Thread: RV in June

I agree its odd. I called them to place an order for VND.

They are the only bank in this area to deal with. No chase or BoA around here.

While placing the order the conversation digressed to what she said that I quoted.

I believe this will happen, what worried me was her 20 years experience in this field.

Is there anyone who has seen people make money on a reval before? Or is this a 1 time unique situation, and we are on uncharted ground.

Sorry got your log in name wrong.

Originally Posted by Icemann 30

As long as atm has turned this into a query of the impossible. I just got off the phone with the foreign exchange department of our local Wells Fargo bank.

The lady named Sandy, said that she has 20 years experience with foreign exchange currencies and has never seen anyone make money by holding and then exchanging the paper currency of another country.

I asked what happens when a currency like the IQD or VND revals?
Her reply was the people living in the country are given a fixed amount of time to turn it in. In return they get the same amount turned in at the new rate. In other words they do not make any money on the reval.
People outside the country cannot exchange and are out of the loop.

She then suggested I talk to their brokerage department. I tried but they said they could not help, and referred me back to her.

Can any one give a rebutal to her statements, and lift my spirits again.

shes not very bright for that many years as i know several people who have invested in currencies in the past and made quite a tidy sum. they are called CURRENCY SPECULATORS. they do exist and have since the beginning of currencies.

Exactly PAn8tv! I just left B of A, and they are chomping at the bit for this thing to happen. The Bank Manager walked up to me herself and stated she can hardly wait, because it would be one of the largest transactions she would have dealt with in her career in banking. She told me to call her to set up an appointment and she would have a Financial Manager available as well. I told her that I would probably break it up into small chaunk and she said as long as we are able to serve you properly. I told her I had no problem there, so Yes, they are waiting as we are.

Originally Posted by PAn8tv

Hmmm, that's odd...I know for a fact that if you go to Chase they will by your dinar back from you. At B of A I know that when it revals they will do the exchange right at the branch. Maybe you need to change banks. If you need more reassurance I would check with Chase or B of A for yourself. Hope this helps.

yep, one thing i have learned through this investment is wells fargo sucks as a bank. they informed us that it was illegal to own dinar. now theres a well educated banker huh.

I knew someone would have a good response here at Rol Club. She just took me by surprise with her statement. 20 years and all.

Originally Posted by ATMCSMD

Hey, I'm not telling anyone what to believe or not to dream. I'm simply stating my opinion and you can tell by the way it's being received that most have simply lost touch with reality.

Fine, state your opinion but DISPENSE with the smarta$$ comments like "dumb looks on their faces" etc...it is within your rudeness that you lose all credibility with others in this forum.

Sure do miss that thank you button.

THere's always someone lurking around the corner to try an shoot down your dreams!!!

No problem Icemann, you can be my wingman anytime! Name That Movie?!

The Wells Fargo lady obviously mistook the word "Reval" with the word "Reprint".

Her description states exactly what would happen with a reprint, not a REVAL.