ReachingHigher

Be advised - some smaller banks (in particular) DO have upper limits on the size of incoming wire transfers they can receive. You had best confirm with your bank post RV - tell them the estimated size of the incoming wire transfer and make sure they can and will receive it. You don't want to find this out while standing in the office of DT or DB!! Talk with your bank - let them know what is going on before you cash in. JMHO

I'd be happy to send you the info to contact Warka and the instructions for wiring the money, and etc on how to open an account. Just PM me with what email address to send the info to. It was pretty easy to do. If I can do it then anyone can. LOL. I made good notes on the process for my friends and family. Happy to share.

Great plan Phoenix. Here is my variation: 1. RV happens. Give thanks!!!!!! 2. Call to make an appointment with trader of our choice for cash in. 3. Make an appointment to meet with our local banker (who does not deal in foreign currency exchange so exchanging with our bank is not an option) to discuss plans for transferring the money into our non-interest bearing account (thanks to new FDIC changes in deposit insurance). 4. Meet with tax attorney/estate planning attorney to discuss trusts, and other planning. 5. Perhaps meet with Charles Schwab to discuss investment strategies (our goal is to create an income from some of the money and to make other monies grow through investment. 6. Meet with our CPA to discuss tax strategies. We intend to pay all necessary taxes but want to find out when we need to pay the taxes (can we earn interest on these monies prior to paying taxes) and how much. 7. Once we have the monies in hand we intend to pay off all debts, (credit, mortgage, personal debts), set up college funds for our kids, pay taxes, set up the various trusts and investment accounts, and then take a "step back" to consider what else needs to be done to accomplish our personal goals. 8. Tithing. 9. Charitable donations to various 501©(3) organizations. This is at least a rough draft of our plan. Peace

I agree with you, Doc31 - but wanted to try and make some sense of the numbers for the newbies. Thanks!! Peace.

Now you're really gonna push the envelope!! LOL! It IS confusing. But in the simplest sense think of it like the Kuwaiti dinar. The KWD is presently at 3.52 (strong against the dollar) which can also be written as: 0.28160 The number line analogy helps me. ___0.274 (Qatari rial)____0.281 (Kuwait)______0.375 (Bahrain) _____1:1____1.40 (Jordon)___3.64 (Israel)___3.74 (Saudi)_____6.65 (China)____45.08 (Afgahn) You can look at numbers on either side of the 1:1 center-point and have that number be in "cents"...that is why it gets confusing. For those who really want to take the time to get a better understanding - oandacurrencyconverter is GREAT. Ok, back to earning my pay check. Peace. Oh, and if I am wrong, then I am open to education - Thanks!

You misunderstood me. It COSTS you 3.74 Saudi riyals to BUY $1 (one) USD. THAT is WHY the Saudi riyal IS weak against the dollar. 1 Saudi riyal will only buy you 0.2666 cents US. Kuwait is STRONG against the dollar and thus it only costs 0.28 Kuwaiti "cents" to purchase $1 (one) USD. SO if you want to BUY 1 Kuwaiti dinar it will COST you: $3.52USD. Enough. I understand and hope this helps. Best advise is go to the currency converter *(http://www.oanda.com/currency/converter/) - I like this one best - and play with the numbers. Peace. Out. Mr Rich - Thanks for catching my mistake! You are correct. I am at work and trying to post at the office is always a bad idea! My bad - typo on my part. Peace.

[quote name='Kandi77' date='03 December 2010 - 11:34 AM' timestamp='1291394054' post='289431'] I agree, if the IQD is worth .86 to the USD, then that is correct, and the exchange rate would show 1 USD = 1.17 IQD. BUT if the exchange rate shows 1 USD = .86 IQD, then that is not true and the 1 IQD would be worth $1.17 USD. Look at the Kuwait exchange rate, 1 USD = .267 KWD (approximately) so 1 KWD is equal to 3.75 USD. Kandi!! You got it!!! Great work! It took me awhile to get my head around the numbers but the oandacurrencyconverter helped a lot! Peace!

