Sounds to good to be true

[sargeE5]

The reason there is no spread with Ali is after the initial anouncement of the RV the CBI will be the only bank initially cashing in Iraq Dinar. The CBI can set the spread at whatever rate they want because they are the only bank taking the dinar. Say the RV is 1:1 the CBI can offer to buy at $.30 (the spread) on the dollar and there are those that will take their money and run. But, for those who hold on to their dinar until our banks are in competion to buy/sell then the spread will will improve and you can get more $$$ when you cash in. Now it makes sense that Ali will hold the cashed in dinar until the spread improves.......that is how he will make a lot more $$ than the $150 charge for cash in. I hope this makes sense.

[djwebby]

If they can get away with Not charging a spread, so can my bank. If the bank wants My money I won't pay the spread.

Someone else stated that their bank won't charge them a penny because they just want the business of having your money in their accounts if it is a large sum ie 7 figures, etc.

Nice thought Aunt Bee... however, there will be a spread from CBI that no-one, not Ali or any bank, will be able to bypass. What Ali has said is that he will not charge an ADDITIONAL spread on top of CBI's. He will have a "fee" of $150/million not additional spread, which is where the banks differ. The banks will have additional spread (which from what I understand will be a lot more than $150/million) on top of what the CBI spread is.

Hope this info helps.

Surely you are not understanding what the spread is. It is the difference between what the bank would buy dinars for and what the bank sells dinars for. In our cases, we will only be selling dinars to the bank and the only thing you will be concerned about is how much commission they will want to charge you. It is not uncommon for banks to charge zero commission for exchanging large amounts of currency if there is the potential that the money is going to be held with that bank.

[J.C.]

Then how come on another thread people were saying they couldn't go to the actually dinartrade locations to cash in, but would rather pay that spread with a regular bank? With the amount of money that we could possibly be talking about you would think every dinar investor would hop on the wagon to go cash in through them.

That thread was wrong. Dinartrade has physical locations already open. In order to trade in at Dinartrade, you MUST make an appointment to go see them. What you are forgetting about, when going to a bank is, if they don't have a De La Rue machine, which 90% of the bank branches don't have, they will have to ship your Dinar off to the central processing, they have to run it through the machine and you are at the mercy of the bank as to when you get your money, which can be 7-14 days or longer. What happens if you get a letter saying your Dinar is fake? By buying and returning to a verified dealer like Dinartrade, you KNOW they are legitimate, you KNOW if you have an account with B or A or WF, you get your money right away. Also, even if your bank only charges 1%, that is STILL $10,000 per million. $10,000 and wait 1-2 weeks or longer, vs $150 per million and instant bank credit.

As for the money being seized by the government, sites like Dinartrade are REGISTERED with the Federal government, and are licensed to sell the Dinar to the public. They hold the licenses to verify authenticity of the Dinar. I can't see wasting $9,850 per million MINIMUM on going through ANY bank.

As for me and my house, we will serve the Lord.

[EBJNYC]

I don't know. To be honest I really didn't even think about it until I got off of the phone, so I thought I'd post on here and see what people would say from experience.

Solution -- press REDIAL -- lol !!!!

Edited November 13, 2010 by EBJNYC

[RiverStyx]

Solution -- press REDIAL -- lol !!!!

Easier solution, simply go to your bank and don't pay the extra, all local no travel no worries, no transfers, done. It will be accepted once it gets that far.

Many banks will not charge a spread for their customers either. If they do change banks.

[peek]

Let's say Ali personally owns, or his company owns, 100,000,000 dinar. It, Is probably closer to 1 billion dinar. 100m X say $3 rv = $300,000,000, or, 1 billion X $3 = $3 billion.

WHY DOES HE NEED OUR $150/ 1 MILLION TRANSACTION FEE?

[blanc]

Hey fury350 you might want o call Ali back and verify the no spread charge cuz that is not what I understood. $ 150 is a service charge and then the spread unless something changed since I checked!!!!Go to DD web site and listen to taped conversation of Ali and cash in.

God Bless

[Triple xXx]

Funny! DinarBanker warns against dealers who offer fixed price exchange rates as Ali has because no one knows what the CBI exchange rate will be. How can you set a fixed priced exchange rate IF you don't know what the CBI rate is?

