Basic cash in procedures and tips

[kaperoni]

Here is some brief tips regarding using your bank or Ali's centers to cash in....this is a general guide.


Check to make sure your bank is exchanging Dinar.

Ask the rate or any fees they charge.

Ask about the procedures such as timeframe to clear or how long the desposit takes.

All banks including Ali's centers will offer a "exchange rate. " That rate is NOT the CBI rate. It is known as the "spread." This is the money the exchange center or bank makes for exchanging your Dinar. Some banks or centers may also charge a processing fee (Ali $150 per mil).

Go the the CBI site at; http://www.cbi.iq/ to see the actual exchange rate of Dinar to USD. You then will be able to calculate the amount you are paying in fees. This is the "spread." Banks typically charge 2-3% rate for the currency exchange which can be substancial if you are cashing in millions of Dinar. Ali claims he will beat the bank rate.

Set appointment if need be.

Print out the Financial 104 (in this forum) form and prepare it.

Make sure you have accounts open at the bank and ready for the wire transfer. Confirm your bank routing and account numbers.

Make arrangements once you have completed the transaction to move money to appropriate accounts or investments keeping in mind that Feds only insure up to $100,000 in an account ($250,000 til the end of the year).

[jocko129]

Thank you for your post !!

[swampyjackpot]

Thanks for this post! It should be framed and required reading for all the members on this site. It would cut down on the repetitive questions on this subject.

[66gto]

thanks kap, like anything else need to shop a little for the best deal. i would rather use my bank if i can get same rate.