CASHING OUT PROCEEDURE for your currency exchange

[Dandee]

I am certainly no expert but the currency exchange proceedure is "relatively" easy to follow.  I've done it 8 years in a row when paid for services performed in Canada.  Here is how I see this happening:

 

You take your notes in to your local banker.  The one you have a relationship with.  The one you know and who knows you.  A real person.  Next you have them copy those dinar serial number down so it shows on the copy and you put your driver's license on each page.  They way when you release your cash to the bank you'll at least SOME kind of an audit trail.  Your banker will have witnessed it for you.

 

You'll turn your dinar to your banker and they will Have to give you a hand written receipt because there is nothing - yet - to credit to your account.

 

Those bills will be picked up by the armored car dudes and they'll take them to the Federal Reserve (in a round about way of course).  The Fed's settle with CBI and from that point on it turns into an electronic transaction vs the physical paper bills.  One the Feds settle they notify your bank of a pending wire transfer (less any fees/charges) and on the appointed day, your bank "credit's" your account with the necessary funds.

 

Your banker will then, probably call your phone number on records and indicate that they have posted a credit to your savings/checking account (less their fees/charges as well) and that there is NOW, finally, a true receipt to be printed for your account and they will mail it to you.  I, at that point would tell them: "NO WAY!!  I'll be right there!!!" and head to the bank.

 

I've always been charged a simple flat rate of $25, regardless of the amount of the "collection item".  You can expect 5 to 7 business days for this to happen.  In the mean time you'll want to be visiting with your attorney to get a will in place.  You'll want to visit your financial planner and have EVERYthing in place to disburse funds to pre-designated investments.  Open the other savings accounts for you and your spouse.  It'll lgive you something to do while you're waiting.

 

Remember:  a bank can only insure to $250,000.   GET IT OUT OF THERE ASAP.  Spread it around. 

 

Talk to your CPA.  Figure out what you're going to owe if you cash it ALL in at once.  Mine owns dinar so I'll file the same way he files his taxes.

 

There you have it.  Print it and save it.

 

Have a BLESSED DAY

 

 

 

 

[Nadita]

Thank you for the advise

[utah rock]

I hope I need this advice real soon. Thank ya

[The Machine]

WOW thats one long complicated way about exchanging currency .....

 

All I do is hand it over to whoever is behind the counter, money is checked to be real then exchanged amount instantly credited to my account. ...... I do this about 15 to 20 times a year, Not just on small amounts I did an exchange on €200,000 + last year all I had to do is show a statement of the account the money came from to prove I was not laundering the money or it came from an illegal source

 

It's not rocket science there's no need for it to be that complicated

 

I would say though if the RV comes in high and your exchanging over $1M then there could be a few extra hoops to jump through to verify it was legally obtained ....... I'd be pretty annoyed if it took more than an hour.

[idplzr]

They would have to replace the toner in the copy machine and it would take days to copy my notes. Somehow I don't think it's feasible.

Edited April 29, 2013 by idplzr

[dodah]

I agree, it has to be easier than that.

WOW thats one long complicated way about exchanging currency .....

 

All I do is hand it over to whoever is behind the counter, money is checked to be real then exchanged amount instantly credited to my account. ...... I do this about 15 to 20 times a year, Not just on small amounts I did an exchange on €200,000 + last year all I had to do is show a statement of the account the money came from to prove I was not laundering the money or it came from an illegal source

 

It's not rocket science there's no need for it to be that complicated

 

I would say though if the RV comes in high and your exchanging over $1M then there could be a few extra hoops to jump through to verify it was legally obtained ....... I'd be pretty annoyed if it took more than an hour.

[gymrat76541]

Normally you just exchange currency at the airport in whatever country to are flying into. When you leave that country you keep your receipt and you are authorized to cash back in that same amount or less. Anything more, and they want to know why you are leaving with more money than you arrived with. If we are talking a large amount. Small amounts can always be cashed in/changed over at local exchange shops. Usually for a lesser exchange rate.

 

In our case, when we cash in, it will (hopefully) be for a LARGE amount of money.

Anything over $10,000 dollars is reported. So I am sure that there is a form that we need to complete.

Of course, if you open an account or make a desposit they will waiver any fees. Plus they'll want to have that investment talk with you. LOL

Edited April 30, 2013 by gymrat76541

[Gooserider67]

Just FYI.... the $250,000 bank insurance is per person per account, if you share an account with your spouse then it's $500,000 per account..

[NevadaSam]

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[The Machine]

Normally you just exchange currency at the airport in whatever country to are flying into. When you leave that country you keep your receipt and you are authorized to cash back in that same amount or less. Anything more, and they want to know why you are leaving with more money than you arrived with. If we are talking a large amount. Small amounts can always be cashed in/changed over at local exchange shops. Usually for a lesser exchange rate.

In our case, when we cash in, it will (hopefully) be for a LARGE amount of money.

Anything over $10,000 dollars is reported. So I am sure that there is a form that we need to complete.

Of course, if you open an account or make a desposit they will waiver any fees. Plus they'll want to have that investment talk with you. LOL

Here's a few words of advice from someone who exchanges foregin currency on a weekly basis ...... Never use airport exchanges or money shops there spreads are a lot more than a banks..... And they get away with it because they have u isolated in the airport with no other choices

[Snatcher]

They would have to replace the toner in the copy machine and it would take days to copy my notes. Somehow I don't think it's feasible.

 

No need to have them copy them..If your like me you've already copied them yourself.

[rockfl9]

What use is a copy of your dinar??? When you go to exchange, the clerk will count and total them and give a detailed receipt. Unless you are at a large bank with a currency department it goes in an envelope with the required paperwork and sent to where that bank clears foreign currency. You should hope to never see them again.

[stealthwarrior]

^{Solid info.Thank You brother}

[chess]

......if it comes in high enough, I'll buy my own d**n bank and do it myself.......!

[sandstorm]

Cash out guide!!!

1.) Wait for rv. no need to plqn out ten layers for something that may never happen.

2.) Own dinar

3.) Go make deposit.

everything else is fluff and puff. everyone loves to talk cashout......but we dont know if cashout will even happen

[Kaduku]

Always remember that the BOLD WORDS GIVETH, and the very FINE PRINT WORDS TAKETH!!!! read carefully, cause the FINE PRINTS MIGHT HAVE OBAMA'S ACCOUNT NUMBER IN KENYA ON THOSE FORMS!!! 

[geman]

Always remember that the BOLD WORDS GIVETH, and the very FINE PRINT WORDS TAKETH!!!! read carefully, cause the FINE PRINTS MIGHT HAVE OBAMA'S ACCOUNT NUMBER IN KENYA ON THOSE FORMS!!! 

   

[rulesforrebels]

I am certainly no expert but the currency exchange proceedure is "relatively" easy to follow.  I've done it 8 years in a row when paid for services performed in Canada.  Here is how I see this happening:

 

You take your notes in to your local banker.  The one you have a relationship with.  The one you know and who knows you.  A real person.  Next you have them copy those dinar serial number down so it shows on the copy and you put your driver's license on each page.  They way when you release your cash to the bank you'll at least SOME kind of an audit trail.  Your banker will have witnessed it for you.

 

You'll turn your dinar to your banker and they will Have to give you a hand written receipt because there is nothing - yet - to credit to your account.

 

Those bills will be picked up by the armored car dudes and they'll take them to the Federal Reserve (in a round about way of course).  The Fed's settle with CBI and from that point on it turns into an electronic transaction vs the physical paper bills.  One the Feds settle they notify your bank of a pending wire transfer (less any fees/charges) and on the appointed day, your bank "credit's" your account with the necessary funds.

 

Your banker will then, probably call your phone number on records and indicate that they have posted a credit to your savings/checking account (less their fees/charges as well) and that there is NOW, finally, a true receipt to be printed for your account and they will mail it to you.  I, at that point would tell them: "NO WAY!!  I'll be right there!!!" and head to the bank.

 

I've always been charged a simple flat rate of $25, regardless of the amount of the "collection item".  You can expect 5 to 7 business days for this to happen.  In the mean time you'll want to be visiting with your attorney to get a will in place.  You'll want to visit your financial planner and have EVERYthing in place to disburse funds to pre-designated investments.  Open the other savings accounts for you and your spouse.  It'll lgive you something to do while you're waiting.

 

Remember:  a bank can only insure to $250,000.   GET IT OUT OF THERE ASAP.  Spread it around. 

 

Talk to your CPA.  Figure out what you're going to owe if you cash it ALL in at once.  Mine owns dinar so I'll file the same way he files his taxes.

 

There you have it.  Print it and save it.

 

Have a BLESSED DAY

this is pure speculation as nobody knows what banks if any will be buying in. just because its a traded currency doesn't mean all banks will deal with it. most banks are outsourcing their currency stuff now days anyways as its not what they are in business to do and they normally offer such great rates they dont make any money at it anyway

 

its hard enough finding a bank to do euros or mexican let alone dinar.

 

as for copying serial numbers would probably be a better idea to make photocopies. i forget which two numbers but two arabic numbers are almost idential, i know because i called my dealer one time to question why two notes had the same serial number and he sent me a copy of a chart to decipher them and realized i think its the number 7 and one other number are nearly identical. i woudln't trust a banker or even myself trying to copy a language i have never writtten in in my life, especially when two numbers are easily confused.