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Prim
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Hi all, been gone from here several months (busy). My post is a question. If we do see a RV is there any talk out there as to where it will be. If the RV happens could they only allow it to take place in their country? Or will banking rules not allow that.

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Quite simply, IF there is an RV, it will be a global event.

That means, from what I have learned here at DV and from doing currency exchanges within my area and abroad:

1. The IQD must be accepted at the currency exchange location that you choose to use. Which means that the IQD needs to be Internationally Exchanged, and to my knowledge as of today it is not.

2. You and the rest of us should not have to go to Iraq to exchange our Dinar for USD or whatever currency you desire. (I hope so!)

3. I HIGHLY suggest that you use a currency exchange located at an airport/international airport. They generally will have the most recent rates, and charge you very little to do the exchange. Also, they will assist you with the proper paperwork should you choose to exchange a large sum and need to declare it for tax purposes. Anything over 10,000 must be reported.

If anyone would like to add anything, feel free....as I have a small amount of knowledge compared to some of the rest of you here.

Hope that helps.

Edited by GhostDawg
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If any change in exchange rate happens it will be announced by the CBI during their normal business hours ...It will say "buying dinar at 0.10 USD per dinar " or something to that effect. But it might restrict transactions to say 10 million dinar lots. U R right it is not Internationally exchanged.

No bank or currency exchange is absolutely required to accept your dinar for exchange. So you would be be doing an Interntional money transfer to the CBI. You would not get any dollars until they were sent by the CBI .. Round trip charges about $100. You take the gamble that the rate will change before the CBI sends the dollars!

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Quite simply, IF there is an RV, it will be a global event.

That means, from what I have learned here at DV and from doing currency exchanges within my area and abroad:

1. The IQD must be accepted at the currency exchange location that you choose to use. Which means that the IQD needs to be Internationally Exchanged, and to my knowledge as of today it is not.

2. You and the rest of us should not have to go to Iraq to exchange our Dinar for USD or whatever currency you desire. (I hope so!)

3. I HIGHLY suggest that you use a currency exchange located at an airport/international airport. They generally will have the most recent rates, and charge you very little to do the exchange. Also, they will assist you with the proper paperwork should you choose to exchange a large sum and need to declare it for tax purposes. Anything over 10,000 must be reported.

If anyone would like to add anything, feel free....as I have a small amount of knowledge compared to some of the rest of you here.

Hope that helps.

Most currenecy exchanges will actively buy dinar now. Probably 20 % spread.

Anything over $1000 and they need a social

Also depends on how much you are cashing in.

The guy with 20 Million dinar has quite a bit more leverage than the guy with 250,000 IQD

We shall see, I would much prefer to cash in at a reputable bank. Most likely as part of a larger group of friends.

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Most currenecy exchanges will actively buy dinar now. Probably 20 % spread.

Anything over $1000 and they need a social

Also depends on how much you are cashing in.

The guy with 20 Million dinar has quite a bit more leverage than the guy with 250,000 IQD

We shall see, I would much prefer to cash in at a reputable bank. Most likely as part of a larger group of friends.

When you say 20% spread are you refering to the buy sell rate?? (ie banks buy from you at $.80 and sell to you at $1.00)

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i have posted some of the same thoughts ,,, {i.e. what banks are selling still ? ,,, and where to cash in ?} seems like the best idea we have recieved when i looked was -------> go too a bank that will be handleing the currency ,, talk too a window teller,, tell them you would like too cash-in foreign currency and open { 1 } a savings account ,, {2} someother account -- be it checking or a i-r-a account <----- this will get their attention too some point,, but go in with a few other dinar holders and then do the same idea as above ---- but now --- they have x amount of depoistors ;)

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When you say 20% spread are you refering to the buy sell rate?? (ie banks buy from you at $.80 and sell to you at $1.00)

They are a bit different and some even have weekend rates

Downtown Los Angeles World trade center has an exchange thats sells at $1000,00 USD per Million and will buy 1 million IQD for $900.00 ( 2 months ago ) about 23 % of Shabs Rate 1166

Now a local mall will buy back at $850 per million. If not traded internationally and RV happens we will be at these guys mercy.

Now if it becomes internationally traded AND the banks have some confidence in it, I would expect it to be between 3 and 5%

Just my thoughts and there are many out there. Information is knowledge.

hope this helps

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Quote

1. The IQD must be accepted at the currency exchange location that you choose to use. Which means that the IQD needs to be Internationally Exchanged, and to my knowledge as of today it is not.

End Quote

If the IQD does become internationally exchanged then it would be the very first ( to my knowledge, at least) to be among Middle East currencies.

Not even the Saudi Arabia currency is internationally exchanged that I know of.

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They are a bit different and some even have weekend rates

Downtown Los Angeles World trade center has an exchange thats sells at $1000,00 USD per Million and will buy 1 million IQD for $900.00 ( 2 months ago ) about 23 % of Shabs Rate 1166

Now a local mall will buy back at $850 per million. If not traded internationally and RV happens we will be at these guys mercy.

Now if it becomes internationally traded AND the banks have some confidence in it, I would expect it to be between 3 and 5%

Just my thoughts and there are many out there. Information is knowledge.

hope this helps

gotcha thanks!

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Thanks all, great answers. Being a retired cop after 30 years of service I think worse case ...Like, ok put on my bullet proof vest and head over there when the RV happens and worry about some fool wanting 67 virgins in heaven running through the crowd to take a bunch of us out...So its good to always have a plan and it sounds like when RV happens somewhere in the U.S will work. If not, some of us should pony-up and head over there. Some of my sources were talking rumors of RV end of this month, but I have been (like you all) hearing that for a few years. Not giving up at all!!, here to the end.

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Prim--Retired cop of 30yrs. My hat comes off to you. I would follow my gut instinct. But the exchange depends on who wants to make an exchange on an "exotic" currency as it will always be considered that. I personally would never pay more than 3% and I make exchanges every couple of days on just about every currency under the sun. Stick to your guns, they will take 3%.

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Quite simply, IF there is an RV, it will be a global event.

That means, from what I have learned here at DV and from doing currency exchanges within my area and abroad:

1. The IQD must be accepted at the currency exchange location that you choose to use. Which means that the IQD needs to be Internationally Exchanged, and to my knowledge as of today it is not.

2. You and the rest of us should not have to go to Iraq to exchange our Dinar for USD or whatever currency you desire. (I hope so!)

3. I HIGHLY suggest that you use a currency exchange located at an airport/international airport. They generally will have the most recent rates, and charge you very little to do the exchange. Also, they will assist you with the proper paperwork should you choose to exchange a large sum and need to declare it for tax purposes. Anything over 10,000 must be reported.

If anyone would like to add anything, feel free....as I have a small amount of knowledge compared to some of the rest of you here.

Hope that helps.

Airports have some of the worst exchange rates you can get.

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