Thread: Cashing in, please read.

Originally Posted by funwit

Scotia Bank is Bank of America

Actually that isn't correct...
BoA is an American bank and Scotia is a Canadian bank.....although they are affiliated with each other...they are not the same.

This is my first post.

I saw Travelex mentioned. I am in the process of hiring one of their field reps. When asked he was not aware of any trading of Dinar. He mentioned that it may be because of the current low value. I asked him about the exchange rate. He warned me that it could be as high as 6%...will banks do better than 6%? He deals at the commercial level and exchanges currency for companies traveling internationally.

Originally Posted by Captain

This is my first post.

I saw Travelex mentioned. I am in the process of hiring one of their field reps. When asked he was not aware of any trading of Dinar. He mentioned that it may be because of the current low value. I asked him about the exchange rate. He warned me that it could be as high as 6%...will banks do better than 6%? He deals at the commercial level and exchanges currency for companies traveling internationally.

Yea I would think you should be able to do much better than that. Shop around, take your time. Check with your wealth or investment advisor.

I had first posted in the news thread that my local bank is still selling dinar and at what rate, etc. I also voiced my concern as to them verifying the authenticity of the notes in front of me when exchanging for dollars and not leaving my hands and then being told they were bogus. Huge concern when dealing with the amount of money we are speculating we will be dealing with. Anyway, I was told the bank's international currency manager would call me back. She called me within two hours and explained to me that B of A which services my local bank and they also use Loomis Fargo to authenticate the bills. You go to the teller window, and they will count and receive your bills, but then they have to go to Loomis Fargo which is where their authenticity is checked. They give you a credit memo, but it must take a couple of days (I forgot to ask how long, sorry) for them to actually deposit the dollar amount into your account until they KNOW the bills are authentic. I explained to her that I was a little concerned about my bills leaving my hands because of the possible value and she said she understood, but that is the way they do all of their foreign currency. I think what I will do, is to just take in a couple of notes and see how the process goes when it is the time to do so. My next call is to Loomis Fargo to see if I can have then directly authenticate large amounts in front of my own eyes and see what they say. They'll probably tell me to take them to the bank first. Hope not, though--I'd rather have it done in front of me. The bank manager has not received any memo from BofA telling them to stop selling dinar and she said that she has not heard any word at all about the IQD. She just sees orders coming through once in awhile.
I asked her about honoring the 25k notes and she made it clear that the value will be there whether they are phased out or not and they would honor them. She said the same with USD that is not in circulation anymore, they would still honor the face value. Very nice lady and very helpful. Oh, I need to make a correction....The BofA that services my local bank is in Los Angeles not Chicago as I mentioned previously.
Loomis, Fargo & Co.