Thread: Let's Have An Exchange "Fire Drill" !

O.K. everybody! With the peg appearing to be SO CLOSE, I thought that it would be beneficial to know EXACTLY what to do if you wish to exchange some immediately!

Like specific steps....

1. Call the banks in your area and see if they are exchanging and at what rate. From what I gather some banks charge a higher fee to do a foreign currency exchange...and some banks won't charge the fee if you have an account with them. It would be good to 'shop around' for the best deal over the phone rather than running around town from bank-to-bank!

I have a question about the "less than $10k" rule. If you go to a bank and exchange $9500.00 worth...should you DEPOSIT IT into an account at THAT BANK, OR should you get a cashiers check/bank draft/cash and LEAVE that bank and take it to a different bank to deposit. I was wondering about the 'paper trail' depositing it into the bank that you do the exchange at.

I just thought it would be nice to have a 'spot' just about exchanging and the "DO'S and DON'TS" because I'm probably going to need a print out of what I need to do when these babies peg because my head will probably POP right off my shoulders from the excitement!

Thanks guys...for everything!
Tiff

Great Thought Tiffany. Wachovia Bank can and will depends on what branch you use. Like for me in a smaller city I have to give them two Day notice. Or I can run down to the airport and do exchanges immedently.

This is good. I need a list too, cause Ewalt and I are going to the Harley shop and pick up my new Bike and going on a ride. We thought we would hit every Big City on a Road Run hitting Banks as we went until we were exchanged out. You know filling them Saddle Bags up. But if it is best to open up accounts at each, thats cool too. That way we don't need to care any Hardware.

So this is good. Lets get some input.

Regarding paper trail, in the US you really don't want to fool around with the Fed. I did a little research a while ago when it looked like Pips might actually pay something, and found some info that the safest way to avoid paper trail is to transact off US soil, open a Swiss account, go there physically and buy travellers checks. As of now the Swiss, bless 'em, are still stonewalling the US efforts to give information on US citizens who have accounts there. I seem to remember that when Picpay was up, that there were prepaid, no name credit cards available at very large amounts. Anyone know anything about the status of those?

Originally Posted by ourhouse37

Regarding paper trail, in the US you really don't want to fool around with the Fed. I did a little research a while ago when it looked like Pips might actually pay something, and found some info that the safest way to avoid paper trail is to transact off US soil, open a Swiss account, go there physically and buy travellers checks. As of now the Swiss, bless 'em, are still stonewalling the US efforts to give information on US citizens who have accounts there. I seem to remember that when Picpay was up, that there were prepaid, no name credit cards available at very large amounts. Anyone know anything about the status of those?

Those were the Visa cards and they were being offered by merchants.

Looks like I'm going to have to find an accountant that knows his "stuff" about capital gains...Can't be flying around from country to country..I've got my kiddies! Capital gains tax is better than jail....(I guess! )

"Come on Dinar!"

Hey Tif, I am with you. I don't want to be looking over my shoulder all the time for feds. I can not picture me in jail for quite a few reasons!

While I agree that I don't want to give up my newfound wealth to taxes, if you take your initial lump, you wouldn't owe anymore on it later.

Investigate ways to minimize your taxes (as will I) but pay what is due, when due. No sense losing more in the long because of taking short cuts in the now...

EW

Originally Posted by flygirl1

Hey Tif, I am with you. I don't want to be looking over my shoulder all the time for feds. I can not picture me in jail for quite a few reasons!

Care to name them?

1. Orange really isn't 'my color'
2. No jewelry allowed
3. No make-up
4. No comfy matresses

Last but not least (for ME anyways..)
5. I'm Nobody's B**ch!

PLUS my hubby's a cop, and he is so "by the book" it's REDICULOUS!

We are pretty much total opposites...I'm super fun, friendly, playful and like people...and he's ummmmm NOT. I think that's probably why they say that opposites attract...because if I was married to someone like ME we'd both probably just self-combust! LOL!

O-well, back on topic I guess!

Originally Posted by everwiser

While I agree that I don't want to give up my newfound wealth to taxes, if you take your initial lump, you wouldn't owe anymore on it later.

Investigate ways to minimize your taxes (as will I) but pay what is due, when due. No sense losing more in the long because of taking short cuts in the now...

EW

Very good advice EW.

By "taking your initial lump" , I'm assuming that you mean to just "bite it, forget about it, and be done with it", is that right?

I don't know what I will do. I know I will pay taxes, but 28% sounds excessive. I have a good tax man. When this hits I will call him and decide then.