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.
Does Donald Trump Hold Iraqi Dinar?
Some years back the internet was abuzz with rumors about Donald Trump sinking something to the tune of 30 Million Dollars into Iraqi Dinar currency.
This was years ago before Trump was even running for President but it was big talk on a lot of blogs, forums and message boards.
To date we have not seen Trump come out himself and announce he made a purchase of Iraqi Dinar, no credible news source has backed this rumor, and it seems likely that Trump is not holding 30 Million Dollars of Iraqi Dinar.
EDIT: Since the posting of this origional article the SEC has cracked down on eBay sellers and Iraqi Dinar dealers selling options. We as a company have never sold options, not only have we always felt it's not a good purchase for the buyer, but we always knew it was a legal grey area to do so. While since one dealer was fined and issued a cease and desist by the SEC, almost immediately after all other dealers selling Iraqi Dinar options pulled their listings of it down. Here is the press release regarding this...
ORIGIONAL ARTICLE BELOW
In this buyers guide we are going to discuss the pitfalls of Iraqi Dinar options as well as why you need to be VERY careful who you buy from. In this buyers guide we will discuss what is an Iraqi Dinar Options? Are Iraqi Dinar Options allowed on eBay per ebay TOS and by law? Why you need to be careful who you buy options from? As well as are options a good thing to buy in the first place?
What Is An Iraqi Dinar Option?
Options with the Iraqi Dinar aren't much different than options in the stock market. You are buying the "option" or opporunity to buy a product or commodity, in this case the Iraqi Dinar, at a predetermined price by a predetermined date. For this example we'll say this is a 30 day option to buy 10 million Iraqi Dinar.
An ebay seller may be selling a 30 day option to buy 10 million Iraqi Dinar. The terms would be from the date you make payment via Paypal, you have 30 days to choose to buy 10 million Iraqi Dinar at a price of $1100 per million. The option for example may cost something like $150 which is much cheaper than the $10,000 it would cost to buy outright.
The logic behind this from a buyers perspective being that the Iraqi Dinar will go up in value in the next 30 days or possibly even revalue as many buyers call it. If that were to happen and a million Dinar were not worth $5,000 the buyer would be able to buy that 10 million Dinar at $1100 per million which is substantially cheaper than the new price of $5,000. It should be noted that a million Dinar on eBay can currently be purchased for under $1,000 so the option price is inflated to $1100 because it's giving you the conveninece of buying it at a later time.
Are Iraqi Dinar Options Allowed By Ebay & By Law?
It would be interesting to get a definitive answer if options are allowed to be sold on eBay. eBay has a button to report products and one of those options is reporting a "stock and other securities". An option by definition is both a stock and a security. An option is also an intangible good which is often something not allowed to be sold on eBay.
In terms of law, this is also interesting. To sell investments an investment as well as the person selling it has to be registered with the SEC. An option by definition is an invesetment and a security however to date no Iraqi Dinar dealer or options seller has registered with the SEC to sell investments.
To date eBay, nor the SEC has taken any action against those selling Iraqi DInar options, but selling options definately seems to be a grey area both among eBay policy as well as with the SEC
Be Careful Who You Buy Options From...
An Iraqi Dinar option is in many ways the perfect product to sell. People have been buying the Iraqi Dinar for years and it hasn't seen any significant increases in value. Because of this very few if any option buyers ever excercise their option to buy. Why? Because why pay $1100 to excercise an option whenthey can buy a million Dinar outrite for under $1,000.
Because of this some unscrupulous sellers are selling options knowing they can pocket hundreds of dollars per buyer without ever having to deliver a physical product. These unscrupulous sellers also do not even have the Dinar in stock to back the options they are selling. Because nothing has ever happenned these sellers are in the clear. THe danger would be if we woke up tomorrow and the Iraqi Dinar was worth $10,000 per million. That would mean the buyers would see a profit 10x what they spent. The sellers on the other hand would have to deliver Dinar to all those options buyers who wanted to buy, which would probably be every last one of them. If the seller didn't physically have the Dinar this would mean they either can't deliver the Dinar they sold options on, or they have to go out to the market and pay 10x the price of the DInar they should have been holding in the first place. Not very likely they can do that which means many buyers would be getting screwed over royally.
Many Iraqi Dinar options sellers have popped up selling options. Few of these sellers have much ebay history nor do they have any history of selling Iraqi DInar, yet one day out of the blue they have hundreds of millions of Iraqi Dinar options for sale. Now legally they should have hundreds of millions of Dinar sitting in a vault somewhere to deliver these options. My fear is that they don't. Should the DInar go up in value and the seller can't deliver the options I imagine many people would be complaining to ebay and Paypal. Ebay and Paypal can't really force this seller to deliver something which basically means the buyers would probably be refunded their option money, but would not get the actual Iraqi Dinar which is now in this hypothetical situation worth 10x what it was when they bought the option.
