

[Dinars2Dollars]

Guys/Gals,

I too have purchased the bulk of my dinar over here.(Iraq) But I also covered myself by buying a few million online. I did this primarily to have receipts for tax purpases down the road. Why no just exchange some of you smaller amounts and see what hoops you have to jump through. Obviously amounts over $8,000? will be followed by Homeland security and I am sure alot of us will have LTG to pay inially. You entered this as an investment, I would hope that most of us were mature enough to keep receipts,email confirmations etc.

Good luck

Nope, no receipts, (and some people would say I'm not very mature). And hard currency is not necessarily an investment. When I went to Mexico last year, I converted dollars for pesos and and then back to dollars when I returned and its not going on my tax return. If I had any dinar in currency format, which I don't, there is nothing that says its an investment. Its currency. If I did have dinar, I would certainly ask my tax man some pointed questions before filing my return, but I can see it both ways.

Thomas Cook Agent: "I'm sorry sir, we cannot exchange your dinar without a receipt."

GBarton13: "Well can I just get a store credit for 1 million USD?"

I ain't buying it.

[ordinary]

Don't forget to bring a suitcase to carry all your USD.
(Just like Ralph Kramden when he thought he inherited a fortune)
You kids are no doubt too young to remember the Honeymooners.

Listen - here are the rules of the NID.

Don't use college money to buy these things.
STAY IN SCHOOL!
Don't expect any significant appreciation in value until 2010-2015 earliest.

Good luck.

[psychojerm]

Nope, no receipts, (and some people would say I'm not very mature). And hard currency is not necessarily an investment. When I went to Mexico last year, I converted dollars for pesos and and then back to dollars when I returned and its not going on my tax return. If I had any dinar in currency format, which I don't, there is nothing that says its an investment. Its currency. If I did have dinar, I would certainly ask my tax man some pointed questions before filing my return, but I can see it both ways.

Thomas Cook Agent: "I'm sorry sir, we cannot exchange your dinar without a receipt."

GBarton13: "Well can I just get a store credit for 1 million USD?"

I ain't buying it.

I couldn't agree with you more. This is exactly the way I think. I don't see hard currency as an investment either, especially when I lived in Iraq for a year and a half. It's just left over money from when i lived there!

Seriously, if you took a summer trip to europe and Exchanged XXXXX.XX dollars for Euro's when you went, and got a better exchange rate when you came back home so you made some money on the transaction, you wouldn't be expected to report the gains...

[airforce]

I couldn't agree with you more. This is exactly the way I think. I don't see hard currency as an investment either, especially when I lived in Iraq for a year and a half. It's just left over money from when i lived there!

Seriously, if you took a summer trip to europe and Exchanged XXXXX.XX dollars for Euro's when you went, and got a better exchange rate when you came back home so you made some money on the transaction, you wouldn't be expected to report the gains...

You are correct to a point. I used to live in Japan and my wife was paid in yen and I never once worried about claiming any of it on taxes. :shhh: HOWEVER, if you make something like 40k a year and there's a deposit of a few million in your account, the IRS will see that and it'll throw a red flag. In order for most people to cash dinar in, there'll be almost no way around a big deposit somewhere. You may transfer it out once you invest it how you choose, but in the conversion process you'll have to make that big deposit. There are tons of old threads on this site where this topic has been picked apart.