THE BANK TAKES THEIR CUT

[vette6367]

SO I SPOKE TO MY BANK TODAY (I LIVE IN ORLANDO ) AND ASKED THE BRANCH MGR IF AND WHEN THEY DO THE RV WHAT DOES THE BANK TAKE TO CONVERT DINAR OR ANY CURRENCY TO US DOLLARS.(1 MILLION) HE TOLD ME AROUND 40K .... I WAS SURPRISED WHEN HE TOLD ME IT WOULD BE THAT MUCH... DOES ANY ONE KNOW ANY REAL NUMBERS TO CONVERT??????

[hf328]

Sounds about right, anywhere from 2% to 4%....but the more you exchange the more you can negotiate the spread down.

[jrcrna]

the spread will vary from bank to bank, as competition heats up the spread will drop, which bodes well for the patient investor. I would guess somewhere around 2% spread would be reasonable. Ali from DT says he will convert at the CBI buy rate. his fee is a flat 150$ per xchange. jr

[Spoolin]

Why on earth would you go to a bank to exchange if they are going to rape you? Why not just pay $150 per $1 million with Ali or someone that will wire the money to your account?

[TKM]

This question has probably been addressed and I missed. Say you send Ali 500M, or you walk into his facility. Are you insuranced through him for this?

[Spoolin]

Not only that, but when has any place ever charged to exchange money? I go to Canada all the time and exchange between their currency and the US and I have never been charged. Wouldnt it be illegal for the bank to charge you any large amount for an exchange? That would mean they are trying to make money off the exchange and that just doesnt seem right. Since when does it cost a bank $40k per $1 million to exchange it. Is there really $40k worth of work being done? I happen to think they are just trying to dip their hands into this in as many ways they can. I'm not even sure its legal or we would be getting charged for currency exchanges every time we went to Canada. Am I wrong in my thinking?

If the banks are legally able to charge this, just skip the banks and go to Ali for a wire transfer and pay the small $150 per $1 million. Banks shouldnt be so greedy as they will lose even harder in the end.

Just my opinion.

Edited January 15, 2011 by Spoolin

[jomur]

Every time you exchange a currency, you pay the exchanger for the help. It is a percentage of what you are exchanging. That is why some banks have different buy/sell rates for currency than currency exchanges. They can set what they will charge you for your currency exchange, but it is reflected in the difference between what they will sell you the currency for & what they will buy it from you at. Last week, BoA would sell you Euros at a 1.37/dollar rate, but would only buy them from you at a 1.29/dollar rate. The posted rate on the sites was like 1.33E/$. That is a 4 cent difference, or 4% fee. Multiply that by a million, and you see how the spread can get to be so much for the banks.

[vette6367]

Not only that, but when has any place ever charged to exchange money? I go to Canada all the time and exchange between their currency and the US and I have never been charged. Wouldnt it be illegal for the bank to charge you any large amount for an exchange? That would mean they are trying to make money off the exchange and that just doesnt seem right. Since when does it cost a bank $40k per $1 million to exchange it. Is there really $40k worth of work being done? I happen to think they are just trying to dip their hands into this in as many ways they can. I'm not even sure its legal or we would be getting charged for currency exchanges every time we went to Canada. Am I wrong in my thinking?

If the banks are legally able to charge this, just skip the banks and go to Ali for a wire transfer and pay the small $150 per $1 million. Banks shouldnt be so greedy as they will lose even harder in the end.

Just my opinion.

IT NOT THAT THEY ARE CHARGING YOU 40K THATS THE SPREAD OFF THE RATE..... ALL BANK MAKE A SPREAD WHEN YOU EXCHANGE CURRENCY.... BUT IM SURE NONE OF US EVER EXCHANGED 1 MILL......THATS WHY ITS SO HIGH.....

Every time you exchange a currency, you pay the exchanger for the help. It is a percentage of what you are exchanging. That is why some banks have different buy/sell rates for currency than currency exchanges. They can set what they will charge you for your currency exchange, but it is reflected in the difference between what they will sell you the currency for & what they will buy it from you at. Last week, BoA would sell you Euros at a 1.37/dollar rate, but would only buy them from you at a 1.29/dollar rate. The posted rate on the sites was like 1.33E/$. That is a 4 cent difference, or 4% fee. Multiply that by a million, and you see how the spread can get to be so much for the banks.

SO I GUESS MY QUESTION IS WHERE DO WE CASH IN??????

[ChrisA70]

Then do we report it to our government for taxes so we can get further bent over? I only have 250K so I won't get hit as hard.

[caleb08]

I will be going to my bank[HOPEFULLY] because I am afraid to send it back to SafeDinar where I brought it or even Dinar Trade. Everyone says not to let it out of your site so I am planning on going to the Bank because I don't want to walk the streets here in New Orleans with cash[ NOT READY TO DIE, TO MANY GRANDKIDS WHO NEED ME]. Yes I will be paying taxes like always. And it seems that No Matter Where I go I will be getting screwed and not enjoying it .