Dinar and Kuwait Bank

[John in Kuwait]

I was just thinking. I have an account at Burgan Bank in Kuwait. When the RV happens would it be a good idea to deposit all my IQD i n their bank, then just transfer to my US bank once a year? As of now the Burgan Bank doesn't even trade IQD, but when the RV happens I would think they would.

Any thoughts?

[RicknSaudi]

I was just thinking. I have an account at Burgan Bank in Kuwait. When the RV happens would it be a good idea to deposit all my IQD i n their bank, then just transfer to my US bank once a year? As of now the Burgan Bank doesn't even trade IQD, but when the RV happens I would think they would.

Any thoughts?

Absolutely John. Any links to the middle east with regard to bank accounts will a.) get you solvent faster and b.) give you a slightly better exchange rate without the high spreads (something about their Islamic banking laws that prevent them from gouging people). I say this because I deal with the Bank of Abu Dhabi and they are ready to see my accounts "blossom".

Remember though, you still can only transfer up to the equivilent of $10k per day without your receiving banks in the states tipping off the feds. However, I say no big deal. Pay your taxes and live large!

Edited December 11, 2011 by RicknSaudi

[skitealwedrop]

I was just thinking. I have an account at Burgan Bank in Kuwait. When the RV happens would it be a good idea to deposit all my IQD i n their bank, then just transfer to my US bank once a year? As of now the Burgan Bank doesn't even trade IQD, but when the RV happens I would think they would.

Any thoughts?

Keep in mind that all deposits over 10k are reported to the IRS. I'm not sure where your going with your post. From a tax stand point I urge you to do the right thing. It would be sad to be wealthy and have one's a$$ parked in a Federal prison.

[John in Kuwait]

Good advice. I'm not looking to avoid taxes, just an easy way to cash in my IQD.

Thanks for the input.

[delta22]

Brother I am here in Kuwait and have accounts in NBK. # years ago NBK had IQD accounts,but no more. But when it rv's you will be able to exchange and deposit in your bank. Just be aware Kuwaitis are the biggest thieves and can freeze and or attach your account at whim.

[stargazer55]

Keep in mind that all deposits over 10k are reported to the IRS. I'm not sure where your going with your post. From a tax stand point I urge you to do the right thing. It would be sad to be wealthy and have one's a$$ parked in a Federal prison.

Just an FYI, because of U.S. anti laundering laws, all banks and financial institutions are required to file SARs (Suspicious Activity Reports) to the government. Regular deposits just under $10K raise an immediate red flag and will eventually trigger a SARs report. In addition, even regular deposits well under $10K will trigger a SAR report if a legitimate purpose is not linked to them. I have to ensure that my team finishes & passes their anti laundering training on an annual basis. If they fail to pass after remedial training they are let go. This training is required of ALL bank employees regardless of of their duties.

The best course of action is to read Adam's Cash In Guide and consult with a reputable tax attorney who is familiar with foreign currency issues.

Regards

[Elixirbaby]

Just an FYI, because of U.S. anti laundering laws, all banks and financial institutions are required to file SARs (Suspicious Activity Reports) to the government. Regular deposits just under $10K raise an immediate red flag and will eventually trigger a SARs report. In addition, even regular deposits well under $10K will trigger a SAR report if a legitimate purpose is not linked to them. I have to ensure that my team finishes & passes their anti laundering training on an annual basis. If they fail to pass after remedial training they are let go. This training is required of ALL bank employees regardless of of their duties.

The best course of action is to read Adam's Cash In Guide and consult with a reputable tax attorney who is familiar with foreign currency issues.

Regards

Thanks star. Soooooo you work for a bank?

[skitealwedrop]

Just an FYI, because of U.S. anti laundering laws, all banks and financial institutions are required to file SARs (Suspicious Activity Reports) to the government. Regular deposits just under $10K raise an immediate red flag and will eventually trigger a SARs report. In addition, even regular deposits well under $10K will trigger a SAR report if a legitimate purpose is not linked to them. I have to ensure that my team finishes & passes their anti laundering training on an annual basis. If they fail to pass after remedial training they are let go. This training is required of ALL bank employees regardless of of their duties.

The best course of action is to read Adam's Cash In Guide and consult with a reputable tax attorney who is familiar with foreign currency issues.

Regards

Thanks for the information Star. I work in the accounting field and was not aware of the SARs report.

