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DINARESGURUS.BLOGSPOT.COM_________________ _______

Thursday, May 21, 2015

Reposted:  Exchange Apt Tips and Suggestions From SusanSaw at TNT, 21 MAY

BANK EXCHANGE ON 800 ## FOR IRAQI DINAR (“IQN”) and Other Currencies

CALL 800 ## CALL CENTER FOR A BANK CURRENCY EXCHANGE APPOINTMENT:


[  ]  Strongly suggested to use a “burner” prepaid phone once for this call then discard the phone.

[  ]  Bank Name________________________________

[  ]  Bank 800#______________________________
....

[  ]  “I am calling to schedule a ‘foreign currency exchange’ for my ‘IQN Iraqi currency’ for US Dollars.Don’t say “cash out” & likewise don’t say “Dinar” or “IQD” on this call.  Say “VNN Vietnamese currency.”
....
 [  ]  My name is ___________________________

[  ]  My Email address is _________________________

It is suggested to use specially encrypted email service by hushmail.com, unseen.is or cryptohippie.com for this exchange then switch out to a similarly secured VPN server for your computer function.

A new laptop with VPN installed is suggested to be used for this exchange but alternatively, use a computer at your public library or community learning center.

[  ]  My zip code is __________

[  ]  I have (                     ) IQN (dinar) Iraqi currency

[  ]  I have (                     )  VNN (dong) Vietnamese currency

[  ]  I have (                     )  RPN (rupiah) Indonesian currency

[  ]  I have (                     )  ZWN (dollar) Zimbabwe currency

FILL IN THE BLANKS FOR EXCHANGE APPOINTMENT FROM CALL:

[  ]  Your appointment is on _________________________(DATE)

[  ]  TIME: _________________________

[  ]  The Location is ____________________________

BRING TO CURRENCY EXCHANGE APPOINTMENT:

[  ] 3-Ring binder with pockets and tabs for most things you’ll bring to, and in turn collect from the bank (ie. signed doc’s & receipts) at appointment

[  ] Driver’s License

[  ] Copy of Driver’s License ~ When bank keeps a copy of your Driver’s License ask that the street address be masked or deleted.

[  ] Second form of ID (a credit card or passport)

[  ] Other forms of ID which you might need

[  ] Any gift letters (to you) BUT DO NOT PRODUCE UNLESS ASKED.  More than likely, these documents will only come into play for tax time

 [  ] A pad, blue pen to take notes, and calculator and black (UV) flashlight

[  ] IQN / VNN / RPN/ ZWN currencies and purchase receipts

[  ] COLOR COPIES OF IQN / VNN / RPN / ZWN currency and purchase receipts ~ in duplicate ~ to be signed & dated by bank personnel ~ leave 1 set of signed copies with bank following verification of currencies

[  ] Extra note of caution bring photos of a few of your currency bill taken under black (UV) light which demonstrate the anti-counterfeiting features on the bill – leave 1 set with bank as above

[  ]  Black (UV) flashlight ~ to demonstrate to bank personnel your currency is not counterfeit, if bank does not have a De La Rue machine which authenticates currency

ARRIVE AT EXCHANGE APPOINTMENT:

[  ] “I am here to doa ‘foreign currency exchange’ for my ‘IQN Iraqi currency’ for US Dollars.  (Never say “cash out” & likewise never say “Dinar” or “IQD” at this appointment).”

 [NEVER LET YOUR PHYSICAL CURRENCY OUT OF YOUR SIGHT AT EXCHANGE]

 [  ] Have your currencies verified on site, and leave 1 set of signed copies with the bank following verification.

[  ] Sign FINCEN Form 112 (formerly 104) ~ Currency Transaction Report  ~~    Make sure bank exchanger checks off BOX 33 in SEC II for currency exchange.  It’s an IRS form and you want to be taxed lower for a currency transaction, as opposed to an investment.                                         

[  ]  Spread Fee for Currency Exchange ~ Don’t pay spread fee to bank for reason that you are bringing in a greater amount of USD to bank which would surpass the threshold for such fee were it at the front end.  You may be asked to pay 2% total fees which is acceptable to us.  But they may try for 15% like the Kuwaiti Dinar but don’t pay it& ask bank manager to waive fee.