Merry1 - Your statement is not correct if you are talking an exchange rate of .86 That exchange rate would be strong against the dollar. If 1:1 is in the middle/center of a number line then For example: the Saudi Riyal is valued at: 3.69 (which sounds like more but is WEAK against the dollar and to the "right" of center on the number line) which means 1 Saudi riyal will only buy you .26 cents US. THUS, if you wanted to buy 1 full USD you would need 3.69 riyals to buy that $1 USD. On the other hand - Kuwaiti dinar is presently at 0.28 (strong against the dollar - so to the "left" of the center on the number line) This means a Kuwaiti would only need .28 dinars (cents of you will) to buy $1 USD. SO if you want to buy 1 Kuwaiti dinar you would need $3.52 USD to buy that 1 Kuwaiti dinar. If you go to: http://www.oanda.com/currency/converter/ and go back and forth with just the Kuwait dinar and the USD and back and forth between the Saudi riyal and the USD you can begin to see the numbers more clearly.

You are correct in what you said: * If I'm understanding correctly, If I took 1 USD in, they would give me .86 IQD, and if I took 1 IQD, they would give me $1.17 USD. Is that right or am I still messed up? Read more: * That is the simple point I was trying to make. The bottom line is you have IQDs and you want to know how much those IQDs will buy in USDs - your statement above is correct if we are working from the .86/1.17 exchange rate. Whew!

Nope. If the exchange rate was 1:1 then it would be a straight change but with an RV of .86 (1.17) then the IDQ would be strong against the dollar, thus, it is as I explained above. $1 USD will buy .86 dinars SO - think of it this way: "If $1 USD will only buy me .86 dinars THEN what amount will it take to buy 1 IQD?" The answer is: $1.17 USD will buy you 1 IQD. With this exchange rate the IQD will be strong against the dollar which means theirs is worth more than ours. Hope this helps. Peace!

Hi all – Given the confusion around numbers with regards to exchange rates – I thought this explanation might be helpful to some. There are many who believe the IQD will revalue at the nominal rate (3 zeros off the present rate of .000857) which would leave us (rounding up) with .86 Now, one might assume this means our exchange rate would be .86 cents – but that is not correct. Bear with me…. I know these numbers get confusing - here is a simplification of what a rate of .86 would mean. $1.00 USD divided by .857 = 1.16686 This means (again rounding up to 1.17) $1 USD will only buy .857 (.86) Iraqi dinars. THUS, if you want to buy one IQD (at this rate) then you would need $1.17 USD. Conversely - If you have 1 IQD and took it to the bank/trader/etc – you would receive $1.17 USD for that 1 IQD. Then, if you have 1,000,000 IQD (x 1.17 exchange rate) you would get $1,170,000 USD at cash-in (not including spread and exchange fees). Simple explanation – at the exchange rate of .86 then it would cost 1.17 USD to buy 1 IQD. And it would only cost .86 IQD to buy 1.17 USD. So, regardless of the rate - ask yourself: how many of ours will buy how many of theirs AND how many of theirs will buy how many of ours. This may be helpful when you see numbers and wonder what they mean - then again, maybe not. Hope this is helpful. I, for one, would be profoundly grateful for this rate!! Peace!

