Which Banks Buy Iraqi Dinar? Where To Sell Iraqi Dinar August 11 2016
Which Banks Buy Iraqi Dinar?
Do you have some Iraqi Dinar which you are looking to sell? Are you wondering if any banks buy the Iraqi Dinar?
Years ago many banks both bought and sold Iraqi Dinar. Chase, Fifth Third, Wells Fargo, and more. These days few if any banks are buying the Iraqi Dinar. Why? Because the Iraqi Dinar is not an internationally traded currency not a lot of banks deal with it. Also, many banks are getting out of foreign currencies period. Banks do not make money on currency exchanges typically, they do it as a courtesy to their customers. Many banks these days are opting to send their customers to local currency exchanges as opposed to dealing with foreign currency themselves. Why is this? Well because banks make very little money off it, most tellers don't know much about foreign currency, and it's easier just to send their customers to a company who specializes in foreign currencies. Because of this were seeing more and more banks no longer dealing with foreign currency period, even more common currencies like the Euro, Pound, Mexican Peso and others.
There are still a few small banks and currency exchanges around the country who buy and sell Iraqi Dinar and many people online report a few Travelex locations throughout the country still buy in Dinar, though they do not sell it.
If you're reading this post there's a good chance your looking to sell your Iraqi Dinar so here is a list of commonly asked questions about selling your Dinar.
Where can I sell my Iraqi Dinar?
While there are some smaller banks and credit unions around the country still buying and selling Dinar, they are few and far between. Your best bet is selling to a currency dealer. Not all currency dealers will buy the Dinar, some only deal with a handful of more common currencies while others will deal with a larger portfolio of currencies including exotic currencies like the Iraqi Dinar, Vietnam Dong, and others.
We buy Iraqi Dinar. At the time of this article our current buy price is $700 per million for uncirculated Dinar and $600 per million for circulated Dinar. Feel free to shop around with other Dinar sellers, most of them will typically also buy back in. Our price is competitive and we pride ourselves in our honesty and integrity. We also have one of if not the quickest turnaround time in the industry. Typically we are able to get a check out to you the same afternoon we receive your currency, where as other buyers can sometimes take weeks or even months to pay you out.
If you're interested in a free quote or selling to us please feel free to visit our Sell Us Your Currency page at the top of the site, or contact us at 1-800-884-1288.
Why is the buy prices of dealers and buyers so much lower than what I paid for my Dinar?
With currency there is a buy price and a sell price. The price doesn't always depend just on the current rate, but also on a particular dealers supply and need for Dinar or any other currency for that matter. If a dealer is buying in more Dinar than they are selling likely they will be selling the currency off to a broker themselves immediately upon getting it, and probably for a very low price so there needs to be some room for the dealer to resell the currency and turn a profit to cover operating expenses.
While some people bought Dinar for very little money back in the early 2000's, others who bought around 2011 could have paid as much as $1200 per million, so how much if any of a loss you take will depend not only on a dealers buy in price, but also what you initially paid for it.
How does the process typically work?
We can't speak for other dealers but here is how our process works. Contact us either by filling out the sell us your currency page, by email, or by phone. We will give you a quote for the DInar which is good for 7 days from the date of the quote. We will send you a selloff form to fill out and send in along with your currency. Upon receiving your notes, we verify the amount and condition and typically are able to get a check out to you the same afternoon, although always within 72 hours max.
We send checks out USPS Priority Mail for free. This typically takes 2-3 days. We can also, if you choose, expedite the shipment to Fedex Overnight for just $25 which we can deduct from the balance owed to you.
We cut you a check, mail it out, and your transaction is completed. On transactions over $1,000 we do require some additional identification.
Will any documentation be needed?
On a transaction over $1,000 we need a drivers license or a state ID and your social. This is not us requiring this, this is a government requirement for MSB's. Any other dealer who is following the law will require the same.
As far as certificates of authenticity we don't require them. We will authenticate the notes ourself.
What if I don't have a COA?
Not an issue. COA's really have no practical purpose. While we issue one, it's to show we stand behind our product. It's not something required to sell your Dinar.
Will a company buy from me if I didn't purchase from them?
Some companies will only buy DInar from customers who purchased their Dinar from said company. We however will buy your Dinar whether you purchased it from us or not. Contact us for a quote.
Are there any alternatives to selling to a currency dealer or broker?
Yes. You can sell on eBay. Current eBay prices at the time of this article could be as low as $750 or as high as $999. It really depends on when you are selling and how established your eBay account is.
You can also sell on Craigslist or various forums like DinarVets.Com buy and sell section.
Many people on eBay and forums have been scammed by other buyers and sellers so be sure to know who your dealing with and excercise caution.
When dealing with someone like us. We are a Treasury Registered MSB. We have a business reputation to upkeep so you can be assured of a seemless and safe transaction.
Do you buy Iraqi Dinar?
We do, feel free to contact us for a quote.