Glad you're feeling better about it.
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whats the current BUY from bank rate ( chase )
and what is the turn-around?
still 10 days plus on average?
thanks
I can certainly see and agree on that understanding and a few holes can be examined carefully to decide its authenticity. One normally deals with the same bank and the Manager or Director of the branch will help work it out somehow unles it is an outright counterfeit.
Pat. :cheers:
Yes, I saw that too. But not sure from what hey posted as to whether that was the price they paid on a purchase or just a quote they were given. Quite often the tellers mistakenly quote the bank's buy rate instead of the sell rate. I also saw where someone else purchased some dinars monday at a chase bank for around 860.00 per mil (I can't remember the exact rate and I'm too lazy to go look again but I know it was in the high 800's) and someone else purchased some this week at a credit union for 895.00 per mil.
mike brown-why dont people buy from chase anymore?? who has better rates other than iraq?
chase has been in high $800's for about a month i believe, not $775
but my main cocern was time frame of delivery after purchase, as of 2 weeks ago it was 10-15 days on average, but i guess it's back to next day delivery now?
thanks
as of 2-6-07 CHASE is selling for $863.70 per million
I have never bought dinar from a bank. What is the proper way to ask for them? Should I ask them (my Chase branch) if I can purchase other currencies there, or is it referred to as an exchange. I just don't want to get flustered at the bank and then look suspicious or something.
:redface:
~geo
[QUOTE=geoman1;167586]I have never bought dinar from a bank. What is the proper way to ask for them? Should I ask them (my Chase branch) if I can purchase other currencies there, or is it referred to as an exchange. I just don't want to get flustered at the bank and then look suspicious or something.
:redface:
~geo[/QUOT
Hey Geo,
Just walk right up to the teller and say " I'd like to buy some foriegn currency please" then they will in turn say, "which one"? and you will simply reply with a huge smile on your face:woohoo: "Iraqi Dinar"....Hope this Helps!!!
COME ON YOU FREAKIN DINAR!!!!!
Yes, just go to the teller Table and ask for it. I sometimes ask for Iraqi Dinar too. But they know when I show what I want. lol
I order Friday and the Buy Rate was .00086180 which means $861.80 per mill. Plus it is back to next day deliever time. Or it was on Friday. :ro_emote:
Thanks everyone! I appreciate the tips. Have a great week and cheers to a quick RV!
You look pretty suspicious to me!
I already knew how to do this, having exchanged currency fairly often since I was about six years old, but I was still a little nervous about asking for the Dinar, especially since some people had reported some difficulties with their transactions/banks. When I finally went to the bank, though, the tellers were very matter-of-fact and the whole thing was a non event. It's an everyday transaction to the tellers, even if they may not be familiar with this particular currency.
I buy dinar in small amounts as I can afford to. I have no nearby banks exchanging them, so I have bought them from Dinartrade, since rolclub folks have ok'd them as a reliable source.
Always, until this morning, I have been able to order the amount I want and they'll ship overnight to me...and I exchange a certified check for the shipment the very next day.
I've really felt good about this, since there's a prompt exchange: my dollars for dinars - no waiting and worrying.
This hasn't been done for the last short while according to the person who spoke to me (not, I think, Ali).
I was not given a reason for the change.
Does anyone know of another source I can use?
Can this have any meaning for our investment?
I just spoke with Dinar Trade to see what the procudure here in TN would be because there is no Chase bank in TN.
They said Chase charges 9% but they will only charge 2%
Stik,
I just spoke with Dinar Trade not 30 minutes ago. One of the people I work with got his Dinar this morning, as Fed-Ex is moving even though the Post Office isnt.
He ordrerd his dinar Friday and got it this morning. we were not told of any issues.
I had called them to find out how to exchange my Dinars when it RV's. They siad they would only take 2% while chase will take 9%. Just meet them at the their bank and the would have the money wired to my account.
Interesting
If you would like to purchase offline call 661-472-8510
All Orders are shipped within 24hrs except public holidays and weekends.
Screw Chase, Bank of America will charge no fee for exchanging dinars when the time comes. The only charge will be for shipping the dinars to their foreign exchange banking site. Wells Fargo will do the same. It will not be necessary to do business with banks that will rip us off for 9%. Heck, that is more than the long term capital gains tax on our profits.
