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questions from a newbie

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Post by Kyconsmom on Sun Jun 16, 2013 1:22 pm

I have numerous questions to ask. My hubby and I are relativly new to the dinar. ( about 2 years) We were wondering about when it RV's how and where do we exchange the currency. I have heard people mention WF but do you need to have a prior account with them? I have heard about bank packages and such but didnt really know what that meant exactly.Also how long does it take for the exchange? Also do we pay capital gains tax or something else and how do we do that? There is so much misinformation out there and just thought someone could tell me or point me in the right direction.Smile

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Post by Jayzze on Sun Jun 16, 2013 1:34 pm

to  your first part of the question  send  your dinar to terbo and me and we will cash it no problem. when it does happen there will be many posts about rates. imho all banks will  want to deal because they are greedy and the more you deposit trhe more they can lend  be a little paient. as fax as taxes only talk to a professional tax atty or excellent acc there are all types of stuff being said  and i will not trust anyone but the above
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Post by Kevind53 on Sun Jun 16, 2013 4:20 pm

The guru's have spoken a lot about WF, but they are not worldwide, heck, they are not even everywhere in the US and only have a couple of branches in Canada. IMO every bank that has a foreign currency department will be willing to exchange, and I suspect small local "hometown" banks such as ours will be more than willing to facilitate the transfer for you. In all likelihood the dealer you purchased the dinar from will also be more than willing to exchange it for you. The questions will be who offers you the best rates and if the rates elsewhere will be enough better to justify the travel and expenses. Possibly some of the groups have negotiated with WF for better rates, but given the history of hype and hoopla from many of them it is as likely that they are blowing smoke.

I do not think the exchange will take long, there is no reason for it to, after all it really is just a simple currency transfer. As far as taxes, my best guess is that we will be liable for capital gains on the profits, but I am not a tax attorney. My advice would be to find a good sharp tax attorney to advise you on how to proceed, and how to minimize your taxes. It may also be wise to set up a trust or trusts to protect your money. Again, get advise from a professional you can trust.

I am a licensed Insurance agent and as such deal with estate planning etc. The advise I give is intended to be general, everyone's situation is different, state laws are different, circumstances are different, goals ... well you get the idea. I will not sell a policy without sitting down with a prospective client and discussing their situation. If a product is not in the best interests of a client I will tell them so, and walk away. If there is a product I do not sell that IMO would better serve their needs, I will help them contact someone who does, even if it costs me commission. Money is nice, but in the end I have to be able to look at and live with myself. I say this not to generate business, but to illustrate perhaps the most important point. Take your time, don't let anyone rush you. Checkout any adviser's reputation before hand, and when you meet with them, if anything does not feel right, if they are not listening to and accommodating your goals and desires, if for any reason you feel they might not operate in your best interests, walk away. If they try to pressure you to make a fast decision, or to take an action you are not comfortable with, forget about walking, RUN!

This applies to anyone you are considering for your team, lawyer, CPA, agent, financial adviser, estate planner, etc. They need to work together and remember that ultimately, they are working for you and your decisions are final.  Hope that helps.

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"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Post by Kyconsmom on Thu Jun 27, 2013 11:24 pm

Where can you purchase dinar My MIL wants to buy more and the place we got ours isnt in business anymore. I dont want to buy from just anyone. If we can still buy them that is.

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Post by Kevind53 on Thu Jun 27, 2013 11:34 pm

I bought mine at Sterling Currency Group https://www.sterlingcurrencygroup.com. We have used them several times and always had good, prompt service from them. They accept several types of payments. If you want to by more, I would be comfortable dealing with them. I have not used anyone else and so can speak only for Sterling, bit I am sure others used different dealers, maybe a few of the other vets can pipe in with their experiences.

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Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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Post by Kyconsmom on Thu Jun 27, 2013 11:55 pm

sounds good I will call them tomorrow. Thank you Smile

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