Iraqi News How to deal with a Bank after the RV

[kaperoni]

This has been said I think a few times but I continue to see requests from folks on what to do with banks when it RV's so I wanted to put this down. Anything you want to contribute to this thread is appreciated and we all can learn from it.

1. Do not just go into a bank and go up to the currency exchange. Doing so will just get you the standard rate of exchange and many banks have a substantial fee for a currency exchange.

2. Prepare by finding a bank that you trust and have an account with. It is almost certain that US Bank, Wells Fargo, Citibank and other will exchange once they get up to speed.

3. Develop a relationship with an account manager. Let them know that you expect in the near future to have some currency to exchange and it may be substantial. That you are looking for a deal on the exchange rate/fees. This is reasonable as they will have your money. And giving up something now for that opportunity in the future is something they should all do.

4. Some have recommended even getting the account manager's cell phone number in case it happens after hours or on a weekend. That way you can notify them when you will be in and how much.

5. Make sure you get receipts for your exchange. I would even go as far as to exchange only a partial amount of your dinar to make sure the transaction goes smoothly first. You can come back a day or so later to complete the exchange.

6. You want to get involved with the account specialist to start planning your funds. Cash totaling over $250,000 is not protected so buy bonds. You can also open accounts at other banks to disburse the cash. There are two many options to list and it ins not my expertise so I will leave that to accountants and financial experts.

7. If your not comfortable with the banks rate discussions, check out Ali's site. He has stated $150 us per million so that may be an option for you.

8. Practice filling out the 104 form. That way you know what your doing when it is time to exchange.

9. My understanding is the US government requires capital gains tax on whatever investment is converted into US dollars. Again this is not my expertise, but put some money aside to pay your taxes. IN recent weeks I have read about the IRS hiring new folks to go after wealthy individuals that have taxes due. You do not want to mess with the IRS. Do your research on this matter. There are documents that Bush signed to offer a lower tax rate till the end of 2011 which may benefit you. Be smart and discuss all this with a professional.

10. Discuss other investments with a professional. You can buy gold, silver, stocks, bonds, etc. which should give an annual return on your investment.

11. Keep in mind many states also have state taxes and investment tax. If you live in a state that you pay state taxes, put some money aside also or... Depending on when you cash out, you may want to move to a new residence. AZ, CA, NV, FL have no state income taxes.

Open to more advise for all to read....Adam as well you welcome to add this to your book.

[kaperoni]

I almost forgot. Check into the CDARS program for deposits over 250,000 us. That offer insurance up to 50 million us.

[awish30]

Thank you great info

[lauracaz]

"11. Keep in mind many states also have state taxes and investment tax. If you live in a state that you pay state taxes, put some money aside also or... Depending on when you cash out, you may want to move to a new residence. AZ, CA, NV, FL have no state income taxes."

Just a correction from kaperoni's post...CA definitely has state income tax.

[Canadian]

What do you suggest if we are dealing with a Canadian bank?

[SBX]

"11. Keep in mind many states also have state taxes and investment tax. If you live in a state that you pay state taxes, put some money aside also or... Depending on when you cash out, you may want to move to a new residence. AZ, CA, NV, FL have no state income taxes."

Just a correction from kaperoni's post...CA definitely has state income tax.

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

[dinar make me rich]

let me tell you I went into a Wells Fargo and talk to a personal banker and told her about my investment and she just laughted, she said I was crazy.she said it sounds like a scam.so its kinda hard to go into a bank and talk to someone about this when they make you doubt yourself.I fell like its hard to get prepard when the bank wont take you serious.

[Rawl]

I have an issue. I purchased my dinars in the United States, however, I live in the Caribbean. i tried talking to a banker and they laughed even saying be careful that you are not branded as associating with terrorists. My problem is that I don;t have a bank that would deal with such issue. If I travel to the US would it be diffficult to conduct such a transaction? In addition, what is the criterion to join a bank to do transaction in the US if you are a foreigner? Someonew with the intel please respond

[valu]

state income tax either.

[kaperoni]

First, I would not mention the Dinar...just that you have currency that you will want to exchange.....

Also, some may not agree with your investment...even after it is public. To be honest, this is "war profiting" and some may look down on you. Remember the many lives lost in this war. As well, there sacrifices are what keeps us free. Good luck to everyone and hopefully we all are wise with our financial gains in days to come.

