›

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

Anyone up on Currency Exchange/Forex?

DarkFortDarkFort
edited March 2012 in General
Need some advice on buying currency and how to. Like where do I go?

Comments

  • BottleBottle
    You just buying it or sending it to another country? Why quantity? Like a lot or not so much? Life savings or holiday cash? How secure do you need it? Cash/Travellers cheque etc? You wanna get it online or in person? Are you simply looking for the best 'price' / exchange rate?

    Nuff questions there??
  • DarkFortDarkFort
    Plenty of questions, yes. Like $100 on the Iraqi Dinar which is trading at .00008, 4 more months and there debt is wiped clean by the world bank and there oil production should begin not to mention they found new Gold rich areas. Cash in person or Debt online.

    Do I go to my bank or what?
  • BottleBottle
    For that amount my advice is to do some quick searching for a good exchange rate, for $100 USD you should (right now) get between 115,432 and 116,550 IQD, not really a huge difference. You might get a better rate, but you'll be looking at fees too perhaps, depending on where you get the cash from you'll pay either a fee or a higher exchange rate. If you really care a great deal about getting the most out of you $100 you can shop around, Google will provide plenty of places to change money, but it's a faff if you can't be bothered. Otherwise your bank will be able to help you if they do currency exchange, just look into fees first, as they can be a rip off and you'd be better with an exchange rate with no fee but a worse rate. Your final issue is that I can't imagine all places just having that currency floating around, you may have to order it in advance so bear that in mind, but then it's not a large amount so you might be alright. I'm not sure exactly of the ins and outs in the US so I can't help further really, sorry :-/
  • dankdank
    edited March 2012
    You want the National Bank of Dubai or Emirates Bank DarkFort.
  • LewsTherinLewsTherin
    edited March 2012
    Yeah i briefly traded forex about 2 years ago for fun, using only £1000....then i went into Eve LOL
  • DarkFortDarkFort
    I bought 25,000 Iraqi Dinar, if the bills power hits $5 like it did under Saddam I am looking at a profit of $125,000 on a $40 investment.
  • Sir_YosoSir_Yoso
    How many years can you hold on to your investment?
  • DarkFortDarkFort
    If Iraqi lops off the zeros I would have a year to exchange the currency then I can hold on to it until when ever I want but the Middle East is far from stable so I doubt I would stay in the game for too long. Not to mention every-time the currency changes I must exchange it.
  • negneg
    this article might interest you

    http://www.forbes.com/sites/greatspeculations/2011/07/27/is-the-iraqi-dinar-worthless-paper-or-maker-of-millionaires/

    if the scheme is successful then you can be sure the taxman will be on your back.
  • DarkFortDarkFort
    Iraqi Parliament go back today and I strongly believe a bill to Lop off the zeroes may hit the floor.
  • dankdank
    Interesting article Neg. Good luck DF.
  • DarkFortDarkFort
    wow why thank you Dank.
Sign In or Register to comment.