crazy bid/offer spread

[realfxtrader]

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy...

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

[lightjds2]

You got one point right................NO one will listen to your BS .

[texus]

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy...

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

So why are you even on a dinar web sight ???

[DAME1]

SO WHAT YOUR SAYING IS THAT MY BANK AND THE FOREIGN CURRENCY EXCHANGE WHERE MY BANK PURCHASES IRAQ DINAR CURRENCY FOR ME ARE SCAMMING ME????

WOW WHAT WAS I THINKING

THANK YOU FOR LOOKING OUT FOR MY BEST INTEREST..HOW DARE MY BANK THAT I HAVE BEEN A CUSTOMER FOR 25 YEARS PLUS HOOK ME LIKE THAT......

I MAY NOT BE A SMART MAN JENNY BUT I KNOW WHAT LOVE IS

DAME

[magicchris]

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy...

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

Hi Real, I totally agree with you that the spreads are ridiculous. Best bet is at a bank right now if you can. But what is it about this investment that makes you think it is a scam? Do you think there will be 0% ROI? If so why? Or is it the spread?

Thanks

[Jaxinjersey]

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy...

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

Soooooo... you logged on, created an account... just to save us from ourselves? C'mon! Now, you say these "websites" are charging 50% spread... do you mean online dealers? What about the legitimate banks that exchange dinar.... are you criticizing them as well?

[BlueJeanBaby]

Why would you A) take the time to find out about this website; B ) take the time to make up a nickname and join; C) take the time to make this post, moments after joining?

None of what you've done today makes the slightest bit of sense.

I don't think you're some random person who stumbled upon this site out of the blue, and are here to do us a favor by giving us the head's up. I think you're well known to some, but are here in a hider nickname just to stir things up.

The dinar, in and of itself, is not a scam. The scam is whoever jacks up the fee, and the fools are whoever pay those fees, but we certainly don't need you to tell us that.

Why not just crawl back under your rock, and leave us to ourselves?

Edited June 30, 2011 by BlueJeanBaby

[Jack Dinauer]

What is the real point of this? I mean this person signs up today to tell us its a scam, then make no additional comments or responses. Sorry but if I am not invested, don't see myself trolling dinar boards and signing up only to post a message based on opinion. Base don the fact that my bank sold me my dinar, well I guess they are going to go under with a bunch of other banks and need another bailout - wait, there was the scam.

[BlueJeanBaby]

SO WHAT YOUR SAYING IS THAT MY BANK AND THE FOREIGN CURRENCY EXCHANGE WHERE MY BANK PURCHASES IRAQ DINAR CURRENCY FOR ME ARE SCAMMING ME????

WOW WHAT WAS I THINKING

THANK YOU FOR LOOKING OUT FOR MY BEST INTEREST..HOW DARE MY BANK THAT I HAVE BEEN A CUSTOMER FOR 25 YEARS PLUS HOOK ME LIKE THAT......

I MAY NOT BE A SMART MAN JENNY BUT I KNOW WHAT LOVE IS

DAME

Stupid is as stupid does.

[DAME1]

Why would you A) take the time to find out about this website; B ) take the time to make up a nickname and join; C) take the time to make this post, moments after joining?

None of what you've done today makes the slightest bit of sense.

I don't think you're some random person who stumbled upon this site out of the blue, and are here to do us a favor by giving us the head's up. I think you're well known to some, but are here in a hider nickname just to stir things up.

The dinar, in and of itself, is not a scam. The scam is whoever jacks up the fee, and the fools are whoever pay those fees, but we certainly don't need you to tell us that.

Why not just crawl back under your rock, and leave us to ourselves?

[AZ Native]

BlueJeanBaby , You Rock.

[BlueJeanBaby]

BlueJeanBaby , You Rock.

Do you really think so?

[magicchris]

Soooooo... you logged on, created an account... just to save us from ourselves? C'mon! Now, you say these "websites" are charging 50% spread... do you mean online dealers? What about the legitimate banks that exchange dinar.... are you criticizing them as well?

Jax, Dont go so hard. From his perspective as a Director on the fx desk of a major bank he is looking at what we pay as compared to what we should pay. I can understand that and agree it would look like a scam, but i'm curiouse why it is a scam. If it is a scam then no one will make $0.10. I think it has been talked about enough from both sides of the isle (lop/no lop) that either way there will be some kind ROI. Whether it be a small ROI or a big ROI. That is what we do not know. But if he has some legitimate info then i personally am curious.

No disrespect intended Jax.

[WorkerBee]

Realfxtrader, I absolutely believe you. I have seen many deals priced really skinny just to keep a large corporate client. Might not make any money off the deal but the overall revenue they bring with the total relationship is worth it. +1 from me.

