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icemanihi
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Posts posted by icemanihi
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Gainesm, I have the same question. I have an isx investing number from Warka Bank, but I'm not sure if it's good to trade with the isx in general with another bank or if I have to re-register with another bank. Warka Bank's website is back up and running as I type this, but I am wary of trying to make a trade with them and I am looking for another alternative for trading on the isx. Any help here would be appreciated!
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I logged in for the first time in many many months today as the website was up this morning. There were several new security features and I had to make new passwords, etc.... Good sign.
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Am I just reading this wrong, but from the ISX trading chart for 7/13/2011, shares that were traded spiked HUGE! Maybe it was just some large trade. but very curious!
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5/3 Bank called me today to let me know my Dinar had come in so I went to the bank to pick it up. As I was counting the money the teller asked me if I had heard anything. I told him what I knew from reading the posts on here. We chatted a bit. He told me he had been invested for 2 years. He said alot of people had come in lately buying dinar. We chatted for a sec and then I started to leave and then asked him how they would handle everyone coming in to cash in if that happens. He told me he had no clue. He said obviously we don't have that kind of cash on hand, so it would have to be electronic transfers into people's bank accounts. I then asked him if that had been trained at all to be able to distinguish what was real dinar and what might be conterfeit. He said they have had no training at all for any of this should the RV transpire.
Now, the funny part. The teller gave me my dinar with the fedex envelopes the dinar came in. I noticed the return address and thought I'd do some researching to find out where 5/3's was getting their dinar. it turns out they are getting from the FCE (Foreign Currency Exchange Corp) in Orlando, FL. Now, the really funny part about this is that the FCE is owned by none other than the Bank of Ireland Group. It was just funny to me considering Ireland is basically bankrupt and needing a bailout which they will apparently get from the EU. Anyway, just sharing!
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For the record, I read an article on here somewhere last night or the night before saying 5/3 Bank isn't selling dinar anymore. Apparently that is not true because I called my local branch today to ask if they were still selling the Iraqi dinar and they said yes. I did order some for my parents last week from them, however I did try First Tennessee Bank first and they quit selling it a month ago, as I posted earlier in the week.
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Yesterday, I went to buy some dinar at First Tennessee bank where I have purchased before. I was told by my banker they had quit selling it a month ago. I remembered reading about 5/3 bank on DV, so I looked them up, went over and they indeed were still selling the dinar. When I walked in and asked about buying foreign currency, she looked at me with a little grin and asked sure, what are you looking for and I told her dinar. I then asked her if she had any and she said for 2 years now and our bank manager has had some for 4 years. I asked her if she had lots of people coming in asking about it and she replied that she had recently placed 20 or so orders. Not sure what time line "recently" is, but I saw the stack of orders. She actually told me the dinar had gone down ever so slightly as she was ordering mine (nothing to be concerned with). The great thing here was she gave a me a receipt showing the rate I purchased the dinar at and said this is your proof in case the rate reinstates before your dinar arrives, I thought it interesting that she used the word reinstates rather than RV. She had no more insight about when it would happen than the rest of us. Anyway, thought I would share.
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I have to agree with Karen. How many times have we been down this road. History of the last five years has made me overcautious. I too expected to see news like this. I don't worry about whether this will happen or when. I know it will happen and the when is up to God. I feel for the Iraqi people though. Once again, patience is a virtue. Don't anyone let this ruin your day. Live life today! The RV will come.
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I have minimal in warka and it is only what I could afford to lose. Maybe it is true or maybe it is not. I resent the pack mentality of people now making a run on the bank only exasperating the possible problem and actually causing a larger problem out of what may have only been a smaller problem. This is partly why our own stock market was so volatile. Amateurs causing huge swings based on rumor. The sky is falling, brake down the doors and get our money quick. Burn the bank down! Holy Cow!
I also have a small percentage in the bank and will roll the dice with it there as well. I have no intention of trying to remove my deposit! It's a gamble, but being diversified is the first rule of investing!
