Just a Thought …………….

[My12]

I will burn my second post here looking for an opinion. Like most people here on DV, I am

anxiously waiting for the RV to come to past. Not as the end of the journey, but as the beginning.

I have been lurking around here for a few months but following the Dinar for about six years.

I held off investing until early this year because I felt things were starting to fall into place for

the RV to happen.

I am, like many others, planning to make the trip outside the US to open an international bank account

to cash in my Dinar. I feel that whatever the RV rate is, the exchange rate will go up over a period of time.

I was concern about having to make several trips just to keep cashing in as the rates go up. It would

become an issue of timing and convenience. What I am planning on doing, unless someone here with

some creditability can give me a reason not to, is open two accounts at the international bank Adam

suggest. One in USD funds and the other in IQD. This will allow me to deposit all my Dinar and then

exchange funds over the phone or internet and just pay normal banking fees. This would save time and

the cost of travel. Of course the bank may not want to give the VIP rate for later exchanges but the fact

of losing several LARGE accounts might influence their decision.

Your thoughts……….. And please benice……………

[ginger21]

I think this is a very good question and would like to hear from some members who do have

some experience dealing with currency outside the U.S.

Thanks MY12

[My12]

Bump to the top

A lot of views but no answers

[The Machine]

to be honest i'm gonna be happy with any rate above $0.50 and i'll probably cash in, at that rate I could pay off my house probably buy another 2 or 3 and still have enough left over so I dont have to work ever again .... anyway from what I know about the banks that i deal with is that i can only have foregin currency accounts in either dollars sterling or euros ...... no bank I know of will allow a Dinar account in the UK or Ireland .... maybe after the RV they will change there mind but for now thats all we got, unless you open an Al Warka account of course !!

I have accounts in Ireland, United Kingdom, New york & Switzerland ...... all of these accounts deal in either USD / EURO / GBP

Edited June 1, 2011 by The Machine

[My12]

Thanks for the input The Machine!

I know most international banks will allow individuals and/or companies to hold different accounts based on

different currencies as you yourself have that option with your bank of holding Dollars Sterling orEuros.

I am also confident that the banks Adam recommends will allow accounts to be funded and held in USD and

Dinars since they will be used to cash in Dinars after the RV. I am just trying to see if there is a reason not to

deposit all your Dinars into a Dinar account and only transfer Dinar into a USD account at the times of your

choosing. Again something that can be done over the internet or phone instead of in person.

Thanks again for your comments!

Anyone else?

[AoK]

My12, hi and welcome! I don't know if you've given it much thought, or if you haven't already, but have you considered going V.I.P. here on DV? Everything discussed on there is POST- RV. You might just find it beneficial and at $17/month it's really a good deal IMO. I've learned a LOT about how I might want to go about protecting my assets. Shalom! Go RV!!

[sogoddess]

I don't think there's a $10K limit, but you have to report more than $10K. I'm not sure if that would lead to any hassles or not.

[My12]

AoK - Thanks for the welcome and the invite. I have been VIP since I joined DV.

I didn't see this issue brought up in the VIP section. I thought it

might bring more input over here because not everyone is VIP.......Yet

[len]

I don't believe anyone can answer this right now. The only bank that will take IQD on deposit are Iraqi banks at present time. A similar question was posed I believe by island girl. After the RV if Dinar is a recognized foreign currency....then banks may let us deposit IQD. If the RV is low and we are allowed to hold it the ideal scenario would be to deposit our IQD and wait.

I believe only time will tell us the answer

[My12]

Len– Thanks for the input.

I am assuming that if a bank will exchange Dinar for another currency then

they would also allow you to hold a checking or savings account in each currency.

But then again, you know what they say happens when you assume……………….

[kenbo]

My12,

I dont think that's the case. Post RV there will be many banks in the USA willing to exchange your Dinar for Dollars, but will only allow the US Dollar for accounts.

[My12]

Hi Kenbo - I was talking about cashing in outside the USA.