Iraqi News Banks to buy and sell at.

[botat34691]

I have done extensive research on where I could cash in my Dinar, safely. As a previous employee of Fifth Third Bank, www.53.com, I know you can buy and sell Dinar there. As far as I know there is no limit on buying unless you are a non-customer, at which you are limited on buyinig. If you buy at least 250.00 US there is no fee from the bank but you will pay the exchange difference as they get it from a dealer. In order to sell it you will have to have an account. I have also heard and confirmed you can buy or sell from TD. Anybody has any questions please let me know.

P.S. I have not worked at Fifth Third since 07/2009 and am in no way endorsing the bank.

[tampa1000]

They may have fee of 5.USD last time i checked a week ago. Not sure when cashing in!!!

[tampa1000]

And you have to have an account or they will not sell to you!

[botat34691]

The 5 dollars is only if you buy less then 250.00 us worth. Their company policy does not require a person to have an account, up to a certain amount to buy only sell. Many of the branches ar forcing people to open accounts to get their numbers up. Again I know this as a fact as I worked there and my wife still does in management.

[ddhubble]

Thanks for the info botat34691 I just found out there is branches where I live at and called them they do buy and sell the dinar and u do need an account with them. Great news dude thanks.

[retirementafterrv]

Thanks, for all the news. I am very new to this forum stuff. I Have seen something / members talking code words,(I have also heard and confirmed you can buy or sell from TD) I guess i'm not very good at this, so please tell me what is TD. I thank everyone for all of the messages, I loves reading all of this stuff.

thanks for everything

[botat34691]

My wife told me last night that it's up to the individual market whether they require a person to have an account to buy foreign currency. Fifth Third works differently than many other banks because of their multiple charters and the fact that each market makes a lot of their own rules. Each market has their own board of directors. My wife is seeing if there are any restrictions on selling the Dinar, like daily limits etc. As soon as I find out I will post.

[Cohab04]

I saw a rumor that 5/3 charges 150.00 and at the rate of 20% less than forex. Still waiting to confirm this. This be the case i'll be calling Ali ! Personally my 5/3 branch teller told me the charges will depend on the exchange rate and the amount I plan to exchange

[botat34691]

TD Bank http://www.td.com/index.jsp

[botat34691]

I can confirm that with my wife as well.

[botat34691]

Once the revalue is done more than likely we'll have our choice of banks. 5/3rd is a good place to buy them for right now. As far as cashing them in, I will wait and see who has the best rates when IMO the revalue happens. I already have accounts at 5/3, BOA, and chase. I'm thinking about opening a CITI and Wells Fargo as well. That way I'll have all the big boys covered. More than likely they will be the ones we will be able to get the best rates out. I'm sure 5/3 is charging a premium to cash in Dinar right now as they are one of the only 2 to do it. As I said once things clear if they are charging a premium they will have to lower it to compete.

[botat34691]

5/3rd is cool in one way that everything with them is local. So the branch manager can go to the regionall and say hey I got this person with 5 mil IQD and they want a better exchange rate and the regional can approve it, but you better be prepared to do some business with them.

[danodano]

Do you have to have had an account for a certain period of time, or can I just go open one and do the exchange? I live in Southern California, anyone know the closest one??

[sewnsew313]

I no longer have an account there, but that is where I bought my dinar. We were in a hurry this fall when we found out about the dinar and it was supposed to change any minute. (It did on a couple of sites for a couple of hours a couple of weeks later!) Afterwards, my sister did the math and noted we paid a 16% spread despite the bank telling us that there was no charge since we were buying more than $250. Now they tell us it will be a 19% spread to exchange back. So, we might be meeting up with Ali in Toledo when it does RV, once we find out what his spread is, and how much 5/3 is going to charge once we're standing there with dinar in hand and a new rate on forex! "Hi, you want a couple of millionaires for customers, or not?"

[botat34691]

Mostly 5/3 is in the southeast and midwest. The markup you see now is because they are one of only 2 banks buying and selling. With a revaule you can bet that more banks will be buying and 5/3 will have to lower the spread. Maybe this spread was thought of long ago to give the US banks a ton of money. It would seem to me though that once the Dinar is freely traded it will have to be exchanged like any other currency at a normal spread. Either way I'm curious to see what other banks will charge on the spread once the currency is free floating. I can't see them charging that same spread when all the other banks exchange it as well.