Edit to say, I don't agree with the part about it being a scam. Your pricing points are spot on.

Edited June 30, 2011 by WorkerBee

[DAME1]

'BAMMMM POWWWW. WAACCKKKK...... m :

THATS THE WAY AH HUH AH HUH I LIKE IT

[AZ Native]

Amazing realfxtrader , you know nobody will believe you but post anyway, Why?

Do you think your the 1st?

Everyone makes their own decisions to invest or not.

Go knock on somebody Else's door.

[Jaxinjersey]

Jax, Dont go so hard. From his perspective as a Director on the fx desk of a major bank he is looking at what we pay as compared to what we should pay. I can understand that and agree it would look like a scam, but i'm curiouse why it is a scam. If it is a scam then no one will make $0.10. I think it has been talked about enough from both sides of the isle (lop/no lop) that either way there will be some kind ROI. Whether it be a small ROI or a big ROI. That is what we do not know. But if he has some legitimate info then i personally am curious.

No disrespect intended Jax.

Hey Chris... no disrespect taken... though not sure why you're addressing my response. I will always be hard on those who stick their nose in my business intrusively. I simply asked legitimate questions back to the OP. I'm a grownup and really don't like sneaky posters who have absolutely no vested interest in our speculation... other than to instigate. I don't find any value in that as legitimate info... it really is just annoying... especially since he does not know what will happen, like the rest of the world. Chris, the only scam would simply involve the hype of an RV... not the actual ability to purchase/exchange it. He stated that he feels the "RV potential" is a scam.... he has no way of knowing that.

[BOSTON69]

THANKS REALFXTRADER AND TELL MARTHA FOCKER I SAID HELLO.

[Tiffani929]

Oh, I see. You must be related to REALbankintel. Why sign up and take the time to post? Geesh..

[magicchris]

Hey Chris... no disrespect taken... though not sure why you're addressing my response. I will always be hard on those who stick their nose in my business intrusively. I simply asked legitimate questions back to the OP. I'm a grownup and really don't like sneaky posters who have absolutely no vested interest in our speculation... other than to instigate. I don't find any value in that as legitimate info... it really is just annoying... especially since he does not know what will happen, like the rest of the world. Chris, the only scam would simply involve the hype of an RV... not the actual ability to purchase/exchange it. He stated that he feels the "RV potential" is a scam.... he has no way of knowing that.

Jax, my bad. Did not mean to intrude. We folllowed each other. By the time i got done and posted a bunch of people posted. Was just having a talk. Dont really consider myself a sneaky posters who have absolutely no vested interest in our speculation... other than to instigate.

[YaTaHe]

I'm a Director on the fx desk of a major bank. We get dozens of calls about IQD each day. Unfortunately, we don't deal in dinar (although most of the callers think I'm lying) and have no plans to ever deal in dinar. I'm really jealous of whoever is running this scam though. My bank makes hundreds of millions of dollars each year on spread revenue... i.e. the difference between the interbank rate and the rate we offer to customers for wires, trades, etc. The MOST we ever spread a trade is 4% relative to the interbank rate...and most transactions are priced much tighter than that. In fact, for really large corporate clients we're lucky if we make any money at all on some transactions where they're pricing us against several other banks. Anyway, the websites selling Iraqi dinar are charging a FIFTY PERCENT (50%) spread. For example, the dinar is currently pegged to the dollar at 1169 to 1. That means that 1MM dinar should cost $855 (1MM divided by exchange rate). However, I often see prices in the range of $1200 for one million dinar. That's crazy...

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

Duuuhhhh.....Thank you so much for your opinion. You should move on. Oh yeah, thats why you are here RIGHT now...Right? I think that you should sell your IQD.

[AirForce17]

All I can say is: My bank is smarter than your bank.... :eek: :woot: :lol:

[pokerplayer]

Anyway, I firmly believe that it's all a scam when it comes to the revaluation stuff. Sorry to be the bearer of bad news... not that anyone here will listen to me though.

Your right, I don't. As a matter of fact most won't.

pp

[Jaxinjersey]

Jax, my bad. Did not mean to intrude. We folllowed each other. By the time i got done and posted a bunch of people posted. Was just having a talk. Dont really consider myself a sneaky posters who have absolutely no vested interest in our speculation... other than to instigate.

Chis... please re-read, I was not referring to you... I was referring to the original poster and letting you know my thoughts about it, since you replied to me. I have absolutely no probem with you... we're fine... I hope!

[magicchris]

Chis... please re-read, I was not referring to you... I was referring to the original poster and letting you know my thoughts about it, since you replied to me. I have absolutely no probem with you... we're fine... I hope!

I need to go to sleep. My apologies for making a big deal of it.