there are lots of people on these forums that have bought and sold iraqi dinar at chase bank, walked in with dinar, walked out with cash..
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all i have to say is whichever bank exchanges my dinar, into USD/Euros (mostly Euros) gets my account :)
Cashing in will be easy. You will never get the CBI rate. Forget what the bank tells you about flat fees; there will be a spread between what the CBI rate is and the rate the bank will give you. I just accept this as the cost of doing business and bought my dinar based on what I'd like to have after the spread and taxes.
In December Chase had a 16% difference in their buy/sell rates. So yes, you could walk into Chase with dinar and walk out with cash, however you'll be $160,000.00 lighter for every million you cash in. Suddenly 2% sounds downright generous!
I tried to open a new thread but cound'nt do so.
Since CBI has a cap on how much dinars are allowed to go out side Iraq, In my opinion(I am not economic/currency expert) we may encounter some problems when we cash dinars after revals. Reason being it was not legal to aquire big amounts in the first place. Meaning if such cap rule exists it should have some implications on our investments. Any one here who has traded currency on the same scale as our dinars and made some fat bucks to put more houghts on this? I hope I am wrong.
Thanks.
Nawal
Ali @ Dinar Trade said he would only take 2% for cashing in with him. My family in Arizona are flying in here to Nashville to cash in with him. It will be cheaper than at Chase. I will call later today and ask him about a "Spread" and let you all know.