Why Your Bank Isn't A Trusted Expert When It Comes To Iraqi Dinar

Many Dinar buyers seem to rely upon their banks and bankers to verify their Iraqi Dinar currency or even answer questions regarding the Iraqi Dinar. This is a poor strategy and a poor source of information and in this article we will tell you why.

Most banks and bankers don't deal with foreign currency on a regular basis and for that reason typically don't know a whole lot about foreign currency. At most banks there is also a specialized teller who deals with and orders foreign currency for the rest of the tellers so in most cases even if a bank does deal with foreign currency, typically only one teller will be knowledgeable about it.

Over the past few years banks have begun getting away from offering currency exchange services to their customers. They are doing this because it's costly, it makes them little if any money, and it's more of a hassle than anything. In the past many banks offered currency exchange to their customers. These days however many banks don't offer this service period and the few that do typically outsource this service to other companies like International Currency Exchange and Travelex among others.

Banks have typically done currency exchanges for customers for very low rates, basically at cost. It costs banks quite a bit of money to order foreign currency, it requires an additional Brinks shipment which again is more money. It also leaves them open to buying outmoded or fraudulant notes because it's not something they are dealing with a lot. For example, did you know most currency exchange companies will not buy 500 Saudi notes among others because of the large number of counterfeit notes in circulation. A bank who didn't keep up with the FX industry could easily buy in a large number of these notes unknowingly and be holding the bag.

Because banks don't deal with foreign currency on a regular basis they don't keep up with changes in the industry and aren't knowledgeable about foreign currency. Foreign currency transactions are a drain on them as opposed to being a revenue generating activity.

In forums, message board, and blogs Dinar buyers are often talking about talking to a banker about their Dinar. Why rely on someone else to authenticate your Dinar, why not know how to do it yourself? The Dinar is one of the top 3 most secure currencies in the world and has plenty of security features which are very easy to check with the naked eye or a black light. As far as asking about a revalue date or rate the banker will know nothing so your wasting your breath.

If you have questions about the Iraqi Dinar research and investigate it yourself, although you'll need to be careful to sift the credible information from the Guru nonsense and idiots spouting off like experts on message boards.

Confessions Of An Iraqi Dinar Dealer, No Hype, No Rumors, No Guru BS The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies

Short Entertaininge Film About The Iraqi Dinar - The Bond 2013

THE BOND-- 2013

This is about An unemployed web programmer puts his marriage in jeopardy when he hides an investment (Iraqi Dinar) worth millions from his pregnant wife.

WINNER Best Narrative Short
2014 Seattle True
Independent Film Festival

Director & Writer:
Bryan Campbell
Trick Danneker, Emily Chisholm, Aaron Washington

Short Film About Iraqi Dinar

Interesting Article Discussing How The Iraqi Dinar Will Be Taxed - Is The IRS Setting Up Dinar Task Forces?

There is a lot of talk and speculation online regarding how the Iraqi Dinar will be taxed should it someday go up in value. Some argue it will be taxed as a simple currency exchange, others argue it will be taxed as a commodity, and others argue it will not be taxed at all. Though I don't have the answer to that question I can definately tell you it would not go untaxed, Uncle Sam always makes sure he gets his cut. As they say, only two things are certain in life, death and taxes.

How Will The Iraqi Dinar Be Taxed?
Recently while perusing Twitter we stumbled upon an article titled "New IRS Task Force Setup To Monitor Iraqi Dinar". It's worth a read and is food for thought, however the article never actually talks about this new task force. Everything mentioned in this article is nothing really new, it's standard reporting which has always been done on large currency transactions or transactions of anything over $10,000 USD. 

In this post we are going to quote some points from this article and discuss them below, however if you'd like to read the article in it's entirety you can read it yourself by clicking HERE

1. As of 2010, the Dinar Banker is not required to report any information at all to the United States Treasury Department in regards to individual domestic United States sales or purchases of Iraqi Dinar as long as the transactions are "not cash" for cash transactions.

Article Source: http://EzineArticles.com/6077129

This is actually not true, and if DInar Banker was not reporting transactions over $10,000 they were in violation of the law to the best of our knowledge. Any transaction over $10,000 is required to be reported whether it's an international or domestic transaction. This is nothing unique to the Dinar. If you won over $10,000 at a Casino the same report would be filed. If you bought a car for over $10,000 and paid in cash the dealership would file one of these forms. This is nothing unique to the Iraqi Dinar nor is it anything new. 

2. In a nutshell, if you have a certain amount of profits from these transactions which involve the Iraqi Dinar, you will be required to pay the United States Taxes on the change in value of your Iraqi Dinar(s) purchase(s).

Article Source: http://EzineArticles.com/6077129

I believe the author is referring to tax law which states you need to pay taxes if you see a gain of $200 or more on a currency exchange transaction. I'm not going to bother looking it up but I've read it before in tax law and it's not anything new and groundbreaking nor is this secret information,its written in the IRS tax law. 

