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Exchanging your Dinars


cal322
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I exchanged some KWD to the Bank. Here in Texas!

Last Thursday the 5 th of may 2011 I have taken my 30 KWD left over from when I worked in Iraq.

Here’s some real and simple math

This Kuwait Dinar has a market value of 3.67 per Dinar 30 KWD = $110.01 Too a Wells Fargo branch here in Houston Texas.

They gave me $ 99.77 for the exchange and only as a deposit into my account. Thats around 10% !

I did this myself this is not here say.

So get ready for a fleecing when you take your IQD’s to the bank for exchange.

I just wanted to share this with everyone

please feel free to share your thoughts

Charlie

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Hi Charlie, thanks for the post! I have heard from a couple people that cashed in the KWD right after the RV and had some trouble with the banks. Not sure if there was any truth to this rumor but it was stated that they handed over their stack of KWD and never saw it again. Of course this was back in the day before the internet and nobody really knew anything about it. My question for you is, did you have a waiting period before the funds showed up in your account after you made your deposit? Or was it there immediately just like a cash deposit? The thought of waiting when I have such a large investment makes me very nervous. Thoughts plesae? Thank you for the post I appreciate it!

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Hi Charlie, thanks for the post! I have heard from a couple people that cashed in the KWD right after the RV and had some trouble with the banks. Not sure if there was any truth to this rumor but it was stated that they handed over their stack of KWD and never saw it again. Of course this was back in the day before the internet and nobody really knew anything about it. My question for you is, did you have a waiting period before the funds showed up in your account after you made your deposit? Or was it there immediately just like a cash deposit? The thought of waiting when I have such a large investment makes me very nervous. Thoughts plesae? Thank you for the post I appreciate it!

The deposit was in my acount by the next morning.

Thanks for you responce

Charlie

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Typically, exchange depts of banks have a minimal fee. If you were exchanging no more than that, you were definitely up against their minimal fees. I don't think you can conclude anything from this experience. I hope that this will be a concern to us in the very near future.

Go Navy, Beat Army!

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Just to see what would hapen

Icalled a branch of wells fargo in my area Thursday ,

asked what was the protocal for foreign exchange, and was told

they only do up to 500 dollars at a time, and didnt take all currencies.

There would be a 15 dollar fee for the transaction and it would take 10-15 bussiness days

before the funds would be avalible;

then was asked what the currency was and when I said Iraqi dinar they said they

dont deal with Iraqi dinar at all????????????????

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Just to see what would hapen

Icalled a branch of wells fargo in my area Thursday ,

asked what was the protocal for foreign exchange, and was told

they only do up to 500 dollars at a time, and didnt take all currencies.

There would be a 15 dollar fee for the transaction and it would take 10-15 bussiness days

before the funds would be avalible;

then was asked what the currency was and when I said Iraqi dinar they said they

dont deal with Iraqi dinar at all????????????????

They dont deal in IQD because it is not a tradable currency @ the moment.

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I did the same thing at BoA a few days ago, the KD is roughly around 3.5:1 right now...they gave me a rate of 3.3:1 but it was just like a cash deposit...however they sell for 4:1 so its worse if you are buying....exchanges in Kuwait of course have a better rate...but they much closer

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