Thread: Cbi Mistake

" Chase buy rate is .261 And the Sell rate is .283 "

does this mean ..

Chase will buy dinars from you at 0.261 and sell dinars to you at 0.293 (IQDUSD rate)

or

If YOU want to BUY dinars then the rate is 0.261 and if YOU want to SELL dinars the rate is 0.283 (USDIQD rate)

????

how does Chase normally quote the BUY/SELL rate .. this is important >> its the LATER version we want !!!!

Originally Posted by whatmeworry

" Chase buy rate is .261 And the Sell rate is .283 "

does this mean ..

Chase will buy dinars from you at 0.261 and sell dinars to you at 0.293

or

If YOU want to BUY dinars then the rate is 0.261 and if YOU want to SELL dinars the rate is 0.283

????

how does Chase normally quote the BUY/SELL rate .. this is important >> its the LATER version we want !!!!

Chase will sell to you higher than they will buy back. They are speaking from their side of the fence...the lower rate will always be what they will buy them back for. They will never sell to you lower than what they will buy them back from you...they lose money that way and we all know banks are not in the business to lose money.

Hope this helps,

Patty

Originally Posted by davzgirl

Chase will sell to you higher than they will buy back. They are speaking from their side of the fence...the lower rate will always be what they will buy them back for. They will never sell to you lower than what they will buy them back from you...they lose money that way and we all know banks are not in the business to lose money.

Hope this helps,

Patty

of course .. that's obvious ..
that's why i'm trying to figure out if they are quoting a IQDUSD rate or a USDIQD rate .. if .. USDIQD .. then .. it is still possible that the first guy that Neno was talking to was quoting USDKWD .. but if it was an IQDUSD rate .. then .. it's not likely he was talking about Kuwait dinar ...


to futher illustrate:

If this is a IQDUSD rate ... then:

1,000,000 dinars would cost you US$283,000 (0.283 the SELL rate) .. and you could sell it for US$261,000 (0.261 the BUY rate)

if it was a USDIQD rate .. then:

1,000,000 would cost you US$3,831,417 (0.261 the BUY rate) and you would get only US$3,533,568 for it (0.283 the SELL rate)

Originally Posted by whatmeworry

of course .. that's obvious ..
that's why i'm trying to figure out if they are quoting a IQDUSD rate or a USDIQD rate .. if .. USDIQD .. then .. it is still possible that the first guy that Neno was talking to was quoting USDKWD .. but if it was an IQDUSD rate .. then .. it's not likely he was talking about Kuwait dinar ...

Sorry, I thought that was what you were asking . It could be possible that the first guy was misreading and quoting the KWD, but Neno says he confirmed several times that he was talking about the IRAQI Dinar. The guy may just be new and doesn't know there is a difference...would be my guess since others seem to be confirming the old rates.

Patty