3. The IRS is currently working on putting monitoring procedures in effect. The amount of taxes that the taxpayer will pay is dependent on the taxpayer's own individual tax rate and the length of time they have held the Iraqi Dinar. This is normal for all transactions of this kind.

Article Source: http://EzineArticles.com/6077129

I've yet to find any reliable source who has definitively stated how the Iraqi DInar will/would be taxed. It could be taxed as a currency exchange, it could be taxed as a commodity, it could be a long term capital gain or a short term capital gain depending upon how it's taxed as well as how long the buyer held it for. 

4. Check and wire purchases of sales within the United States are not reported. For international transactions over $10,000, the Dinar Banker must report the transaction on a Fin Cen 105. For more information on this, go ahead and take a look at the following website: http://www.fincen.gov/forms/bsa_forms/ It will give you more information on such types of transactions and also show you the list of forms that are available.

Article Source: http://EzineArticles.com/6077129

To the best of my knowledge this information is not accurate. It does not matter whether the wire is done internationally or domestically. Any transaction over $10,000 must be reported. If you bought over $10,000 in Iraqi Dinar and your dealer is Treasury Registered they are required to fill out a Fincen 105 form. They most likely asked for a copy of your government issued ID as well as your social security or tax id number. The reason they asked for this is so they could file a form on you to the IRS.


Artistic Short Film About The Iraqi Dinar - NOT News Or Info, An Fictionional Movie

Was just browsing trending subjects on Twitter and noticed someone had linked to a short film who's subject or topic was the Iraqi Dinar. This is not a documentary, news, or any relevant information about investing in the Iraqi Dinar, this is an artistic short film about a guy who sells a bond to buy Iraqi Dinar and later sells it for less than half what he paid for it. This film basically shows the pitfalls of the Iraqi Dinar.
A Short Film About The Iraqi Dinar
A Short Film About The Iraqi Dinar

It's worth a watch, and is actually a pretty well put together movie. I was expecting some low budget looking Blair Witch Project type movie, however this was actually pretty well done. The writer and/or director in my opinion don't have a firm grasp of the Dinar and the whole investment surrounding it, and the story is a bit sensationalized as all movies are but none the less it was interesting and worth a watch.

We'll link to it, and you can watch it by clicking HERE

Buy Iraqi Dinar At Spot Rate? Some Crazy Good Deals!!!!

Everyone likes saving money right? Well keep your eyes peeled online for great deals on the Iraqi Dinar. Recently DealOrBuyDinar, operated by Lifesong Currency Group has been offering some fantastic deals as of late.

A few months back they were running some specials on small denomination Iraqi Dinar notes. They were selling a million Dinar in 250, 500, and 1000 notes for about $1100 per million while most other dealers are priced at $1900 and above.
Iraqi Dinar Specials

More recently however, just a few weeks back I received an e-mail from these guys offering Dinar at spot rate, all be it circulated, but none the less still a fantastic deal. DealOrBuy was selling a million circulated Dinar for only $845 per million. That pretty much matches or beats even the best deals on eBay or Dinar Forums buy and sell sections.

So how do you find out about these deals? Pretty easy, just get on dealers contact lists or e-mail lists. If you visit Iraqi Dinar dealers websites most have some type of online signup for e-mail lists and deals. Just enter your e-mail address and sign-up for their e-mail specials and soon enough you'll be occasionally receiving some great deals on purchasing Iraqi Dinar.

Buying Dinar On eBay? Is Your Seller Treasury Registered?

Dinarians seem to have mixed feelings about purchasing Iraqi Dinar from eBay. While some seem to love the great deals that can be had on eBay, others feel it's much riskier than purchasing directly from a dealer, even if it means paying a bit more. 

Some great deals can be had on eBay. It's a marketplace as opposed to just a dealers website so the competition of many sellers seem to spur lower prices than off eBay at times. In addition to great deals being spurred by competition, becausee anyone can sell on eBay, many Dinarians who are looking to liquidate their Dinar go to eBay to sell. It's not uncommon to be able to purchase Uncirculated Iraqi Dinar at around $850 per million at times from an individual selling their Dinar stash.
Is Your Iraqi Dinar eBay Seller Treasury Registered?
Is Your Iraqi Dinar eBay Seller Treasury Registered?

Though it's always important to be diligent and checking your notes for authenticity, counterfeit Dinar is not a significant problem and eBays buyer and seller protection program does a pretty good job of protecting both parties. Should you not get your Dinar or should your Dinar not be the correct amount or condition it's fairly easy to have the situation either made right or to get a refund. 

One common complaint I hear from eBay buyers is that because your oftentimes dealing with individuals and not a company with an ongoing reputation to upkeep sometimes people wait a few days to ship or packaging isn't up to their expectations. Overall however most eBay Dinar buyers seem pretty happy.