I'm not saying that Ali cannot. I'm just telling you what DinarBanker states in this video (5:10/9:30)

http://www.youtube.com/watch?v=8oyyuli9SaY&feature=player_embedded

Edited November 13, 2010 by Triple xXx

[SAG]

Funny! DinarBanker warns against dealers who offer fixed price exchange rates as Ali has because no one knows what the CBI exchange rate will be. How can you set a fixed priced exchange rate IF you don't know what the CBI rate is?

I'm not saying that Ali cannot. I'm just telling you what DinarBanker states in this video.

http://www.youtube.com/watch?v=8oyyuli9SaY&feature=player_embedded

XXX have you actually listened to Ali's interviews on the cash in procedure? I think not. HE DOES NOT QUOTE AN EXCHANGE RATE. He has a surcharge of $150 per million at cash in that's he's charging. That is not his exchange rate on the dinar. It is his surcharge on handling your Dinar. You need to educate yourself before you make statements like that. He will offering his customers the CBI buy rate to people at the time of cash in. Whatever the rate is for the buy (CBI is buying from us) he will give us the same exchange rate. He has NEVER stated what that rate is. He has stated at the time you book your appointment you will be given a rate then. DO YOUR RESEARCH.

Edited November 13, 2010 by SAG

[Triple xXx]

XXX have you actually listened to Ali's interviews on the cash in procedure? I think not. HE DOES NOT QUOTE AN EXCHANGE RATE. He has a surcharge of $150 per million at cash in that's he's charging. That is not his exchange rate on the dinar. It is his surcharge on handling your Dinar. You need to educate yourself before you make statements like that. He will offering his customers the CBI buy rate to people at the time of cash in. Whatever the rate is for the buy (CBI is buying from us) he will give us the same exchange rate. He has NEVER stated what that rate is. He has stated at the time you book your appointment you will be given a rate then. DO YOUR RESEARCH.

No need to jump down my throat.

I thought I was educating myself by participating in this topic, watching videos and reading. As, I mentioned, I am just repeating what the video stated and what I found. Why so feisty?

If you want to help, then teach. If not, then don't.

Edited November 13, 2010 by Triple xXx

[Triple xXx]

XXX have you actually listened to Ali's interviews on the cash in procedure? I think not. HE DOES NOT QUOTE AN EXCHANGE RATE. He has a surcharge of $150 per million at cash in that's he's charging. That is not his exchange rate on the dinar. It is his surcharge on handling your Dinar. You need to educate yourself before you make statements like that. He will offering his customers the CBI buy rate to people at the time of cash in. Whatever the rate is for the buy (CBI is buying from us) he will give us the same exchange rate. He has NEVER stated what that rate is. He has stated at the time you book your appointment you will be given a rate then. DO YOUR RESEARCH.

AND secondly......don't ever talk to me like that again! I did absolutely nothing wrong.

[vibo]

It took me a little while to grasp this concept, and it WILL come to you that do not understand it. I still need to decide where we are going to cash in the first bunch at. Ali sounds good, and he will be cheaper than my local, convenient, very close bank. I wish Ali were closer. Fun car trip. 99 million dinar on the wall, 99 million dinar on the wall........

[nashdinar]

Just got off the phone with dinartrade trying to find out how it would work when it's time to physically cash in with them. First thing you'd have to do is call to make an appointment. 3-5 days later you will go there with dinar in hand and they will wire transfer your money into your bank account, given that you gave them the right information. 15 minutes later roughly, you check your account to make sure that the money is there, and your on your merry way to enjoy what lifes got in store for you. But what I don't understand is, why would they not have a spread for themselves? They want just a solid $150 per million, anything less than a million it's just $150. Why no spread though? I mean I know that they're in the currency business and such but USUALLY people are always about making money anyway possible no matter how much they help you out or rip you off. Has anyone ever cashed in with them for any odd reason? If so, how exactly did it go? Is it really the way I described it about from what the guy told me over the phone? Any info would be grateful. And sorry if it doesn't really make much sense there's just so much going on in my head right now I don't know what's what.

Something to remember is that he has made a ton of $$$$ selling dinar. At $150 per million he will make more money again. Now he will give you the buy rate of CBI. In the beginning the buy rate will be lower until the CBI feels like they have passed a certain "supply demand law" which the CBI will then raise the buy rate. Example Rate = 1-1 or 1.00 per dinar. initial buy rate may be .94. After two weeks it moves to .95...then a couple of weeks later it moves again to.96..then couple weeks later .97..then finaly to .98 where it will stay unless the value changes. . The buy rate will only go up a few cents per dinar, but when you consider millions X those few cents, Ali will make plenty off the back end and at the same time give you the most for your cash in. As someone else also stated.."he will have other opportuntiy for you to buy gold silver etc." I think he is an intelligent business man. He will make a lot of money without hurting anyone. JMO. GO GOI>>>>GO RV!!!!!

Edited November 13, 2010 by nashdinar

[nashdinar]

Easier solution, simply go to your bank and don't pay the extra, all local no travel no worries, no transfers, done. It will be accepted once it gets that far.

Many banks will not charge a spread for their customers either. If they do change banks.

All banks will have a spread. I have checked this with banks already and was floored. I had to ask for the foreign currency dept. Your friendly teller does not know squat. Here is what 5/3(Bof A was similar) on the KWD(Kuwait Dinar) said(this is how I found out because KWD has a value)5/3........ KWD 3.49.......I have acct. No Fee. Each KWD will exchange at 2.89. That is their exchange rate( .60 per dinar). Hence the term spread. You need to check with your bank ahead of time and get your facts straight before you walk in with your pocket full of dinar. Do they have a Del A Rue machine?? If not they will send it off to the nearest reigional branch for verification. Yep you will be waiting to access your $$$ until they verify. Right now any foreign curerency manager can't give you a rate on IQD because it has no tradeable value yet. That is why I told them I was trading KWD. You will really need to do your homework when cashing out at your friendly bank. I would be friendly too if I were making that much off a cash in, and gaining you as a whale customer.

Yea thanks buddy it wasn't supposed to be for news, it was a QUESTION asking about a spread with dinartrade. Hence why we are in the rv and dinar QUESTIONS section

It does help but I'm not up to times with CBI, what is their spread?

All Central Banks have a "buy" and "sell" rate. $1 is value. Buy rate is .98. Sell rate is 1.01

Edited November 13, 2010 by nashdinar

[RiverStyx]

All banks will have a spread. I have checked this with banks already and was floored. I had to ask for the foreign currency dept. Your friendly teller does not know squat. Here is what 5/3(Bof A was similar) on the KWD(Kuwait Dinar) said(this is how I found out because KWD has a value)5/3........ KWD 3.49.......I have acct. No Fee. Each KWD will exchange at 2.89. That is their exchange rate( .60 per dinar). Hence the term spread. You need to check with your bank ahead of time and get your facts straight before you walk in with your pocket full of dinar. Do they have a Del A Rue machine?? If not they will send it off to the nearest reigional branch for verification. Yep you will be waiting to access your $$ until they verify. Right now any foreign curerency manager can't give you a rate on IQD because it has no tradeable value yet. That is why I told them I was trading KWD. You will really need to do your homework when cashing out at your friendly bank. I would be friendly too if I were making that much off a cash in, and gaining you as a whale customer.

All Central Banks have a "buy" and "sell" rate. $1 is value. Buy rate is .98. Sell rate is 1.01

Well that is absolutely not true, I spoke with my branch manager at 5/3 and chase where I have had my two accounts and was told by both that I would not be charged a spread other than what CBI has in Iraq for the spread that everyone will pay. Which is what I said. At the bank.

I did do my homework. PERIOD!

What ever the exchange rate on the computers is what I will get.

[pourit]

Has anyone found out what Dinarbanker's charge will be? He has not posted it outright and he states he will have the lowest charges. He also has stated he will be using the CBI buy rate for exchanging dinar. I believe he will try and undercut Ali's rate of $150 per million.

Why are you worried about it....100 or 150 ...or 300...who cares. If you can walk out with millions are you going to worry about an extra 50 bucks per million. If so...well...I don't know what to say. POURITFORWARD PS...the first person that is nice to me (waitress or gas attendent or whatever..) I'm giving a $500 tip...you should too.

