BuyIQD.Com Blog

Warning Regarding "Private Cash in Groups" Offering Big Money for your Iraqi Dinar or Zimbabwe Dollars October 12 2017

Beware of Private "Cash in Groups"

At least once a week we get a call from a customer asking about private cash-in groups. Apparently there's groups of people offering to buy Iraqi Dinar, Vietnam Dong, and Zimbabwe Dollars among other currencies from people who hold them. Oftentimes they are offering them ridiculous amounts of money which far outweight the current value of these currencies.

Many of you have probably heard the phrase if it sounds too good to be true it probably is and that's the case with these  cash in groups. While we don't really know the specific details of how these groups work, we too are contacted by these groups and told someone wants to buy our Dinar at 0.50 cents per Dinar. Keep in mind our current going price for the Iraqi Dinar is only $969 per million for Uncirculated notes and $880 per million for circulated notes, far cheaper than these cash in groups are offering.

The reason I question these offers is if someone can buy Dinar from our company for $969, why would they pay you hundreds of thousands or even millions of Dollars for your Dinar or Zim while they could buy it from us for substantially cheaper? 

Lately we have also gotten some calls from not just people who are inquiring about these grousp but whom have actually sent money off to these groups and from the people we've spoken with not only has nobody actually been paid, but those who have tried to get their currency back are having trouble even getting it back.

Just wanted to put out a post warning everyone not to be greedy. If something sounds too good to be true it probably is and you shouldn't sell your Dinar or any currency for that mamtter unless your either getting cash in hand, or unless you know and are familiar with the company your dealing with. With Dinar sellers such as ourselves when we buy DInar everything is done via mail order, however we are a known and trusted name who's been around for years as are many of the other Dinar and currency dealers and brokers in the space. 


Can I Buy Iraqi Dinar With Bitcoin? August 23 2017

Can I Purchase Iraqi Dinar With Bitcoin? 

As Bitcoin seems to continue to gain mainstream acceptance and become more widely known about and used we've been fielding more and more questions regarding whether Iraqi Dinar can be purchased with Bitcoin.

What is Bitcoin?

Okay, so we'll assume most of you are at least familiar with the term and vaguely familiar with the concept. Bitcoin is a digital currency or cryptocurrency based upon a mathematical formula. It's a decentralized currency not controlled or created by a central government or central bank. The proponents of Bitcoin say this is a good thing as money can't be printed out of thin air. There's a finite amount which in the case of Bitcoin happens to be 21 Million.

While some people say it's fake internet money and compare it to the Beanie Baby or Tulip crazes of the past, Wall Street and even the formal banking system is beginning to adop both Bitcoin as well as the blockchain technology it runs on. 

Overstock.Com accepts Bitcoin as well as over 40 other major altcoins or alternative cryptocurrencies to Bitcoin. 

Cut to the Chase, Can I Buy Dinar with Bitcoin?

While we have been seeing increased interest in Bitcoin and cryptocurrencies as a payment method, at this time we are not yet offering Bitcoins as a payment method to purchase Iraqi Dinar and other banknotes.

Due to the nature of our industry both banking relationships as well as payment processing relationships are unique and are industry has unique challenges. Mainly due to this, as well as due to additional compliance challenges cryptocurrency brings, at this time unfortunately we are not able to accept Bitcoin as payment. 

We checked to see if any other sites or any of our competitors are accepting Bitcoin and again at this time it doesn't seem like they are.

Make Sure You Deal With Trusted Sellers

Through our research we did find one particular seller accepting Bitcoin for the purchase of the of the banknotes we sell, and while we wont' call them out by name, this seller is from all reports a scammer. 

This brings up an interesting point and an interesting challenge. Bitcoin payments or transfers are not reversible. Unlike traditional credit or debit card payments where if you order something and it's not delivered your credit card company or bank will help you recover your funds, with Bitcoin there is no chargebacks nor is there any central authority who can help you. With Bitcoin you are your own bank and with great freedom comes great responsibility. 

The reason we mention this is if you use Bitcoin, make sure you research who your buying from as well as that you trust the seller because there is no getsies backsies. 

 

Where Can I Buy Bitcoin? 

Okay so with all this talk of Bitcoin maybe you're curious about it. There are a number of services and exchanges you can purchase Bitcoin from. Probably the most common one for new people entering the market is Coinbase. Coinbase is a federally and state regulated exchange who is bonded and insured. They are one of the few if not the only exchange which to date hasn't been hacked. They make the process of purchasing Bitcoins very simple and easy. You can buy with a credit card, debit card, or an ACH bank transfer which can be initiated through the site. Coinbase also offers 2FA authentication which helps to keep your account even more secure. Coinbase does a great job of providing a seemless user friendly interface and offers an easy way to get into Bitcoin and cryptocurrency.

There are other exchanges, as well as peer to peer services like LocalBitcoins and Craigslist which allow you to purchase from individuals, however typicallyl at a bit of a markup, and a new user could easily be taken advantage of. 

