Can anyone answer this ?

[Jmasters]

I am looking for Factual answers here Please.Does anyone know if once the RV etc comes if there is anything that would preclude the U.S. from putting a "cap " amount on what you could receive? I have looked in other places and not found this addressed.Thanks in Advance.

[jackster]

I am looking for Factual answers here Please.Does anyone know if once the RV etc comes if there is anything that would preclude the U.S. from putting a "cap " amount on what you could receive? I have looked in other places and not found this addressed.Thanks in Advance.

really? the government will not do something like that. factual.

And about taxes: any transaction of $10,000 or more is automatically reported to the IRS by the bank. Any transactions under $10,000 is up to the person to report.

[Jmasters]

really? the government will not do something like that. factual.

And about taxes: any transaction of $10,000 or more is automatically reported to the IRS by the bank. Any transactions under $10,000 is up to the person to report.

Why of course really.I thought it was a legit question. In regards to taxes if I follow the lop crowds advice I don't have much to worry about as I would only get pennies on the dollar for my Iraqi wallpaper

All jokes aside, Thanks for the response

[moose 57]

really? the government will not do something like that. factual.

And about taxes: any transaction of $10,000 or more is automatically reported to the IRS by the bank. Any transactions under $10,000 is up to the person to report.

Is that $10,000 cash

[PUNT18]

Any bank or financial service company can complete a SAR whenever they identify a transaction as potentially illegal or "Suspicious", regardless of the size of the transaction. However, they are REQUIRED to complete one whenever certain thresholds are crossed.

http://en.wikipedia.org/wiki/Suspicious_activity_report

GO RV!!!

[jackster]

Is that $10,000 cash

any type of transaction.... electronic funds transfer, check, cashier's check, etc.

$10,000 coming in or going out. In US Dollars or any other currency that equals US$10,000 or more.

Why of course really.I thought it was a legit question. In regards to taxes if I follow the lop crowds advice I don't have much to worry about as I would only get pennies on the dollar for my Iraqi wallpaper

All jokes aside, Thanks for the response

Sorry. A lot of gurus and pumpers are trying to make the IQD into some special currency.

If and when the IQD can exchanged at a bank, it will be treated like any other currency. One question would be this. If the CBI issues a new currency with fewer zeros, will the banks in the US exchange the old notes?

In my city, only certain branches exchange foreign currency. The Wells Fargo where I do most of my banking does not handle foreign currency. A few miles north of my branch is the main branch downtown. They handle foreign currencies.

I would like to know. What got you to thinking that the government might put a cap on it?

[moose 57]

any type of transaction.... electronic funds transfer, check, cashier's check, etc.

$10,000 coming in or going out. In US Dollars or any other currency that equals US$10,000 or more.

Sorry. A lot of gurus and pumpers are trying to make the IQD into some special currency.

If and when the IQD can exchanged at a bank, it will be treated like any other currency. One question would be this. If the CBI issues a new currency with fewer zeros, will the banks in the US exchange the old notes?

In my city, only certain branches exchange foreign currency. The Wells Fargo where I do most of my banking does not handle foreign currency. A few miles north of my branch is the main branch downtown. They handle foreign currencies.

I would like to know. What got you to thinking that the government might put a cap on it?

thanks

[Jmasters]

any type of transaction.... electronic funds transfer, check, cashier's check, etc.

$10,000 coming in or going out. In US Dollars or any other currency that equals US$10,000 or more.

Sorry. A lot of gurus and pumpers are trying to make the IQD into some special currency.

If and when the IQD can exchanged at a bank, it will be treated like any other currency. One question would be this. If the CBI issues a new currency with fewer zeros, will the banks in the US exchange the old notes?

In my city, only certain branches exchange foreign currency. The Wells Fargo where I do most of my banking does not handle foreign currency. A few miles north of my branch is the main branch downtown. They handle foreign currencies.

I would like to know. What got you to thinking that the government might put a cap on it?

