Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

The RV

andy3978

By andy3978,
in RV & Dinar Questions

 Share

Recommended Posts

andy3978 Newbie

andy3978

Posted
Posted

So if the CBI RV's the IQD at whatever amount...let's just say 2:1 for argument's sake, we know that Ali says he will cash out at the CBI rate...but what about our local banks?

I surmise that the local banks will cash out at the prevailing Forex rate. Just because the CBI changes the rate, does that means Forex must follow suit?

Also if Forex shows the new 2:1 rate does that mean it is now internationally recognized and that all banks will honor that rate?

  • Upvote 3
Link to comment
Share on other sites
no left angles Newbie

no left angles

Posted
Posted

So if the CBI RV's the IQD at whatever amount...let's just say 2:1 for argument's sake, we know that Ali says he will cash out at the CBI rate...but what about our local banks?

I surmise that the local banks will cash out at the prevailing Forex rate. Just because the CBI changes the rate, does that means Forex must follow suit?

Also if Forex shows the new 2:1 rate does that mean it is now internationally recognized and that all banks will honor that rate?

Awesome question!!!

Guru's??

Link to comment
Share on other sites
smee2 Newbie

smee2

Posted
Posted

It is my understanding that each bank decides it's own "spread" ... the difference between the official rate and the rate they are willing to use for exchange purposes.

So, there is no real answer to your question as asked.

The bank rate will be less than the official rate. That is how they make their money for doing the exchange. But not all banks will use the same rate. So you will just have to wait and see what those rates are. Even knowing the official rate does not tell us what the bank rate at any one particular bank will be.

As it seems Ali is charging a flat rate fee per dinar/dollar amount, that is about the only way to know what it is going to cost to cash out. Yes, he is using the official exchange rate, but remember, he has to be paid for that service too and he is charging the fee. For the best deal you'll have to lelt the RV happen and then go "shopping".

smee2

  • Upvote 2
Link to comment
Share on other sites
andy3978 Newbie

andy3978

Posted
  • Author
Posted

It is my understanding that each bank decides it's own "spread" ... the difference between the official rate and the rate they are willing to use for exchange purposes.

So, there is no real answer to your question as asked.

The bank rate will be less than the official rate. That is how they make their money for doing the exchange. But not all banks will use the same rate. So you will just have to wait and see what those rates are. Even knowing the official rate does not tell us what the bank rate at any one particular bank will be.

As it seems Ali is charging a flat rate fee per dinar/dollar amount, that is about the only way to know what it is going to cost to cash out. Yes, he is using the official exchange rate, but remember, he has to be paid for that service too and he is charging the fee. For the best deal you'll have to lelt the RV happen and then go "shopping".

smee2

Yea I understand that each bank will take a different spread, however most banks tend to be around the same when it comes to the mainstream currencies. Not much difference between wells fargo and TD when exchanging the Euro. I asked my question being that the difference between the EUR & IQD is that the EUR is internationally recognized...so I was wondering if that plays a part in it.

I was also wondering if there are any laws/statutes in place dictating the maximum a bank can set their spread to; example: No bank may have a spread rate exceeding xxx%

Link to comment
Share on other sites
andy3978 Newbie

andy3978

Posted
  • Author
Posted

Quote

Also if Forex shows the new 2:1 rate does that mean it is now internationally recognized and that all banks will honor that rate?

End Quote

That imo would be the Motherlode of all questions........

Would't that be some s**t man...we get Adam's email, check the CBI...new rate and we haul a$$ to the bank only to find they wont honor the new rate. I hope we can get some clarity on this question soon.

Link to comment
Share on other sites
Adam Montana Proficient

Adam Montana

Posted
Posted

It looks like I just found a whole thread full of people who either:

A: haven't read the GUIDE that tells you how spread works (aks THIS FREE RESOURCE)

or

B: All have ADD and can't focus long enough to absorb 9 pages of large type information.

:lol:

(I'm kidding... but seriously, please please PLEASE read the dang guide! My background is finance, I hold my Series 65, and I wrote a free and easy to understand explanation. Get it here: http://dinarnews.net/cashinguide.php)

  • Upvote 3
Link to comment
Share on other sites
chuckray Newbie

chuckray

Posted
Posted

It looks like I just found a whole thread full of people who either:

A: haven't read the GUIDE that tells you how spread works (aks THIS FREE RESOURCE)

or

B: All have ADD and can't focus long enough to absorb 9 pages of large type information.

