Are Banks Selling The Iranian Rial?

Many of our readers are anxious to buy Iranian Rials after the US Sanctions on Iran were lifted last weekend. We have been getting a lot of e-mails inquiring as to whether any of the larger chain banks are selling Iranian Rials.

After putting calls into Chase Bank, Wells Fargo, Bank of America, and Fifth Third bank, all banks who in the past had sold Iraqi Dinar currency, another not publicly traded exotic currency, it doesn't appear as of yet as if any US Banks are selling the Iranian Rials. Possibly some smaller community banks and credit unions however none of the major banks.

This leaves those looking to purchase Iranian Rials the option of buying from an online currency broker or dealer or eBay.

Sanctions Lifted Can US Citizens Now Buy Iranian Rial?

Iranian Sanctions Lifted - Is It Time To Buy Iranian Rials?

Last weekend history was made. The USA and a good portion of the rest of the world lifted sanctions on Iran. For years prior to sanctions being lifted many eBay and Amazon sellers had already been selling the Iranian Rial currency for years.

Whether that was legal or not it's been sold for years. Recently however with the lifting of the sanctions and relief day which happened last weekend, it's now legal to buy Iranian Rials.
where to buy iran rials

Several websites have popped up selling the Iranian Rials such as BuyIRR, Currency Liquidator, Rial Express, and others. There's also a strong market for the Iranian Rial on eBay as well. For years Amazon was the place to buy Iranian Rials, however in the past few months Amazon has made a strong effort to take down all currency listings.

Despite currency being sold on Amazon for years technically there was never an approved category for it so most sellers would list it in categories from coins to toys to groceries. There's been rumors Amazon is going to open up an official coins and paper money category, however that has yet to be seen.

If you're looking to buy Iranian Rials a good place to start is eBay. Whether you choose in the end to buy from eBay or not is up to you but there's a few things going for it. Where as many currency brokers and dealers are charging upwards of $300 for Iranian Rials, eBay and the nature of the auctions lets the market decide the price as opposed to a currency dealer just making up a price. There's also a strong buyer protection program offered both through Paypal as well as eBay and you're able to pay for the Rial with either Paypal or a Credit Card as opposed to most currency dealers who will only accept bankwires and cashiers checks.

Is It Time To Sell Your Iraqi Dinar? Our Commentary On A Recent Article

With the Iraqi Dinar it seems every Joe, Dick, and Harry thinks they are an expert despite having to experience in currencies, world markets, or anything having to do with currency, currency investing, and speculation. What we wind up with is very poorly written uneducated articles which don't really help the general public. The article below is no different.

The website ForexPost had an article posted a few days ago titled "Is It Time To Sell Your Iraqi Dinar Baghdad Invest." We will post the article below and add some of our own commentary on the article.



Is it time to sell Iraqi Dinar?


Have you reached that stage of when you start to consider if you should be selling your your Iraqi Dinars rather than buying?

Most people I know are currently in a holding pattern, they are neither buying or selling but have been sitting on their Iraqi Dinar for anywhere from a few years to as much as a decade. 

The reason I ask this question is because something very serious is about to happen regarding your investment in the Iraqi Dinar that will potentially see every single dinar that you currently own end up being worthless. We have warned of this before but we are now just a few weeks away from potentially seeing this scenario taking place.

There has yet to be any credible word about a redenomination. We did see the 50 note taken out of circulation earlier in the year, however there's still some confusion and disagreement about whether the 50 note was indeed outmoded or whether they just stopped printing it but it's still good to be circulated. There are also some unanswered questions regarding the Iraqi Dinar coins. The coins came in 25, 50, and 100 denomination coins. We havn't heard if those are still good or not. It would seem wierd they would take a 50 note out of circulation yet leave coins of even smaller denominiations.

SELL your Iraqi Dinar

Yes, you will have to take a hit on the trading in fees since that is how the dinar brokers rip you off. Typically charging a 20% spread on the way in and 20% on the way out which for those who do not understand means instead of paying $859.07 for 1 million Iraqi Dinars you would end up paying $1,050 via a company like XX (named it xx so as to not become a referrer) which results in $190.93 spread for the broker minus any costs for shipping to the USA / other fees incurred. Total spread approximately 18.18%.

Large companies like Travelex charge upwards of 25% when you take into account both their margin and service charge, and this is on common currencies like the Euro, Pound, and Mexican Peso. The Iraqi Dinar is an exotic currency, exotic currencies have less demand and are more costly to buy and sell. Even a currency like the Costa Rican Colon can oftentimes cost a currency broker upwards of 17% even on the wholesale level where as a common currency like the Euro could be acquired for less than 1%. The currency business is an expensive business to operate so these businesses need to make money to cover those associated costs, furthermore the currencies they deal in are costly to buy and sell. I think most Dinar buyers would be surprised to know at current prices dealers are paying upwards of $950 for a million and selling for as little as $969, hardly highway robbery on rates. The writer of this article clearly doesn't know what he or she is talking about. Maybe they should go harrass eBay and Amazon sellers as they often buy an item for $3 from China, mark it up to $9 or higher and resell. How dare they try to make a profit.