[GeologyGirl]

I am going to pay attention to what happens to people the first few days. I will lock in my rate and wait for my appointment in Washington. The REAL QUESTION I have is that Dinar Trade allows ONE wire transfer. FDIC states on their web site "Each depositor insured to at least $250,000 per insured bank" for that ONE account. So what happens to my millions of free floating uninsured money? Do I risk losing it? Do I go to the 5/3 bank and hand them a 25K IQD at a time and set up fluid, money market, CD's, etc.?

Why are you worried about it....100 or 150 ...or 300...who cares. If you can walk out with millions are you going to worry about an extra 50 bucks per million. If so...well...I don't know what to say. POURITFORWARD PS...the first person that is nice to me (waitress or gas attendent or whatever..) I'm giving a $500 tip...you should too.

Love your thinking about giving $500 to first nice person. I am soooooo doing that too. I can not wait to reward someone for having exceptional customer service.

[RiverStyx]

Not to mention the cost of the trip, so do, do your homework and figure your cost and profit margin plus expense.

You do that and it will answer your own questions.

[wdsheehan]

Someone else stated that their bank won't charge them a penny because they just want the business of having your money in their accounts if it is a large sum ie 7 figures, etc.

Surely you are not understanding what the spread is. It is the difference between what the bank would buy dinars for and what the bank sells dinars for. In our cases, we will only be selling dinars to the bank and the only thing you will be concerned about is how much commission they will want to charge you. It is not uncommon for banks to charge zero commission for exchanging large amounts of currency if there is the potential that the money is going to be held with that bank.

DJ.. I am quite familiar with a "spread" and may have mispoke in UK banking terms, instead of using the term "commission" for "additional spread" when I was trying to simplify the equation for Aunt Bee.

And yes, you are correct, it is "uncommon" for banks to charge a "commission" or an "additional spread;" nevertheless, they can and may charge anywhere from 1-20% "commission" or "additional spread."

The bottom line is that we must all do our research before we cash in and a general understanding is better than getting caught up in the semantics.

God Bless Us All!

[nashdinar]

Well that is absolutely not true, I spoke with my branch manager at 5/3 and chase where I have had my two accounts and was told by both that I would not be charged a spread other than what CBI has in Iraq for the spread that everyone will pay. Which is what I said. At the bank.

I did do my homework. PERIOD!

What ever the exchange rate on the computers is what I will get.

I am not one to argue. You have stated here that you talked to "your branch manager". I talked to at least 10 different branch managers from WF,BOA,& 5/3 and they all had somewhat differing answers. After talking to a friend who works for a Law firm that represents Foreign trade comapnires, he told me "only talk to foreign currency mangers at the reigional branch to get a straight answer". That is exactly what I did. My information comes from the regional foreign curerency manger, who added that "any deviation in the posted rates, will have to be approved by the reigional Pres/VP. All brach mangers that I talked with all had incorrect or differing answers. You will pay something with your bank unless..the branch manager has cleared your commision/spread free transaction with their "foreign currency manager" of the "Reigional office" and Regional President/VP of that Bank branch. Just telling you the facts I got from 5/3. There will be a charge. I am not the only one who has posted such information.

[bulljam]

Reason to make appointment with ALI verses going to your bank are : When you make your appointment with Ali you give him the Total Amount of Dinar you will be cashing in with him.. By doing this he is able to tell the US Treasury Department how much in USD he will need for cashin's for that day. If you purchased your Dinar from Ali at Dinar Trade he will have record of your initial purchase and he will not have to worry about verifiying that. Ali will giv you the BID rate that the CBI is paying. He told us look at the CBI nothing else. In my opinion Ali has had plenty of time to put things in place. He owns several banks in Dubai... He knows exactly what he is doing.

Banks are going to charge an exchange fee. also know as the Spread.. If you just show up at your bank they are not going to have enough USD in reserve to allow you to cash in You will have to make an appoint for several days later. and the Banks will want you to leave your Dinar with them to send off for verification. They will then order the amount of USD from the Tresury Dept. You can go to the don't promote other sites site and listen to the Interview with Ali under the DinarTrade logo link.

