Dinar News Guide to Exchanging Iraqi Dinar After Revaluation

[terr]

It is my understanding that Ali will use BOA, through his cash in ofiices, to be open,after announcement of RV. So, to have an already existing account with BOA, I assume transactions will run more smoothly, thats my understanding, could be wrong, guess we shall see.

[dreamer1]

I am going to my bank today and ask, first hand info is allways better

[bahtman]

Angel & Everyone,

If I'm not mistaken, Ali said he has made special arrangements with several large banks who are familiar with the Iraqi situation, and when the RV occurs you will be allowed to have your IQD exchanged, and the funds would be transferred to your account at those banks - it is to take 15-30 minutes per client, if all the forms are prepared in advance. Now, I don't know at what Corporate levels he made his arrangements with, but I would think it would require extensive negotiations, and some strong credentials and backing. So what was posted may or may not be accurate. I'm just presenting additional info posted and thoughts for consideration. I don't really know who or what to believe at this pooint. Can ANYONE clarify or confirm...???

RON

Hey RON,

There's a video on Youtube where Dinar Banker states that the Form Fincen 104 only needs to be filed if funds are being transferred to a foreign bank account or if you are NOT a US citizen.

Of course the form itself says that the "institution or money changer" needs to file the Fincens 104 for all transactions over $10,000.

DinarTrade seems to agree with this. Do you have any other knowledge on this? I think I will call Dinar Banker in San Francisco.

[Cherysh]

I am with chase bank, contacted them this morning, and they informed me that chase do not at time. He check my hometown as well as Nationwide. . I am new to Dinar Vets, just looking for what process I need to follow, would imagine that there are alot of people like me in these forums.

[spede67]

BAHTMAN your exactly correct on this

[YRCB]

After reading the post about Dinar Banker( I never heard of them) and just wanted to check the internet to see who they were. I could not find their site but I did find some stuff on youtube that talked about the Dinar and also the De La rue machine how it works and what it looks like etc. So, if anyone is interested in more information about the Dinar and would like to listen to someone instead of some of the long winded posts that sometimes pop up , check it out. Here is the start of the link and from there you can see some more interesting things on the Dinar:

www.youtube.com/watch?v=8oyyuli9SaY

Their web site is www.dinarbanker.com. I purchased from them last fall. They are a reputable dealer.

[Shalom Babe]

What everyone needs to be aware of is this.....a fee and a spread are two different things,but each is a way of charging us for exchanging our dinar. Example: Ali said he would charge a Fee of $150 per million of dinar and would NOT charge a Spread (a %)...this is what Ali told me over the phone..and I asked him twice to be sure..I called again after I heard on chat that Ali WAS charging a %(spread) in addition to his Fee . ..he again told me that he was NOT charging any thing other than the Fee to the people who have purchased dinar from him. The banks charge a Fee and they also charge a % or Spread...if they say they do not charge a fee, we need to ask if they charge a Spread because the Spread is where they make their money and we lose ours. If they charge 3% per million..then that is $30,000 out of every million you exchange. We may be able to negotiate a lower % with a bank if a group goes there together. The point is this..I am seeing too many peeps thinking that they will not be charged anything to exchange...that may not be true. Just ask and ask and ask again.

[mac9108]

I wonder if you couldnt go to the caymen Island open an account and then deposit the money into that account if you would have to pay U.S. taxes on the money. It would be sitting somewhere else. Then take a Debit card and then have the limits on the card changed, come home and start withdrawing the money out of the accould>

[gr8cooker142]

how many people have gone to the Caymen island. How popular is that with the Dinar?

[Cherysh]

I am with chase bank, contacted them this morning, and they informed me that chase do not at time. He check my hometown as well as Nationwide. . I am new to Dinar Vets, just looking for what process I need to follow, would imagine that there are alot of people like me in these forums.

Just my own experience, I did speak to the Foreign Currancy division at B of A in California, I dont know if I was given accurate info, but I was told that B of A is not and to his knowledge will not be involved in exchanging Iraqi Dinar. I guess I have some homework to do....

[tampa1000]

Good information, thanks!

[ncdoughboy]

Where in California can you exchange dinar?

You can also trade them in a 5Th 3RD Banks. I hope this helps you. I'm not sure what they might charge.

[Newday2009]

I wonder if you couldnt go to the caymen Island open an account and then deposit the money into that account if you would have to pay U.S. taxes on the money. It would be sitting somewhere else. Then take a Debit card and then have the limits on the card changed, come home and start withdrawing the money out of the accould>

Be careful - the government is on to such types of maneuvers....

[mark_mich266]

In talking with someone in the banking business here in Michigan locally, we found out that the local branches of Bank of America will not be having a De-La-Rue machine but rather it will be their main branch of the BOA in your CITY (i.e. Detroit, Lansing, Ann Arbor, Battle Creek, Kazoo, etc..... (BIG cities) but not in little cities and towns like BFE, Port Boater, Imlay City, etc - you get the drift..............

[desert surfer]

After listening to the tape where he said we have to show who we bought them from, how will that work with some that have been bought off of ebay?

Edited March 16, 2010 by Pete Mallinger
word spelled wrong

[gr8cooker142]

You can always keep the invoice that you get with all purchases of any ebay items . That will show where it came from the amount you paid and also the date which is good for taxes. If it is been awhile since you bought them you should be able to pull it up from past items won on ebay or even paypal history

[desert surfer]

Thank you for that input. I when onto ebay and for some reason it would not pull up my last years data. So I did go to paypay and printed out my history. Thanks for the info, it confirmed my thoughts.

Blessings

[gr8cooker142]

Glad I could help

[HNHE]

Will Bank Of America be charging additional fees?

[desert surfer]

Not sure were I heard it, but someone said they will only be cashing in 1,000 and above bills. I do not think this is true, but has anyone else heard this?

[renzo]

Bank of America will let you cash in your dinar if you have an account with them.

Why is that the only location to cash in if you bank with bank of america?

[renzo]

i expressed the same disbelief...i had them call corporate to verify. The answer was the same...when you are exchanging foreign currency, even if you want to deposit all of it in your account, they will not go over $10,000 a day. It shocked me...

i'm sure adam can and will help us out on this when the time comes.

[Cherysh]

Bank of America will let you cash in your dinar if you have an account with them.

I had called Band of America and asked them about this, and I was informed that they will not be dealing in cashing dinar out, even if you have an account (I could have been speaking to someone who gave me wrong info) but I would incourage others to contact B of A and ask also.

[Dinarkicker]

I just back from BOA where I have an account, I pulled the manager aside to ask him about exchanging IQD, he did inform me that according to their site that the dinar isn't on there. He didn't rule out that it would be, but they will have to call in anything over $3,000, I was looking at the screen that said this while we talked. He then let me know that when the RV makes its announcement that more than likely there will a charge but didn't know how much.

To my surprise he was interested, he said he has the old currency, this surprised me because everyone I talk to about IQD pretty much laugh at me.

When I hear more I will post

[gr8cooker142]

Hopefully soon it will RV and which bank to get our money will be the lest of our problems