taking dinar to the middle east

[ididitfirst]

dinarvets, is it legal to take dinars to a middle east country? if it is, how much can you take? i ask because... if its so uncertain what will happen to the currency we hold when it RVs and warka seems iffy, what about going there (not Iraq, maybe Kuwait) and depositing our dinars in an account there.???

[txwWrestling]

Good question....

[hoopdog]

There is a website that you can get on that talks about all of the things that are legal and illegal that you can take on a plane, I will see if I can find it. Or just email or call an airline. They will tell you

Here it is

http://www.tsa.gov/

It's listed off to the right under " what you should know before you go", "prohibited items"

finally found exactly what you are looking for.....

amounts of currency, coins or jewelry, we recommend that you ask Security Officers to screen you and your carry-on luggage in private. This will maintain your security and avoid public scrutiny.

We suggest that you ask to speak with a TSA screening supervisor before you are screened. Tell the supervisor discretely that you would be screened in a private location.

TSA operating procedures require a witness to be present during private screening. The witness may be another TSA Security Officer or someone that is traveling with you.

If cleared, you and your valuables will be allowed to enter the sterile side of the airport.

Private screening is also available to individuals randomly selected for screening at the airline gate.

We recommend that you carry these items with you at all times.

Currency Reporting: For international flights, you must report the transport of $10,000.00 USD or more to the U.S. Customs Service. Read more.http://www.tsa.gov/travelers/airtravel/assistant/editorial_1848.shtm

Edited July 6, 2011 by hoopdog

[MovieMaker]

thank you, good question & good Link

[ididitfirst]

OK. since i have no where near 10k I'm OK on this side. BUT, what about entering Kuwait? how much is allowed? AND how do i find out what banks over there would not divulge my business ??

[hoopdog]

OK. since i have no where near 10k I'm OK on this side. BUT, what about entering Kuwait? how much is allowed? AND how do i find out what banks over there would not divulge my business ??

Look at the link I provided, it explains everything from the US to entering other countries. Do some homework and research on your own. That's how most of us find out anything.

[Chugiakian]

dinarvets, is it legal to take dinars to a middle east country? if it is, how much can you take? i ask because... if its so uncertain what will happen to the currency we hold when it RVs and warka seems iffy, what about going there (not Iraq, maybe Kuwait) and depositing our dinars in an account there.???

Why would you want to travel to exchange your Dinar???? The Dinar (IQD) is a LEGAL currency!

I am fairly new to Dinar Vets, as a friend informed me about this opportunity a few months back. I try to only view the Facts and Relevant news here (or anywhere) regarding RV/RD etc. I felt compelled to answer back on this post, based on my professional experience.

I worked at a Large, Regional Bank, as a Branch Manager, for quite some time. (I will not disclose which bank, for personal/professional reasons). It is my experience that any bank customer can order Dinar (IQD) from the Main Vault, for the exchange rate of that day. It can be purchased, or redeemed at any time. It must go through the manager/ platform side of the branch, as there are special forms they need to fill out for ordering/exchanging currency, not normally on hand. There is a nominal delivery fee associated with the transaction. It can take up to 10 days to get currency shipped from the main vault, (usually only a few days) depending on availability. (The bank has to get their $$$ from somewhere too). The currency is delivered to the branch, where the bank customer can pick up their foreign currency. The bank could not guarantee that the currency was new, or never circulated. But honestly, as long as the currency is legitimate, WHO CARES!

If the currency is LEGAL, it can be exchanged at the Bank, or any merchant who accepts that particular currency.

A word of caution.... You might want to inspect your money, no matter where you purchase, or receive it - to ensure that it is LEGAL currency.

Traders of Dinar (or any currency) are going to charge a premium for trading money (This is how they stay in business), especially, un-circulated, new currency. They are able to get un-circulated currency, authenticate it, give out fancy certificates printed on their color laser printers, stating that they vouch for its authenticity. They may insist that when you exchange it, you bring in your certificate that they gave you when you purchased it.