Does anyone have the link to this article from Saleh he is talking about - the link does not work. Thanks! Peace! Found it: Citizen / Mustafa Al Hashimi . Economic expert called for the expansion of trading in Iraqi currency and the reduction of trading in foreign currency (at least temporarily) the fact that it will support the Iraqi dinar and increase the strength of locally and regionally. . Said Dr Issam Mahouelle's (Citizen) reported yesterday that traders deal in a wide circulation of the Iraqi currency comes in the priorities of economic reform. . So said the central bank adviser Mzarsaleh that the bank is seeking to restructure the currency to suit the economic development., "Said Saleh (of the Agency news) we will resort to the restructuring of the currency to suit the new situation and economic progress, noting that the currency is growing day by increasing Alatnag and economic progress , not because of inflation and release as before. He added that the value of the Iraqi dinar escalate, and this rise has achieved a major goal in addition to the purchasing power of the dinar rose to $ imports. Saleh explained: Ann's central bank plans to maintain the value of the Iraqi dinar and the essence of monetary policy, which we have adopted the stability of the overall level of prices. And Saleh said that the exchange rate the Iraqi dinar and foreign currency represents the external value of the currency where the value of internal and external value, explaining: the external value of the task for the economy of oil-exporting countries and importing of many items, as we believe that monetary policy is part of the inflation target and raising the purchasing power of the Iraqi dinar http://translate.goo...late.google.com Read more:

Floridian - tried to PM you, but got a message that you were not permitted to use the message system. I am getting this message A LOT lately when trying to PM people....but not everyone. Does anyone understand why this is happening? Floridian has been around awhile - and so have others I have tried to PM - and now I get the message that they cannot receive PMs.... Floridian - will you PM me with a way to send you an email? Thanks. Peace.

TechSavvy - Yes, many of us refrain from posting with any info, intel or insights and rumors we have heard BECAUSE the tone around here is that the "Nasty-Crew" will jump all over you for doing so. Thanks for takin' the risk anyway. You posted in Rumors so no harm/no foul.....except for on the part of the Nasty Crew!! If we put on our "big kid pants" we are all grown up enough to sort through the rumors and just add each one to the larger picture. IF, on the other hand you don't own any "big kid pants" then alas, all they do is bash anyone who dares to open their mouth. Glad you posted - ignore the "Nasty Crew" - they are exactly what they are and apparently can't help it and have nothing better to do! Peace!