I had mentioned this to a fellow I was introduced to a while back from a good friend of mine.I was under the impression that with his credentials he might know a thing or two about this.Upon talking with him he mentioned he had a buddy who had come back from Iraq recently who had some and cashed in what he had at a currency exchange and was told he could only receive up to 2k.In all fairness my bs radar went off a little bit during this conversation with this gentleman,however I realized that this was something I actually didn't have an answer for .Thinking further, I thought some on here as well might not have it either and learn something. I appreciate that I can come here and learn , as I will admit I do not know everything when it comes to this Iqd speculation.

[leesburg]

so if a billionare moves to america from another country .. he can only get 2000 dollars worth of his fortune exchanged ?

wow .. those evil govt officials

[rockfl9]

Jmasters:::The $10K report is for money laundering/drugs dont think it goes to IRS, HSA or FBI most likely.

Dont think a bank/currency exchange will "swap" new for old dinar . You will have to sell , then buy new.. It will be a taxable event. plus double fees. Why do it?

I am looking for verificaion that ANY US bank is actively buying dinar.... can anyone report? Why pay scalpers , I mean dealers, if could be done cheaper?

Its not unusual for banks to have a limit on the amount of cash they will dispense in any one transaction..They have a limited amount on hand.. My bank limit is 500, more than that I have to take travelers checks or cashiers check.

If foriegn millionaire comes to US. He would bankwire funds to US bank ..They would be glad to manage it for him..That is an instantanious transaction , wouldnt even need the usual 3 day wait. required for out of state check.

[Jmasters]

Jmasters:::The $10K report is for money laundering/drugs dont think it goes to IRS, HSA or FBI most likely.

Dont think a bank/currency exchange will "swap" new for old dinar . You will have to sell , then buy new.. It will be a taxable event. plus double fees. Why do it?

I am looking for verificaion that ANY US bank is actively buying dinar.... can anyone report? Why pay scalpers , I mean dealers, if could be done cheaper?

Its not unusual for banks to have a limit on the amount of cash they will dispense in any one transaction..They have a limited amount on hand.. My bank limit is 500, more than that I have to take travelers checks or cashiers check.

If foriegn millionaire comes to US. He would bankwire funds to US bank ..They would be glad to manage it for him..That is an instantanious transaction , wouldnt even need the usual 3 day wait. required for out of state check.

I didn't respond much if any on the SAR form because I am already familiar with those through real estate deals in the past.As for the banks that will handle this when ,if this goes down it is my understanding from articles that Chase bank is one of three that will be handling this.I on the other hand was going to go to the currency exchange where I got my dinar from .. To me it shouldn't be any different than when I go to mexico and turn my pesos back in etc.. But then again , we will find out when this happens.As far as taxes, I have seen different articles suggesting different things in regards to this so I will be consulting my local C.P.A. of choice here at home.In regards to limits on hand, there are numerous articles on here that suggest you will submit your Dinar for verification through the delarue machines to determine they are in fact not counterfeits, then given a code ?, and then the amount will be deposited into your account. I Personally won't be rushing out the second this happens, I will be watching the forum and waiting to see what some others will share on what to do , where to go ,what to expect etc. Hope this helps.

[rockfl9]

Jmasters :::What articles? Hope you arent referring to the ones in the RUMOR section ! I am looking for verification of someone actually selling thru a bank..TODAY! .

[Jmasters]

Jmasters :::What articles? Hope you arent referring to the ones in the RUMOR section ! I am looking for verification of someone actually selling thru a bank..TODAY! .

I'm sorry I don't save them, as I read them in doing my own dilligence on the matter.I wish now I had to share with you .I would have to literally have another pc to save all that I read and need the space for my school work .I am understanding however that No banks are selling currently due to the currency not being recognized Internationally and that it will change when/if they ever do become International again.

On a side note, I didn't get mine from a scalper,online trader though.If you are looking for some and want a fair price I got mine from a currency exchange and for a far lower price than say TD or DT .

Edited July 9, 2012 by Jmasters