And to sell your Iraqi Dinar, using XXs pricing they will buy back from you today at $820 per Million Iraqi Dinar.

Redenomination

Zahlid, an advisor to the Central Bank of Iraq has given us ample notice to at least recoup some of what we have put in, leaving the onus on you to take the final desicion to get up and get off the dinar revaluation ride.

20/02/2014  Zahlid said.  i spoke today with my seniors in iraq and i can assure you the stalling is about over by maliki ,the cbi is now ready with there plans and laws in place to proceed with the RD i was told today they are looking at 15th march for events to be made international,yes thedate could be brought forward or moved but at this time i am being told to be in iraq for the beginning of march for 1 month as this will be a momentous occasion for my country to once again be accepted internationally.

17/02/2014 Zahlid said : As said also watch our inflation creep higher which it is now happening then around 2nd week march ,our in country redonimination will happen,Believe or not it is happening very soon.

It's not hard to believe inflation is on the rise. There is currently a new Iraqi Dinar 50,000 denomination note in circulation and rumors of a 100,000 note comming out soon so that would signal inflation is comming, if it's not already here. If the currency were going to increase in value we would see a removal of larger notes and possibly even more small notes rolled out. With us seeing larger notes comming out that signals inflation is going to be worsening. 
12/01/2014 Zahlid said : very well explained my friend,our inflation is gradually rising and this is intended if truth be known,tariffs have helped gradually rising our in country cost of living.As I stated before there is a target we have to aim at that being 8% when that is achieved yu will see the currency rd of our country,tat should be very SOON.People myadvice if can would be gain any returns on any monies before the shock becomes reality ,IT WILL BE AN IN COUNTRY EXCHANGE AS THIS IS OUR PRESIDENTS WISHES THERE WAS TALK WITH USA OF OUTSIDE EXCHANGING BUT THAT WAS LOST,so they have that cross to bear for there citizens ideas of riches being lost.THAT IS FACT AND TIME WILL SHOW WHO SPEAKS TRUTH ON THIS. IT WAS ALWAYS OUR PLAN TO EXCHANGE IN COUNTRY WEVE DONE THIS WAY BEFORE AND SHALL DO SO AGAIN,OUTSIDE GREED WAS NEVER OUR CONCERN ONLY MANUFACTURED LIES FROM OTHERS, I WILL HAVE MORE NEWS TUESDAY AS HAVE MEETING IN LONDON ATTEND WITH FELLOW CBI DIRECTORS AND STANDARD CHARTER DIRECTORS.

If that is not enough for you then I would encourage you to consider the following points.

1.  When they invalidated the last currency this question was provided on the fact sheet here (last question)
Question: Will it be possible to exchange currency outside of Iraq?
Answer: No. The only official currency exchange locations will be located within Iraq.
2. When they did the last exchange, who was in power? the CPA  Coalition Provisional Authority which is the Americans et al. Now consider today, Iraq is free and independent to chose how it is to do this. Iraq completing the redenomination followed by the exchange IN country ONLY, will save themselves a lot of moneylegally too!
3. Iraq is under no obligation whatsoever to have to exchange dinars held in America or indeed other countries like Malaysia, Canada or even Australia.
4. Redenomination means a 25,000 Dinar note is taken off the market and invalidated and in exchange you receive for example a 20 dinar note and a 5 dinar coin on the basis they relinquish three zeroes.
5. Nobody profits and nobody loses (Iraqis that is)- meaning Iraq does not go bankrupt. as would be the case in a revaluation type scenario. remember this is Iraq run by Iraqis who are to serve Iraqi people and Iraqi interests. As such Iraq will not voluntarily lead itself down the path of destroying its economy.
Imagine if America was in this situation, would you blame them for having the audacity to LEGALLY allow only an in-country currency exchange.
Alternatively, if you have a way of smuggling your dinars into Iraq to complete an exchange for the new legal tender then you make consider that option.
You have been warned of the following steps. Redenomination >>> In country exchange (ONLY) >>> Finished.

Travelex Currency Exchange Sells Vietnam Dong

Are you looking to buy Vietnam Dong? You have several options. If your bank sells Dong you may want to first check with your bank. Buying from your own bank will typically get you the best price paying between $50 and $60 per million.

Buying from your bank is good, but we wouldn't recommend opening up an account strictly for the purpose of buying Dong as you will be charged monthly checking account fees which will outweigh any savings you save by purchasing Dong at a lower price.

If your bank does not sell foreign currencies or does not deal with the Vietnam Dong the next best option is Travelex Currency Services. They are in most states across the country and in many airports. They have a larger markup than banks but still lower than dealers and their prices are pretty reasonable. Travelex sells a million Dong for about $63. If you buy $600 worth of Dong or more there is no service fee. If you buy less than $600 you will be charged a $9.95 service charge which essentially brings the price up to $73 per million which is about the same as dealers are charging.

Lastly you can buy your Vietnam Dong from an Iraqi Dinar dealer. In the past a Dong cost about $80 per million. More recently however many dealers have been dropping their prices. Going Dong price seems to be around $72 per million with most dealers these days. If you go to eBay you can probably pick Dong up for as cheap as $64.

