I don't understand

[W.Banker]

If you google "Purchasing Iraqi Dinar" it gives you some links on making sure you purchase from a reputable dealer that is not out to scam you. It states one of the safest ways in making sure your dinar is legit is to purchase from a dealer that takes credit card. The credit card companies could stop payment on your purchase if it turns out to be counterfeit. However, if you go to Dinarbanker.com, it clearly states that they do not accept credit card, because it goes against "The Patriot Act". Could someone please clarify?

[tommyboy]

Yeh, I read the same thing last week when I wanted some more before my pension checks came in. Searched all around and couldn't find a place in NJ where you could buy w/credit card. Got the same thing when I called a few places about it.

[W.Banker]

I purchased mine five years ago with a credit card. Put my dinars away and forgot about them. About a month ago I started hearing alot of chatter about this investment and started getting interested. Until then, I never new of this website or any other website involving the Dinar. I never new dealers like Dinartrade and Dinarbanker existed either. It was almost like a dagger in my chest when I saw that Dinarbanker did not accept credit card because it was in violation of the "Patriot Act". That made me start researching some more. I found that the dealer I purchased from (with credit card) was indeed listed with the "BBB" with an A rating and is also registered as an "MSB" with the Treasury Dept.

[UNEDUCATED IDIOTS]

[pt49]

I purchased mine five years ago with a credit card. Put my dinars away and forgot about them. About a month ago I started hearing alot of chatter about this investment and started getting interested. Until then, I never new of this website or any other website involving the Dinar. I never new dealers like Dinartrade and Dinarbanker existed either. It was almost like a dagger in my chest when I saw that Dinarbanker did not accept credit card because it was in violation of the "Patriot Act". That made me start researching some more. I found that the dealer I purchased from (with credit card) was indeed listed with the "BBB" with an A rating and is also registered as an "MSB" with the Treasury Dept.

BBB is a semi scam... if they find a company that has been in court for something they give them a negative rating, then mail them as to how they can get rid of their bad rating... involves paying BBB a membership fee and "Presto"... the company now gets a +++ rating.

Take BBB seal with a cup of Coolaid.

[aliveandcare]

I have always bought mine with credit and debt. I go to Florida Currency Exchange, and they let you put up to $5,000.00 on debt, and $500.00 on credit. And obviously, cash. I would love a quote from the Patriot Act that states you cant buy currency on credit.

[Elixir]

The Problem with the credit card is, Lets say I ordered 10 mil dinars for $10,000 on a credit card, it come to my door and i change my mine and think its a scam , well now alll i do is call my CC company and tell them, there is a problem with my order and put a hold on the payment , or refuss to pay altogether.......Now its up to the seller to try to collect his monies from the CC company......So cash for cash, and the dinar sellers dont have to worry about trying to collect there money... There is still at least one on ebay that will still accept CC ....LETS GO RV THIS YEAR

[DPV]

If you are worried about being scammed try the banks in your area. I'd be shocked if there wasn't one that could get you dinars. The only thing is you would have to use cash to get them.

I bought my Iraqi Dinars from an Associated Bank in Wisconsin. It really wasn't like I bought them though- just did a currency exchange. USD to Iraqi Dinar(IQD). I recv. 1,374,000 dinars for $1,511 and some change USD(incl. $15 transaction fee) back in November 2010. I can take my dinar's in and exchange them back at the going rate at any time for another small transaction fee. I had to set up a checking account with them to do this. Apparently from what I've heard(never verified this because it doesn't matter as much to me why as how) is Associated Bank is owned by someone in Denmark and that is why they have been doing this before most of the U.S. banks are. They actually didn't even have the IQD wording in the system(they had to cross out euro and hand write in and initial IQD) but they did have the rate in the computer. Myself personally wouldn't feel comfortable doing this any other way but keep in mind as long as you have the physical currency you can currency exchange at any bank that deals with it for a transaction fee(however you prob will need to open a checking acct. to do this at this time until the IQD is globally traded). I have heard there are more banks out there that do this other than Associated. Hope this helps.

[stu761]

The first time I got them online and after that I've done a currency exchange at my Bank.... TD Bank and they charge $7 transaction fee I paid $1068 for 1mil awhile back and $534 for 500 thousand last week.

[Jim1cor13]

BBB is a semi scam... if they find a company that has been in court for something they give them a negative rating, then mail them as to how they can get rid of their bad rating... involves paying BBB a membership fee and "Presto"... the company now gets a +++ rating.

Take BBB seal with a cup of Coolaid.

Bless your heart for telling this truth pt49

BBB is a bit more than semi scam, LOL, but we will leave it at that. Also, DO NOT

buy into the idea that an "MSB" (Money Service Business) registered with the treasury is some

kind of guarantee of legitimacy...not at all. The only guarantee of a

currency dealers legitimacy rests SOLELY upon the ability for them

to KEEP their word and sell genuine currency. The big slogan of dealers

showing their MSB forms etc., is just that...they hope it instills confidence.

Some of the best deals price wise still remain on eBay, as long as you can find the

seller with 100% feedback and a fair price. The WORST pricing that I have seen, as high as

315$ PER 50K dinar, believe it or not, is from the "MSB" side, the currency dealer.

They use the claim of being registered to often bolster prices...it is just silly games to get you

to buy from them. One eBay seller even implied it was "illegal" to buy any other way! Total lie, but he does get

results, so an example of a registered MSB that lies. I have purchased all IQD from eBay

once I waited for the price I wanted (what we could afford) without rushing, and have had great service, much better prices

and thankfully, no problems with quality or fraud. Deals are still out there, but unlikely to find them if one insists

upon dealer only purchases.

All my best!

Jim

---

[KramerDinar]

If you read through the Patriot Act there is nothing stating anything about purchasing foriegn currency woth credit card. Actually there is only talks of the word credit card in one sentences - Subpoenas issued to Internet Service Providers were expanded to include not only "the name, address, local and long distance telephone toll billing records, telephone number or other subscriber number or identity, and length of service of a subscriber" but also session times and durations, types of services used, communication device address information (e.g. IP addresses), payment method and bank account and credit card numbers. I think the claim that Dinar Banker makes in their video about how they do not accept credit card due to the Patriot Act is a load of BS. Here is a breakdown of the Patriot Act: http://en.wikipedia.org/wiki/USA_PATRIOT_Act#Title_III:_Anti-money-laundering_to_prevent_terrorism

In my opinion it is not against the Patriot Act but more towards looking out for your credit card companies. It is much like online gambling with a credit card. If you went out, deposit $10,000 in a casino account, play blackjack and lose all your money, you could turn around and say screw the credit card company I am not paying, then the credit card company takes the loss. Plus with a credit card, I am afraid you would have more people purchasing way beyond their means with the idea that though I charged up my $20K credit card purchasing dinar, when it RV's I will pay it off. Would work if a RV happened, but if it did not you would be screwed; or should I say your bank would be.

Edited January 19, 2011 by KramerDinar