 [THIS CHECKLIST DOES NOT COVER EXCHANGE USING U.S. CONTRACT RATES,          BUT INSTEAD ONLY MARKET(FOREX)& INTERNATIONAL RATES ~ SORRY]

 OPEN NEW BANK ACCOUNTS FOR USD CURRENCY:

Be flexible with yourself!  Time is short at your 1st banking appointment.  You may open only two of the five bank accounts per currency listed here.  You might only get to open, ex.Sweep and Major Account but regarding IQN Reserves, if the bank exchanger will wire for your Reserves you’ll need to open at least the additional Bank Wiring Account.   

I'll be opening 5 Non-Interest Bearing (NIB) accounts per each currency.  NIB account is chosen separately for each currency to simplify the taxes and accounting which will follow, and it maintains a higher level of security for you.  Iraqi IQN in particular may be backed by new US Treasury notes rather than Federal Reserve notes and so may maintain higher value as our existing dollar falls.(Prepare for the flip side of the GCR).

#1 Account:  Sweep Account opening to exchange ______ into USD.  You will sweep this account empty the same day into #2 Account the Major Account because initial bank deposit can become public information whereas internal transfers do not. Then closeSweep Account.

#2 Account:  Major Account Internal transfer of all within #1 Account into #2 Account.  From Major Account you transfer any needed money to #3 - #5 Accounts..

#3 Account:  Tax Excrow Account Internal transfer of 55% of Exchanged Total in USD into this account to save for taxes.

#4 Account:  Bank Wiring Account ~ Use for bank wires ex. paying Dinar Reserves ~ possibly close this account immediately after the wire(s) which pay off your reserves to prevent ex., a reverse wire.

#5 Account: Daily Expense Account.

**********

All Accounts Must Be:Non-Testing, Non-Training Accounts and Access Restricted From All Nonessential Banking Personnel.  Also these accounts are not available online

 All accounts must be at zero (0) balance in USD before depositing exchanged funds in USD into accounts.

~ Make two (2) copies of this page for each Currency -- 1 for you & 1 for banker
~ Check off each receipt as it's made and label receipt by type & ##, ex. IQN - #1


OPEN 5 NEW BANK ACCOUNTS FOR CURRENCY (______) _________________


 Open Bank Accounts ## 1-5        Actual Bank Account Number
                           Rec't #
#1 (SWEEP)              #_________________________________   0 Bal. Receipt  [  ]   1

#2 (MAJOR)               # ________________________________    0 Bal. Receipt  [  ]   2

#3 (TAX EXCROW)     # ________________________________    0 Bal. Receipt  [  ]   3

#4 (BANK WIRING)    # ________________________________    0 Bal. Receipt  [  ]   4

#5 (DAILY EXPENSE) # ________________________________    0 Bal. Receipt  [  ]   5

Sweep Acct           DEPOSIT ALL USD INTO ACCT# 1                        Deposit Receipt [  ]  6

ACCT# 1              TRANSFER 100% ACCT# 1 TO ACCT# 2             Transfer Receipt  [  ]  7

Major Acct            CLOSE ACCT# 1                                            0 Final Bal. Receipt  [  ]  8

ACCT# 2              RECONCILE ACCT# 2                                             $ Bal. Receipt  [  ]  9


Tax Excrow   TRANSFER 55% OF ACCT# 2 INTO ACCT#3               Transfer Receipt  [  ] 10

ACCT# 3       RECONCILE  ACCT # 2 ~ BEFORE WITHDRAWING

Bank Wiring  TRANSFER $_______ FROM ACCT# 2 INTO ACCT# 4 Transfer Receipt  [  ]