Iraqi Dinar Dealers now starting to carry Afghan Afghani Currency

There seems to be a new currency being carried by Iraqi Dinar dealers as well as a new currency being sought out by Iraqi Dinar buyers and buyers of exotic currencies. That new currency is the Afghanistan Afghani, the currency of Afghanistan.

The going price for Afghani seems to be about $125 for 5,000. Some dealers are also selling single notes of the 1,000 denomination for about $30.

The Afghanistan Afghani is much more pricey than say the Vietnam Dong where you can pickup a million for $80. The Afghan Afghani, a full million would cost you over $20,000. We'll be doing some follow up posts giving more information about this new currency buyers are flocking to.

Is Fifth-Third Bank Buying Iraqi Dinar?

Occasionally we will hear someone on a Dinar website or message board comment that a particular bank is buying in or selling Iraqi Dinar. The banks typically mentioned as ones which are buying and selling Iraqi Dinar tend to be Wells Fargo, Chase, Fifth Third Bank, and others. Today however we are answering the questions, does Fifth Third Bank buy or sell Iraqi Dinar?

After calling around to a few Fifth Third branches we have learned that no Fifth Third Bank is not currently buying in or selling off Iraqi Dinar. Fifth Third confirms they did used to sell the Iraqi Dinar and I'm sure some of you even purchased your Iraqi Dinar from Fifth Third Bank, however as things currently stand Fifth Third Bank is not buying in nor selling the Iraqi Dinar currency. If anything changes we'll be sure to report back.

Selling your Iraqi Dinar on eBay - The Pro's & Con's

 Pro's & Con's Of Selling Iraqi Dinar On eBay

A lot of Iraqi Dinar is sold on eBay. Not only buy Iraqi Dinar dealers and professional sellers, but as well by individuals like you and myself who are just looking to sell our Iraqi Dinar. eBay can be a great place to sell Iraqi Dinar as it gives you a huge audience not only across the country but also across the world if you choose to do so.

eBay also has a strong buyer and seller protection program which makes it fairly safe for buyers to buy Dinar and sellers to sell Dinar on their platform of eBay, using Paypal as the means of payment. This makes things safe and reliable for both buyer and seller as Paypal is essentially acting as an escrow company for the transaction.

There are however many avenues available to you to sell your Iraqi Dinar which include forums, craigslist, ebay, selling to dealers, or in some cases selling to a brick and mortar currency exchange or a local bank.

In this post we are going to address some of the positives and negatives of selling your Iraqi Dinar on eBay.


risks of selling iraqi dinar on ebay
Pro's & Con's Selling Iraqi Dinar On Ebay

Pro's Of Selling Iraqi Dinar On Ebay

  1. Huge Audience - eBay provides the widest audience of potential buyers possible.
  2. Market Dictates Price - If you sell to a dealer they are essentially the one dictating the price. Sure you can shop around dealers but your only getting a handful of people to determine a price. On Ebay however there are thousands if not tens of thousands of potential buyers so the market itself will determine what your Dinar is worth. 
  3. Safe Transaction - Nothing is 100% failproof, however eBay and Paypal both have a strong buyer/seller protection program which ensures the buyer gets their Dinar and the seller gets paid. 
  4. Convenience - eBay is convenient, you can list your Dinar on your own time, it only takes a few minutes and then it's basically hands off until your item sells and it's time to ship. Selling on Craigslist your fielding e-mails and phone calls, dealing with lowball offers and Craigslist flakes who ask you to meetup and don't show. Plus there's a risk doing large cash transactions in person. Ebay and Paypal handle all of this for you, everything is done on your own time from the safety of your own home.

Con's Of Selling Iraqi Dinar On Ebay

  1. High Fees - Nobody likes paying fees, we get that. Many people complain about eBays fees and it's understandable. That said most auction houses are going to charge upwards of 30% to sell something so paying eBay 6% to sell an item in the coins and paper money section is hardly unreasonable. That said you will be paying eBay 6% and Paypal another 2.9% plus 0.30 cents per transaction. 
  2. Bad Apples - This isn't really a dig on eBay as you're going to find bad apples everywhere whether you are dealing on Craigslist or selling to a Dinar dealer. That said eBay does have some bad buyers who try to game the system and get free merchandise or some who will try to use you as a free reserve or layaway and return an item after 30 or 45 days. Again, this isn't a knock on ebay you'll run into bad apples everywhere in life but it is something to be aware of. 
  3. Limited By How Much You Can sell - Ebay and Paypal both only allow a seller to sell up to $1,000 worth of coins or paper money to a single buyer in a day. For example I can sell you a million Dinar for $990 but I can't sell you 2 million Dinar for $1800. The vast majority of sellers probably don't have much more than a million and most buyers are probably looking for about a million max so this isn't a huge issue, but again, something to be aware of. 

So you've read about the pros and cons of selling your Iraqi Dinar on eBay. Overall it's a pretty good platform to sell and will most oftentimes get you the most amount of money for your Dinar, yes even after fees. Be aware however there are some negatives and risks associated with selling on eBay. Typically the pros outweigh the cons though.