Dinar exchange/cash-in questions that need answers

[usra462]

Hello,

 

Can anybody provide some answers to the following questions:

 

1) Dinar bills are cash (or like bearer bonds), whoever has them in their hands, owns them. If all the banks insist on sending these out for verification (with De La Rue Machine) without the owner accompany them, we risk loosing it all.  How do most Dinar holders plan on handling this?

 

2) Will we be able to do 2 or 3 seperate exchange/cash-ins on different days instead of 1 large one? This would allow us to learn the process and be better prepared to handle this without making serious mistakes.

 

3) Is it safe to dump all the exchange/cash-in money into a single bank account at first, prior to us being able to distribute the money over several banks? Any comments?

 

4) Most say there will be a time limit to exchange.  Does this limit also apply to the street rate, or only the contract rate?

 

Thanks.

 

[Hooter]

Your assuming there will be an RV. Kind of like planning to win the lottery.   

[mr john]

Join V.I.P. if you don't know, or do research.

[Shabibilicious]

Welcome to DV, usra.  Most of us long time DVers have become very cynical over the years, so getting straight answers are tough to come by these days.  You have some very valid questions, all of which have been answered numerous times.  The way I understand it is, if you travel to Belize for cash in.......you give your Dinar to the waiter on the beach when ordering your first fruity umbrella drink.....and he will return with your drink and phat stacks of cash on a silver platter.  At least this is what I've heard.  Just kidding......welcome aboard anyways.    

 

GO RV, and NO BV

[waterman13]

I / we have a plan, I suggest you research and have a plan too. The dinar is in a trust's (offshore corporation's) name documented by a notarized letter(s), I don't own squat, the trust does, and I only manage the trust. The trust owns a corporation which my brother and I manage (for no pay). Just do some research, it's not difficult or do you need to pay for something you don't need. It's not that expensive, (only a couple of grand US). Good luck.

Wm13

[dontlop]

I'm not sure what the process would be since such an event is now non existent

The dinar we now hold at this time also at this time is only a local currency

It would need to become an internationally tradable currency to do anything otherwise besides going thru a currency dealer unless they change their monetary policy to article 8 of the IMF

So until we know of such an event and its restrictions if their are any which are limited to the articles of the IMF there's no way to answer the questions

If the dinar is exposed to the international community thru article 8 of the IMF then you will know the restrictions for exchange

For now you need to use a currency dealer to exchange them

Watch for monetary policy changes

If there aren't any the situation remains the same

Edited July 29, 2014 by dontlop

[429]

usra,

So hard to get a good answer here. Waterman is right. Develop a plan. My plan may work for you and it may not. Other folks' plans may not work for me so I have my own plan.

The short answer here is that no one knows everything for sure. I plan to exchange a small amount of my foreign currency for another currency (US?) and then check the landscape. Remember that the thought philosophy around here is that you will be taxed to the maximum allowed - be ready for that. Others touched on other ideas that may lessen your tax burden. I'm not the guy that can advise you on that. It may be beneficial to check out the DV VIP group and see what the current viewpoint is there. You can't get the full viewpoint without joining that group, but you'll get an idea.

So here are my answers (remember, I'm just another investor not a tax advisor or an attorney):

1. Dinar notes are indeed cash. I don't plan on letting them out of my possession until they're exchanged for another currency. That means if they have to travel, so do I.

2. Do you have to do all your banking at one time? Of course not. You can exchange in any amount you want and make as many trips to the bank or banks that you want.

3. Like cashing in, you can open as many or a few accounts as you want. If you get your ATM card stolen and all your funds are in one account....  It's all up to you.

4. I don't believe in street rate vs. contract rate. I've never signed a contract for a specific rate, per se. Now I may get a better rate because I'm with a group that has negotiated a smaller spread or smaller amount of "bank fees" because of the volume of folks in the group. Yep, there probably will be a time limit to exchange larger bills but I hope that it is long enough for me to put my plan into action.

 

Somewhere in DV, Adam has a cash-in guide. it's pretty short. Read it through several times and use that as a jumping off point to help you develop your own plan. Go to the bottom of the "forums page". In the far right hand column under "resources", click on the "free cash in guide."

 

Good luck!

Edited July 29, 2014 by 429

[okane]

Wow ... great first post !!!  You jumped right on in there.  To answer your questions IMO and the general opinion of most.

 

1) a, yes, currency is currency. b, you would/should receive some sort of receipt. 

2) yes

3) yes, if using an FDIC account, they are insured up to 250K and do you really want "all your eggs in one basket"?