But again, the IQD IS A LEGAL CURRENCY. So when it comes time to exchange it, just go down to your local bank, exchange it, they will deposit the US equivalent into your bank account, once they get the currency your exchanging, back at their main vault. This is true with any foreign currency not held at the local level. - If your bank is too small, or if they cant figure out how to get it for you, go to a larger bank that can better serve you, Any bank is eager to open an account for you - because they want YOUR business (remember, they are in business to make money too)!!

If the IQD changes in value, it will change all over the world. Banks here in the USA, will have to make adjustments for the exchange rates as well. - again, the IQD IS A LEGAL CURRENCY!!!

Be patient, it will happen when IT happens! - (the proverbial IT - whatever IT happens to be - RV, RD, LOP, Re-print, RE-whatever).

~C~

[hoopdog]

Why would you want to travel to exchange your Dinar???? The Dinar (IQD) is a LEGAL currency!

I am fairly new to Dinar Vets, as a friend informed me about this opportunity a few months back. I try to only view the Facts and Relevant news here (or anywhere) regarding RV/RD etc. I felt compelled to answer back on this post, based on my professional experience.

I worked at a Large, Regional Bank, as a Branch Manager, for quite some time. (I will not disclose which bank, for personal/professional reasons). It is my experience that any bank customer can order Dinar (IQD) from the Main Vault, for the exchange rate of that day. It can be purchased, or redeemed at any time. It must go through the manager/ platform side of the branch, as there are special forms they need to fill out for ordering/exchanging currency, not normally on hand. There is a nominal delivery fee associated with the transaction. It can take up to 10 days to get currency shipped from the main vault, (usually only a few days) depending on availability. (The bank has to get their $$$ from somewhere too). The currency is delivered to the branch, where the bank customer can pick up their foreign currency. The bank could not guarantee that the currency was new, or never circulated. But honestly, as long as the currency is legitimate, WHO CARES!

If the currency is LEGAL, it can be exchanged at the Bank, or any merchant who accepts that particular currency.

A word of caution.... You might want to inspect your money, no matter where you purchase, or receive it - to ensure that it is LEGAL currency.

Traders of Dinar (or any currency) are going to charge a premium for trading money (This is how they stay in business), especially, un-circulated, new currency. They are able to get un-circulated currency, authenticate it, give out fancy certificates printed on their color laser printers, stating that they vouch for its authenticity. They may insist that when you exchange it, you bring in your certificate that they gave you when you purchased it.

But again, the IQD IS A LEGAL CURRENCY. So when it comes time to exchange it, just go down to your local bank, exchange it, they will deposit the US equivalent into your bank account, once they get the currency your exchanging, back at their main vault. This is true with any foreign currency not held at the local level. - If your bank is too small, or if they cant figure out how to get it for you, go to a larger bank that can better serve you, Any bank is eager to open an account for you - because they want YOUR business (remember, they are in business to make money too)!!

If the IQD changes in value, it will change all over the world. Banks here in the USA, will have to make adjustments for the exchange rates as well. - again, the IQD IS A LEGAL CURRENCY!!!

Be patient, it will happen when IT happens! - (the proverbial IT - whatever IT happens to be - RV, RD, LOP, Re-print, RE-whatever).

~C~

Because there was an article that came out that mentioned that it might be difficult to exchange the Dinar outside of the country and that only in country will they have it set up for. Now who knows if this is fact or not, but it is possible. Just because the Dinar is the legal currency in Iraq (not yet recognized around the world) doesn't mean that banks have to exchange it even if it does RV. So many questions, so little time. I'm not too worried about any of this. Whatever happens, happens and I will deal with it at that time. Much of what you have posted has been said before and may also be true, again who knows. We will all just sit and wait.

[ididitfirst]

great, but what about if you have to turn in large bills? is it not better to have the dinars in an account? lets suppose they give you ninety days to turn in those bills at a to 1 ratio, then day 115 the rate is 3 to 1,if my dinars is in an account, i can change some (or all) at 1 to 1. if i leave some in the account and day 115 i hear that the rate is 3 to 1, I'm in a position to make more profit. if i have the physical dinar, my only chance of profit will be at the 1 to 1 ratio. that why I'm asking these questions.

