Ariel
General Exchange Rate Info- IQD/ROI:
Simple Explanation:
If someone has 300,000 Iraqi Dinar and the exchange rate is 3.00, then their 300,000 Iraqi Dinar would be worth:
300,000 IQD x 3.00 = 900,000 USD
So, if someone bought 300,000 Iraqi Dinar for a much lower price before the exchange rate went up to 3.00, and then exchanged it for US dollars at the rate of 3.00, they would receive 900,000 US dollars.
This means that they would have made a profit of: 900,000 USD – the cost they paid to buy the 300,000 Iraqi Dinar For example, if they bought the 300,000 Iraqi Dinar for $300 USD, then their profit would be:
900,000 USD – 300 USD = 899,700 USD
This is a simplified example, and there are many factors that can affect the value of a currency, including geopolitical events, economic conditions, and government policies.
This is how the rate will look on the Forex.
How The Rate Shows On Forex:
$.86 = 1.162
$1.00 = 1.000
$1.17 = 0.854
$1.86 = 0.537
$2.00= 0.500
$2.50 = 0.400
$3.00 = 0.333
$3.22 = 0.310
$3.46 = 0.289
$3.50 = 0.285
$3.86 = 0.259
$4.00 = 0.250
$4.10 = 0.243
$4.40 = 0.227
$5.00 = 0.200
All Forex listings are listed in pairs – comparing the USD to some other currency. They will all show a different numerical factor against the USD.
USD/CAD
USD/EUR
USD/IQD
Using the program rate of 1190, you would divide $1 by 1190 = .00084
It will be on Forex listed as USD/.84. 1$ Divided by .84 = $1.19 And…….
USD/0.537 = $1.86 Ex ($1 ÷ .537 = 1.86)
USD/0.400 = $2.50 ($1÷ .400 = 2.50)
USD/0.333 = $3.00 ($1÷ .333 = 3.00)
USD/0.243 = $4.11 ($1÷ .243 = 4.11)
Fees & Other Potential Cost –
1. Transaction Fees: Financial institutions or currency exchange services may charge fees for converting currencies. These fees can vary and may impact the overall profit or loss. If a currency exchange service charges a 2% fee on the transaction, and you’re exchanging $10,000, the fee would be $200 (2% of $10,000).
2. Spread: The difference between the buying (bid) and selling (ask) prices is known as the spread. It represents the cost of the transaction for the trader and can affect the overall profitability. Suppose the buying price (bid) for a currency is $1.20, and the selling price (ask) is $1.18. The spread is $0.02. If you exchange $1,000, the actual cost would be $1,180 (ask price) but selling it back immediately might only yield $1,200, resulting in a $20 loss due to the spread.
3. Commission: Some currency exchange platforms or brokers may charge a commission on each trade or transaction. A currency exchange broker charges a flat $10 commission per transaction. If you exchange $5,000, you would pay the $10 commission on top of any other fees.
4. Market Volatility: Exchange rates can fluctuate due to market conditions, geopolitical events, or economic factors. Sudden changes can impact the value of the currency being exchanged.
5. Regulatory Compliance: Depending on the country and the amount involved, there might be regulatory requirements or compliance measures that individuals need to adhere to. Which should not be a problem if you do not plan on doing anything illegal. This should be a smooth process.
6. Taxes: Profits from currency exchange may be subject to taxation. (This is not final)
7. Liquidity: Less commonly traded currencies may have lower liquidity, making it challenging to find buyers or sellers at desired exchange rates. But this will not be an issue for the Iraqi Dinar given the many countries that have this in their reserves. Especially airports.
8. Timing: The timing of the currency exchange can influence the overall outcome. Exchange rates can vary throughout the day, and factors like economic reports or geopolitical events can impact them. __________________ This is just an oversight of things you can expect. Taxes are up in the air. Because if you are exchanging into asset backed currency or precious metals you may pay small to no taxes on the exchange.
• Electronic
• Digital
• Paper
• Metals
We are going into a system where all of this will be working in conjunction and coexisting. We ate going back to the Gold and Banks are getting ready for this transition by implementing Basel 3 that they refer to as “The End Game”.
So when you exchange your currency do not do it in any location that is not Basel 3 Compliant.
Goodluck to everyone. You made the right choice and investment. This will never happen again. So be wise and prudent with your financial decisions.
No comments:
Post a Comment