Selling Foreign Currency...

Hello guys, I've been trying my best to keep up with your posts here, which are all very interesting... Especially that April 10th, update, but I have a concern and I would love input on this... I was wondering, do you have to open an account anywhere to secure your foreign currency investment say it be Iraqi dinars and/or Vietnamese dong?!? If so, where would one go?!?

If not, what what financial institutions would buy them back?!? I've had my dinars for about maybe 2-3 years now and I started buying dong sometime last year... So I'd love to get some really sound insight into all of this... I'd hate to be sitting on something valuable and not be able to cash in on it properly when it's time... Thanks again and have a great Easter Holiday...

This may be a good time to resuscitate this thread.

If and when the big day arrives, we are going to be running to our favorite financial institutions to make some serious exchanges/deposits. Thinking ahead, I decided to chat up a teller at BoA with a currency question.

I asked that when the IQD becomes a convertible currency, how long will it take for BoA to get the memo authorizing exchanges of the IQD? The teller replied that it could take weeks or months to get that memo!

I have not yet called any other institutions to make the same inquiry. Does anyone have any input on how long it will take the banks to get on board with exchanges?

Thanks for the help.
:help:

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Originally Posted by Din Diesel

This may be a good time to resuscitate this thread.

If and when the big day arrives, we are going to be running to our favorite financial institutions to make some serious exchanges/deposits. Thinking ahead, I decided to chat up a teller at BoA with a currency question.

I asked that when the IQD becomes a convertible currency, how long will it take for BoA to get the memo authorizing exchanges of the IQD? The teller replied that it could take weeks or months to get that memo!

I have not yet called any other institutions to make the same inquiry. Does anyone have any input on how long it will take the banks to get on board with exchanges?

Thanks for the help.
:help:

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If it hits the forex markets it shouldn't take any more than 24-48 hrs for any major bank to have it in their foreign currency exchange list. Please note that I am referring only to the major banks (international transactions). Go to the website of any of them and look at the currency exchange rates listed. You will see basically every currency that is listed on the forex markets.

Quote:

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Originally Posted by Cdn Scrooge

If it hits the forex markets it shouldn't take any more than 24-48 hrs for any major bank to have it in their foreign currency exchange list. Please note that I am referring only to the major banks (international transactions). Go to the website of any of them and look at the currency exchange rates listed. You will see basically every currency that is listed on the forex markets.

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That makes sense. I figured that teller was full of it.

I have noticed that some of the big bank websites dont list currency exchange rates. That kind of worried me. After the R/V things should change. Thanks for your response.

chase bank, hsbc will exchange..dinartrade will as well. remember-its all about the trade. also all banks have foreign currency depts. any bank will find a way to exchange.

Quote:

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Originally Posted by lglwzrd

chase bank, hsbc will exchange..dinartrade will as well. remember-its all about the trade. also all banks have foreign currency depts. any bank will find a way to exchange.

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You've set a few minds to rest, thanks lgl!