Can we go to Iraq to exchange IQD

[Seabee]

In a recent post a member had made mention of taking his 25,000 Dinar and exchanging them for smaller notes.I beleive he was wanting to do this as a hedge against an RD.

Simply put, my question is this.

Can a private citizen such as myself fly over to Iraq and visit a big bank in Bahgdad and convert my large notes into smaller notes? I am just your average guy that is wanting to get by like everyone else. I have the finnacial means to fly to Iraq and do this. I know the ramifications and am sure there are other things I have not thought about.

So in short, can a private citizen legaly make a trip to Bahgdad to exchange IQD currency.

If it is legal then I would be prepared to go there and if anyone else would like to go then that would be great. Please let me know as they say there is safety in numbers.

Any insight would be appreciated.

[DinarDana]

Of course you can. Just need a passport. Tourists in Iraq exchange money. Wouldn't you be a tourist?

[estewart]

In a recent post a member had made mention of taking his 25,000 Dinar and exchanging them for smaller notes.I beleive he was wanting to do this as a hedge against an RD.

Simply put, my question is this.

Can a private citizen such as myself fly over to Iraq and visit a big bank in Bahgdad and convert my large notes into smaller notes? I am just your average guy that is wanting to get by like everyone else. I have the finnacial means to fly to Iraq and do this. I know the ramifications and am sure there are other things I have not thought about.

So in short, can a private citizen legaly make a trip to Bahgdad to exchange IQD currency.

If it is legal then I would be prepared to go there and if anyone else would like to go then that would be great. Please let me know as they say there is safety in numbers.

Any insight would be appreciated.

You can freely (though likely with harassment) take Dinars out of the US worth under 10K USD without having to file a report and possibly needing to pay a tax. That would be like about nine million Dinars.

But there is no possible hedge against an RD. No such thing. The idea makes no sense whatsoever.

[Dalite]

This approach has been brought up before.

With the concerns of traveling with a large amount of Physical Dinae, along with the fact that RD would affect all notes equally with a divide by 1000 outcome, converting now to small denoms would offer no insurance.

When Breitling recommends getting smaller bills as insurance, he is hoping you will spend the money with his benefactor, rather than on buying a plane ticket to fly to Iraq.

Small bills offer no insurance whatsoever.

If it RDs, all bills are affected equally.

To any that believe there is any value to purchasing small notes, I will extend my offer to accept gold or silver in exchange for 50, 250 or 500 Dinar notes.

I only have around 100,000 Dinar face value in lower denominations, but will gladly offer them in exchange for tangible offerings.

Don't let Breitling cause you to waste money buying the smalls.

[Seabee]

Of course you can. Just need a passport. Tourists in Iraq exchange money. Wouldn't you be a tourist?

I am a seasoned traveler with a current passport at all times. However, wouldn't it be rather odd, a tourist in Iraq just walking into a bank and asking to exchange 5 million in 25,000 notes and wanting to leave with 5 million in small notes?

[armondtoth]

This approach has been brought up before.

With the concerns of traveling with a large amount of Physical Dinae, along with the fact that RD would affect all notes equally with a divide by 1000 outcome, converting now to small denoms would offer no insurance.

When Breitling recommends getting smaller bills as insurance, he is hoping you will spend the money with his benefactor, rather than on buying a plane ticket to fly to Iraq.

Small bills offer no insurance whatsoever.

If it RDs, all bills are affected equally.

To any that believe there is any value to purchasing small notes, I will extend my offer to accept gold or silver in exchange for 50, 250 or 500 Dinar notes.

I only have around 100,000 Dinar face value in lower denominations, but will gladly offer them in exchange for tangible offerings.

Don't let Breitling cause you to waste money buying the smalls.

At this present time you cannot fly into Iraq, you can however fly into Jordan and cross the border into Iraq but I would not recommend it.

[kosman]

I am not sure you can do that or not, but if you can. I would suggest instead of Baghdad, you go to Erbil or Dahok in Kurdistan. You can fly there from Amman Jordan.

[sams401k]

Dalite,

Email me, I will trade with you.

Thx

Sam

[Seabee]

This approach has been brought up before.

With the concerns of traveling with a large amount of Physical Dinae, along with the fact that RD would affect all notes equally with a divide by 1000 outcome, converting now to small denoms would offer no insurance.

When Breitling recommends getting smaller bills as insurance, he is hoping you will spend the money with his benefactor, rather than on buying a plane ticket to fly to Iraq.

Small bills offer no insurance whatsoever.

If it RDs, all bills are affected equally.

To any that believe there is any value to purchasing small notes, I will extend my offer to accept gold or silver in exchange for 50, 250 or 500 Dinar notes.

I only have around 100,000 Dinar face value in lower denominations, but will gladly offer them in exchange for tangible offerings.

Don't let Breitling cause you to waste money buying the smalls.

Thanks for the input and it is well taken.