 

Wrapping Up

While we don't currently offer Bitcoins as a form of payment, we are a bit more convenient than many other sellers in our space. We are one of the few sellers who accept credit and debit card payments in addition to the bankwires, cashiers checks and money orders accepted by many of our competitors. 


What's the Best Iraqi Dinar Note to Buy? July 10 2017

We're often asked what is the best Iraqi Dinar note you to buy?

The answer to that is there is no best note to buy. Some people like the 25,000 notes because they were up until recently the largest and because they were the largest and thus easier to store as there is less notes.

Other people prefer the smaller 5,000 or 10,000 denomination notes, while some buyers especially like the very small 250 and 500 Dinar notes.

Over the years different notes have become the "in" notes to have. Currently the 50,000 note is gaining in popularity as it's both the newest IQD note and the largest. They are however in short supply and few dealers have them in stock and they typically go for a pretty large premium in price because of the scarcity and high demand for them. We currently have them in stock but it's hardly the best bang for your buck. Your money will go much further buying 25,000 notes and even further buying the circulated notes at only $880 per million. 

If you're wondering which Iraqi Dinar note to buy the majority of our customers go for whatever is going to get them the most bang for their buck at any given time. Typically that's the 25,000 notes and typically circulated if we have it in stock as we don't always carry circulated. 

Feel free to call us at 1-800-884-1288 to check for special offers and sales. 


Do You Have An 800 Number For Us To Sell Our Iraqi Dinar? May 11 2017

Iraqi Dinar & Zimbabwe Dollar 800 Numbers

At least several times per day we get calls from customers inquring about an 800 number, and to be honest we are a bit confused what most customers are even asking for. People seem to want an 800 number to call to sell their Iraqi Dinar.

We currently buy Iraqi Dinar and will be buying Iraqi Dinar for the foreseeable future. If you're looking to sell your Iraqi Dinar you do not need a special 800 number. You can fill out a Dinar selloff form on our website, or you can call us at 1-800-884-1288 for a free quote.

As of the date of this post we are currently buying in Uncirculated Iraqi Dinar at $700 Per million and circulated Iraqi Dinar at $600 per million. 

If you're looking to buy or sell Iraqi Dinar, Zimbabwe Dollars or other currencies feel free to give us a call. 


Do You Have An 800 Number For Us To Sell Our Iraqi Dinar? May 11 2017

Iraqi Dinar & Zimbabwe Dollar 800 Numbers

At least several times per day we get calls from customers inquring about an 800 number, and to be honest we are a bit confused what most customers are even asking for. People seem to want an 800 number to call to sell their Iraqi Dinar.

We currently buy Iraqi Dinar and will be buying Iraqi Dinar for the foreseeable future. If you're looking to sell your Iraqi Dinar you do not need a special 800 number. You can fill out a Dinar selloff form on our website, or you can call us at 1-800-884-1288 for a free quote.

As of the date of this post we are currently buying in Uncirculated Iraqi Dinar at $700 Per million and circulated Iraqi Dinar at $600 per million. 

If you're looking to buy or sell Iraqi Dinar, Zimbabwe Dollars or other currencies feel free to give us a call. 


Does Wells Fargo sell the Iraqi Dinar? May 10 2017

Does Wells Fargo Sell The Iraqi Dinar?

We get a lot of calls from customers inquiring as to whether Wells Fargo sells the Iraqi Dinar. Currently very few banks buy or sell Iraqi Dinar. To our knowledge none of the major national chain banks sell the Iraqi Dinar. You may be able to find a smaller community bank, credit union, or currency exchange near you who buys and/or sells Iraqi Dinar. 

A few years back most of the major banks were selling Iraqi Dinar. Fifth Third Bank, Wells Fargo, Chase, all sold the Iraqi Dinar. Several years ago most of them stopped selling the Iraqi Dinar.

Many banks are getting away from selling foreign currencies period, even the more common ones. In the past banks would provide foreign currency as a courtesy to their customers traveling, however that is not the banks specialy, it's costly for them to order and get special shipments, and honestly most tellers aren't that knolwedgeable about foreign currencies as they rarely deal with them. Many banks have begun sending their customers to local currency exchanges instead.

This is especially the case with the Iraqi Dinar. Currently nobody for the most part is traveling to Iraq for vacation, business or spring break so it's not something they really need to do. Also because many Dinar buyers purchase on a regular basis it was becomming a hassle for them to place small weekly orders for the same customers who clearly are not traveling to Iraq but just collecting the currency.

So, the moral of the story is this. If you're looking to buy or sell Iraqi Dinar, your best bet is to check your bank, but more than likely you'll need to deal with a currency broker or dealer.

As far as Wells Fargo buying and/or selling Iraqi Dinar. Many people claim they do, however to our knowledge they are not, and bankers have told us they have no plans to in the future.

If you're looking to buy or sell Iraqi Dinar you can always contact us. 


What is the Best Iraqi Dinar Denomination Note to Purchase? April 12 2017

Which Iraqi Dinar Note Should I Purchase?

We get a lot of calls from customers asking what the best denomination Iraqi Dinar note to purchase is. There isn't necessarily a "best note" to purchase, that's really up to personal preference.

