*** I personally went to a 5th 3rd Bank asking questions!! ***

[TAV]

BECAUSE OF ALL THE RUMORS TODAY OVER LUNCH BREAK I STOPPED IN A 5th 3rd BANK TO ASK IF THEY WHERE SELLING OR TRADING DINARS, THE LADY TELLER TOLD ME THAT SHE OPENED HER EMAIL JUST EARLIER TODAY FROM CORPORATE ADVISING THAT 5th 3rd IS OFFICIALLY SELLING AND BUYING BACK DINARS FROM NON MEMBERS. THE TELLER ALSO ADVISED THAT THERE IS A LIMIT FOR NON MEMBERS AS TO HOW MUCH THEY CAN PURCHASE AT ONE TIME, SHE SAID THE MAX AMOUNT A NON MEMBER CAN PURCHASE AT ONE TIME WAS 2 GRAND USD!!! I FORGOT TO ASK AT WHAT EXCHANGE RATE DUE TO I WAS TAKEN WHEN SHE ADVISED THAT 5th 3rd IS ALSO BUYING DINARS BACK FROM NON MEMBERS!!! I ADVISE ANYONE WITH QUESTIONS TO CONTACT A LOCAL 5th 3rd BANK NEAREST YOU, I DIDN'T HAVE ENOUGH TIME TO ASK ALL THE QUESTIONS I WANTED!!!

I DECIDED TO VISIT A 5th 3rd DUE TO ALL THE RUMORS BEING POSTED SEEKING TO FIND SOME TRUTH......

I ADVISE ANYONE INTERESTED IN LEARNING MORE TO CONTACT A 5th 3rd BANK FOR YOURSELF, THE TELLER TOLD ME THAT CORPORATE SENT THE EMAILS JUST A FEW DAYS AGO, SHE WAS READING SOME OF HER EMAIL WHILE I WAS STANDING IN LINE BEFORE CUSTOMERS STARTED BACKING UP!!!

ONCE AGAIN, I DIDN'T ASK ABOUT ANY RV, I FORGOT TO ASK ABOUT ANY EXCHANGE RATE....I WAS SURPRISE TO HEAR WITH MY OWN EARS THAT 5th 3rd IS BUYING BACK DINARS FROM NON MEMBERS!!!!

[martarich]

thanks for the news

[TAV]

thanks for the news

No problem, like I mentioned, "ALL THE RUMORS COMING OUT, I DECIDED TO STOP IN AND ASK!!!" WHAT IS THROWING ME STILL, "I THOUGHT THE SO CALL "S.O.F.A." IS WHAT INITIALLY STOPPED BANKS FROM SELLING IRAQI CURRENCY, AT LEAST "THIS IS WHAT I MOSTLY READ HERE ON IIF!!" NEVER THINKING TO ACTUALLY QUESTION THE BANKS CONCERNING THE S.O.F.A. AGREEMENT, THAT IS WHY I WAS SO TAKEN WHEN THE TELLER TOLD ME THAT TODAY 5th 3rd IS BUYING BACK DINARS AND YOU DON'T EVEN HAVE TO BE A MEMBER OF THEIR BANK!! A MILLION QUESTIONS WENT THROUGH MY MIND AND RECALLING ALOT OF INFO FROM THIS FORUM ALONE I DIDN'T THINK TO ASK THOSE IMPORTANT QUESTIONS LIKE "HOW MUCH, AT WHAT EXCHANGE RATE, RV,..ETC,ETC,!!!"

[copper13]

Thanks for the info TAV! I have a 5th/3rd in my town south of Chicago. I'll go and see what they know?

[developerdw7]

My wife and I also went to 5/3 Bank today to open accounts in anticipation of the RV. On departing, I asked for an exchange rate on the Euro and Kuwaiti dinar. She pulled up the exchange list page for the day and turned the monitor to me. I asked if I could have a print out and she said yes. Bringing it home, I wanted to compare the "interbank" rate with the spread. In reviewing it, the IQD was also on the list. The "fee" to exchange is minimal - I don't remember what it is. Of interest to me is the spread. For the Euro, the Kuwaiti Dinar, and the IQD, the spread from buy to sell was over 12%! We may use them to cash in some IQD to get started, but I need to shop around. Depositing 1,000,000 IQD at a possible exchange rate of $3.60 (for example), would net $3,600,000. If I pay 6+% in the exchange, it will cost me over $216,000 just to exchange it. I realize I've come from very little to get that far, but I encourage all to shop their exchange rates, or even more, to negotiate what they will be. Perhaps Ali at Dinartrade or some other banks will negotiate...even Bank of America.
Also, I asked about exchange, using Euro as the example. She said foreign currency needed to be dropped off, a receipt is given, and the foreign currency is sent to the Fed. Res. - usually takes 2 days or so for turn around. We have over ten branches of 5/3 in our city, and this one was in the high rent district, though not the primary office. I've read other reports - mixed - on how 5/3 would handle this. From exchange on the spot, to sending it out and returning with U.S. cash in 7 days. I'm having difficulty believing a bank that big has such discrepancy, and it would behoove them to get their act together quickly. I hope this is useful. Occurence - between 3:30 and 4:38 p.m. today, Dec. 23, 2010.

[Fistfull/Dollars]

Hey Copper; I'm located in NW Indiana's very popular Snow Belt Area. Please check ASAP and pleaase Report back. I like the Implications of what this means.

FistFull of Snow, I mean Dollars



Rambo Late for An Appiontment!

[sunsetjet]

IQD is no longer considered an exotic currency.

I think most banks will be more than happy to exchange, my bank said they would, however, they would have to send it out, so it would be a couple of days.

[D$I3N.A2R0]

Capital One (who took over Chevy Chase Bank) said it can take up to two weeks to be credited to an account. They use Thomas Reuters to find their rates of exchange.

[ElmerFudd]

Are there any other banks expected to handle the Dinar. I live in an area where 5th 3rd Bank does not exist. Also, does it seem logical to open an account through a bank in Iraq such as Warka Bank?

[DinarInANutHouse]

Excuse me, but what do you mean by 5th 3rd???

[sunsetjet]

Capital One (who took over Chevy Chase Bank) said it can take up to two weeks to be credited to an account. They use Thomas Reuters to find their rates of exchange.

That is good to know.
Thanks for the info.

[sunsetjet]

Excuse me, but what do you mean by 5th 3rd???

It is a bank.

[lonrichards]

IQD is no longer considered an exotic currency.

I think most banks will be more than happy to exchange, my bank said they would, however, they would have to send it out, so it would be a couple of days.

It was an exotic currency yesterday as UI was having lunch with the CEO of our bank here in Dallas, also advised as it is still on program rate in Iraq and not a even a currency of value here in The USA. As as an office host for dinartrade I haven't been made aware of a Re-value yet

[sunsetjet]

It was an exotic currency yesterday as UI was having lunch with the CEO of our bank here in Dallas, also advised as it is still on program rate in Iraq and not a even a currency of value here in The USA. As as an office host for dinartrade I haven't been made aware of a Re-value yet

I thought it had been taken off the exotic currency list?
I must have been mistaken.
thanks for the update.

[copper13]

I can confirm Tav's info! The 5th/ 3rd bank in my town is selling and buying dinar!

[RoyalBeluga]

I can confirm that the banks in UK never stopped!

[TAV]

I can confirm Tav's info! The 5th/ 3rd bank in my town is selling and buying dinar!

THANK's COPPER13, I WAS STUNNED WHEN THE TELLER TOLD ME THEY'RE BUYING THE DINARS BACK.....REALLY WASN'T EXPECTING TO HEAR THAT!!!!