just got off the phone about dinar rate... confused??

[muffy]

kinda of confused but the local bank which i purchased my dinar at just said that i would only recieve apprx 670$ per million dinar......rate was at .000067 ???? i paid roughly 1040$ per milllion just a few weeks ago.... i thought the rate was at nearly .00085........?? Am I / WE getting screwd here? anybody know how this could be?

[xxxgator]

the buy rate and sell rate are different .It's called a spread. Thats how B)b anks make money

[muffy]

thats a huge spread... so we almost have to pay DOUBLE of the actual price of the dinar just to get it?

[marshall]

dont worry pay back time is coming

[Alonzo]

I think a lot of the banks are still confused. BUT...the good thing is at least they are now recognizing the IQD as legal tender and confirming value to it. This is great news!! The other day someone posted in the forums that it would cost $68,000 to buy a 25,000 IQD. So this tells me that the banks are all over the place right now. Just wait until the official RV. By the way what are the names of the banks that you guys are referring to?

GO RV!

[muffy]

Ya the 68k rumor for nebraska banks is why i initially called bc thats where i bought my dinar at....the local bank name i go through is first national bank of omaha... " Please dinar vet community dont explode this small local bank with phone calls about this or they will hate me next time i call them for anything i call them for in relation to the dinar! " thanks in advance!

[TexasGranny]

This is the current exchange rate - if a bank offers you less, that is their "take" on your cashing in. It is one of the things Adam has tried to make everyone understand.

Currency Rates

Live rates at 2011.01.26 22:05:00 UTC

1,000,000.00 IQD = 848.5462 USD

Iraq Dinars United States Dollars

1 IQD = 0.000848546 USD 1 USD = 1,178.49 IQD

If you cash in at a bank after RV and the rate is $1.00 per IQD, the bank may only offer you $.75 per IQD. This allows them to make $.25 per IQD. Its how they make their profit.

The bank spread can be anywhere from 2% to 20% or higher. You have to shop for the best deal.

[muffy]

ya well i dont know what the exact math is on the spread i qouted on the post of the topic but it seems to be about 20% just by eyeballing it ! i definnnitaly will NOT be cashing in at this rate ....At that rate there robbing you blind...ridiculous!

[egadman]

http://www.youtube.com/watch?v=VIe6rXmsUwk&feature=related

[umbertino]

I think a lot of the banks are still confused. BUT...the good thing is at least they are now recognizing the IQD as legal tender and confirming value to it. This is great news!! The other day someone posted in the forums that it would cost $68,000 to buy a 25,000 IQD. So this tells me that the banks are all over the place right now. Just wait until the official RV. By the way what are the names of the banks that you guys are referring to?

GO RV!

It could tell you also that some are saying weird stuff.

Edited January 26, 2011 by umbertino

[jaykay]

Once we have a RV and the dinar is recognized as a traded currency the banks will drop to a reasonable percentage to be competitive with the other lower rates or they will miss

out on a nice profit on cashing in on our dinars. Everyone will take there elsewhere..

[nointel]

i took mine to the local seben eleben and the owner mohamed said he would give me a big gulp and an order of nachos with extra cheese for a 10k note..

[Iraqi Queen]

i took mine to the local seben eleben and the owner mohamed said he would give me a big gulp and an order of nachos with extra cheese for a 10k note..

You are so wrong!! I had to laugh though! Not every 'Seben Eleben" owner is a boater!! LOL