Wednesday, September 30, 2015


    • Jim603 said
      05:30 PM Sep 28, 2015
    Tony has said, at the first appointment probably won' have time to negotiate. At the second appointment with the wealth manager, try to get a better rate or be willing to take your money and go elsewhere for a better rate.
    The problem: it seems to me that once you have cashed in at the first appointment you have lost the ability to go anywhere else. Your foreign currency is gone, now you have a bank balance in U.S. dollars. You can't go to another bank and say I have a bank account in bank X with XXXX balance, what will you give me for the foreign currency I already exchanged over there. That doesn't work.
    I know you can just exchange a small amount at the first appointment, and hold the rest until you get to the person who can really give you the best rate. Maybe that is the answer. 
    Am I missing something here? Thanks for any input.
    • LBJ said
      05:56 PM Sep 28, 2015
    Didn't I hear on the call this morning that Tony said the wealth managers would be doing the exchanges?
    • bringitonTony said
      06:01 PM Sep 28, 2015
    If you leave their bank with all your USD, that you just got from the exchange, and take it to another bank, they can offer you more perks for bringing money into their bank...and may even give you a better interest rate. Believe what Tony says...if you go to get up with a cashier's check from your exchange to take somewhere else, they won't let you out of the exchange bank because they are told not to let that money go out the door.

    Depending on how it comes out and what the procedures are, you can call and make several appointments, or call the banks (several) and find out what the current rate is on their screens for the currencies you hold BEFORE you go to the exchange appointment(s)..whoever offers you the most, go there. You can play them off each other to raise the rate up...they DON'T want you to leave their bank with your money...your money in their bank is what makes THEM money because they can loan on it several times...
    • Tndr said
      06:04 PM Sep 28, 2015
    Don't "cash in" , exchange....rate will probably depend on how much you have. I'd say if you have more than $1M Dinar you will do pretty well.....if you have more than $5M you probably would qualify for a real good rate....IF, IF, IF....you agree to keep a good portion with them for a good period of time. This is the tricky part, though....what makes sense for you and them on the time and amount?
    As for the better rate later thing, it is hard to see how this will work. Maybe this is about testing them on the subject of, "What change in rate can you give me to insure to you that I will leave my money here in your bank?"
    Good luck.
    • skysister said
      06:07 PM Sep 28, 2015
    I belive what he was saying is if you don't get the rate you want at the first appt, ask for a better rate from the WM , using the threat of taking your money out of their bank. Yes you may have lost the opportunity with the foreign currency so the next card you play is giving another bank the benefit of the money you do have.
    • g8way2k said
      05:27 PM Sep 30, 2015
    Even if you should happen to exchange in U.S. dollars, you can take so much out at intervals and deposit that amount into another bank....UNLESS....you signed away that right. Know the restrictions if any, read any and all contracts from the last page first. The bank or exchange place will want to count your currency, but the moment you hand over that currency you lose, at the very least you lose that psychological edge. An even bigger edge if you get up from the chair with it in "your" hands. I doubt any bank will quote a rate on any currency over the phone. That will force us to walk through their doors which is exactly what they all want to see. While they may be competing, they'll all agree on getting you to sit in their chair by not quoting over the phone. That being said, I feel confident that we'll hear what some rates are via our informational sites. Personally, I really have no desire to visit multiple banks, but I will if I feel something doesn't feel right while we interview each other. In summation, the wife told me she would soon be watching 8 month old twins planned for 2 months hence. I snickered and thought, "that won't happen because we would be very busy in our new life post RV." The twins are 2 1/2 years old today. Oh what a tangled web we weave!
    • jutta11 said
      05:53 PM Sep 30, 2015
    I recommend that you immediately exchange what you need to pay yourself out of debt and allow yourself to live comfortably for a year as soon as possible.  Don't worry about mice or anything.  Get yourself out of the hole.  If you have currency left after that, then you can play the market speculate, shop for rates all you want...
    • jubileegal said
      07:13 PM Sep 30, 2015
    TNT family you have given some good advise. I couldn't have said it any better.
    What I would like to iterate on is please before you sign any document know before you sign what the WM is presenting to you. Any doubts  or misunderstandings make them repeat it. 
    Remember its your money, they need the business. This is me, if they WM is frustrated in repeating what I need clarity on that tells me we can't work together. Don't let them Fake you into signing. You know what I mean that fake smile and helpful gestures for my benefit (lol).
    As others have stated contact other WM and tell them you have this amount what can you offer me to have my money in your bank. You will know in your heart which one.
    • AJM0603 said
      07:28 PM Sep 30, 2015

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