One thing which is important to many buyers is that the Dinar they purchase, is bought from Treasury Registered sellers. Why is this important? Well first off legally to sell Dinar one should be Treasury Registered so a seller who's following the law is more likely to be a good seller who ships promptly, packages products well, and overall your probably going to have a better experience as a buyer. Some also however say that there could be problems selling your Dinar later if it wasn't purchased from a Treasury Registered seller. In an online video made by Sterling Currency Group they actually seem to say you could possibly be breaking the law yourself buying from a seller who is not Treasury Registered. 

Below we'll link to the video titled "What Risk Do I Run Buying Iraqi Dinar On Ebay", in this video they address the risks and rewards of doing so.

In preparation of writing this post we did a detailed search on eBay looking for sellers who are Treasury Registered. Somewhat surpringly, with all the DInar being sold on eBay there are actually only two Treasury Registered sellers. These sellers are "always_best_service" , and "buyiraqidinarhere" . These are the only two Treasury Registered sellers on eBay, or at the very least the only two who advertise themselves as being Treasury Registered, although one would think if other sellers were Registered they would advertise themselves as being so, as that's important to many buyers. One can only assume that the rest of the sellers are not Treasury Registered. 

For those looking for deals there probably isn't going to be many problems buying from anyone on eBay due to the strong buyer protection, however if you want to stay within the law, have a good customer experience and know your dealing with a legit seller it's probably not a bad idea to stick to Treasury Registered sellers. Best of luck and hope you find some great deals on Iraqi Dinar on eBay. 

Though it is generally smarter to buy from Registered sellers keep an eye on eBay deals and don't be afraid to buy from someone selling off their personal stash as some great deals can be found. 

Two Treasury Registered Sellers On Ebay

Iraqi Dinar "Experts" Don't Know Squat!!! Dinar Expert Plagarizing From Internet

The internet is about with Iraqi Dinar "Guru's" and those claiming to be experts on the Iraqi Dinar and currencies in general. I've long held the belief that none of these guys have a clue what they are talking about.

There's constantly rumors about what cashin procedures will look like, which banks will cash in, what documentation will be needed, how it will be taxed, and so forth and so on. These so called experts seemingly claim to know exactly how things are going to go down so to speak. The truth however is that no "revalue" or "global currency reset" or anything of the like has ever happenned in recorded history so how can someone know the certainies of a hypothetical unlikely scenario? The truth is that they cannot.

Some of these so called experts spread dis-information on purpose while others just don't have a clue what they are talking about. Others, who claim to be experts just parrot and plagarize what others have said as well.

Recently I've had a number of comments on this blog from members of a forum called Neno's Place. I was somewhat surprised I hadn't heard of this forum as I'm a frequent reader of forums like DinarVets, InvestorsIraq, DinarsMe, and many others, yet I hadn't yet heard of this site/forum. Seems it is popular among Dinararians however. Recently they were posting about hitting the 30 Million page view mark. It's actually an interesting site and I began browsing the site.

I came upon one particular forum post where Neno, who seems to be this sites version of Adam Montana, the household expert is sharing with his followers how he recently learned why banks do not sell Iraqi Dinar. As I read his hypothesis it occured to me I had read something similar recently so I began doing some Google searching. Well turns out Neno, has copied word for word someone else's explaination of why banks do not sell Iraqi Dinar. Don't get me wrong, we all do research, however when we do research and come to findings we generally document those findings, where we found them, and follow up with why we believe that to be the truth. Neno however has passed this explaination off as his own thoughts and ideas.

This essentially goes to show how none of these so called Iraqi Dinar experts or Gurus have a clue what they are talking about, they are simply either copying or paraphrasing other people's thoughts and ideas and passing them off as their own.

This is how all these crazy rumors about non-disclosure agreements (NDA), come about as well as other rumors about documentation you will need to cashin and other crazy ideas. These guys simply read something online and begin parroting it, then someone else does the same and so on and so forth.

In the screenshots shown below you will see a page from Neno's Place Forum where he tells his reader his theory about why banks don't deal in the Iraqi Dinar. In the next screenshot you will see someone's hubpages entry from several years back which is not only the exact same theory, but in some parts literally word for word just copied and pasted and passed off as Neno's ideas. This essentially proves that Gurus and experts don't have a clue and are simply paraphrasing and parroting each other and others on the internet. Don't listen to the Gurus or the experts, do your own research and trust your gut.

Iraqi Dinar "Expert" Parroting Others Ideas
Iraqi Dinar "Expert" Parroting Others Ideas

Origional Article Plagarized By Neno
Origional Article Plagarized By Neno

Below are some links to the Origional Articles as well...

Neno's Place Forum Post

Origional Hubpages Post Copied By "Expert" Neno