[kaperoni]

Be nice to make this thread a sticky for all to see from time to time.

[budlight]

Be nice to make this thread a sticky for all to see from time to time.

Yes this is great information!

Also Adams blog has good info on how to handle the RV and yourself personally, it is a very good read and I personally have put his suggestions into place.

Yes I to went to Wells Fargo first and the manager questioned my holdings and when I told her Dinar she snuffed me off.... I walked out of there feeling confused......

I went to BOA in my neighborhood to open an account to set them up as a relief valve if needed and they informed me they have been selling and exchanging the Dinar at the Present rate since the summer. "Their present" exchange rate that is. And oh, by the way the manager smiled and said let us know when you want to exchange no problem. as long as you have an account with us, any account there is no fee for the exchange, no matter how much it is.

So I will negotiate the exchange rate with them once it pops! Hope this helps someone, the post definitely is helping me stay focused on this.

Thanks again for taking the time to start this thread, this is how we should be focusing and working together as a team!

Good luck to all

Budlight

[teeitup72]

Just to let you all know. When I exchanged my Kuwaiti Dinar years ago the banks will tell you that they won't charge you an exchange fee. This doesn't mean that they won't get their money from you. There is something called an exchange rate. This is where they make their money. That is what you need to make sure you look at. Ali is tellling us that he will only charge $150 per million. Banks have told people they won't charge you an exchange fee (which is what the $150 from Ali is). You will need to compare the exchange rates. That is where people are going to make money from you. Its like home mortgages. You need to take into account rates and fees. Banks will try to mask their exchange rate by dropping fees. Just take this all into account. When you are going to go and exchange your dinar ask for a sheet with your amount in and amount out with all fees and exchange rates. The banks will do this for all of you if you ask. This will allow you to see exactly what you are getting.

Also banks will not give you a better rate depending on how much you are exchanging. This is not something even a regional manager can authorize. The exchange rate is set by someone much higher then that. I thought I could negotiate this when I exchanged my K Dinar. I was mistaken. I could negotiate other things like fees and rates in my accounts but nothing to do with my exchange rate. Different banks may have different exchange rates though. Atleast they did for me in the past.

[deepoce]

Yes this is great information!

Also Adams blog has good info on how to handle the RV and yourself personally, it is a very good read and I personally have put his suggestions into place.

Yes I to went to Wells Fargo first and the manager questioned my holdings and when I told her Dinar she snuffed me off.... I walked out of there feeling confused......

I went to BOA in my neighborhood to open an account to set them up as a relief valve if needed and they informed me they have been selling and exchanging the Dinar at the Present rate since the summer. "Their present" exchange rate that is. And oh, by the way the manager smiled and said let us know when you want to exchange no problem. as long as you have an account with us, any account there is no fee for the exchange, no matter how much it is.

So I will negotiate the exchange rate with them once it pops! Hope this helps someone, the post definitely is helping me stay focused on this.

Thanks again for taking the time to start this thread, this is how we should be focusing and working together as a team!

Good luck to all

Budlight

their present exchange is what value;is it 1150IQD PER 1USD;

[Jimmy]

let me tell you I went into a Wells Fargo and talk to a personal banker and told her about my investment and she just laughted, she said I was crazy.she said it sounds like a scam.so its kinda hard to go into a bank and talk to someone about this when they make you doubt yourself.I fell like its hard to get prepard when the bank wont take you serious.

Consider the source. Trust your own judgement.

If this was such an obvious investment we wouldn't be getting such an enormous return. Be patient.

[Jimmy]

First, I would not mention the Dinar...just that you have currency that you will want to exchange.....

Also, some may not agree with your investment...even after it is public. To be honest, this is "war profiting" and some may look down on you. Remember the many lives lost in this war. As well, there sacrifices are what keeps us free. Good luck to everyone and hopefully we all are wise with our financial gains in days to come.

I agree.

Also, be casual. Don't have an "I'm in the Money" attitude singing and dancing. Don't act nervous either. Then they might think your up to something fishy. A lot of these people watch a little too much tv and might think you're trying to pull a fast one. Getting the police called on you isn't going to help you exchange your dinars.