On another note, I bought all my Dinar back in early 2009 and have roughly 1 and a half mill in small notes. I am certainly not about to go and buy small notes for the price being asked for now. I can easily see why they are so over inflated now ecpesially with all the hub bub about the LOP and everything else going on.

At this present time you cannot fly into Iraq, you can however fly into Jordan and cross the border into Iraq but I would not recommend it.

I was thinking more this route at first as I have several Jordanian friends of which were in the Army in Jordan. I can trust them with my life.

[armondtoth]

Thanks for the input and it is well taken.

On another note, I bought all my Dinar back in early 2009 and have roughly 1 and a half mill in small notes. I am certainly not about to go and buy small notes for the price being asked for now. I can easily see why they are so over inflated now ecpesially with all the hub bub about the LOP and everything else going on.

I was thinking more this route at first as I have several Jordanian friends of which were in the Army in Jordan. I can trust them with my life.

I work in Jordan on and off during the year.

[R Veyron]

It's always a good idea to have two or three different plans of action to carry out depending on which scenario plays out. I would though just wait and see how this all unfolds and then enact your plan accordingly to what is necessary. Traveling to Iraq may indeed not be necessary to exchange for smaller denominations. Canada may be just as good and very much more convienient than traveling around the world. Once their currency is tradable once again most banks will offer to exchange it for US currency and if they have access to it , smaller denominations of the same currency. They may have to order the smaller denominations but if it is spendable banks will deal in it.The larger ones especially.

[RVDinar4MyFamily]

What denomination of notes you have will not matter.

There is no benefit, and not worth wasting your money.

[smee2]

I would love to see the reaction you get when your travel or insurance agent, arranging for your travel insurance , asks the reason for your travel. Oh, just going to cross from Jordan to Iraq, exchange a bunch of money for another bunch of money, walk out with a couple of briefcases or a duffle full of Iraqi cash, bearing in mind that in Iraq someone is killed on the streets almost every day and I would bet the banks are at least watched by the local hoods to see if there is any undue action that could be profitable. ... Yup I'd love to see how they would react to that scenario.

I don't want to say the idea is silly ... but imagine if it were a good idea and all these Americans, Canadians, Brits, Europeans, N-Zeds and Ausies start showing up just for a quick stop to exchange money .... that would quickly become a very dangerous activity.

And this is, after all, a speculative investment. No guarantees. You get what you get. There are ways to profit more through good money management with professional investment lawyers and good bankers or investment councellors, but having to travel to Iraq just doesn't fit into that scheme at all.

So, give your head a shake and maybe the idea will go away. You are going to profit just as much as we all will. And if that isn't enough for you, just buy more dinar. There are enough pumpers out there who will gladly lead you to some eager dinar dealer I am sure.

smee2

[GI_Jane]

Of course you can. Just need a passport. Tourists in Iraq exchange money. Wouldn't you be a tourist?

And don't forget your AK 47 and ammo. You might need that also.

Hi piggy piggy!

[BlueOrchid919]

All existing dinars will be totally replaced by a new currency not yet printed or released. Even if you went to Iraq and exchanged it for smaller existing denominations, those too will be replaced with the new currency/coins once they're released. The new currency is planned for early next year. Maybe sooner....

[TPSprayduster]

I would love to see the reaction you get when your travel or insurance agent, arranging for your travel insurance , asks the reason for your travel. Oh, just going to cross from Jordan to Iraq, exchange a bunch of money for another bunch of money, walk out with a couple of briefcases or a duffle full of Iraqi cash, bearing in mind that in Iraq someone is killed on the streets almost every day and I would bet the banks are at least watched by the local hoods to see if there is any undue action that could be profitable. ... Yup I'd love to see how they would react to that scenario.

I don't want to say the idea is silly ... but imagine if it were a good idea and all these Americans, Canadians, Brits, Europeans, N-Zeds and Ausies start showing up just for a quick stop to exchange money .... that would quickly become a very dangerous activity.

And this is, after all, a speculative investment. No guarantees. You get what you get. There are ways to profit more through good money management with professional investment lawyers and good bankers or investment councellors, but having to travel to Iraq just doesn't fit into that scheme at all.

So, give your head a shake and maybe the idea will go away. You are going to profit just as much as we all will. And if that isn't enough for you, just buy more dinar. There are enough pumpers out there who will gladly lead you to some eager dinar dealer I am sure.

smee2

don't forget to pay for the single entry visa of 82.00 or 202.00 for the multi entry. you cannot leave Iraq with more than 10000.00 US. Plus you cannot carry out Iraqi Dinars. Unless you can speak arabic and pass for an Iraqi when seach your bags you lose that cash.