:lol:

(I'm kidding... but seriously, please please PLEASE read the dang guide! My background is finance, I hold my Series 65, and I wrote a free and easy to understand explanation. Get it here: http://dinarnews.net/cashinguide.php)

i know how the bank spread works--and ALI says that he will cash in for 150 $ per million dinar---what about Mexico banks ?--is there a paper trail ?

Link to comment
Share on other sites
andy3978 Newbie

andy3978

Posted
  • Author
Posted

I just read Adam's essay and it was very informative. Everyone should read it for a basic understanding on how the RV works and it had a lot of info regarding the spread.

My question still does stand though...are there any government rules and/or regulations governing the legal maximum amount a US bank can have for a spread.

Link to comment
Share on other sites
andy3978 Newbie

andy3978

Posted
  • Author
Posted

Would you pay a 65% spreed. No you would go to the next bank with a better price and trade with them. Our market will tell you were the best price is available.

I know one thing for sure, out market never told me the best price for cigarettes is $8/pack...but our government did.

So I ask again...Is there any law and or statute limiting the percentage of spread a bank can charge?

  • Upvote 1
Link to comment
Share on other sites
Adam Montana Proficient

Adam Montana

Posted
Posted

i know how the bank spread works--and ALI says that he will cash in for 150 $ per million dinar---what about Mexico banks ?--is there a paper trail ?

There is a spread at ANY bank, it doesn't matter what country you are in. Ali will charge $150 per million ON TOP of the CBI spread.

Regarding the paper trail - if you cash in the US, you fill out a fincen104 form - this is submitted to the IRS and your name is tied to the transaction. There are no such forms in Mexico, but depending on what bank you go to the banks may be G20 compliant which means they will turn your information over if requested.

In the VIP we have several informative articles on ways to avoid a paper trail. I'm not suggesting illegal activities... but nobody wants an audit if they can avoid it!

I just read Adam's essay and it was very informative. Everyone should read it for a basic understanding on how the RV works and it had a lot of info regarding the spread.

My question still does stand though...are there any government rules and/or regulations governing the legal maximum amount a US bank can have for a spread.

None that I have found - if anyone finds a law, I would love to know about it!

Would you pay a 65% spreed. No you would go to the next bank with a better price and trade with them. Our market will tell you were the best price is available.

If Bank A is charging 65%, Bank B isn't going to be much different - they would be giving money away for no reason.

Basic business theory tells us that our LOCAL banks will have a competitve, reasonable spread that will shift according to the closest competitive rate.

However, I know for a FACT there is no reason the CBI can't charge a 75% spread if they want.

Think on that for a bit...

If the rate is $1, Ali is charging $150 and giving the CBI rate, and the CBI rate is .25 after the spread... you're walking away with $250,000-150=$249,850 per million if you run straight to Ali as soon as the RV is announced!

If you wait, and weigh your options, the spread should go down as the competition ramps up, more banks take the dinar, etc. The CBI will make money on the spread to cover some of the RV, but as people cash in and they resell the Dinar, the spread will get less and less....

Again, read the guide. I explained this all very thoroughly. :tiphat:

Link to comment
Share on other sites
Dinar-Hustle Newbie

Dinar-Hustle

Posted
Posted

Here's an option- If there is no time limit on cashing out IQDs, then cash out only what you need to have your own CPAs... ect.

then, pay off the majority of your small to large bills (DEBT).

This RV should be a means to clean up many of our outstanding debts and become debt free with a clean slate-even if we did nothing else.

post -RV, IQDs should rise in it's value.

JMHO-thanks.

  • Upvote 3
Link to comment
Share on other sites
umbertino Grand Master

umbertino

Posted
Posted

Yo i'm with ya my man. I hope it will be done today or tomorrow because I don't want to go to work Thursday

Is that right? I do know the feeling. After I quit my job back in 1996 I had a rather difficult time in adapting for the first 3 hours. Then I was fine. Still am after almost 15 years.

Link to comment
Share on other sites
Guest
This topic is now closed to further replies.
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

    Take This Quiz

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept