The Iraqi Dinar is the official currency of the nation of Iraq, and has been circulating since 1932. The currency trades in denominations from 50 notes the 25,000 notes. Unless you live in Iraq, or the surrounding countries, it can be a fairly difficult currency to get.
Let’s take a look at where you can buy Iraqi Dinar online, especially since it isn’t typically available through investment brokerages, or even at most large banks.
How To Get Iraqi Dinar
Some large money center banks may have the currency available, but you need to check in advance to make sure that they do. One of the problems with banks however that they may require that you purchase the currency in large denominations. And at that, very few banks actually deal in the currency.
Your best bet will be to buy Iraqi Dinar online from a website that specializes in currencies, particularly the more obscure ones.
Where To Trade Iraqi Dinar. Online websites that specialize in currencies will be the best place for most investors to trade.
Where To Cash Iraqi Dinar. You could cash in the currency at a large bank that handles such transactions. But unless you live in a very large city, it’s unlikely that you’ll find a bank that handles all currencies. Most of them limit currency transactions to the frequently traded “hard” currencies, like the euro, the yen, and the British pound.
How Online Purchasing of Dinar Works
You can buy Iraqi Dinar online just the way you would make any other online purchase, and particularly investment securities. You must first locate a reputable currency dealer, that will not only enable you to purchase the currency at the lowest possible cost, but also do so with integrity.
Before purchasing the Dinar or any other currency, it’s critical that you as an investor are fully aware of what it is you’re investing in. Currencies can be more volatile than other types of instruments, and you have to be prepared for that volatility.
One of the more unique factors determining the direction of the Iraqi Dinar is developments in the oil industry. As a oil-rich country, that gets most of its revenue from its oil production, the Iraqi Dinar can rise and fall with the price of oil. Political instability is also a major factor in that region of the world, so currency valuations can change dramatically, and on short notice.
Perhaps more important, you should never invest in currencies or any other investment with money that you can’t afford to lose. Be sure that you have a well-balanced portfolio, that includes unrelated investments. Also make sure that you have a sufficient amount of liquid cash, to cover your immediate and emergency financial needs.
Buying Dinar Online with Trust
Make sure that the broker that you are purchasing foreign currency from is fully compliant with local government regulations. These are similar to what you would find if you are working with an investment brokerage firm. If the broker is not in compliance, there’s more than a slight chance that they’re also not trustworthy.
Be sure that the broker is fully knowledgeable in regard to the process of currency transactions. Also be certain as to the brokers refund policy. In the event that you have funded a purchase, but that purchase isn’t completed, you should be entitled to a full refund of your money.
And finally, you should avoid working with any platform that provides advice, or attempts to push investing in any currency. Investing in currencies is a fully self-directed endeavor. It’s up to you to know what it is you want to do, and not for the broker to lead you into any type of investment that you do not understand.
Check any firm you want to deal with through third party sources, such as the Better Business Bureau, and make sure the broker is reputable.
Step-by-Step on Buying Iraqi Dinar Online
The first step is always to know the conversion value of a foreign currency in domestic currency. Two of the sites that Treasury Vault uses and recommends are ForexPros and XE.com. You should also double check the valuation using the issuing country’s official website.
Once you place your order, you are “locked in” at the current buy rate that exists at the time you place your order. The broker may honor that rate if you send payment within one business day. This is usually done through a bank wire, but can also be accomplished with either a cashier’s check, a certified bank check, or a money order. With some brokers, like Treasury Vault, you may also be able to pay with credit cards, such as Visa, Mastercard and Discover.
It’s important to understand that there are no refunds when it comes to currency purchases. However, a reputable broker will offer either a buyback or a sell option, in which the broker will purchase your currency holding at the then-prevailing exchange rates.
Once again, be sure that you know what you’re doing before placing your order. Unlike stocks, mutual funds, and other commonly traded investments, there is no public exchange where small investors can trade at will.
Where To Buy Iraqi Dinar
Which banks sell Iraqi Dinar? Which banks buy Iraqi Dinar? There are a few problems with both questions. Many banks are now getting out of the currency business, at least on a retail level. In fact, it can be a real research project finding out which ones do. You may find one bank willing to sell foreign currency, but unwilling to buy.
The Iraqi Dinar is even more thinly traded. Because it is considered a “soft” currency from a recently established government, you’re not likely to find it even at the banks that do deal in currencies.
The best way is to buy Iraqi Dinar online. You can do that through online currency traders, such as Treasury Vault. But there are not many online currency traders, and even fewer that are reputable. Make sure you do your research before dealing with any source, whether it is to buy or sell the currency.
Trading in Iraqi Dinar has been marred with scams by less than reputable dealers. This is why we recommend that you not invest in the Iraqi Dinar, or any other currency, that you are not completely familiar with.
Where To Buy Iraqi Dinar In US
Once again, the best way is to buy Iraqi Dinar online using a reputable online currency dealer. You can check with banks, but it’s unlikely that they will trade the currency at all, let alone in small lots for a non-business customer.
Where To Convert Iraqi Dinar To Us Dollars. This basically involves selling your Iraqi Dinar. The best place to do that is the same place you purchased them at. Currency dealers both sell and buy a wide variety of foreign currencies – it’s virtually what they do. That’s exactly what we do here at Treasury Vault.
It’s important to understand however that even a currency dealer won’t necessarily buy a foreign currency from you for the same price that you paid for it. All currencies trade on global open markets. That means that their prices rise and fall. A currency like the Iraqi Dinar tends to be more volatile than others, particularly since it is a thinly traded currency.
Where To Buy Iraqi Dinar In Canada. Treasury Vault doesn’t operate in Canada, but you can buy Iraqi Dinar online the same as you would in the US. You should do the same level of research, to determine that the online service that you are dealing with is reputable. Also be sure that a particular currency trader does specifically trade in Iraqi Dinar. It is possible that though they may sell the currency, they may not buy it.
Also check with the big banks. TD Bank is reported to deal in Iraqi Dinar. However, keep in mind that banks and currency traders move in and out of the market, and there may be times when they are not trading a particular currency, or any currencies at all.
Where To Buy Iraqi Dinar In UK
Many of the big banks in the UK do have foreign currency exchange operations. However, those services are typically available in more established currencies. It will be difficult to find a bank in the UK that will make a market in Iraqi Dinar.
Once again, your best option is to find a reputable currency trader that will enable you to buy Iraqi Dinar online. Do your due diligence in selecting a platform, and be sure to verify the integrity of the firm through third-party sources.
Where To Sell Iraqi Dinar In UK. Naturally, the situation is similar if you want to sell Iraqi Dinar. If the banks don’t sell it, they won’t buy it either. So once again you will need be able to sell the currency to the same currency traders that you would purchase it from. Make sure you can.
Where To Buy Iraqi Dinar In Australia. A search of the largest banks in Australia came up empty as far as those that either buy or sell Iraqi Dinar. If you live in Australia, and would like to invest in the currency, you will likewise have to buy Iraqi Dinar online from currency traders. Be sure that the same traders who will sell you the currency, will also buy it back when you decide it’s time to sell.
The Iraqi Dinar isn’t one of the world’s better recognized currencies. That’s the reason why it can be difficult to both buy and sell. But the very fact that it’s one of the smaller currencies also makes it a richer investment opportunity, for sophisticated investors who are willing to take a chance with a very small slice of their portfolios. If you buy Iraqi Dinar online, you’ll have the greatest flexibility and liquidity. You’ll need both.