[ashtray]

50 dinars note = 20,000 notes per million.. dont forget about the air fare .. its not cheap.. its around 1200 to 1600 one way .... any way they are changing the currency ,, all of it .. because they cannot impliment the erbil agreement unless they do ..

its in the kurdish constitution they have to include kurdis language on their currency ... your wasting your time

remember even if you had a ak 47 .. there are still some who would love to kill an american ..there are not people walking around in iraq vacationing .. the reporters still live within the green zone.. its not like you can get a rental car at the airport and go cruising around .. maybe you can .. but its still cheaper just to go buy a million small denoms off the internet .. than it is to fly to iraq

[Dalite]

Dalite,

Email me, I will trade with you.

Thx

Sam

Sam,

Check your profile page.

What I have was bought from eBay between March and June.

I will swap at current eBay prices on the dinar against current gold or silver prices.

All three are overpriced..

I can also take Paypal, or swap for VND (dong).

[guenther]

If you could fly into BIAP,there is a good chance there is a money exchange in the airport.I thought i heard that some commercial flights were allowed.

[umbertino]

This approach has been brought up before.

With the concerns of traveling with a large amount of Physical Dinae, along with the fact that RD would affect all notes equally with a divide by 1000 outcome, converting now to small denoms would offer no insurance.

When Breitling recommends getting smaller bills as insurance, he is hoping you will spend the money with his benefactor, rather than on buying a plane ticket to fly to Iraq.

Small bills offer no insurance whatsoever.

If it RDs, all bills are affected equally.

To any that believe there is any value to purchasing small notes, I will extend my offer to accept gold or silver in exchange for 50, 250 or 500 Dinar notes.

I only have around 100,000 Dinar face value in lower denominations, but will gladly offer them in exchange for tangible offerings.

Don't let Breitling cause you to waste money buying the smalls.

Dalite... Great post... Thanks.

[4aprofit]

D E N O M I N A T IO N S

Here is what a person shared with me, as per why he wanted smaller notes/denominations...I don't know myself, as it is a mixed bag here..especially not knowing what and when Iraq will do anything...and/or how they'll end up doing it...

ALL HYPOTHETICAL.....

Say that he has 1 million in 25,000 notes..possibly even some or all of it in 10,000 or 5,000 notes, costing appx. $1200 - 1400.00, and he were to cash in at 1 to 1, or at appx. $1,000,000.00.....say taxes are 35%, thus leaving him $650,000.00 to the good...

Say 3 months later, or even let's say 1 year later, the dinar goes to let's say $3.00...and he has smaller bills...

Say that he has a mixture of 50's, 250's & 500's notes.....Totalling appx. 800,000 IQD...let's say 10 bundles of 50's @100 per bundle=1000 notes=50,000 IQD/$1000.00, 10 bundles of 250's @100 per bundle=1000 notes=250,000 IQD/$3000.00, 10 bundles of 500's @100 per bundle=1000 notes=500,000 IQD/$5000.00.....at a cost of appx. $9000-10,000.00...

The 800,000 IQD at 3 to 1 would now be $2,400,000.00, but this is not what he emphasized was his most important reason for owning these...

What if there is an indefinite time limit, and/or what if the dinar went up to $5 or 10.00 later on, and these were the only one's still redeemable?...The chance you take of course...

What if you can (legally) barter & trade these things for stuff, trade for gold & silver, tithing, pay bills, give to siblings for college, gifting of various types, travel money, the biggie was trading for autos and land or other valuable items, as in some cases there is no tax if it is a trade, or at least not until you were to sell the item that you traded for...(Of course all of this is subject to the legalities and I would get professional council by speaking to a CPA, Tax Attorney, Wealth Management Specialist, the IRS, Etc)...before attempting any of this..

What this gentelman stated though, that made perfect sense, was if I can legally trade my dinars today for whatever I wish to, while they are worthless, why can't I do it after they gain more value?...Also, if a person wants to sell an item, and instead decides that they would like to trade for dinars, why should he take a large note to the bank and cause a huge tax implication and start the wheels turning as per all of the business shuffling incurred from the same, when I could have possibly, and even legally, just gave someone some of the smaller notes that were more in line with the price or amount that they needed, and then the tax could possibly be paid only once, and not to mention, usually a person selling something really does'nt care how they are paid, as long as they're getting paid....

It seems that most that have a good many of the larger notes, actually do buy a few of the smaller ones, not only as insurance, but for what this guy mentioned above....a hedge for whatever is coming our way....just like we don't know the who, what, why, when, where and how's of this Iraqi Dinar Venture will end....so some say what the heck and go all out, even by getting in the Warka Bank Accounts in Iraq as well as buying into the ISX/Iraqi Stock Exchange...

To each his own, no advice offered, just examples mentioned for what their worth...and always consult an expert before attempting any of the above...IMO...

[Mrs Lady G]

There is a Warka bank in Baghdad's Airport but I still wouldn't fly there and it is illegal for us to take IQDs out of Iraq

[sportfisher]

But there is no possible hedge against an RD. No such thing. The idea makes no sense whatsoever.

correct