I was just at Bank of America . They said when it goes on the market with the RV they would Most likely exchange it. asked if there would be a fee the teller told me she didn't know . BOB
I don't think she had a clue.
That really not true.
BOA tells you there's no fee to any customer but what they do is. Let's say the market rate for that day is, 1 IQD = $1.28 they buy your dinar at let's say $1.25 then they resell them on the market for the $1.28 thus making 3 dollars on every dinar you have. It works out to about 3 or 4%. I looked into this here in Boston and spoke to them. They don't tell you this until you grille them. They want money and that's all they want. Sorry wish it was different..
Rocky....
Rocky , thanks for the INF on BoA. I didn't think the girl had a clue and after i left the bank probably RAN to her supervisor to find out. I was in the drive thru lane and holding up trafffic when i asked her. BOB
I know we have gone over this many times before, but since then, I have talked with the Mgr at Wells Fargo, SLC. and this was the end results.
I mentioned the 20 to 30 mil qty and asked if they would be interested in an exchange fee of .005% based from the CBI's posted value of that day and he said they would have to inspect the notes first. I said it would have to be in my presents. He agreed.
so ive been researching this issue. there is a diff between fees and exchange rate. a fee can be a $$ transaction fee. ex: b of a waives the transaction fee for its customers. but the exchange rate is unknown at this time for the dinar. some people are calling their banks and asking for the exchange rates (spreads) on known and forex traded currencies. as far as the nid is concerned-it is a wait and see situation. by the time the rv is enacted-we will all post who is exchanging and at what rate. it might be that chase is offering the best spread-we dont know yet since they are the only ones buying back out of the major banks. im actually going thru ca bank and trust. they do not have a for curr dept but will eventually exchange via a central for currency dept (unknown). it might be a better or worse spread. so dont be so hasty to screw chase-they may be your best friend. NOBODY KNOWS YET.....
Hi PAn8tv,
I was a commodity (currencies and precious metals) broker for some years. We always told the client that there was no 'charge' for selling, nor buying. We were told to use the terms "bid" and "ask". Ask is the price we charged when a client bought, and bid was the price we paid the client when the client sold. Obviously, the prices were different. The terms, 'bid' and 'ask' varied from place to place. The best question that you can ask Chase or anyone else for that matter is this: How much would you charge me today for delivery to me of ie., 1 million IQD - then make a note. Then ask this question: How much would you pay me today if I delivered to you here today 1 million IQD - do not get involved in their terminology - it is designed to deceive. With the answers to the two questions above, you can make your own determination.
Thanks,
Scott Paye
Hey Rocky, Your figures arn't quite right, they are making .03 cents per dinar not three dollars, but you are 100% correct when you say you need to grille them as you really do. I finally after much grilling got the lady at our local BofA to admit that they have a 2.25% hidden charge on buying currency, so people need to really grille them to find out just how much they charge. Seller be aware.
Went to Chase today and the teller knew nothing about Dinars...LOL....she about crapped her pants when she asked me how much I wanted to buy and I said 1 million. :toofunny:
Anyway, she screwed up and processed it as me selling to the bank. She quoted me approximately $715 per mil, so that is the rate they would be buying dinar at today. When she realized she did it incorrectly, her supervisor then said the total was $861.8
.............sooooooo
Today's Rates:
Chase would buy 1 mil dinar for approx. $715
Chase would sell 1 mil dinar for $861.8
That's a 20% spread! What a rip!!!
Then again, they were all screwed up, so take it with a grain a salt. These are just the numbers they quoted me today
Very true Neno!
It was just a shocker to me that's all.....when the time comes, I think I will shop around for the best deal. Probably most people will do the same.
As was said before, Chase may very well have the best exchange rate. Only time will tell. Thanks again for the tip on how to ask for the dinar, much appreciated. Everything went smoothly.
~geo
I thought I would relay my latest experience at Chase bank here in the Houston area. I've made a couple of purchases in the last two weeks for family members and friends, and yesterday when I placed an order something new happened.
I guess I have only ordered in multiples of 25,000 before because yesterday I tried to order an amount that would have require the use of smaller denominations at the computer would not allow it. Apparently their currency supply has dwindled to only 25,000 dinar notes.
This is just a reminder so that anyone in this area, and I'd imagine other areas as well, that the variety of denoms is drying up so when you order, just plan on ordering in multiples of 25,000. (i.e. - 300,000 and not 310,000)
Have a good one ya'll.