Cash In Question: Bank Spread, Bank Rate etc

[BobW]

OK, I did a search but did not come up with much. I hear that if you go to the bank after RV, they will negotiate with you on their fees or even forego them but that you will have to pay the spread. I know the spread now between buying and selling is huge at banks (approx sell $1170 buy back $700 per million), but is that how much the spread will be if it RV's to say $3.50?

I have heard the terms bank rate and CBI rate. Is the bank rate what the banks will give you taking the spread into account? Or is that what the banks can get and the spread comes after that?

Also, DT and DB and the some of the other Dinar sellers have said that they would buy back for approx $150 fee per million and give you the CBI rate. Sounds like the most for the Dinar but there are considerations such as waiting for appointments and travel to a redemption site. One of the gurus (Night... something or other) says to get cashed in ASAP because of the volatility of the ME and I wouldn't mind getting off this ride soonest so if we are talking millions of dollars there is a point where I will bite the bullet and get it done now and take a little hit.

I'm sure all of this will come up when and if it happens but something tells me there will be more than a little bit of panic and confusion when a lot of us are running around like Chicken Little that just got hit by a gold brick falling from the sky, so would like to have some idea.

[Froto]

OK, I did a search but did not come up with much. I hear that if you go to the bank after RV, they will negotiate with you on their fees or even forego them but that you will have to pay the spread. I know the spread now between buying and selling is huge at banks (approx sell $1170 buy back $700 per million), but is that how much the spread will be if it RV's to say $3.50?

I have heard the terms bank rate and CBI rate. Is the bank rate what the banks will give you taking the spread into account? Or is that what the banks can get and the spread comes after that?

Also, DT and DB and the some of the other Dinar sellers have said that they would buy back for approx $150 fee per million and give you the CBI rate. Sounds like the most for the Dinar but there are considerations such as waiting for appointments and travel to a redemption site. One of the gurus (Night... something or other) says to get cashed in ASAP because of the volatility of the ME and I wouldn't mind getting off this ride soonest so if we are talking millions of dollars there is a point where I will bite the bullet and get it done now and take a little hit.

I'm sure all of this will come up when and if it happens but something tells me there will be more than a little bit of panic and confusion when a lot of us are running around like Chicken Little that just got hit by a gold brick falling from the sky, so would like to have some idea.

I'm not sure where you are getting your numbers from but they seem wrong. What bank is charging $1170 for 1 Million IQD? I paid a little closer to $860, and IQD to dollars is not much less than that. International foreign exchange rates have a spread much much slimmer than you suggest.

[rsskelton]

I'm not sure where you are getting your numbers from but they seem wrong. What bank is charging $1170 for 1 Million IQD? I paid a little closer to $860, and IQD to dollars is not much less than that. International foreign exchange rates have a spread much much slimmer than you suggest.

Froto, I am needing a little more dinar just to hedge my bet in case it RV's extremely low. Mind telling me where I can get 1,000,000 for around 860USD, cause I can't find anything remotely close to that figure. Thanks

[shwngo]

At fifth third bank it cost $1004.15 usd for 950,000 dinar. It is around $1078 usd for 1 million Iqd

[BobW]

Well I know Dinar Banker is offering $900.00 to buy back 1 million uncirculated IQD (and they probably want them back) and they will sell you 1 million uncirculated IQD for $1,180.00. So the "spread" there is $280.00 per million IQD.

Banks really don't want to buy IQD and only some are selling when they have to and I have seen where someone was offered below $700.00 as a buy back at the bank.

So my question was if the banks were going to narrow that spread margin significantly and does anyone have any guesses or predictions of what that might be?

For example (wishful thinking) the CBI rate was $3.50/IQD, what would the bank rate be and what spread below that is the bank going to want to keep? Anyone know?

[seus]

Well I know Dinar Banker is offering $900.00 to buy back 1 million uncirculated IQD (and they probably want them back) and they will sell you 1 million uncirculated IQD for $1,180.00. So the "spread" there is $280.00 per million IQD.

Banks really don't want to buy IQD and only some are selling when they have to and I have seen where someone was offered below $700.00 as a buy back at the bank.

So my question was if the banks were going to narrow that spread margin significantly and does anyone have any guesses or predictions of what that might be?

For example (wishful thinking) the CBI rate was $3.50/IQD, what would the bank rate be and what spread below that is the bank going to want to keep? Anyone know?

I've dealt with many foreign currency transfers from and to USD.I just did one last week for the Euro. If memory serves me correctly, the spot price on the Euro was 1.355, and I paid 1.368 with my foreign exchange company. I know that most banks were at least triple to quadruple this spread, and charge some crazy $25 wiring fee. American Express does the exchange even higher than these banks. So I anticipate with all the people cashing in, and the amounts, the rate will be lower than what you'd typically get charged, I'm thinking maybe half, or hell even close to almost spot. My brother used to be involved with some of the main commercial lending units with JP Morgan in the States, he's onto other areas within the company now, and he said that there is a threshold with many banks for commercial accounts, and you then get almost the spot rate. I think you had to be dealing the 100s of Millions of dollars though. Thing to do is pool dinar up with people we know to see if we can get that commercial rate.

[DaveNC]

V.I.P Membership dose this for your.