High inflation has taken its toll on the dinar, Iraqi currency. Many banks will not even consider buying the dinar because the risks are too high. There are various investment scams involving the dinar. One such scam, $24 million Iraqi currency scam, hit the headlines in January 2015. These scams are why investors refuse to buy the Iraqi dinar.
In 2016, the U.S. Securities and Exchange Commission filed a complaint against a Utah man for his role in a dinar scheme. The complaint claimed that 34-year-old Joshua Jay Hansen attempted to scam investors by selling securities that were investing in Iraqi dinars. Hansen guaranteed the investors that the government of Iraq would revalue the dinar at a much higher value.
Does Chase bank buy Iraqi dinar? The answer is “no”. As mentioned above the risks are just too high for US banks to invest in the dinar. It appears that the only way to exchange the dinar is to go through the Foreign Currency and Coin Exchange.
Does Chase Bank Charge For Currency Exchange?
If you have unused foreign currency, you can exchange it through Chase. However, if you should expect to pay an exchange fee. The amount of the fee will depend on several factors. These factors include the amount of foreign currency you have to exchange and the type of Chase account you hold.
It is possible to have the exchange fee waived if you request it in advance. Chase will take your exchange fee waiver request into consideration. If you are lucky, bank officials will agree to waiver the fees.
If Chase does not agree to waiver your exchange fees, you should consider exchanging your foreign currency at another bank that does waive exchange fees. These banks include but are not limited to, Northern Trust, Capital One, Key Bank, TD Bank, PNC and Bank of America.
Chase will add an additional 10 percent note rate on top of the exchange fees for the conversion of large sums of foreign currency. Be sure to do your research before you agree to go through Chase to exchange your foreign currency.
If you are planning on traveling to Iraq some time in the near future, you will need Iraqi dinar because merchants do not accept US dollars as payment. The safest way to convert your own currency into Iraqi dinar, your best option is to go through the Foreign Currency and Coin exchange. And, if you have any unused Iraqi dinar left, you should consider exchanging it to your own currency before you leave the country.
Is The Iraqi Dinar (Money With Saddam Hussein) Worth Anything?
Rumor has it that some American soldiers serving in Iraq have claimed to have made a lot of money by investing in the Iraqi dinar. Of course, there is no way to back up the claims. So, if you are considering such an investment, you better do your homework first. What you need to know are the red flags that point to an Iraqi dinar investment scheme. These red flags include reputed banks, wide bid-ask spread, state government warnings and impractical guarantees, such as “100% safe”.
Iraqi dinar with the face of Saddam Hussein is currently worthless. Some experts believe that the Iraqi dinar will be worth something in the future but not for quite some time. Currently, one Iraqi dinar is worth 0.00084 in US dollars. With that said, the Saddam Hussein dinar is virtually worthless.
The only possible way to earn a profit on Saddam Hussein dinars is to sell them to a collector. With that said, this is still not a guarantee that you will make a profit.
The news of Iraqi turmoils is still not enough to discourage Americans from investing in dinar. Big promises of the Iraqi government revaluing the dinar for higher values is enough to draw some investors in. Unfortunately, the Iraqi dinar will probably never be revalued to the point where it is beneficial to investors.
Every day new Iraqi dinar scams are hitting the headlines. And, investors are getting caught up in schemes that end up costing them millions. Scammers are claiming to have inside information about the Iraqi government, in an effort to entice investors to buy the dinar. Unfortunately, these claims are groundless but by the time the truth is discovered, investors lose millions.
The US government has taken steps to protect Americans from getting involved in dinar scams. But, these protections are just not enough. So, it is up to you to avoid becoming a victim of an Iraqi dinar scam. Do your research and only buy from reputable foreign currency exchanges.
Is It Legal To Buy Iraqi Dinar?
Before you invest in Iraqi dinar, you need to know the laws in the country you live in. Most countries do not prohibit the buying or selling of the Iraqi dinar. However, most countries discourage such investments because the risks are too high.
Investing in Iraqi dinar may be very tempting. However, there are major concerns of the current Iraq that draw question to the value of the dinar. One rumor that has investors talking is the possibility of Iraq dividing into three separate regions. While this is a rumor, it is very concerning for investors who are currently holding Iraqi dinar. In fact, these investors may never break even on their investments.
While it not illegal to buy Iraqi dinar, most governments do not recommend it. If you do find yourself being pulled into a dinar scheme, you should immediately report it to the Federal Trade Commission (FTC) or the Federal Bureau of Investigation (FBI). It really wouldn’t hurt to report the scam to both of these organization just to make sure that the proper action is taken.
If you are not familiar with the laws regarding the Iraqi dinar, you should visit the FTC website. You can also call the organization directly to obtain this information. The US government recommends never buying Iraqi currency online through websites, such as eBay. If you are determined to invest in Iraqi dinar be sure to go through the proper channels.