ErinsDad1003

Ok folks, lets clear up the basics of bank spreads on cashing in at a bank or cashing in with a broker who we all know about. Since we do not know what the amount of spread a bank will charge, any bank until the rv or ri occurs, you just have to wait and ask when you go to cash in. Realize the banks will be competing for your DEPOSITS upon you cashing so you have all the power and can negotiate a spread just by asking. Now for those of you who have your huge greedy bone itching and will pay whatever spread rate is offered by the bank, then you are a fool who needs to pay a huge price (spread) just because you are in a hurry to cash in. Ok, sorry for the rant but here goes a simple explanation. Say you walk into Bank of America, Wells Fargo, Citibank, 5/3, Chase, or Any bank who will exchange foreign currency. You walk your butt up to the bank manager or vp or pres or whoever and ask for the foreign currency desk, teller, or whoever handles the currency exchange. You nicely state you have 1 Million Iraqi Dinars , or however much you really have and want to cash in, and you would like to exchange them for dollars. If and when the Dinar revalues, Reinstates or whatever it will be called, you are holding the physical currency on your body. Watch the eyeballs of the boss at the bank pop out of his/her head and ask to be allowed to talk in a private office as you will be considering, I said CONSIDERING making a rather large DEPOSIT into their branch in a checking or savings account. Dont worry about the bank failing the next day that you make your deposit because if you really believe or worry about BofA, Wells, Chase, Citi or others going to zero, then this country has bigger problems than imaginable and you better cash in all for gold and bury it in your backyard and not forget about the hole. Oh, also have some chickens and a garden cuz you will need them to survive. Ok, more rant but hang with me. So, for example, we get a revalue rate of 3.22 dollars, I said EXAMPLE people. And the Forex Bid/Ask Spread is 3.18/3.22 This bid/ask number is from the CBI and is now on the world market the day your arse is in the bank. But your favorite bank is greedy, (they all are so don't be naive) and they say, "sure we will cash in your Dinar, there is a 2% fee or spread or whatever they want to call it. We dont charge any fee like MR. A does at Mr. A's Brokerage." Well, then you must re-engage your gray matter (brain) back to 5th or 6th grade math and ask yourself, "What is 2% of 3.18 x 1 Million Dinars? Well, the last time I did the math it came out as .02 x 3.18 Million Dollars equals 63,600 $. If they charge a 4% spread or fee, it would be 127,200 $. You with me so far. Shiite that is a lot of money for a conversion of a currency. Uggggh. The banks are not going to give you the 3.22 rate and neither is Mr. A, and neither is the CBI (Central Bank of Iraq). You are going to get the Bid price or as close to it as you can if you do your homework and not be a greedy impatient idiot. Now if your banker says we dont charge a spread, but we charge a fee, well, duh, it is still money they are trying to make off of you and calling it whatever sounds good. And if you are stupid and take whatever they offer you, then you need to have your head examined. So the moral of the story is. Wait for the reval. Read all the sites cuz it will be here instantly, go to your bank and ask what the bid/ask spread is and do the 5th grade math and if you dont like the deal, then shop around by calling other banks, and or call Mr. A at his brokerage or another of your brokerages that has and did and does sell Dinar and ask what their fee, spread, or whatever they want to call it for you to cash in. REALIZE PEOPLE THAT FOR EVERY MILLION DOLLARS THAT YOU ARE TO RECEIVE UPON CASHIN, 1% IS 10,000 $ FOR BASICALLY AN ELECTRONIC CONVERSION. THIS IS NOT ROCKET SCIENCE, IT IS BASIC MATH. SO 2 % is 20,000 DOLLARS. AND THAT IS OUTRAGEOUS MONEY TO CONVERT. SO BE PATIENT AND USE YOUR BRAIN (GRAY MATTER). LAST RANT AND IM DONE FOR THE NIGHT. IF ANY OF YOU PAY SOME FOOLISH SPREAD OF 2 TO 12 PERCENT SPREAD FEE TO CONVERT, WELL, THEN YOU ARE JUST A PLAIN FOOL. SORRY TO BE SO BLUNT BUT THAT IS A FACT AND THEN YOU ARE GONNA BE ONE OF THOSE WHO HAS NOTHING LEFT IN A FEW SHORT YEARS. USE THE EFFING BRAIN GOD GAVE YOU. BE SMART, NOT GREEDY. I HOPE THIS HELPS UNDERSTAND SPREAD AND FEES AND SUCH.

Just out of Curiosity Phoenix, how the hell do you know anything.????? You have not been correct either. To make a statement and then say hang in there does nothing. You are bs like all the rest of the prognosticators on these forums. Just sayin, hang in there.

Blu2009 You better shiite or get of the pot. If you overanalyze and dont buy to save 10 bucks you just tripped over dollars to save pennies. Ali at Dinartrade is where I got most of mine but I also got some from SafeDinar. just get your dang order in and pay the money. You are burnin time and if you want to save 10 or 20 bucks go for it but get them now. You may wait a little too long and miss the moonshot whatever that may be. Quit thinkin bout it and buy some from any reputable dealer or bank if you can find a bank. But they take longer than dealers. Just quit fussin and do it already. You kinda piss us old investors off when you come in askin such piddlin little questions when we have had our guts ripped to shreds the past 6 years with every up and down of this investment and you want to save 10 bucks on a 1000 dollar order or so. Jeesh. Friggin do it already and get your chips on the table and shut up and join the ride. Ok rant all done. soapbox is put away. night blu.

I think if the rate was leaked out and it is in their currency system since last Friday the 30th. You can't be the only person nationwide to know this. Tellers don't know squat about foreign currencies and it wont be pre-shown until the rate is the world market rate. Im not sayin you didn't get this info but I think by now we would have a lot more info from Chase people if they truly have it. No one in this world can keep a secret.

Uhhh, actually i like being spoonfed.

Not have to look in Chat ever again. hahahahahaha

But I guess I will jump thru the hoops.

This is kinda ridiculous for getting onto the chat.

Cus I for one do not want to wait that long

Lets hope you are wrong and these opinions are not facts>

Well, everyone is entitled to their opinion eh.