Question for the Forum...

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19-11-2006, 12:16 AM
_Apollo_

Question for the Forum...

Fellow investors,

As you can probably guess, we get a high volume of calls in regards to whether we will resume sales anytime soon. Some of those calls may just be out of curiosity, but we have list of customers who want to purchase IF we open up sales.

Because the price of Dinar is going up and harder to get in large enough quantities to keep up with demand, we have been in touch with our contacts at the Trade Bank of Iraq. We have a couple of accounts with them, and have been investigating the possibility of allowing our members and customers the chance to either get an account with them, or if not, to be able to deposit dollars (turned into Dinars) into an account specifically set up for this by us and the TBI.

Because of the regulations of this specific bank, it may not be possible for an individual to have an account there without being there in person.

That being said, I pose a question to the members of this Forum.

What procedure would you, as an individual Dinar holder, feel most comfortable with, if you were to want to place Dollars turned into Dinar in an account that is not in your name?

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

I am not sure of what spread the bank is intending at this time, but I would imagine that the total cost would be less than what Chase is offering for the actual Dinars (not including the wire fees that you would incur from the local bank).

I know that it’s possible to do this with Warka already, and we have met with officials form Warka in regards to this however, we have a good relationship with the TBI, and feel much more comfortable doing business with them.

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

Thank you for your time,

Dan Fadden
CEO
Ompus / FreeDinar
19-11-2006, 12:25 AM
neno

Thanks Apollo, I would consider it, if I had more options and more informed to the Ideal. I do see the small window. But I do know that there are some here that just can not get dinars as easy as others. So this might be a option for some. I for the sake of Rolclub would just say, "Anyone that gets involved with this including me, that we would be on our own free will, No Reponsabillity tied to Rolclub at All". That being said, then do as anyone wants.
19-11-2006, 12:26 AM
rvalreadydang

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

?? Monday?
19-11-2006, 12:34 AM
Mike5200

?? Monday?

So you don't think it will Reval this weekend?:biggrin: :biggrin: :biggrin:
19-11-2006, 12:38 AM
_Apollo_

Neno,

Thanks for the disclaimer... I should have included it anyway.

In regards to Monday, IF they need their currency in the open market for the EU negotiations, then the CBI still has one more, and possibility two more,auctions to pull as much Dinar out of circulation.

Like I said, IF they have a specific number in mind, and haven't reached it yet, they still have time.

This is my opinion as to why, if we don't see a change in the value on Sunday's auction, its no reason to think its not going to happen until December 12th.

Just a thought...

Dan
19-11-2006, 01:17 AM
_Apollo_

One more quick point...

We would be able to supply ANY type of letter or paperwork on our end that would basically be a contract between us and the customer however, it might be possible for something to be generated by the TBI to the customer as well. This whole arrangement would be under the eyes of the TBI and our contact (who is fairly high up in the ranks of the bank and will be made known to the customer).

We are hoping that a Bank Bond could be generated in the customers name and sent in return. This has been discussed during our meetings with the TBI, and is a very real possibility.

Thanks again,

Dan
19-11-2006, 01:27 AM
laurenr

Quote:

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

Would the reverse also be true ?

When the R/V occurs, will we be able to transfer the Dinars back into Dollars and
transfer them by Bank Wire to our Home accounts ?
19-11-2006, 01:31 AM
ordinaryseawoman

Interesting....especially about the Bank Bond...right now I'm in with Warka...and all I have from them are emails that state my acct # and balance. It's risky business and my total investment with them is less than $2,000, so if I lose it, I lose it. It'll suck, but it won't break me. I am interested in the Bank bond--that might provide some extra security. I think it would be helpful if you could provide some additional info about how that might work.

Will you be the intermediary, or will folks have direct access to the bank? Also, will this be a door for folks to get into the ISX should they wish to?

I think I've invested all I will with this venture...but for others who wish to diversify a bit, this might be a good way to go.

Cheers, Tracy
19-11-2006, 01:34 AM
"GK"

Quote:

Originally Posted by _Apollo_

Fellow investors,

As you can probably guess, we get a high volume of calls in regards to whether we will resume sales anytime soon. Some of those calls may just be out of curiosity, but we have list of customers who want to purchase IF we open up sales.

