Thread: Iraq/Dinar News. 09/05 to 01/14/07

I'm so excited about this! ;-)

Just to have things straight in my mind...

When the peg happens, we will be able to go to any bank that exchanges foreign currency and exchange our dinars. I'm thinking it would be better to go to one of the larger branches or main office in my area? And perhaps the bigger banks themselves? Such as Bank of America, HSBC, M&T?

I'm also thinking that I would need to speak to one of the officers/CSR's in their offices, not the teller window...or even the manager? This is not your 'run-of-the-mill' transaction, if you know what I mean!

Adster, you gave your bank's manager the heads-up already if I remember correctly he was pretty much stunned into silence. (as well he should be w/your volume! lol!)

But how would the conversation go? "I have some foreign currency that I would like to exchange." ... "All right miss, which currency and how much would you like to exchange?"... "The Iraq dinar...."

Which will probably be followed with confusion and numerous phone calls and me sitting there with my purse filled with dinars....

How would you go about this process so that it goes smooth? I'm assuming that you should have an account with the bank that you go to also...or open one the day that you go to exchange...

I just want things to go swift-and-smooth! And any help you can extend to me is ALWAYS appreciated! I know I'm silly at times (children'll do it to ya! lol!) but this could be LIFE-CHANGING for me and my family! (parents included!)

I just would like to do everything properly so that no-one will ask questions later. Like taxes...call my tax madam or do they get deducted at the time of exchange? So many questions out of lil'ol'me...but you all are the only ones I can ask! loL! ;-)

Thanks in advance!
Warm regards to all,
Tiffany :-)

Originally Posted by tiffany

I'm so excited about this! ;-)

Just to have things straight in my mind...

When the peg happens, we will be able to go to any bank that exchanges foreign currency and exchange our dinars. I'm thinking it would be better to go to one of the larger branches or main office in my area? And perhaps the bigger banks themselves? Such as Bank of America, HSBC, M&T?

I'm also thinking that I would need to speak to one of the officers/CSR's in their offices, not the teller window...or even the manager? This is not your 'run-of-the-mill' transaction, if you know what I mean!

Adster, you gave your bank's manager the heads-up already if I remember correctly he was pretty much stunned into silence. (as well he should be w/your volume! lol!)

But how would the conversation go? "I have some foreign currency that I would like to exchange." ... "All right miss, which currency and how much would you like to exchange?"... "The Iraq dinar...."

Which will probably be followed with confusion and numerous phone calls and me sitting there with my purse filled with dinars....

How would you go about this process so that it goes smooth? I'm assuming that you should have an account with the bank that you go to also...or open one the day that you go to exchange...

I just want things to go swift-and-smooth! And any help you can extend to me is ALWAYS appreciated! I know I'm silly at times (children'll do it to ya! lol!) but this could be LIFE-CHANGING for me and my family! (parents included!)

I just would like to do everything properly so that no-one will ask questions later. Like taxes...call my tax madam or do they get deducted at the time of exchange? So many questions out of lil'ol'me...but you all are the only ones I can ask! loL! ;-)

Thanks in advance!
Warm regards to all,
Tiffany :-)

Control yourself woman! we're not there yet, lol.

Ok, my take is that once it's convertible and hence a worldwide currency you will be able to exchange them in any main branch of bank. I know some in the US are currently buying and selling dinars, think BoA is one of them.

Personally you'd be better off phoning around and getting the best rate as they will vary. I intend to have my bank manager kiss my .....boots! and give me the biggest Havana he has in his case, lol. What you have to remember is this will be huge business for the banks. They may well e ven hold onto our dinar for a while knowing it will rise from say the rate we cash them in at to a lot higher rate in the future. We will hold all the aces in the pack. There was a discussion on IIF forum about getting a load of folk together who live near each other and getting the best rate possible due to the millions they could exchange between them. Something to consider here maybe for you US dinar holders.

But yea, when the time comes, an exchange will happen, and I'll walk out with a fat check with Mrs A and head to the nearest pub to get rat arsed. ;0)

Tiff,

A bank will be more than happy to open an account for you when the time comes to cash in. As for tax, not sure over in the US, Mike's the man.

Being in the US, I'm curious about this as well. I doubt that there will be tax taken out at the time of exchange BUT you can bet the US banking authorities (Homeland Security, for that matter) and the IRS will be alerted to such a huge transaction. This would be the case regardless of whether you make a deposit, CD purchase, or walk out of the bank with a check. I could use a "heads up" on this as well. Mike? You out there, Mike? LOL

EW

I reside in the US as well...dallas, texas.. Anyone else reside in Dallas? like adster said maybe we can get join together and call around for the best deal from the banks when it PEGS!!!

travis

Hello Mike, Adster, Everybody... If this thing really takes off the way it's supposed to, then yes, we have to meet somewhere.I would propose Spain because I do love the Country but any place will do. Looking forward to meeting you all, People....Best....

Interesting,

As with all current exchanges you make, and I make quite a few as I travel a lot, I have never been asked to complete any forms for tax purposes, unless I was exchanging $10K or more which was never the case, so far. (g)

If you were to deposit over $10K, then your bank will ask you to complete a document 8300 disclosing the cash transaction. Now remember, even if you exchange one currency for another, which is what we will be doing, this is not the same as receiving cash from one for a purchase of goods or services since you already own the dinar. This does not fall under the same guidelines, but you have to be aware of the 8300 requirements to file.

As to offering any information on large amounts you are exchanging, then it will come under question for other reasons, this being income, sales of goods or service, etc. I am not saying not to claim it as profits if you are cashing out large amounts all at once, but for me, I will cash a little at a time while traveling to avoid hassles and cost associated with reporting.

You see, who but you knows what you paid for dinar. Personally, I think this is one of the most perfect investments you can make for tax purposes. I will invest much of my dinar into other Iraqi investments, stocks, as example, so this will defer tax issues until I bring profits back into US, which is another story. (g)

http://www.yale.edu/tax/docs/rules_def_8300.pdf

Good luck to all, Mike

It also depends on if you know your banker. Last year, my husband and I deposited a check for $22,000.00 and was never questioned, and never had to fill out any forms. It was on a Friday, and our money was available on Monday, the next buisness day. Now my brother-in-law, had a check for about the same amount, but banked at a different bank, and the local banker did not know him by face when he walked in. His check was held for 2 weeks, and he had to fill out forms for making a transaction over $10,000.00. My advice to you is get your banker to know your face! You would be surprised how well it works.

Mike,
Have PM'ed you.

:-)

Originally Posted by choochie

It also depends on if you know your banker. Last year, my husband and I deposited a check for $22,000.00 and was never questioned, and never had to fill out any forms. It was on a Friday, and our money was available on Monday, the next buisness day. Now my brother-in-law, had a check for about the same amount, but banked at a different bank, and the local banker did not know him by face when he walked in. His check was held for 2 weeks, and he had to fill out forms for making a transaction over $10,000.00. My advice to you is get your banker to know your face! You would be surprised how well it works.

I'm wondering if there would be a difference seeing as though the dinar exchange is different than depositing or cashing a check. Which TECHNICALLY we would be exchanging money-for-money...I don't know...but you are right choochie, it is better to know your banker. :-)