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foriegn currency in US banks


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In 2004 I took leave from Iraq, went to Zurich Switzerland. There is a main branch of the swiss bank there. I inquired about a dinar acct. They said, at that time, SwissBank would be willing to open an acct if the value was in excess of $50,000.00 value. They also explained that with the deal to the USA, all accts were reportable to the US govt. That the only info provided would be what was reqd. That requirement was not explained to me at that time. They were very helpful in making an educated decision. If you called USB and they said they will not deal with dinar, I would recommend that it be asked if they are in the foreign currency department. A standard customer service rep may not be up to speed on the procedures and such for currency that is not listed as a world currency. This is just my experience and as such, it may have changed in the last few years. Bottom line is, you will have all funds reported to the US if your plan was to skip out on the taxes. As far as foriegn currency accounts, an e-mail was sent off to Everbank and the reply was "No IQD accounts" were going to be available. If memory serves right, they do not deal with ME currency but again, I could be wrong. Good luck to everyone in your endevours!!!!

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look if you plan on holding a multicurrency account and to cash in part. then get your private banker to set up an account for you in europe or some place where there are such accounts. as i recall from reading other chats some of the bigger banks will do that for over a million.

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There's also a Bank of Abu Dhabi in Washington DC, they have a website for online banking as well. You can check with them as well as they deal with foreign currency.

NAGY S. KOLTA

(Executive Vice President)

LOCATION : 1020 19th STREET, N.W.,SUITE 500, WASHINGTON, D.C. 20036, U.S.A.

SWIFT CODE : ADIBUS33

TEL: +1 202 8427900;

FAX: +1 202 8427955

Email: nagy.kolta@nbad.com

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