Also, dress properly. Look like someone with a million dollars. No need to buy a tuxedo, just don't walk in there with a Stone Cold Steve Austin T shirt on with beer on your breath. Use common sense.

Be professional and like kap said, tell them you have a currency exchange.

Start off with that. Then proceed to exchange your dinars.

[Jimmy]

Just to let you all know. When I exchanged my Kuwaiti Dinar years ago the banks will tell you that they won't charge you an exchange fee. This doesn't mean that they won't get their money from you. There is something called an exchange rate. This is where they make their money. That is what you need to make sure you look at. Ali is tellling us that he will only charge $150 per million. Banks have told people they won't charge you an exchange fee (which is what the $150 from Ali is). You will need to compare the exchange rates. That is where people are going to make money from you. Its like home mortgages. You need to take into account rates and fees. Banks will try to mask their exchange rate by dropping fees. Just take this all into account. When you are going to go and exchange your dinar ask for a sheet with your amount in and amount out with all fees and exchange rates. The banks will do this for all of you if you ask. This will allow you to see exactly what you are getting.

Also banks will not give you a better rate depending on how much you are exchanging. This is not something even a regional manager can authorize. The exchange rate is set by someone much higher then that. I thought I could negotiate this when I exchanged my K Dinar. I was mistaken. I could negotiate other things like fees and rates in my accounts but nothing to do with my exchange rate. Different banks may have different exchange rates though. Atleast they did for me in the past.

I just called TD Bank. They exchange Iraqi dinars.

They charge 3.5% for whatever US dollars are being exchanged.

So if I'm getting the math straight, if I exchange my dinars in for $2M USD, they would charge me $70k.

That's quite a large fee.

Anyone have a better way?

Edited December 16, 2009 by Jimmy

[brenda]

This is the type of info I needed to read. Thank you for doing the leg work and giving me a starting point. Thanks so much!!!

[eileen]

Jimmy, hope your math is wrong. I will definitely go with Ali.

[skeeterpe]

I just called TD Bank. They exchange Iraqi dinars.

They charge 3.5% for whatever US dollars are being exchanged.

So if I'm getting the math straight, if I exchange my dinars in for $2M USD, they would charge me $70k.

That's quite a large fee.

Anyone have a better way?

$70K ?? Surely they are joking right? **** after taxes of 1M$ you wouldn't have enough to buy that classic Z28 Camaro you've always wanted! INSANE!! Ali is going to make another killing with me and everyone else on the board. DUDE, 3.5% is flat out stupid! Tell that no good, SOB to blow it out of his drawers!

We do things differently around here..... We get educated!

Skeet

[butters213]

I called Wells Fargo the other day and "inquired" about exchanging currency. As long as you have an account with them they WILL NOT charge you a fee...just a little FYI.

[PuffsPlus]

South Dakota = no state income tax also

[Bazil]

Yes this is great information!

Also Adams blog has good info on how to handle the RV and yourself personally, it is a very good read and I personally have put his suggestions into place.

Yes I to went to Wells Fargo first and the manager questioned my holdings and when I told her Dinar she snuffed me off.... I walked out of there feeling confused......

I went to BOA in my neighborhood to open an account to set them up as a relief valve if needed and they informed me they have been selling and exchanging the Dinar at the Present rate since the summer. "Their present" exchange rate that is. And oh, by the way the manager smiled and said let us know when you want to exchange no problem. as long as you have an account with us, any account there is no fee for the exchange, no matter how much it is.

So I will negotiate the exchange rate with them once it pops! Hope this helps someone, the post definitely is helping me stay focused on this.

Thanks again for taking the time to start this thread, this is how we should be focusing and working together as a team!

Good luck to all

Budlight

I called my BoA today, spoke to my Bank manager, and asked her if they would cash out the Dinar when it rv'd. She made some calls and then called me back and told me BoA was not going to get involved in the Iraqi Dinar at all.

Is this only bank related, some banks do and some banks don't, even if they are from the same banking organization.

I am in FL in the Tampa area....any body around here could also tell me who they have contacted.

Any insight. Thanks

[tiramisu]

AZ and CA both definitely have state income taxes.

[saphire]

I have an account in BOA in Long Island,NY-in Massapequa. I called and asked them if they have a de la rue and the bank mgr squirmed a little but said yes they do.