This article from The Washington Post - from July 2010 - is certainly interesting and insightful. Shows that we (USA) have (had) been slower on the up-take of opportunities in Iraq...but if you look at the Dept of Trade and Commerce trips/events over in Iraq both in June and October 2010 - you'll see we are "waking up" to the opportunities. China is no fool and, make no mistake, NEEDS their oil, gas, etc. With over a billion people in China they will aggressively pursue what is in their best interest and with a vengeance. - Peace. ** Risk-tolerant China investing heavily in Iraq as U.S. companies hold back By Leila Fadel and Ernesto Londoño Washington Post Foreign Service Friday, July 2, 2010; A10 AL-AHDAB OIL FIELD, IRAQ -- China didn't take part in the U.S.-led invasion of Iraq or the bloody military battles that followed. It hasn't invested in reconstruction projects or efforts by the West to fortify the struggling democracy in the heart of the Middle East. But as the U.S. military draws down and Iraq opens up to foreign investment, China and a handful of other countries that weren't part of the "coalition of the willing" are poised to cash in. These countries are expanding their foothold beyond Iraq's oil reserves -- the world's third largest -- to areas such as construction, government services and even tourism, while American companies show little interest in investing here. "The U.S. really doesn't know what to do in Iraq," said Fawzi Hariri, Iraq's industry minister. "I have been personally, as the minister of industry, trying to woo U.S. companies into Iraq. There is nothing yet. Nothing tangible." In the past two years, Chinese companies have walked away with stakes in three of the 11 contracts the Iraqi Oil Ministry has signed in its bid to increase crude output by about 450 percent over the next seven years. They also renegotiated a $3 billion deal that dates to when Saddam Hussein was in power. Only two American firms won stakes in oil deals, an underwhelming showing that industry analysts and U.S. officials say reflects deep concerns about doing business in a country besieged by insecurity, corruption and political turmoil. "They made a mistake and overestimated the risk," said Ruba Husari, an oil analyst in Baghdad who runs the Iraq Oil Forum, a trade Web site. "I think they did not realize on the spot that it was the biggest window of opportunity, and they missed out." In an effort to meet the rising energy demands of its fast-growing economy, China has invested aggressively in oil-rich nations. Chinese companies have made notable inroads in the Middle East and Africa, in part because of a higher tolerance for risk and a savvy diplomatic corps that has laid the groundwork for advantageous deals. Iraqi officials say they are heartened by their expanding ties with China but are still pursuing investment from other nations. "They have gained a number of plum contracts for energy," Iraqi Foreign Minister Hoshyar Zebari said of the Chinese. "Wherever there is an oil well in the world, you'll see a Chinese flag next to it." Working 'as partners' At al-Ahdab oil field in Wasit province, roughly 100 miles south of Baghdad, about 200 Chinese laborers have begun work under a contract renegotiated in 2008 by a Chinese state-owned consortium, Al Waha Oil Co. Workers in red jumpsuits operate imported oil rigs alongside their Iraqi counterparts. Their workplaces are heavily protected by barricades and guards. "People know they didn't participate in the invasion or the sanctions, and they have an old participation in Iraq that predates Saddam Hussein," said Ahmed Abdul-Redha al-Zanki, the senior engineer for Iraq's North Oil Co., which is working with the Chinese to develop the field. "They work with us as partners," in stark contrast to the condescending practices of Western companies, he said. The French and Chinese have also made forays into the cement industry. The Chinese have started building a billion-dollar power plant in the south. The Chinese and the United Arab Emirates are in advanced talks to build residential complexes. The French automaker Renault and Germany's Mercedes-Benz are in advanced talks to make trucks for industrial transport, according to Iraqi officials. The South Koreans signed a memorandum of understanding to build a multimillion-dollar steel mill in the south and a power plant, and the Turks have scored a series of construction and government services contracts. Except for a $3 billion General Electric contract to provide power-generating equipment and a Boeing deal, Iraqi and U.S. officials are hard pressed to point to any significant U.S. investment in Iraq. Outside of the two oil service contracts that American companies were awarded and U.S. government contracts, the United States "consistently ranks in the bottom" among investors, according to a 2009 study by Dunia Frontier Consultants, which tracks private investment in Iraq. The United Arab Emirates is Iraq's top private investor, with plans to invest $70 billion across the country, followed by South Korea, a 2010 study by the same firm said. Turkey and Iran also are major trade partners with Iraq. "We're coming off a financial crisis," a senior U.S. diplomat said, speaking on the condition of anonymity because of embassy rules. "You have to look at your bottom line. It's not the best time to be suddenly in the market as a new place to invest." Worth the risk? U.S. companies will probably continue to shy away, particularly after the State Department's latest Iraq investment climate assessment, issued in March. "Potential investors should prepare themselves for significant security costs; cumbersome and confusing procedures for business visas or new business registrations; long payment delays on some Iraqi government contracts; and sometimes unreliable, non-transparent dispute resolution mechanisms," the assessment said. "Allegations of corruption are still endemic, and the legacy of central planning and inefficient state-owned enterprises continue to inhibit economic development." But several countries have come to see Iraq as an incredibly promising market despite the risks. The French government, which also did not participate in the war, recently set up a center in Baghdad to support French companies seeking to test the waters. "This is a rich country," French Ambassador Boris Boillon said. "In this world of recession, in this period of global crisis, we need to get growth and expansion wherever you can find it." Last fall, the French government helped arrange for 100 French businessmen to attend a five-day trade fair in Baghdad. Most other European and American delegations decided at the last minute that attending would be too risky. The French chartered five buses and ferried the businessmen daily to the fairgrounds. "I think Americans are fed up," Boillon said. "There is Iraq fatigue in the U.S. When you tell an American: 'You can go to Iraq and make business, because there are opportunities,' the guy thinks twice and says, 'Oh, Iraq -- that bloody country.' " http://www.washingtonpost.com/wp-dyn/content/article/2010/07/01/AR2010070103406.html