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Ah, so this is why my delivery attempt of docs to trade on the ISX has not happened. Fex Ex tracking has said Business Closed everyday day now for 4 days!
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I just hope you don't need your money fast from selling stocks thru Warka!!!!!!!!!!!!!!
Would you be referring to their slow response time or something else?
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Update:
I did send to the new address and that is the correct address. Got my papers back yesterday! Thanks!
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Everyone relax! Tonight is not the night, but it is a step in the right direction.
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I sent all the neccessary paperwork and cashiers check to the Mt Holly address months ago and apparently it is not the right address as I never received a response and gave up. Maybe I will try again with the new address.
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Nothing huge, but I did go into my local First Tennessee Bank today which does sell dinar to order some and they told me their was a bulletin on Dinar and Dong saying orders may take longer to be delivered due to heavy volume at this time! Just an FYI.
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If you're an old guy like me, and are over 59.5 you could buy IQD in your IRA. Then draw out what you want, but will pay the tax rate for your drawn amount at that time - probably greater than the current 35% cap (once you have over $250K). Plus, when you die it goes to your heirs, but they'll have to pay a hugh inheritance tax. It's better to pay taxes up front (if you must pay short term capital gains), and the 15% if long term CG...! I hold a large amount of IQD in my IRA, and want to protect my wealth as much as possible, but I'm not sure whether to leave it in my IRA - limited advantages for my age - or take it out and pay taxes. There is no long or short capital gains within the IRA, it is taxed as income when you take a draw.
If you're young enough you can let it grow tax free for your lifetime. You basically get the advantage of the untaxed portion growing at whatever rate of growth you can arrange from investments. My current plan is to buy reasl estate within the IRA...and take advantage of keeping the 35% working for me for several years. Many discussions with my Tax Atty, accountant, and financial planner.....but, will have to make final decisions only after the RV...
If anyone has questions about this option - I'm your guy...! As I said, I hold IQD in my IRA. Send me a PM and we'll exchange phone numbers and talk candidly. I type with one finger, and forget my train of thought, and can't say all I want to - so the phone is best.
RON
Ron,
Correct me if I am wrong, but at your age, could you not dump a few thousand into a Roth IRA that is pretaxed and owe no taxes on the back end? Also, I am on the same track as you. I am looking at doing a self directed IRA to use to invest in real estate. If you are doing a self directed IRA, just curious what company you are using? I am looking at Equity Trust. Thanks!
Thomas
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So as I was thinking about how much money could potentially be made and reading all the articles about taxes, I may have some up with something no one else has mentioned. SELF-DIRECTED IRA! Now, there are a few companies out there that provide self directed IRA's. These are set up in a way that allow you to have a ton of control over how you invest your retirement. You are legally allowed to invest in stocks, real estate and among other investments, FOREIGN CURRENCIES! Ideally, you could invest, let's say $2000, into your self directed Roth-IRA today, in which you would owe no taxes on the back end when you retire at 59 1/2. You would have to wait to withdraw till that age or you would be subject to reg income tax and a 10% penalty, but if you were looking for a nice retirement account with no taxes, just do the above!
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FYI, First Tennessee Bank sells dinar. Bought some yesterday!
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Are we still able to open Warka accounts being it was said that you can't ship FEDEX to Iraq anymore?
Good question! I am wondering the same thing. Can anyone update us on what delivery service we can use to send documents to Warka? Thanks!
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This makes so much sense! Thanks Willie. I would also like to point out that I would imagine Ali could possibly have an inside track on this. You can be sure he is or has set up his business to be able to handle the exchanging of the bills.....at a price! Smart business man. Either way, I'm ok to pay Mr. Ali for this service.
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Honestly, people....what will we do after this is over? Fun ride!!! I did send money today to fund my Warka account. Thanks to all those who posted how to do this! and Mr I. did respond. Good stuff!
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Just wanted to say thank you to all who contribute to this site and help others! Very informative. Go RV!
How to invest in the ISX
in ISX (Iraqi Stock Exchange)
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Yeah I wish I could. Unfortunately it looks as though they require a minimum $10,000 to fund an account with them.