Thread: All Banks $ Dealers News Here.

Originally Posted by bob1940

Rocky , thanks for the INF on BoA. I didn't think the girl had a clue and after i left the bank probably RAN to her supervisor to find out. I was in the drive thru lane and holding up trafffic when i asked her. BOB

No problem, Alot of people don't really know that but it's very true. I even asked them if it was negotiable and guess what? the answer was no. Just as I thought....



Rocky....

Originally Posted by danny51

Screw Chase, Bank of America will charge no fee for exchanging dinars when the time comes. The only charge will be for shipping the dinars to their foreign exchange banking site. Wells Fargo will do the same. It will not be necessary to do business with banks that will rip us off for 9%. Heck, that is more than the long term capital gains tax on our profits.

Why would Chase chage their stripes after the reval...they're doing the same thing right now. If you wanted to cash in some dinar right now I bet they won't even come close to $700 per mil, but then they'll sell to you for almost $900 per mil.

I know we have gone over this many times before, but since then, I have talked with the Mgr at Wells Fargo, SLC. and this was the end results.

I mentioned the 20 to 30 mil qty and asked if they would be interested in an exchange fee of .005% based from the CBI's posted value of that day and he said they would have to inspect the notes first. I said it would have to be in my presents. He agreed.

Originally Posted by danny51

Screw Chase, Bank of America will charge no fee for exchanging dinars when the time comes. The only charge will be for shipping the dinars to their foreign exchange banking site. Wells Fargo will do the same. It will not be necessary to do business with banks that will rip us off for 9%. Heck, that is more than the long term capital gains tax on our profits.

so ive been researching this issue. there is a diff between fees and exchange rate. a fee can be a $$ transaction fee. ex: b of a waives the transaction fee for its customers. but the exchange rate is unknown at this time for the dinar. some people are calling their banks and asking for the exchange rates (spreads) on known and forex traded currencies. as far as the nid is concerned-it is a wait and see situation. by the time the rv is enacted-we will all post who is exchanging and at what rate. it might be that chase is offering the best spread-we dont know yet since they are the only ones buying back out of the major banks. im actually going thru ca bank and trust. they do not have a for curr dept but will eventually exchange via a central for currency dept (unknown). it might be a better or worse spread. so dont be so hasty to screw chase-they may be your best friend. NOBODY KNOWS YET.....

Originally Posted by PAn8tv

Why would Chase chage their stripes after the reval...they're doing the same thing right now. If you wanted to cash in some dinar right now I bet they won't even come close to $700 per mil, but then they'll sell to you for almost $900 per mil.

Hi PAn8tv,

I was a commodity (currencies and precious metals) broker for some years. We always told the client that there was no 'charge' for selling, nor buying. We were told to use the terms "bid" and "ask". Ask is the price we charged when a client bought, and bid was the price we paid the client when the client sold. Obviously, the prices were different. The terms, 'bid' and 'ask' varied from place to place. The best question that you can ask Chase or anyone else for that matter is this: How much would you charge me today for delivery to me of ie., 1 million IQD - then make a note. Then ask this question: How much would you pay me today if I delivered to you here today 1 million IQD - do not get involved in their terminology - it is designed to deceive. With the answers to the two questions above, you can make your own determination.

Thanks,

Scott Paye

Originally Posted by RockyBB

That really not true.

BOA tells you there's no fee to any customer but what they do is. Let's say the market rate for that day is, 1 IQD = $1.28 they buy your dinar at let's say $1.25 then they resell them on the market for the $1.28 thus making 3 dollars on every dinar you have. It works out to about 3 or 4%. I looked into this here in Boston and spoke to them. They don't tell you this until you grille them. They want money and that's all they want. Sorry wish it was different..


Rocky....

Hey Rocky, Your figures arn't quite right, they are making .03 cents per dinar not three dollars, but you are 100% correct when you say you need to grille them as you really do. I finally after much grilling got the lady at our local BofA to admit that they have a 2.25% hidden charge on buying currency, so people need to really grille them to find out just how much they charge. Seller be aware.

Went to Chase today and the teller knew nothing about Dinars...LOL....she about crapped her pants when she asked me how much I wanted to buy and I said 1 million.

Anyway, she screwed up and processed it as me selling to the bank. She quoted me approximately $715 per mil, so that is the rate they would be buying dinar at today. When she realized she did it incorrectly, her supervisor then said the total was $861.8

.............sooooooo

Today's Rates:

Chase would buy 1 mil dinar for approx. $715
Chase would sell 1 mil dinar for $861.8

That's a 20% spread! What a rip!!!

Then again, they were all screwed up, so take it with a grain a salt. These are just the numbers they quoted me today

Originally Posted by geoman1

Went to Chase today and the teller knew nothing about Dinars...LOL....she about crapped her pants when she asked me how much I wanted to buy and I said 1 million.

Anyway, she screwed up and processed it as me selling to the bank. She quoted me approximately $715 per mil, so that is the rate they would be buying dinar at today. When she realized she did it incorrectly, her supervisor then said the total was $861.8

.............sooooooo

Today's Rates:

Chase would buy 1 mil dinar for approx. $715
Chase would sell 1 mil dinar for $861.8

That's a 20% spread! What a rip!!!

Then again, they were all screwed up, so take it with a grain a salt. These are just the numbers they quoted me today

Asfar as a rip. I bet you can not find it anywhere else for 1% above or below the CBI asking rate. And if you have a account with them there is no Service fee. Pretty cool in my Opinion. Actully puts the presure on the dealers that are left.

Very true Neno!

It was just a shocker to me that's all.....when the time comes, I think I will shop around for the best deal. Probably most people will do the same.

As was said before, Chase may very well have the best exchange rate. Only time will tell. Thanks again for the tip on how to ask for the dinar, much appreciated. Everything went smoothly.

~geo

I thought I would relay my latest experience at Chase bank here in the Houston area. I've made a couple of purchases in the last two weeks for family members and friends, and yesterday when I placed an order something new happened.

I guess I have only ordered in multiples of 25,000 before because yesterday I tried to order an amount that would have require the use of smaller denominations at the computer would not allow it. Apparently their currency supply has dwindled to only 25,000 dinar notes.

This is just a reminder so that anyone in this area, and I'd imagine other areas as well, that the variety of denoms is drying up so when you order, just plan on ordering in multiples of 25,000. (i.e. - 300,000 and not 310,000)

Have a good one ya'll.