I can't find this posted on this forum so here goes. If it is old news it's old news.
Dinar Banker Instructions for Cashing Out Dinars
We will open the exchange offices as soon as the Iraqi’s are allowing exchanges with the Central Bank---it should be within 48 hours. For Layaway orders, (Reserve Bids) we will be contacting these customers almost immediately to see if they want payment (minus balance due on the order) sent directly to an account.
It is expected as the Iraqi economy continues to develop, that more and more banks around the world will exchange the dinar. There were some recent changes to the status of the Iraqi currency to make it even more acceptable for banks to exchange. Either way, we will always be able to exchange it.
Here is some info that might be helpful:
The Iraqi’s have said they will put the value of the currency at a sustainable level and it will be a “MANAGED” float---which means they will be controlling the movement in value of their currency in the same way most other Middle Eastern currencies are controlled. We really expect the value to be stable for a fairly long period of time before any small adjustments are made by the Iraqis. We expect there to be plenty of time to exchange currency before any significant movement occurs from an initial exchange rate—this makes sense. Also, we expect any movements in the price of the dinar to be gradual and sustainable---- meaning that we don’t expect a massive capital demand placed on our exchange cycle which limits our exchange capability. This is what we expect. In this scenario, we can exchange anyone with no limitations.
If, HOWEVER, there is a huge demand for exchange at the time of a revaluation of the Iraqi dinar as some people expect, we will be giving priority to our customers for exchange—that is part of our customer service. For our customers in this situation, our general policy is to accept an equal amount of dinar purchased elsewhere for exchange of currency purchased from us (example: customer bought 10 million from us, we will exchange a total of 20 million for that customer).
The reason for this general policy (in the event of a massive demand for exchange) is to prevent someone who is not a regular customer of ours from depleting all of our initial exchange capital and limiting our customers from exchanging—it wouldn’t be fair (someone could buy 1 million from us and try to exchange 2 billion which would strain our exchange cycle). When the exchange process begins, we will be highly funded and capitalized; as we begin taking in dinar and wiring out capital, our funds will decrease until the incoming dinar is transported and exchanged to re-capitalize our accounts for continued exchange. This process will be transparent to the customer and we expect funding to maintain at a continued and sustainable level. Again, this is a general policy to prevent someone from buying 1 million dinar from us, and trying to cash out 1 million that we sold and 1 billion purchased somewhere else.
If things occur as we expect in a more controlled fashion (again, this makes sense), we will be able to exchange anyone and everyone---we just can’t sacrifice our customer service to our customers in the event of initial massive exchange demand.
Here is some more information that will hopefully help you.
Contact us as soon as there is an ACTUAL RV and we will start scheduling and planning. When we can actually start exchanging depend on the day of the week of an RV and CBI procedures. We expect to open and exchange faster than anyone due to our connections to National Bank of Kuwait and the National Exchange.
We can change to other currencies like Pound Sterling, Euros , and we don’t expect to have to report gold transactions. We will also be able to convert to smaller denominations.
We expect to be cheaper than anyone else in the US . We will use the CBI buy and sell rates as our own. Actual costs will depend on the actual value of the currency because of insurance and transportation costs associated with moving the dinar.
DinarBanker.com customers will be given priority on all appointments and exchanges. We will actually be exchanging close to "at cost" for our customers. Our main goal after any revaluation is to basically just change out our customers as efficiently as possible. We generally own over 2 billion dinar at any time and really don't need exchange profits from our customers.
We really can’t lock in a rate until we have the “your dinar in-hand”. The Iraqi’s have said they will put the value of the currency at a sustainable level and it will be a “MANAGED” float---which means they will be controlling the movement in value the same way most other Middle Eastern currencies are controlled. We really expect the value to be stable for a fairly long period of time before any small adjustments are made by the Iraqis. You anticipate having plenty of time to exchange your currency.
There will be no minimums for exchange and no maximum wire limits. Because of our tremendous holdings as partially seen in our online videos, we are, and always will be capitalized to meet any funding demands.
Our fees should be very small based entirely on the transportation/insurance cost to get the currency back to the CBI. Probably less than $150 per exchange.
We can accept currency via mail or in person.
Wire transfers will be initiated and completed (verified by the customer) while customers wait during normal banking hours. Multiple wires are acceptable to anywhere in the world.
For security reasons, all our exchange locations are at airports except for Atlanta and Las Vegas .
Current exchange locations in the event of an RV include JFK, BOS, ATL, TPA, MIA, DEN, LAS, LAX, SFO, SEA, ORD, DFW, IAH, DTW, PHX, CVG, DCA, IAD, SLC, CYVR (Vancouver), CYXZ (Toronto), and Puerto Rico(Dinarespr.com). The offices will open within a short period of any major revaluation and demand for exchange. Other offices will open as need in areas of high demand.
We just require a driver’s license or passport and all the wiring instructions for your bank.
Wires will be transmitted and received by our customers before they leave our offices during normal banking hours.
We report nothing to the IRS, it is up to you to inform the IRS what you purchase and when, and when and what you sold. As of now, we do not require a FinCEN 104 based on direct IRS inquires and a private consulting firm. The forms are our responsibility and not the customers.
We have De La Rue machines for every office for verification.
Security will be more than adequate.
We have innumerable cash-in conversion options for gold and just about anything else deliverable anywhere in the world. We can wire directly to any precious metals company. We are not locked in to any particular precious metal exchange. We try to have a contact at each precious metal company our customers plan to use to help facilitate transactions. We have contacts with Monex.com and SilverGold.com. The customer will just have to have that account set up with their preferred precious metal exchanger prior to coming in for a dinar exchange.
Our account manager at Monex.com is Mark Patton at 949-752-1400 EXT 2294)---it’s very important to mention Dinarbanker.com or Sterling Currency Group when contacting him. When a person exchanges their dinar, we will initiate a wire into an account in the customers name at Monex or any other chosen precious metal exchange---the deposit of the funds will be verifiable immediately by the customer during normal banking hours. It will basically be as though the dinar came into our office and was converted to funds for gold/metals at the exchanger. For security reasons (ours and our customers) and for practical reasons, we will not be handing out gold or any other valuable assets for exchange of dinar at our exchange offices; Precious metals dealers will be able to deliver gold and other precious metals/coins to wherever you need it, or keep it on deposit in storage in any form you wish.
We will email/newsletter blast all procedures to all customers and anyone who has signed up for our news letter as soon as there is some type of revaluation.
Appointments can be made via email or phone as soon as you are actually ready to exchange, not in anticipation of a change. We can accept multiple people in a single appointment—just let us know. Let us know at the time of appointment what your needs will be in terms of exchanging or gold, smaller denominations, etc….
You can book an appointment by calling us at 1-888-346-2771 or e-mailing [email protected]
Also, we release late-breaking Iraqi economic news via our Iraqi Dinar News Feed, which you can access on your Google homepage as soon as you log into your browser. You can add that here: