Dinar Rumor New cashing-in questions

[puzhalsta]

Okay. This is something that popped in my head late last night while browsing some different forums.

Recently there have been some posts that detailed, post RV, how we'd be able to exchange our Dinar for USD. Ali has some pretty detailed plans. Actually he's the only one I saw with plans posted in the forums. And then there are the banks, of course.

If I were to go in to a bank that would participate in a Dinar exchange (5/3, Cap 1, etc), they would count the Dinar, have me sign something certifying it, send it off to central vault for proof, and then credit my account. The bank would front the money and then be reimbursed by the CBI at a later date. At least that's how I understand it.

My question is to the exchange with Ali.

If I were to cash in with Ali at one of his locations, he can only exchange Dinar for USD if he has the USD to front until he is reimbursed by someone (CBI, bank, or what have you).

I believe Ali said each of the locations would be able to handle some 160 clients by appointment only per day. If each person exchanging only 1,000,000 Dinar for 1,000,000 USD (at a 1:1 exchange rate), that would be 160,000,000 per day that he would be fronting.

Is it reasonable to think that he, or any of the other Dinar exchanges, would be that liquid to front these millions of dollars, if not hundreds of millions of dollars, for these exchanges?

Not sure if that's articulated well enough. Bottom line, is it reasonably safe to cash in these sums of money at these exchanges without confirmation that they have the means to back the transaction?

Thanks for the responses.

Cheers!

[mikecoy]

puzhalsta,

Here is something that may answer your question. I captured this from a previous post.

Regards,

Mike

On Feb 15, 2010, at 9:57 PM

Instructions for cashing in with Ali

Once there is a RV, DinarTrade will have Instructions posted to their Webiste of their Exchange Process. "Nothing UNTIL that DAY". per Ali.

TEXAS OFFICE

The Texas Office will Most likely be set-up in Waxahachie Texas after Dinartrade gives the Go-Ahead and all Insurance preps are done. I have so much Office space here that I have decided to wait until the day actually Happens as some places really cool or becomeing available do to the Economic Slow Down.

How this Office will work for any and all Investors that decide to use, you will have to call Tel: 661 472 8510 Toll Free: 1 877-770-7660 and Schedual a APPOINTMENT and make your DEAL for the exchange thru DinarTrade's Main Office AFTER a RV. You will not get in to a Dinartrade office with out a 24 hour notice.

You will need two forums of ID and One with a Picture. Only one forum will be filled out for records and that is a fencen 104 form which you may fill out prior to coming in or the Office will have those for you. It only takes a couple of Minutes: http://www.fincen.gov/forms/fin104_ctr.pdf

Once you have accomplished this, you are now set to visit the TEXAS Office. This is the Texas Office # that will be used: 561-305-2954 561-305-2954 This phone will not be answered until after a RV and DinarTrade has said ok. It is Pre-Recorded for now with the Main Office's Informnation.

I have listed in another thread Accomodation for Waxahachie and will list them here once Again.

Accommodations for Stay Overs coming to the Texas Office~

Hampton Inn & Suites Waxahachie, TX

2010 Civic Center Drive, Waxahachie, Texas, USA 75165

Tel: 972-923-0666 972-923-0666 Fax: 972-937-4087

Sleep Inn & Suites

1701 US Highway 77 North, Waxahachie, TX, US, 75165

Tel: 972-938-1600 972-938-1600 Fax: 972-938-1601

Best Western Gingerbread Inn

200 N I-35 E, Waxahachie, Texas, 75165-5224, US

Phone: 972-937-4202 972-937-4202 Fax: 972-923-0611

Holiday Inn Express Hotel & Suites

984 W US HWY 287 Bypass 75165

Waxahachie Texas

Phone: 972-938-3300 972-938-3300

Laquinta

US Hwy 287 Bypass 75165

Waxahachie Texas

( Construction Complete )

The Security

I will say a little about the Security so that you know it is there and set up. This has been in the making for over 1 1/2 Years. I have a 9 Member Team along with a slew off Local officers and Squad Cars that will be present for your pleasant visit. Actually you may never even know it as this is part of the Detail that has been set. So, now to get to the Office.

You will have a Appointment already set from the instructions above. I will have a list sent to me daily from DinarTrade of who is to be expected at MY Office. Every Morning I will meet with my Teams Leader and go over the days detail and the list of appointments.

You must realize that I will see about 10 to 20 folks a hour. And that is all that will be allowed in what ever building I have chosen. They will not arrive any earlier than 15 to Minutes Prior to their Appointment. They will be allowed on the Premises at that time if they are on the list and then will go thru our Metal Detector ( A Female Security Staff will be present for Women) before being escorted to the Exchange Process.

No Body guards or personal protection will be allow to the building or on the premises. We have all that covered and if you violate that you will be ask to leave and to make another appointment to try it again.

If you are not on the list, you will not be allowed on the premisses bottomline. There will never be more than 20 Clients on the premisses at one time. There will never be seen more than the list of the day upto about 120. So there is no Crowd Control needed.

The Federal Reserve Wire Transmission run from 8am to 4 pm EST. So the Texas Office will run from 7am to 3 pm with not one Appointment schedualed after 2pm. This last hour is set-up for if, we are running behind to be able to get the list done for the day before the 3pm cut of of the Federal Reserve our Central time. So it is apparent that you understand to show up by your appointment time but no more than 15 minutes earlier.

Security will meet you at premises point of entry and all thru the process. They will be Professional Identified

after you have cleared the list and Check point you will be sent to in the building to see My Office Manager then on to ME. Once you reach me, I have a few things I would like for you to have done to help speed the process along.

1. Know how much dinar you have.

2. Have it seperated by denominations.

3. Seperated upto 100 notes if possible

4. Understand I got to get to to the next Client.

5. Have your id ready.

After we have scanned the dinar thru our delarue and agree on how much you have brought, you will sign my ledger. We will fill in the amounts to the ledger and then to the fencin 104 form in INK and you will sign off on it. We will say good by as you go thru My Office Manager to the Staff that will be set-up to make the Transactions with DinarTrade with the amount on your 104 form. You will then go over with the Staff Member that the form and id are correct again. You will provide a account and routing number to the Staff Member to fill in if you do not have it done already but it will be doubled checked. The Staff Member will then make the connection with DinarTrade for the Wire Transmission. In a few moments, DinarTrade will then Send back a Wire Confirmation Number and you are done. Remember DinarTrade all ready has your deal ledgered from your Appointment call when setting everything up.

Thats it Folks. Simple as Possible. You will then be Escorted by Security Off the Premises.

Groups Planning on Texas

If DinarTrade is only going to ask for one name and the amount of Dinar that will be associated with a group that will come to Texas, then he can not provide me with the list of the Group Names other than the Leader I suppose to the Group.

So since this is new to me from Ali's latest updates, I have reported to him How My Office will handle the Security for that. He will provide me the Group Leaders name for my list of the day and the Number in that group to make sure it adverages out for the hour or hours that is needed to exchange the Groups.

The Leader of that Group will be first to meet MY SECURITY, and last to exchange. Why? The Leader will have to identify each Group Member One By One as they are allowed in the Building by my SECURITY TEAM. After they have allm pass the System we will have setup, then the Group Leader will be processed thru.

Note: It doesn't matter how many are in these Groups, only the Number allowed on premises will be sent at a time. So if I am doing lets say 15 a hour and you have 45 in your Group, a three hour widow will be alotted for the group with Only 15 at a time and the Group Leader any given time on the premises.

just want to make that clear now

The Office Staff I have Chosen for Closer to this Investment and a Firmiliar name for Comfort.

These Wonderful Folks are very trusted and looking Forward to helping You the Investor Client get exchanged. At any given time, all of them could be here in Texas. This Office Staff will be ran by My Office Manager, yours trully Cat561

No other Security Information will be given

Do Not and Repeat Do Not Question the Staff. They only will know what they are to do. All Question Concerning anything above should be directed to Me and I will only Give You what has already been Said Above..

[djcrzyc]

That's not a bad question. If I remember Ali said he wasn't giving you USD, he was wiring it to an account that you give him.

[puzhalsta]

@Mikecoy. Hey Mike! Thanks for the response. Yeah, that's one of the posts that I read. I understand the process he has setup to facilitate the exchange, I'm just wondering how he's able to front that kind of money, you know?

@djcrzyc. Initially someone said that when we did the exchange, it would be cash for cash. I definitely wasn't comfortable with that situation. He can wire the money anywhere he wants and it will convert the currency automatically, but the money he's wiring has to come from somewhere. His own bank account? Lines of credit? Investor funds?

I don't really have a problem cashing in with him. I like the idea of meeting all you comrades, and going with my family to cash in. I'm just nervous about the actual transfer.

i.e.

After we have scanned the dinar thru our delarue and agree on how much you have brought, you will sign my ledger. We will fill in the amounts to the ledger and then to the fencin 104 form in INK and you will sign off on it. We will say good by as you go thru My Office Manager to the Staff that will be set-up to make the Transactions with DinarTrade with the amount on your 104 form. You will then go over with the Staff Member that the form and id are correct again. You will provide a account and routing number to the Staff Member to fill in if you do not have it done already but it will be doubled checked. The Staff Member will then make the connection with DinarTrade for the Wire Transmission. In a few moments, DinarTrade will then Send back a Wire Confirmation Number and you are done.

We count and scan the money with someone & sign the 'ledger' confirming how much is being exchanged. We are then handed off to another person, taken to another part of a building (while leaving our precious RVd dinar behind) and they make the transfer from their DinarTrade account to the account we specify, then give us a confirmation from THEM that the transfer is complete.

Just sounds like an excellent opportunity for something bad to happen.

There are 3 windows during the day that wires post, so it could conceivably take up to 4 hours for any one person to verify that the money has been transferred appropriately. Idk. Just thinking outloud with y'all.

[bobstick]

Let's get an RV date and rate. The rest will be a piece of cake.

[hiloeven]

Let's get an RV date and rate. The rest will be a piece of cake.

Ah, a voice of reason at last--"a bird in the hand.............." then devote the appropriate time and effort to the definitive tangibles you know you are dealing with at maturation, instead of theoretical anaylses based of guesses and hearsay that will only provide you illusions of grandeur followed by a disappointing headache at this time.

[captspiffy]

When the time comes, I believe Ali will have everything under control. If the instructions above are correct, there will be

absolutely no questions, trust me. I also believe nothing will happen while you are there. There won't be any money transfer, it will be

wired to your bank account, period. But I will bet the security will be worthy of a presidential candidate.

Like BobStick says "Let's get an RV date and rate. The rest will be a piece of cake."

[larsonv]

You don't have to go to a money exchange once the IMF approves the Iraqi dinar as an internationally traded currency. You should be able to go to just about any international bank. If they do not have a delarue machine, they will need to receipt your dinar and ship it to a branch that has one for verification. Realistically I doubt you are going to walk into anywhere and walk out with that abount of money. Large amounts of money are electronic these days, and for safety reasons I doubt you want to carry that much money anywhere. One it RVs you still need to relax and think things through not react.

Read more: http://dinarvets.com/forums/showthread.php?16663-New-cashing-in-questions#ixzz0jyRaXKXM

[drox]

Puzhalsta... good questions. I think part of the issue was people were comparing it initially to the Kuwaiti currency when it revalued. As I understand it, it supposedly went really high for a couple of hours and came down quickly. Obviously you all should verify that for yourselves...but I think they were preparing similarly for a bull rush cash-in with the Iraqi Dinar. I think this might be a little different because investors are probably not cashing everything in at once but probably smaller chunks at a time. Mostly because if it is a managed float RV then there is a good chance it will eventually be traded on the international market where it could really move. Thus, we will probably get a chance to see how this plays out and verify the process without having to feel the need to cash out fast. Maybe provide some peace of mind. Who knows... food for thought.

[puzhalsta]

Ah, a voice of reason at last--"a bird in the hand.............." then devote the appropriate time and effort to the definitive tangibles you know you are dealing with at maturation, instead of theoretical anaylses based of guesses and hearsay that will only provide you illusions of grandeur followed by a disappointing headache at this time.

I can understand that, but everyone invested based on guesses and hearsay. There's no fact that this will happen. Just speculation.

Luck favors the prepared. If one isn't prepared when this happens, they could make VERY big mistakes.

I'm not hoping and wishing and counting chickens, just doing a little prep-work.

Thanks for the comment, though.

[Riverdawg]

How positively pedantic of you...

rd

[lanispaul]

The Federal Reserve Wire Transmission run from 8am to 4 pm EST. So the Texas Office will run from 7am to 3 pm with not one Appointment schedualed after 2pm. This last hour is set-up for if, we are running behind to be able to get the list done for the day before the 3pm cut of of the Federal Reserve our Central time. So it is apparent that you understand to show up by your appointment time but no more than 15 minutes earlier.

The actual transfer of funds will be coming from the Federal Reserve as stated in the above paragraph, "The Federal Reserve Wire Transmission run from 8am to 4 pm EST". Dinartrade will not front any money.

[puzhalsta]

How positively pedantic of you...

rd

How do you figure?

[jlldrs]

Puzhalsta,

I emailed Ali directly and asked him where all the money is coming from that will be deposited into the US investors bank accounts and here is the answer that he gave me:

We have contracts with bank in Dubai and Iraq to trade the dinars with once the RV takes place that is why we can offer a better rates then the banks here.

Thanks

Ali

Dinar Trade Inc

www.dinartrade.com

Tel:877 770 7660

[puzhalsta]

The Federal Reserve Wire Transmission run from 8am to 4 pm EST. So the Texas Office will run from 7am to 3 pm with not one Appointment schedualed after 2pm. This last hour is set-up for if, we are running behind to be able to get the list done for the day before the 3pm cut of of the Federal Reserve our Central time. So it is apparent that you understand to show up by your appointment time but no more than 15 minutes earlier.

The actual transfer of funds will be coming from the Federal Reserve as stated in the above paragraph, "The Federal Reserve Wire Transmission run from 8am to 4 pm EST". Dinartrade will not front any money.

The money doesn't come from the Federal Reserve. All wire transfers pass through the Federal Reserve. There is an originating account and an end account. With the Fed in the middle. They monitor wires transfers for suspicious activity.

My question is how is Ali, or any of these exchanges, are covering the actual exchange? Do they have that capital to move? Someone has to have the money in order to exchange my Dinar. And since these folks don't manage branches of the CBI or any inter-country banks, they have to have the money in their possession before they're able to transfer the money to me at the exchange.

[puzhalsta]

Puzhalsta,

I emailed Ali directly and asked him where all the money is coming from that will be deposited into the US investors bank accounts and here is the answer that he gave me:

We have contracts with bank in Dubai and Iraq to trade the dinars with once the RV takes place that is why we can offer a better rates then the banks here.

Thanks

Ali

Dinar Trade Inc

www.dinartrade.com

Tel:877 770 7660

Well this is a little more reassuring. Thanks jlldrs!!

[lanispaul]

The money doesn't come from the Federal Reserve. All wire transfers pass through the Federal Reserve. There is an originating account and an end account. With the Fed in the middle. They monitor wires transfers for suspicious activity.

My question is how is Ali, or any of these exchanges, are covering the actual exchange? Do they have that capital to move? Someone has to have the money in order to exchange my Dinar. And since these folks don't manage branches of the CBI or any inter-country banks, they have to have the money in their possession before they're able to transfer the money to me at the exchange.

Well according to the post from Economist RV Explanation Part I and II, it explains it a little different, the actual IQD will be destroyed and the VALUE will be placed in the Federal foreign currency reserve accounts:

Economist RV Explanation Part I and II

(1) IQD is released internationally with an exchange rate of $1 USD = 1 IQD

(2) IQD is exchanged by Mr. & Mrs. X at Bank Y. Their exchange value is credited to their designated financial account, Bank Y forwards the IQD currency to the Federal Reserve and Bank Y’s account is credited at the bank private exchange rate. Yes, the banks will have a private rate and then they will add their profit spread to come up with their public rate. By law this bank spread could be as high as 8%, but it will be a competitive marketplace and the banks know investors will shop around. There is a possibility that there might even be a three rate structure (i.e. Treasury Rate – Bank Private Rate – Bank Public Rate) imposed, but he had no input on that subject.

(3) The Federal Reserve adds the value of the exchanged IQD to their foreign currency reserve accounts and destroys the actual physical currency under agreement with the CBI, which serves to reduce the total IQD physical currency in circulation. This build up of the foreign currency reserve accounts serves to strengthen the USD in the marketplace, because heretofore the US has never held significant foreign currency reserves, because there wasn’t any country whose currency was perceived as being equal to or stronger than the USD. The IQD with it’s commodity (oil+others) base, potential for agriculture growth and aggressive private development growth, has the capability to become the most valuable currency in the world in the 10 years after it’s revaluation and approval as an internationally recognized currency. Other countries have lots of oil, but they can’t feed themselves, they operate under a monarchy or religious tribunal and they have no private development system in place.

(4) Mr. & Mrs. X tithe to their church, local charity etc. which stimulates activity in that sector. They pay off their debts, making currency available for re-lending by their creditors. They buy a new house and car which stimulates their local economy and set up a conservative investment portfolio which adds capital to the investment markets. They also pay their estimated taxes which increases the cash flow to the US Treasury.

(5) The Federal Reserve under a controlled redemption plan supervised by the IMF, will use it’s foreign currency reserve IQD account to buy oil for the national strategic reserve, DOD reserves, other country reserves as part of international support agreements or resell it to private oil companies etc.

This gives the Federal Reserve a powerful market force capability to control the supply/price of imported oil which has far-reaching economic and national security implications.

The economics of this scenario look like this, using the exchange of a 10,000 IQD Note with a two-tier 2% bank exchange spread as an example:

(1) Mr. & Mrs. X get $9,800 credited to their non-interest bearing checking account.