14
(Reserves)    RECONCILE  ACCT# 2 ~BEFORE WITHDRAWING $        $ Bal. Receipt  [  ]

15
ACCT# 4      RECONCILE  ACCT# 2 ~ AFTER WITHDRAWING $          $ Bal. Receipt  [  ]

16
                    RECONCILE ACCT# 4 ~ AFTER DEPOSITING $               $ Bal. Receipt  [  ] 17

PAY OFF "IQN" RESERVES FROM ACCT# 4


       BANK WIRES OUTGOING:          GET BALANCE IN ACCT # 4 AFTER EACH WIRE

        a) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 18

        b) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 19

        c) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 20

        d) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 21

MAKE SURE YOUR EXCHANGED RESERVE PROCEEDS IN USD WILL BE WIRED
TO THE ACCOUNT WHICH YOU AND YOUR BANKER CAREFULLY CHOOSE

DRAW DOWN REMAINING BALANCE TO 0 IN ACCT# 4               $ Bal. Receipt [  ] 22


CLOSE ACCT# 4                                                             0 Final Bal. Receipt [  ] 23                                                                                                                                                                                                                   Daily Expense  TRANSFER $______ FROM ACCT# 2 INTO ACCT# 5  Transfer Receipt [  ] 24

ACCT# 5           RECONCILE  ACCT # 2 ~ BEFORE WITHDRAWING $    $ Bal. Receipt [  ] 25

                         RECONCILE  ACCT # 2 ~ AFTER WITHDRAWING $      $ Bal. Receipt [  ] 26
                       

RECONCILE ACCT # 5 ~ AFTER DEPOSIT OF FUNDS   $ Bal. Receipt [  ] 27

DO SIMPLE MATH RECONCILIATIONS BEFORE ANY MONEY IS USED
:
    Initial balance in ACCT# 2 [minus] w'drawal to ACCT #3 [minus] w'drawal to ACCT# 4
         [minus] w'drawal to ACCT# 5 [equals] ACCT# 2 after final w'drawal to ACCT #5
                        REC'T# 9 - REC'T# 10 - REC'T# 14 - REC'T# 24 = REC'T# 26
                      [             ]  -  [             ]  -  [             ]  -  [            ]  =  [             ]

************
OTHER SUGGESTIONS:

[  ]  Write“All right’s reserved” and “Without Prejudice UCC 1-207” over account application signature.  This means you do not agree to unreasonable or unfair terms hidden in the application, ie.you “lend” your money the bank then they lose it.

[  ]  Add POD (Pay On Death) clause to accounts

GET CASH


:[  ]  $10,000 in cash ($50 bills)

CAN YOU GET CASHIER’S CHECK IN ADDITION TO THE $10,000 CASH?                            
[  ]  Ask for a cashier’s check for $ ______ CC must have “cashier’s check” printed on the paperin order to have immediate clearance.

[  ]  List of cashier’s check(s) to make out
___________________________________                                                                                                                                                                                                                                  _____________________________________                                                                                                                                                                                                                         ____________________________________

GET BANK LETTERS:


 [  ]  letters of credit / Proof of funds (house or vehicle)

[  ]  Clean, Clear & Non-Criminal Origin Certificate (CCC letters)

GET NAME OF BANK EXCHANGER ON THIS INITIAL APPOINMENT:

 [  ]  Name of Bank Exchanger: ____________________________________________

[  ]  Bank: _______________Branch: ___________

[  ]  Get Business Card(s)

SET UP FOLLOWUP BANK APPOINTMENT:



[  ]  Set up appointment with Wealth Management at the same bank


Your appointment is on _________________________(DATE)

TIME: ______________

The Location is ____________________________________________________

 Now it is time to consider the Multi-Currency Account (MCA) and at what bank or brokerage will you open it?

Specialists in this area are, to name just those this author has heard of, UBSC and Citibank, and the “dark horse” in this race just may be the brokerage firm Morgan Stanley.

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