Thread: Iraq/Dinar News. 09/05 to 01/14/07

Thank you Mike for taking the time to give such a complete response.

free2b

I went into my bank today to ask about exchanging foreign currency.
The bank is a UK bank, Yorkshire Bank PLC and the chap I spoke to explained that when the NID is exchangeable, they would be only too pleased to exchange it to Sterling and deposit it right into my account. He went on to say that there would be a small fee as the currency was not originally purchased from them and that they would have to send it away to be verified as current currency and to check that it was genuine.

When I told him how much I was planning to exchange, he started to talk to me about investment accounts!!

Originally Posted by investor

I went into my bank today to ask about exchanging foreign currency.
The bank is a UK bank, Yorkshire Bank PLC and the chap I spoke to explained that when the NID is exchangeable, they would be only too pleased to exchange it to Sterling and deposit it right into my account. He went on to say that there would be a small fee as the currency was not originally purchased from them and that they would have to send it away to be verified as current currency and to check that it was genuine.

When I told him how much I was planning to exchange, he started to talk to me about investment accounts!!

Exactly,

Nothing to worry about, the fees are always very small in comparison to most bank fees for regular banking. Simply check with your local branch as Investor did, and you will hear the same story.

Good luck to all, Mike

This it true, My Bank basically said the same thing. Except my Loan Officer which had a comment. She ask me if we were are did we know forsure we wearnt fonding Terroist Groups by Exchanges we are doing now.

The only answer I could give her was this dinar I bought from safedinar was coming straight from the Centrl Bank Of Iraq. Funny she ask me this. I was kinda wow I didn't think of that. Am I stupid?

investor and mike -
He went on to say that there would be a small fee as the currency was not originally purchased from them and that they would have to send it away to be verified as current currency and to check that it was genuine.

I remember adster mentioning a while back about a machine that banks have to verify currency and to not let the dinars out of your sight when you go to exchange them in the bank

adster what is the name of that machine??? i personally am not letting my dinar out of my sight

If I'm not mistaken, the name of that machine is De La Rue or something along those lines.....Perhaps Mike or Adam can verify that?

Cheers all,

Rob

Originally Posted by robmccallum01

If I'm not mistaken, the name of that machine is De La Rue or something along those lines.....Perhaps Mike or Adam can verify that?

Cheers all,

Rob

Good memory Rob!

Originally Posted by robmccallum01

If I'm not mistaken, the name of that machine is De La Rue or something along those lines.....Perhaps Mike or Adam can verify that?

Cheers all,

Rob

Exactly, and most major banks all use the same machines, so not an issue, if you are worried, go to a branch that has one onsight.

Good luck to all, Mike

Correct, it is the De La Rue machine as they are the firm that print the NID.

They are however very expensive, that is why not every branch will have them.

I personally trust my bank as I have been with them for 22 years, but would not let them take my NID without lots of paperwork and receipts.

Someone from another forum just reported that the deputy prime minister just announced that 85% to 95% of Iraq hard currency is backed by oil. The announcement was made on www.cnbcworld.com business arabia. I think this is huge!!!!!!!