[librapeace]

great, but what about if you have to turn in large bills? is it not better to have the dinars in an account? lets suppose they give you ninety days to turn in those bills at a to 1 ratio, then day 115 the rate is 3 to 1,if my dinars is in an account, i can change some (or all) at 1 to 1. if i leave some in the account and day 115 i hear that the rate is 3 to 1, I'm in a position to make more profit. if i have the physical dinar, my only chance of profit will be at the 1 to 1 ratio. that why I'm asking these questions.

Two suggestions...open a warka account instead. Secondly I've been to Kuwait 3 times in my life..once in the military in 90-91 and twice since then on business and I would not recommend anyone travelling with millions of gumballs let alone dinar to the M.E. Also if you don't have the proper papers you wont get far. Lastly if you don't have a contact over there or someone already to help you get around and translate and be safe....boy dude I don't recommend it at all. Not saying its horrible there...just not the best place to just roam around and get lost. My two cents...be safe and have fun with life.

[delta22]

To IDIDITFIRST , I am currently in Kuwait and at this moment NBK ( National Bank Kuwait ) no longer offers IQD accounts . They did 2 years ago. As far as I know there is no limit to the amount of IQD brought in on your person. Hope this helps.

[leola]

Thanks C ,good info, post more often,we need bank people to keep our feet planted...................

Edited July 7, 2011 by leola

[len]

But again, the IQD IS A LEGAL CURRENCY. So when it comes time to exchange it, just go down to your local bank, exchange it, they will deposit the US equivalent into your bank account, once they get the currency your exchanging, back at their main vault. This is true with any foreign currency not held at the local level. - If your bank is too small, or if they cant figure out how to get it for you, go to a larger bank that can better serve you, Any bank is eager to open an account for you - because they want YOUR business (remember, they are in business to make money too)!!

end quote

Taxes is the main reason to consider cashing in somewhere else; assuming it RV's a a decent rate. Adam has negotiated discount rates for state side exchanges but that only helps on the spread.

If it RV's at a high rate your bank will report the transaction to the Fed and they, may, take a percentage off the top and make you pay your taxes immediately. No one know how the IRS will view this matter until it happens.

When I get a bonus above my normal pay a mandatory 35% Federal tax is with held. This in just one example of unfair practices by our government.

[Roadrunner]

To IDIDITFIRST , I am currently in Kuwait and at this moment NBK ( National Bank Kuwait ) no longer offers IQD accounts . They did 2 years ago. As far as I know there is no limit to the amount of IQD brought in on your person. Hope this helps.

You can open an account in the UAE in IQD with no problems. I know a couple of people that have accounts there. However, before considering this; I would ask myself if it is really worth it. If it is for tax purposes, that is between you, your concience, and the IRS. If it is to save on the bank spread, it might be worth it if you have enough dinar. If it gives you peace of mind about the security of your investment, can you not open an account in your state. Also consider that the cost of your passport (if you don't have one), the cost of your VISA, the airfare to and from Dubai, a couple of hundred per day for hotel (if you get a cheap room) while you find the bank you want and get you account set up. Is it really worth it to you? Only you know the answer to that.

Roadrunner

[cdladner]

You can open an account in the UAE in IQD with no problems. I know a couple of people that have accounts there. However, before considering this; I would ask myself if it is really worth it. If it is for tax purposes, that is between you, your concience, and the IRS. If it is to save on the bank spread, it might be worth it if you have enough dinar. If it gives you peace of mind about the security of your investment, can you not open an account in your state. Also consider that the cost of your passport (if you don't have one), the cost of your VISA, the airfare to and from Dubai, a couple of hundred per day for hotel (if you get a cheap room) while you find the bank you want and get you account set up. Is it really worth it to you? Only you know the answer to that.

Roadrunner

Hello Roadrunner...do you think it be worth it if say you had 20 million + in IQD?

[Roadrunner]

Hello Roadrunner...do you think it be worth it if say you had 20 million + in IQD?

Yeah bud, if you have that much it would definately be worth the trip. It would be worth the trip for a lot of people here. I didn't ask how much the other member has, that wouldn't be appropriate. I only wanted to say "make sure you are not spending more than you will save"

Best of luck to you.

Roadrunner