Because the price of Dinar is going up and harder to get in large enough quantities to keep up with demand, we have been in touch with our contacts at the Trade Bank of Iraq. We have a couple of accounts with them, and have been investigating the possibility of allowing our members and customers the chance to either get an account with them, or if not, to be able to deposit dollars (turned into Dinars) into an account specifically set up for this by us and the TBI.

Because of the regulations of this specific bank, it may not be possible for an individual to have an account there without being there in person.

That being said, I pose a question to the members of this Forum.

What procedure would you, as an individual Dinar holder, feel most comfortable with, if you were to want to place Dollars turned into Dinar in an account that is not in your name?

From our discussions so far with the TBI, a wire from any bank (however they specifically mentioned JP Morgan Chase) would be sent to the TBI to our Dollar account, at which time an internal transfer of those funds would be made to the Dinar account, thus turning the Dollars into Dinar.

I am not sure of what spread the bank is intending at this time, but I would imagine that the total cost would be less than what Chase is offering for the actual Dinars (not including the wire fees that you would incur from the local bank).

I know that it’s possible to do this with Warka already, and we have met with officials form Warka in regards to this however, we have a good relationship with the TBI, and feel much more comfortable doing business with them.

Come Monday morning this may all be a mute point (I sure hope so), but if we still have a small window of time, I would like to know if this is something that might interest you, and if so, what would make you feel the most comfortable, short of having your own account?

Thank you for your time,

Dan Fadden
CEO
Ompus / FreeDinar

The new investment law of Iraq states that foreign investors can open bank accounts in iraqi dinars or foreign currency, inside or outside of Iraq. So I don't see how the regulation of the TBI will be allowed to circumvent the investment law of the country they're in. Lastly, if you and your company can have bank accounts, why should anyone else not be allowed to open accounts? I think it's a moot point anyway, especially with the provisions of the new investment law and the fact that chase is now dealing with the IQD. I'm gonna hold on to my dinaros.
19-11-2006, 01:49 AM
_Apollo_

Quote:

Originally Posted by laurenr

Would the reverse also be true ?

When the R/V occurs, will we be able to transfer the Dinars back into Dollars and
transfer them by Bank Wire to our Home accounts ?

This happens daily with them anyways. The TBI holds a large amount of US dollars, in Iraq and abroad. Being that they are linked with JP Morgan (as well as many others) I don't see this as an issue. It’s just a matter of transferring the Dinars back to the Dollar account and generating another wire. It could be even eaiser than this when its fully convertible.

Dan
19-11-2006, 01:57 AM
_Apollo_

Quote:

Originally Posted by ordinaryseawoman

Interesting....especially about the Bank Bond...right now I'm in with Warka...and all I have from them are emails that state my acct # and balance. It's risky business and my total investment with them is less than $2,000, so if I lose it, I lose it. It'll suck, but it won't break me. I am interested in the Bank bond--that might provide some extra security. I think it would be helpful if you could provide some additional info about how that might work.

Will you be the intermediary, or will folks have direct access to the bank? Also, will this be a door for folks to get into the ISX should they wish to?

I think I've invested all I will with this venture...but for others who wish to diversify a bit, this might be a good way to go.

Cheers, Tracy

I can't answer in regards to the ISX, but will forward the question to the TBI.

In regards to the Bank Bonds, we had several discussions with the TBI in the past in regards to this and at that time our roll would have been as an intermediary, and I am sure it would be the same now.

Thanks for the questions,

Dan
19-11-2006, 02:00 AM
_Apollo_

Quote:

Originally Posted by "GK"

The new investment law of Iraq states that foreign investors can open bank accounts in iraqi dinars or foreign currency, inside or outside of Iraq. So I don't see how the regulation of the TBI will be allowed to circumvent the investment law of the country they're in. Lastly, if you and your company can have bank accounts, why should anyone else not be allowed to open accounts? I think it's a moot point anyway, especially with the provisions of the new investment law and the fact that chase is now dealing with the IQD. I'm gonna hold on to my dinaros.

I'm sorry.. My point was that you would have to be there IN PERSON to open the account. You are correct that anyone can open an account there. Now in regards to opening an account here in the USA in Dinars, well I hate to do this but...... LINK?
19-11-2006, 02:28 AM
Hardwood

I understand your business has stopped selling Dinars, but there are several others who have kept selling throughout this questionable time. I believe the safest form of investing in this is to have cash in hand. If it burns up in your basement, that's your fault. If it's in a safe deposit box down at your local bank, great. Either way you can touch it, smell it, see it....you know where it is.

