Bank of America says "No exchange fees".....hmmm

[sixstring516]

Hey DV family, I just wanted to let you know I went and had a 45 min sit down at my BOA regional branch here in Las Vegas, NV earlier today...I spoke with the currency manager, and she informed me that BOA does NOT charge any currency exchange fee to customers with accounts in good standing, they exchange at NO cost as a courteousy to members, she knew of the dinar, but you can tell she wasnt too schooled in the history( big shocker...lol)....She also informed me, which I thought was a little odd, I may want to shop my rate at time of exchange cause Bank Of America rates are usually a little low when it comes to currency exchanging.....I just wanted to share this cause Ive read a lot of posts in the past about banks including BOA who may be carging up to 7 or 8% to exchange....hope this helps God bless all of you for being there through this wild ride, definitely couldnt have made it without you guys!

[Jac]

Hey DV family, I just wanted to let you know I went and had a 45 min sit down at my BOA regional branch here in Las Vegas, NV earlier today...I spoke with the currency manager, and she informed me that BOA does NOT charge any currency exchange fee to customers with accounts in good standing, they exchange at NO cost as a courteousy to members, she knew of the dinar, but you can tell she wasnt too schooled in the history( big shocker...lol)....She also informed me, which I thought was a little odd, I may want to shop my rate at time of exchange cause Bank Of America rates are usually a little low when it comes to currency exchanging.....I just wanted to share this cause Ive read a lot of posts in the past about banks including BOA who may be carging up to 7 or 8% to exchange....hope this helps God bless all of you for being there through this wild ride, definitely couldnt have made it without you guys!

Hey there I am in Henderson and I do bank with BOA. Thank you for doing some footwork. I had been given the same information basically at my bank, except Manager did not tell me to shop the rate. I was just told that BOA will exchange any Tradeable World Currency for USD without cost to me.

Take care and be safe sixstring.

God Bless America!

Jac

Edited November 19, 2010 by Jac

[Nathan11]

Hey DV family, I just wanted to let you know I went and had a 45 min sit down at my BOA regional branch here in Las Vegas, NV earlier today...I spoke with the currency manager, and she informed me that BOA does NOT charge any currency exchange fee to customers with accounts in good standing, they exchange at NO cost as a courteousy to members, she knew of the dinar, but you can tell she wasnt too schooled in the history( big shocker...lol)....She also informed me, which I thought was a little odd, I may want to shop my rate at time of exchange cause Bank Of America rates are usually a little low when it comes to currency exchanging.....I just wanted to share this cause Ive read a lot of posts in the past about banks including BOA who may be carging up to 7 or 8% to exchange....hope this helps God bless all of you for being there through this wild ride, definitely couldnt have made it without you guys!

Edited: Never mind, I misread this. Go RV!!!

[sixstring516]

Your welcome Jac...I found it strange that she told me to shop it, but she indeed said, " Our rates are lower than most banks for foreign currency", I was shocked I thought they wanted my money, now they are tellin me to take it somewhere else?...lol gotta lovem!!!!

[unclegeek]

smart move by b of a. Why? Care to open up a new (multi million banking and investment account)? Smart move on their part.

[Cyanide]

What if you wanted to OPEN an account at BofA using RVed Dinars? Would there still be no exchange fee?

[Desert Medic]

smart move by b of a. Why? Care to open up a new (multi million banking and investment account)? Smart move on their part.

That move screams PROMOTION!! ha ha

[paj1985]

did u ask about the spread?

[dinar4.20]

Hey DV family, I just wanted to let you know I went and had a 45 min sit down at my BOA regional branch here in Las Vegas, NV earlier today...I spoke with the currency manager, and she informed me that BOA does NOT charge any currency exchange fee to customers with accounts in good standing, they exchange at NO cost as a courteousy to members, she knew of the dinar, but you can tell she wasnt too schooled in the history( big shocker...lol)....She also informed me, which I thought was a little odd, I may want to shop my rate at time of exchange cause Bank Of America rates are usually a little low when it comes to currency exchanging.....I just wanted to share this cause Ive read a lot of posts in the past about banks including BOA who may be carging up to 7 or 8% to exchange....hope this helps God bless all of you for being there through this wild ride, definitely couldnt have made it without you guys!

Any idea if the exchange at BOA requires the Dinar to be sent away to be processed? Thanks

[djuggler]

I am reading that they charge no exchange fee, fine. BUT their rate of exchange is less than most banks, So it pays to shop it. Put anothe way, the (SPREAD) in larger. Either way, you get less for your dinar. SHOP!! Tis the season!!

[Mikki-RN]

I have an account with BOA and I will call today and see if their response is similar. I think we should all do this, and post the results in order to confirm that what this lady in NC is saying is true. So, anyone out there who can call your local BOA please do so!!!!

[Adam Montana]

If they aren't charging extra fees that's awesome... but there is always a spread in a currency exchange.

It's possible your banker doesn't understand this, so it's not like they were lying to you on purpose... but there is always a spread involved with a currency transaction.

(more info: I explained itin detail here.)

[Mikki-RN]

That is what I thought Adam, that is why I plan to clarify this at my local branch.

[Bloodog]

Just remember there is a difference between a bank fee and the spread. My bank fee is 15 dollars. I sure if I am going to give them several million dollars they won't charge me the bank fee.