[BradyBear]

Just a Note for all my Christian Brothers and Sister here:

We only will get 1 Million, out of that I figure 35% Uncle Sam will grab then probably 2% more for the Trade In Bank.

Out of what is left comes 10% Tithing, doing with a great Joy in our hearts!

Guess that will leave us with around 650,000.oo

But if one builds Biblicaly with that then You shall have Dividens and other income that is way above what most of us get as our hard earned monthly income!

Keep GOD in the equation at all times, Pray and Meditate on His Wisdom and the garden shall grow more beautiful then beyond Your imagination!

Then, You will always have a restful sleep and have no need to keep looking over your shoulder!

[jeepguy]

uhhhhhhhh star is a banker ?????? we want too hear bank stories from this guy ,,,,,,NO REALLY i bet ya got some dooozies

Edited December 11, 2011 by jeepguy

[skitealwedrop]

uhhhhhhhh star is a banker ?????? we want too hear bank stories from this guy ,,,,,,NO REALLY i bet ya got some dooozies

I think that's why Elixir was hitting on Star. He's trying to pump him for stories.

[stargazer55]

Thanks star. Soooooo you work for a bank?

For a financial institution on the credit/debit card operations side.

FYI, I have tried to tap into my sources as high up the ladder as I can go (which is high enough) & can tell you that the people on this forum are more informed than those fairly high up including the foreign currency dept. If I had any info that would be helpful I would find a way to channel it here. So far nothing. My best recommendation is to follow Adam's posts.

[John in Kuwait]

Another reason I want to deposit it here is that I can't fly home with more than $10,000 in cash. So I don't want to be caught smuggling IQD back into the US if it RV's that high.

[skitealwedrop]

Another reason I want to deposit it here is that I can't fly home with more than $10,000 in cash. So I don't want to be caught smuggling IQD back into the US if it RV's that high.

John, cash out in Kuwait and wire the money from your account in Kuwait to your US accounts ASAP (assuming that the Kuwaiti's are theives as you stated in your prior post).

[Elixirbaby]

For a financial institution on the credit/debit card operations side.

FYI, I have tried to tap into my sources as high up the ladder as I can go (which is high enough) & can tell you that the people on this forum are more informed than those fairly high up including the foreign currency dept. If I had any info that would be helpful I would find a way to channel it here. So far nothing. My best recommendation is to follow Adam's posts.

Thanks star. Hopefully some good news is coming our way.

Go RV

[DinarBot]

I was just thinking. I have an account at Burgan Bank in Kuwait. When the RV happens would it be a good idea to deposit all my IQD i n their bank, then just transfer to my US bank once a year? As of now the Burgan Bank doesn't even trade IQD, but when the RV happens I would think they would.

Any thoughts?

Don't let your IQD leave your hot little Human hands. Period. Unless cashing in at North American Bank. A Bird in the hand is worth 2 Camels on a Flimsy string.

[rvb4jan1]

After hearing all of the horror stories about Kuwait, I would be very cautious about putting my IQD in their bank, period..

[John in Kuwait]

John, cash out in Kuwait and wire the money from your account in Kuwait to your US accounts ASAP (assuming that the Kuwaiti's are theives as you stated in your prior post).

That was my first instinct. I really shouldn't leave it in the bank here, just use the bank to wire to my home bank.

[crackerman58]

Just a Note for all my Christian Brothers and Sister here:

We only will get 1 Million, out of that I figure 35% Uncle Sam will grab then probably 2% more for the Trade In Bank.

Out of what is left comes 10% Tithing, doing with a great Joy in our hearts!

Guess that will leave us with around 650,000.oo

But if one builds Biblicaly with that then You shall have Dividens and other income that is way above what most of us get as our hard earned monthly income!

Keep GOD in the equation at all times, Pray and Meditate on His Wisdom and the garden shall grow more beautiful then beyond Your imagination!

Then, You will always have a restful sleep and have no need to keep looking over your shoulder!

Not trying to stir up anything, but isn't a tithe supposed to be 10% of what you get from an investment or salary... not after taxes and other greedy hands?

[Sparta]

I was just thinking. I have an account at Burgan Bank in Kuwait. When the RV happens would it be a good idea to deposit all my IQD i n their bank, then just transfer to my US bank once a year? As of now the Burgan Bank doesn't even trade IQD, but when the RV happens I would think they would.

Any thoughts?

Your question seems "kinda" moot at this point, but I like your positive attitude when you say "When the RV happens..." (Not "IF the RV happens..."). I give you a +1 for that little subtlety!