[RiverStyx]

I am not one to argue. You have stated here that you talked to "your branch manager". I talked to at least 10 different branch managers from WF,BOA,& 5/3 and they all had somewhat differing answers. After talking to a friend who works for a Law firm that represents Foreign trade comapnires, he told me "only talk to foreign currency mangers at the reigional branch to get a straight answer". That is exactly what I did. My information comes from the regional foreign curerency manger, who added that "any deviation in the posted rates, will have to be approved by the reigional Pres/VP. All brach mangers that I talked with all had incorrect or differing answers. You will pay something with your bank unless..the branch manager has cleared your commision/spread free transaction with their "foreign currency manager" of the "Reigional office" and Regional President/VP of that Bank branch. Just telling you the facts I got from 5/3. There will be a charge. I am not the only one who has posted such information.

My point exactly, that is who I spoke with t 5/3 when ordering my dinar from same branch. Also their branch manager. Two people handle it at that branch, one lady and him. I have contacted many as well and do not speak to just speak. You can continue this if you like but I know what facts I know from whom I spoke too.

Thank you very much.

Let me come back in to add... Even if you had a spread what are you going to spend traveling, hotel for many or even most, your time, fuel or gas, plane ticket, etc. Go for it. I will sit at home and pay nothing. You also have bargaining power with your local bank depending on the amount of transaction but I guess this manager was wrong with that one too right? lol so anyway. I am done with stupidity. Stupidity you ask, well when you were not there and doubt or question anothers conversation with their personal manager well yes it is then at the point of making a stupid remark that you know absolutely nothing about as you were not there and I know many others in dinar that have gotten the same answers I have. Good day!

Edited November 14, 2010 by RiverStyx

[nashdinar]

My point exactly, that is who I spoke with t 5/3 when ordering my dinar from same branch. Also their branch manager. Two people handle it at that branch, one lady and him. I have contacted many as well and do not speak to just speak. You can continue this if you like but I know what facts I know from whom I spoke too.

Thank you very much.

Let me come back in to add... Even if you had a spread what are you going to spend traveling, hotel for many or even most, your time, fuel or gas, plane ticket, etc. Go for it. I will sit at home and pay nothing. You also have bargaining power with your local bank depending on the amount of transaction but I guess this manager was wrong with that one too right? lol so anyway. I am done with stupidity. Stupidity you ask, well when you were not there and doubt or question anothers conversation with their personal manager well yes it is then at the point of making a stupid remark that you know absolutely nothing about as you were not there and I know many others in dinar that have gotten the same answers I have. Good day!

I never mentioned stupid. That is your remark. I ordered dinarfrom 5/3 as well as other places. We both have conflicting information from the same banking institiution.(Which is my point of reply) One of them is bound to be wrong. When the IQD has a value to see a rate with them, I guess we will both see what they will offer when the time comes. As far as traveling.....that is your assumption. I never mentioned where I was cashing in. It just so happens I will spend about $3 in gas to get to Ali's office and back home if that is where I choose to cash in. You are really missing what I am saying. I got my information from "The Regional Foreign Currency Manager of 5/3". Either he is wrong or your branch manager is wrong. My branch manger that ordered my dinar refered me to the Regional currency manager as well. Not every 5/3 here in the capital of my state even knew of what I was asking. Both of our information comes from 5/3. Go back and read my post and tell me how I implied that you misunderstood. I only gave you the information that was given me. Now do you understand why I even bothered to reply to you. It certainly is not to argue or call names. DO NOT assume that if someone posts something you do not agree with they are stupid. You were not there with me as well. I still won't call you stupid for posting negatively to me. This forum is supposed to be about sharing knowledge in a courteous way.

[RiverStyx]

You read again, I did not call you stupid either. Furthermore I did witness him while he called our regional office to confirm his information too as he was also checking with them for the current buy rate for me. So yes I am providing the information I was given. Directly. I also was not referring to your particular travel but in general to all reading. Things one must consider when making their own decisions.

This was not all about you.

I also sat in a Citizens bank and yes they have their own charges and currently deal from BOFA and they also have a spread of their own. (BOFA) that is. I will not do business there any longer either.

I did not physically sit in ten banks or check with ten banks but I did with 2 of which I know the people personally as my bankers for years and 5 others. Chase and 5/3 were the only ones I was given good information from and the rest were no goes for me. US bank, Citizens, BOFA, and two small local banks.