[wmawhite]

Hey there I am in Henderson and I do bank with BOA. Thank you for doing some footwork. I had been given the same information basically at my bank, except Manager did not tell me to shop the rate. I was just told that BOA will exchange any Tradeable World Currency for USD without cost to me.

Take care and be safe sixstring.

God Bless America!

Jac

Remember,.........the "no costs" to you refers to the fees. BOA, Chase, etc. will make as much as they can in the "spread" and this is why you need to compare spreads from the different banks as well as Ali's offer of no spread based on the CBI sell quote.

[Adam Montana]

Just remember there is a difference between a bank fee and the spread. My bank fee is 15 dollars. I sure if I am going to give them several million dollars they won't charge me the bank fee.

Exactly.

Also, the rate on the screen they are looking at is the rate they are going to give you. I didn't pop in here to promote VIP, but the reason VIP members will get a better rate is because the rate on the screen has the spread built in, and you're not going to get past that as an individual. As a VIP, we have "back doors".

[ds2]

did u ask about the spread?

yes the spread is where they make money. people forget about that and are confused with the two. there will be a spread and may or may not be a exchange fee.

[sportfisher]

did u ask about the spread?

exactly, they may have no fee, but the spread can be extreme.

[Adam Montana]

The spread IS going to be extreme with the Dinar!

i don't make a habit of "predicting" things, but this is one I'll stake my entire reputation on. The Spread will be HUGE with the Dinar.

Reason: the CBI can make it as big as they want.

(If you don't understand this 100%, you haven't read page 6-8 of my cash in guide.)

[FOUNDIT]

Yes Adam and others are totally correct....there is always a buy and sell amount, you will never get the rate they are actually worth. There is possibly three fees you will face in buying or selling Dinar...1--A MARK UP ON THE FRONT SIDE ...2- A CURRENCY FEE USUALLY CHARGED BY MIDDLE POINT DISTRIBUTION AND SOMETIMES EXCHANGE CENTERS THEMSELVES. AND 3- THE SELL SPREAD WHICH IS USUALLY 2%-8%. When you sell you will have leverage buy shopping around because yes the banks will fight for a account such as yours,so i would think attaining a 2% - 4% spread would be a good bet. Stay frosty everybody our exit is coming up fast.........

[blueskygal]

Not to plug Adam but his FREE Cash in Guide does a great job of explaining how a bank like BOA can tell you they dont charge a fee to exchange but its built in to the rate they are giving you. I for one am glad to be in VIP to get the best rate.

Here is a good example:

Lets say you are traveling to Europe. You need to exchange your dollars for euro. You check the rate on an exchange website and you see that the USD/EUR exchange rate is 1USD = 1EUR. So you think you will get 1 euro for every dollar but you find that they are quoting a different rate! So they can say NO FEES but they are giving you $1=.85 Euro - a hidden 15% haircut. Also, ever notice that you get the worst rate on the cruise ship or at the money exchangers at the airports????

Read the Guide, Consider VIP and Go RV!!!!

Happy Friday!

[Adam Montana]

lol @ 15% haircut

[mikivi]

Hey DV family, I just wanted to let you know I went and had a 45 min sit down at my BOA regional branch here in Las Vegas, NV earlier today...I spoke with the currency manager, and she informed me that BOA does NOT charge any currency exchange fee to customers with accounts in good standing, they exchange at NO cost as a courteousy to members, she knew of the dinar, but you can tell she wasnt too schooled in the history( big shocker...lol)....She also informed me, which I thought was a little odd, I may want to shop my rate at time of exchange cause Bank Of America rates are usually a little low when it comes to currency exchanging.....I just wanted to share this cause Ive read a lot of posts in the past about banks including BOA who may be carging up to 7 or 8% to exchange....hope this helps God bless all of you for being there through this wild ride, definitely couldnt have made it without you guys!

We don't really care for the fees even $1000 per Million ,it is just about. .1% but the % of spread could bother us...? So let say from 5 to 8% per million = 50 to 80K..Yes ,it is a lot !

Ok back to BOA,they said they have no fees and ask us to "shop" for the fees ? Why need to shop why they charge NO fees.....The hidden fees are the spreads from which banks are making their profits...NOTHING is FREE in this world !

The spreads may be different from a bank to others .....Let say from 3% to...10% !

[SAG]

The spread IS going to be extreme with the Dinar!

i don't make a habit of "predicting" things, but this is one I'll stake my entire reputation on. The Spread will be HUGE with the Dinar.

Reason: the CBI can make it as big as they want.

(If you don't understand this 100%, you haven't read page 6-8 of my cash in guide.)

Do you beleive that the CBI spread will be similar to where the Kuwait Dinar is currently?

[sixstring516]

thank you Adam, I never mentioned the spread in the post, obviously thats a huge factor to consider.......to address BOA's way they handle the exchange, it is pretty simple....bring in the dinar, they will look up the rate( example 3:1) and they will automaticly credit your account with the money, they then send the dinar offsite for verification(could take up to 7 banking days), if any of the dinar come back counterfiet or non acceptable, the bank will go an automaticly debit your account the difference....but you do have your money in the account immediately, though I suspect there would be a hold on the funds til after verification, otherwise whats to stop me from draining my account prior to verification.