4) maybe

 

BUT, guess what ..... you may not what to do any of that after reading the stuff in the VIP/OSI sections !!!!

Nobody asks these questions that hasn't put a lot of thought into it.  Go now to VIP and do the lifetime membership.  Do this TODAY.  Not tomorrow, TODAY.  you have much to learn Grasshopper , aka, usra462.

 

Read the Cash In Guide by Adam and start with all of the pinned topics in VIP.. Pay close attention to the OSI topics, (Why you should own a Corporation)  this is gold my friend.

 

The responses that you get in the VIP group are like night and day to the freebie side, no offense to anyone but it is what it is.  The OSI is another world to itself.  Welcome aboard.

Edited July 29, 2014 by okane

[ReinMan]

I don't believe anything until it actually happens.

I set up another separate bank account but closed it when I got fed up with FEES.

Multiple rates depend on the very EXISTENCE of contract rates.

For now I'm just thinking there will be one rate and that anything Chinese is a hopium pipe dream till I see proof, and that will appear when the ball drops.

[rulesforrebels]

Can anybody provide some answers to the following questions:

 

Pretty much all your questions are going to be us speculating as nobody on here can definitively say they know how a future hypothetical event will go down. I highly doubt these people who claim to have group rates negotiated with banks as the banks don't even know what kind of spread or margins they will pay to sell currency off so how can they promise a group a specific rate? It's like me asking Apple to give me a special deal on the iphone 12 when it comes out, it doesn't exist yet so how can they price it?

 

Everyone speculates and makes educated guesses. I would suggest however doing some unbiased research from legit news articles and from some of the books available out there about the Dinar to get a better idea yourself. Also, lastly don't look at Dinar differently than other currencies, it's not unique its just another currency, sure its a little different as its not a tradeable currency currently but as far as how currency exchange is taxed and things like that its no different from any other currency. 

 

1) Dinar bills are cash (or like bearer bonds), whoever has them in their hands, owns them. If all the banks insist on sending these out for verification (with De La Rue Machine) without the owner accompany them, we risk loosing it all.  How do most Dinar holders plan on handling this?

 

Dinar is a currency like any other currency. Oftentimes banks do have to first send off currency before paying you as many banks have outsourced that service and go through third party companies. If your not comfortable operating that way then go find another bank or sell directly to a broker who will pay you on the spot. I personally highly doubt this will be the windfall many people believe it will. 

 

2) Will we be able to do 2 or 3 seperate exchange/cash-ins on different days instead of 1 large one? This would allow us to learn the process and be better prepared to handle this without making serious mistakes.

 

You can do as many cashins as you want but there really isn't any reason to. It's not a complicated process it's a simple currency exchange. if you believe the DInar will go higher maybe hedge and cashin some and keep some for later but there's really nothing to learn. Also you can't avoid taxes or reporting, even if you break it up into multiple transactions banks will consider it one large transaction and breaking it up will make it even more suspicious. What mistake could you possibly make, all you have to do is go to the bank and hand them your money, it's really not as complicated as you are making it out to be. 

 

3) Is it safe to dump all the exchange/cash-in money into a single bank account at first, prior to us being able to distribute the money over several banks? Any comments?

 

As others have said an account is gurnateed by FDIC up to 250k so you probably want to keep that or less in any single account. 

 

4) Most say there will be a time limit to exchange.  Does this limit also apply to the street rate, or only the contract rate?

 

A revalue has never happenned before in history so there's really no president. Who are most people random people online? The only scenarios where there's a limited time limit on turning in money is when a currency is outmoded. Look up "MRI guide" online and you will see when acountry comes out with a new currency they will someitmes give a time limit on how long the old currency is good for. Some examples to look to are Mexican Peso back in the 90's, Romanian currency a few years back, or countries like Italy or Spain that have gone to the Euro. Generally its at least a year or two, I'd say min 6 months sometimes it's good forever or the countries bank will buy back withhout a time limit.

 

I don't believe anything until it actually happens.

I set up another separate bank account but closed it when I got fed up with FEES.

Multiple rates depend on the very EXISTENCE of contract rates.

For now I'm just thinking there will be one rate and that anything Chinese is a hopium pipe dream till I see proof, and that will appear when the ball drops.

There's the official rate and then every bank or currency exchange, broker or dealer will put their own spread on it so tehre won't be multiple rates for diff types of people or groups thats nonsense, different people will get different rates depending upon where they exchange same way chase might sell the Euro today for 1.40 while another bank may be at 1.45

[calkid11]

Thank you