If you are buying options please be sure to ask if the seller is Treasury Registered. They are illegally selling Iraqi Dinar and Iraqi Dinar options if they are not Treasury Registered. Secondly, ask if they have the physical Dinar to back all the options they are selling. If they say yes ask if they've had an independent audit done to show this. If they are not Treasury Registered and if they have not had an independent audit done to prove they can back their options you shoudln't buy from them.
Should You Be Buying Iraqi Dinar Options In The First Place?
This is another totally different question but it's something you should think about. Buying options versus buying physical Iraqi Dinar. People have been buying Iraqi Dinar for the past 9 years or so. People have also been buying options this long. Now when you purchase an option you don't actually get physical Dinar. Let's just say for example 9 years ago one guy stareted buying options and another guy started buying physical dinar. They paid essentially teh same money. Guy A bought a 100,000 Dinar every month for this time. Guy B bought an option for 10 million Dinar each month. They have both spend roughly $10,800. Guy A now has 10,800,000 Iraqi Dinar in physical currency which he can choose to hang on to, or sell at only a small loss. Guy B also spent $10,800 yet he has no physical DInar and nothing to show for his money because he wasn't able to time the market so to speak.
Hope this buyers guide taught you more about Iraqi Dinar options. Before buying Iraqi Dinar options first make sure you want to buy options over the physical currency. If you decide to buy options fully vet who you're buying from. Make sure they are both Treasury Registered, Registered with the SEC to sell investments, and that they've had an audit done by a third party company to insure they can back the options they are selling and actually have the physical DInar to cover every option they sell.
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.
Do Bank Buy Or Sell Zimbabwe Dollars
It's unlikely you'll find a bank that buys or sells the Zimbabwe Dollar. The Zimbabwe Dollar is one of our most popular and hottest selling currencies. Currently however the Zimbabwe Dollar is strictly a collectible item.
After experiencing hyper-inflation Zimbabwe wound up having to roll out the large 100 Trillion and other large notes which all belong to the AA 2008 series or the "3 stones" as many people refer to them.
Even after rolling out these large notes, it still was not feasible to conduct business in the local currency. You can see photos online of people going to the market to buy even some groceries and having to bring wheel barrows full of cash.
A few years back Zimbabwe outmoded their old currency. Because of that your unlikely to find any banks that buy or sell Zimbabwe Dollars. Your options to buy the AA 2008 Zimbawbe Dollar currency is typically going to be collectible coin and paper money sites or a currency broker or dealer.
If you're looking to purchase Zimbawbe AA 2008 series notes such as the 100 Trillion notes or the smaller Million or Billion series notes you can view our inventory.
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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The most popular currency sold here at BuyIQD.Com is by far the New Iraqi Dinar, or the IQD as some people refer to it. The IQD is the currency ticker symbol for the Iraqi Dinar, the same way EUR is for the Euro and GBP is for the British Pound.
We exchange the following denominations of Iraqi Dinar: 50,000, 25,000, 10,000, 5,000, 1,000, 500, 250, and 50. You can purchase or buy your Iraqi Dinar from us with confidence. We are a known and trusted name in the Dinar community.
The name of the Iraqi currency is the "Dinar", as is Dollar for the US. The word Dinar is not however exclusive to the Iraqi Dinar, other countries also call their currency the Dinar such as Kuwait and others so make sure when you are buying Dinar you are buying Iraqi Dinar and not Jordanian Dinar or other countries currency.
Despite other countries using the same name to represent their currency note, each countries currency is unique and stands on it's own. They are all individual currencies with their own exchange rates.
Where to Buy Iraqi Dinar in 2017?
If you're looking to buy Iraqi Dinar you've come to the right place. Here at BuyIQD.Com not only do we offer low competitive pricing, but we are also one of the few sellers who accept credit and debit cards making your purchase not only more convenient, but also less costly as you don't have to go out and buy bank wires or cashiers checks.
We pride ourselves on our customer service, and are available to answer your questions or take orders over the phone Monday through Friday between 9am and 5pm Central Standard time. You can also e-mail us 7 days a week, 24 hours a day. We also ship same day Mondays through Fridays up until 4PM Central time.
If you're looking to purchase Dinar simply visit our Iraqi Dinar page to view our product and pricing. If you have any questions or would like to place your order over the phone you can always call us at 1-800-884-1288.
New 2014 Iraqi Dinar Banknotes
The internet has been abuzz for a while with talk of the new 2014 Iraqi Dinar banknotes. While still the same Iraqi Dinar (IQD) currency and the same value, these were a newer print edition of the Dinar.
The same way the US Dollar and other currencies roll out new notes every few years with new security features Iraq does the same thing.
These notes are still the same exact currency and carry the same value as the notes you probably already own, but many people have been wanting to get their hands on these new notes. The new notes, pictured below, featured below while very similar have a little bit of a different picture on the notes, and also feature a plastic thread as a new added security feature.
While many other sellers and dealers are selling these notes for a premium price we currently have these notes in stock for the same great pricing as the normal notes. Get them now for a limited time!!!
If you want to ensure you receive the new 2014 notes feel free to call us at 1-800-884-1288 and place your order over the phone so you can verify that we still have these notes in stock.