Frank26 Question: "Has anything changed in regards to Iraq satellite banks exchanging dinars for US citizens?" No. They will follow American banking laws. They won't do anything different than any American bank is doing in American territory.
The process to exchange your dinars it's not going to be as difficult as your mind tells you right now that it's going to be.
FRANK: I've had so many bank stories in the last two weeks that it not only knocked me off my feet but I'm still floating up in cloud nine. It's no secret. What happened.
BANK STORY GUY: I live in a very small town in Western Colorado. I've been banking with the same bank for 30 year...The bank president...borders on the edge of being a very good friend...This morning I walked into the bank...and I saw him sitting in his office and...I said you know 4 or 5 years ago I started talking about the dinar and he said yeah...he had on his poker face...I said myself and my wife have X number of dinar. He said ok. I said I hear Sudani talking about a date of January 1st that you can no longer use the American dollar in Iraq.
And considering they're now talking about releasing change to the people. I said, when I first started talking to you about this the exchange rate was about 1470 roughly to 1...does it make any sense to start issuing any coinage?
He kind of grinned at me big. He said, no sir it really doesn't. I said, Tom, I'm nervous...I know what the FDIC covers and ...you know how much currency I have. Even if it goes at 1 to 1 I'm kind of spooked about how much wealth I could lose. I said...you're a small bank. They're very well known throughout the state of Colorado...but they're not a Chase or Wells Fargo. I told him I've got a Wells Fargo account and I said honestly Tom I hate that bank but push comes to shove I can transfer my funds.
What's funny all of a sudden his poker face breaks and he says when it comes time to do the exchange I'm sure we can... assist in some way. I said that's what I was hoping to hear. If and when the time comes, you and I have been friends for a long time, you know I have 100% trust in you, do I come to you to get advice on how not to lose my funds? He's says no. I'm going to set you up with a wealth manager and he immediately is typing stuff in to his computer and this is what caught me off guard, he turns around and he says you know I've seen exchanges and movement in the dinar in just the past few days...
I said I got to get to Albuquerque this afternoon...I got to get going when I get back I'll give you a call...I stood up and shook his hand I said you know what I probably won't talk to you for a while so Happy Thanksgiving to you and your family...and he said oh, we'll talk before that. FRANK: There it is!
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