[botat34691]

Once the Dinar is free floating and accepted everywhere they cannot charge such a high spread. The banks all charge a spread buying or selling banknotes or foreign checks. It just seems 5/3 right now is trying to take advantage of the fact that there is really no one else doing it right now.

[botat34691]

I did some comparing over at BOA and this is what I came up with.

If you bought(These are the rates at BOA as of today you would get):

Sterling - 1.5964

Euro - 1.4330

Swiss - 1.003

Canada - 1.0403

Australia - .9819

Saudi Arabia - .3039

Turkey - .7177

And the rate you would get if you sold back to the bank.

Sterling - 1.4441

Euro - 1.2899

Swiss - .8869

Canada - .9345

Australia - .8619

Saudi arabia - .2364

Turkey - .5935

the sread is based on buy vs sell

Sterling - .095%

Euro - .099 %

Swiss - .11%

Canada - .10%

Australia - .12%

Saudi Arabia - .22%

Turkey - .17%

So it seems when buying and selling currency at BOA the more common it is the cheaper it is. Now wire fees are cheaper. So it may make sense to open one of those accounts through CITI and when it's all said and done have them wire the money back in US dollars. US banks charge way more to convert foreign into US than foreign banks charge to convert foreign to US. I wonder what Citi will charge to deposit Dinar into one of those accounts. Noone the less I will be exploring all options when the revalue takes place.

[HINK]

Just called the TD Bank in our small town...they will cash in Iraqi Dinar from you at the Bank of Ireland exchange rate...it takes 3 days to send them out...they will also sell dinars...but they will be circulated bills.

[botat34691]

Did they tell you what that rate is?

[botat34691]

Does anyone have any info on dealing with Warka Bank. I heard you can open an account through Citi?

[renzo]

i no longer have an account there, but that is where i bought my dinar. We were in a hurry this fall when we found out about the dinar and it was supposed to change any minute. (it did on a couple of sites for a couple of hours a couple of weeks later!) afterwards, my sister did the math and noted we paid a 16% spread despite the bank telling us that there was no charge since we were buying more than $250. Now they tell us it will be a 19% spread to exchange back. So, we might be meeting up with ali in toledo when it does rv, once we find out what his spread is, and how much 5/3 is going to charge once we're standing there with dinar in hand and a new rate on forex! "hi, you want a couple of millionaires for customers, or not?"

how do i get intouch with ali? Web address anyone? Thanks!

[juan martinez]

Dinar Trade.com has the following listed at the bottom of the frequntly asked questions page. "The central bank of Iraq has issued licenses to Western Banks to operate in Iraq these are the three banks: National Bank of Kuwait, HSBC Bank and Charter bank of England. Once these banks are operational in Iraq you could exchange the dinars trough their branches anywhere in the world." I have not spoken to anyone at HSBC, but I am planning on visiting a branch office soon. I have no other info about this, however if this is true maybe the rates and or exchange fees will be minimal.

[Rocker]

Thanks for the info!! Question Would we be able to exchange are large bills for smaller bills Thanks rocker

[devonlmcneilus]

I have citi/ Warka Bank account. Originally I wired monies from Chase account, I believe Warka account charged me $6 to deposit sum of $5000.00. I exchangde rate of 1173 dinar to US funds, its approximately $880.00 to one million IQD. Warka Bank requires individuals to have US passport. Even though you may have Warka account you have go into your account and make the transfer USD into IQD other wise you have is just more dollars in another bank. Later on when it ( RV ) just reverse action and wire to what ever bank that your hearts desire. I did this back in beginning of Dec. 09 it taken approximately three weeks.

[botat34691]

It appears the spread on exotic currencies is high everywhere. It can range from 15-25 percent depending on the bank. The smaller banks seem to have the lowest spreads. I would bet the DinarTrade is not only going to be charging the 150 fee but also a spread. They are claiming the feel they will be able to be any banks rate. We will see. Something tells me the people that cash in right away will get burned the most. Those who wait will probably get better deals and rates in the long run. JMO!