Some customers who hold a lot of Iraqi Dinar prefer the large notes as they keep them in a safe or safety deposit box and the larger the note the less space they take up. Other customers like to purchase smaller notes because it allows them to pass notes out to friends and family and it doesn't break the bank doing so with smaller denominations.

For others the best note is whichever gets them the best bang for their buck. Typically the larger the note the less expensive it is. Traditionally the smaller notes typically sell for a premium price over the larger notes, but that is not always the case. Sometimes if we have a large amount in 5,000 or 10,000 denomination notes in stock we will offer those at a discount. 

As of late, we have also been fielding a lot of calls stating that the 25,000 notes were overproduced and now many people are wanting the 50,000 denomination notes. We do have the 50,000 notes back in stock so feel free to check them out if that is what you would like to purchase. 

At the end of the day however, there isn't necessarily a "best note" for you to purchase. It's either personal preference or whatever is the best deal at that given time. Typically circulated Dinar is going to be the best bang for your buck, however we don't always have circulated Dinar in stock so in that case the 25,000 note is typically the next best bargain. 

If you have any questions or need assistance placing an order feel free to call us at 1-800-884-1288. 

 


Any Banks Near Me Buy or Sell Iraqi Dinar? March 09 2017

Looking For A Bank That Buys or Sells Iraqi Dinar?

Whether your looking to buy or sell Iraqi Dinar the first place most consumers turn is to a local bank. Currently however few if any banks are dealing with the Iraqi Dinar.

It seems some states have more banks dealing with the IQD. Those states seem to be Texas, Florida, and California. If you're looking to buy or sell Iraqi Dinar and are trying to locate a bank call the bank you bank with and ask them. You may want to call Citi Bank as well as many people have been reporting that Citi bank recently has resumed buying and selling Iraqi Dinar. 

While I can't comment on their selling prices as we're not sure what they are, on the buying side banks are typically considerably lower than most currency brokers or dealers are buying at.

If your local bank doesn't sell Dinar you may want to check with some local smaller community banks and/or credit unions as they seem to typically be the banks who are dealing with the Dinar and other exotic foreign currencies. 

If your unable to find a local bank who buys or sells Dinar your next option is to contact a currency broker or dealer like us or others. If you're looking to sell your Iraqi Dinar, we have a page on our site where you can fill out a form and get a free quote within 24 hours. Alternatively you can also call us at 1-800-884-1288. 

If you're looking to buy Iraqi Dinar, or other currencies, you can view our Dinar and other product selections like the Zimbabwe Dollar, Vietnam Dong, Indonesian Rupiah, and others by viewing our store. 

Hope that helps you on your question to either buy or sell Iraqi Dinar and/or other currencies. 


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IMF Executive Board Completes First Review of Iraq’s Stand-By Arrangement December 17 2016

December 5, 2016

  • IMF disburses about US$617.8 million following completion of first review of Iraq’s reform program
  • The IMF-supported program includes measures to protect the poor, enhance financial sector stability, and curb corruption
  • Significantly improving public financial management will be important

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Iraq’s three-year Stand-By Arrangement (SBA), which is designed to support Iraq’s economic reform program and restore fiscal balance over the medium term. The Board also completed financing assurances review under the SBA. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval) was approved in July, 2016 (See Press Release No. 16/321) . The Board’s approval enables the disbursement of SDR 455 million (about US$617.8 million).

As part of the completion of the first review, the Board also approved Iraq’s request for a waiver for the non-observance of the continuous ceiling on new external arrears, and request to modify performance criteria. The Board also approved the request for a waiver of applicability for end of September targets of four performance criteria on the floor on gross international reserves (GIR) of the Central Bank of Iraq (CBI), the ceiling on net domestic assets (NDA) of the CBI, the ceiling on the stock of outstanding arrears to international oil companies and the ceiling on the stock of gross public debt, as well as a request for the rephasing of the arrangement.

Iraq’s economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability. The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies.

Following the Executive Board’s decision, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the Board, issued the following statement:

“The economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq—the armed conflict with ISIS and the ensuing humanitarian crisis and the collapse in oil prices—are appropriate. In the fiscal area, the authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending. In the external area, the authorities are maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy. Performance under the Stand-By Arrangement has been mixed; however, understandings have been reached on sufficient corrective actions to keep the program on track. Resolute implementation, together with strong international support, will be key.

“The revised fiscal program in 2016 and the draft budget in 2017 are aligned with the SBA. The composition of the fiscal adjustment should be improved over time by increasing non-oil revenue and reducing current expenditure, including the payroll and pension payments, and reforming the electricity sector, subsidies, and state-owned enterprises, in order to make room for larger but more effective and efficient investment expenditure that is conducive to growth.

“Significantly improving public financial management will be important. Arrears need to be assessed and paid following verification, and expenditure commitment and cash management should be strengthened to prevent the accumulation of new arrears.

“Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating exchange restrictions. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.

“Implementation of the budget-sharing agreement with the Kurdistan Regional Government would put both the federal government and the Kurdistan Regional Government in a better position to address the shocks to the Iraqi economy.”