(2) Bank Y gets a $10,000 credit to its Federal Reserve account, and by adding the $200 profit to their capital account, allows them to increase their lending cap by $2,000 under the 10% fractional banking model.

(3) The Treasury gets $3,500 in estimated taxes in the quarter after the exchange, because Mr. & Mrs. X are now in the “rich” category and get to enjoy the 35% tax bracket. This lowers the net cost of the IQD exchange to the US financial system to $6,500 USD (i.e. $10,000 out – $3,500 in).

(4) The Fed’s designated agent, at some point, orders $10,000 worth of oil from Iraq. Payment will consist of a 10,000 transfer from the Fed’s foreign currency reserve IQD account to the IRAQ Oil payment account at the CBI. Even though the world spot price of oil is defined in terms of USD, the actual transaction may take place in any internationally recognized currency agreed to by the parties. For example, Iran only accepts Yen from Japan for their oil orders, because they don’t want USD in their foreign currency reserves.

(5) The $10,000 order is filled with 200 barrels of oil based on the spot price on the date of the sale (for this example we used a $50 USD spot price). What does it cost Iraq to produce the oil to fill this order? Well they have negotiated productions agreements for $1.50 USD/barrel. From that price $.50 USD goes to the national Iraqi oil company who is the partner in the field the oil came from. Out of the remaining $1.00 the other oil field partners have to pay the Iraq government a profit tax of $.35 USD (35%). The net cost to Iraq to produce a barrel of oil used in this scenario is $.65 USD. (i.e. $1.50 – .50 – .35)

(6) The transaction is completed with the Federal Reserve exchanging foreign reserve credits which are equal to 10,000 IQD (which had a net acquisition cost of $6,500 USD) for 200 barrels of oil (which has a net cost to produce of $130 USD.

Simply put, it cost Iraq $130 USD from their foreign currency reserve accounts to redeem the value of 10,000 IQD, which goes into their operating accounts. At the same time the US got $10,000 worth of oil for a net cost of $6,500. That’s how it was originally planned for Iraq to RV at 1 IQD = 1 USD, with the variable being the political element (i.e. UN Sanctions, GOI actions, IMF actions, World Bank actions etc.)

Read more: http://dinarvets.com/forums/showthread.php?16551-Economist-RV-Explanation-Part-I-and-II#ixzz0jymujrsN

[Inicio]

puz: any recent insights from your parents' Whitehouse friend?

[LT66]

Larsonv, you are correct, I called both Chase and 5th 3rd and asked managers in main offices about cashing them in at a branch with a machine to verify the bills and they said yes, no problem chase said they will charge nothing for this and I forgot to ask 5th 3rd the charge question, only the can they do it part but both said yes... Seems to me this whole texas thing is not necessary. Your local bank can even do it without a machine if you do not mind waiting a few days for them to verify or again go to a international branch with the machine and its done 100% FREE of any bank charges.

Also, yes I/you have to leave weapons in the truck at a national bank to so no difference there.

[puzhalsta]

puz: any recent insights from your parents' Whitehouse friend?

Thanks for the post. Your sarcasm is dually noted. With regard to the WH guy... yeah. Crickets. Figures. At this point, I figure he's just getting his info from these forums and then telling us. It is what it is.

[puzhalsta]

Larsonv, you are correct, I called both Chase and 5th 3rd and asked managers in main offices about cashing them in at a branch with a machine to verify the bills and they said yes, no problem chase said they will charge nothing for this and I forgot to ask 5th 3rd the charge question, only the can they do it part but both said yes... Seems to me this whole texas thing is not necessary. Your local bank can even do it without a machine if you do not mind waiting a few days for them to verify or again go to a international branch with the machine and its done 100% FREE of any bank charges.

Also, yes I/you have to leave weapons in the truck at a national bank to so no difference there.

5/3 has been verified that they currently sell and will exchange the IQD with certain restrictions and fees. Capital One is another verified participant.

As far as Chase: I work there. The IQD is on the banned currency list. Has been since the beginning of the year. I called our foreign currency desk, and there are no current plans to ease that restriction.

I imagine with an RV, Chase probably will remove this restriction, but that's just a guess. It wouldn't make sense that they would miss out on the revenue that will be generated by the IQD RV, if/when it happens.

[Inicio]

puz: did not intend any sarcasm and did appreciate your earlier post.

[puzhalsta]

puz: did not intend any sarcasm and did appreciate your earlier post.

Well... my apologies for that! I took a lot of heat for posting what was said. Was kinda shocked actually. Thank you for your kind words. I appreciate it.