Point is, why not just go back to selling it? Has your physical supply run out?

Any "Depositing money in another person's account" just sounds like trouble waiting to happen. There is no jurisdiction governing this as far as I know. High risk to say the least.

Just my opinion.
19-11-2006, 08:20 PM
Offshore-Wealth.com

Dan,

The problem is, when your company switched software in beginning of year, it was totally screwed up ever since. I spent a ton of time trying to get it resolved with no luck, so my faith in FreeDinar is long gone. Autoship never went into force as promoted, and having entered it three times, with no notice it was not operative, I lost a ton of commissions, so why should we have any faith in your accounting procedures.

Now you are asking if we should deposit money with you to open and manage a mutual account, but how do you insure no one goes through the same hassles as I did, as well as many others I know of with FreeDinar. Many are on this dinar forum since I started it with Adam and Admin, so when accounting really matters, your track record is subject to concerns, even if bank is involved, any questions or problems would be your responsibility. Sorry, but I don't have much faith in your software, accounting or back office tracking anymore, so my answer is no.

Good luck to all, Mike
19-11-2006, 08:32 PM
phiberoptik

Quote:

Originally Posted by Offshore-Wealth.com

Dan,

The problem is, when your company switched software in beginning of year, it was totally screwed up ever since. I spent a ton of time trying to get it resolved with no luck, so my faith in FreeDinar is long gone. Autoship never went into force as promoted, and having entered it three times, with no notice it was not operative, I lost a ton of commissions, so why should we have any faith in your accounting procedures.

Now you are asking if we should deposit money with you to open and manage a mutual account, but how do you insure no one goes through the same hassles as I did, as well as many others I know of with FreeDinar. Many are on this dinar forum since I started it with Adam and Admin, so when accounting really matters, your track record is subject to concerns, even if bank is involved, any questions or problems would be your responsibility. Sorry, but I don't have much faith in your software, accounting or back office tracking anymore, so my answer is no.

Good luck to all, Mike

to go one futher off this..i may be wrong but i could swear the FIL has a stipulation (sp) about investing in the banking sector. And holding bonds from trade bank of iraq considered an investment? nothing against you and yours. but i'm conceren about the ability to produce these documents. i have been the victim of a few REALLY good counterfit documents in the past and even know a few others who are VERY good at producing documents of the same. my question is this. What guarentee is there that these bonds and documents are in fact legit?
19-11-2006, 08:42 PM
"GK"

Quote:

Originally Posted by _Apollo_

I'm sorry.. My point was that you would have to be there IN PERSON to open the account. You are correct that anyone can open an account there. Now in regards to opening an account here in the USA in Dinars, well I hate to do this but...... LINK?

I don't see why one would need to open a bank account in dinars. Unless, you're still scared of a reprint or zero lop. That threat has been bogus from day one. The main point is to exchange the dinars for USD once its exchange
hits your preferred target rate. So why even go to the hazzles, like alot of folks have done, of opening bank accounts over there. Sending money over there is already a huge hassle, wait till most of the folks starts requesting their funds back. A good example is Warka. They've been advocating their electronic banking since day 1, but up to now, it's still just all air. Warka knows, if they implement that, what's stopping all these foreign account holders from electronically transferring their deposits back here in the US. So pretty much you'll probably not going to see any semblance of electronic banking from warka for a loooonnngg time.
19-11-2006, 09:08 PM
Inscrutable

Quote:

Originally Posted by _Apollo_

I'm sorry.. My point was that you would have to be there IN PERSON to open the account. You are correct that anyone can open an account there. Now in regards to opening an account here in the USA in Dinars, well I hate to do this but...... LINK?

Can you offer any proof that you have an account with the TBI, some sort of official document scanned from the person who opened the account.
I'm not calling you out on this but if your sales were at such a high demand you could simply get to the nearest Chase bank, even if it requires a flight to NYC and stack up on a few hundred million. Chase will even give you a better rate for larger quanities.
I would advise all not to have any third party open an account unless that party can provide documentation that they are bonded as a money exchanger and can gurantee your funds in the event of a revluation. For all you know you could end up with problems and only be offered the value given should someone default on their duty. There are also still many dealers in the states that are shipping next day COD.
19-11-2006, 10:07 PM
Bubba Dinar

Why?

Why would I want to? :blush: