The Iraqi dinar has become very popular in the last few years, following the events of the Iraqi war. Due to the popularity of the dinar many web sites are now available to accommodate those wanting to purchase or sell dinars. When selling Iraqi dinar it is important to sell it in the best condition possible; this will guarantee a higher price. Because Iraqi dinars are not available to be traded in the world banking system, it is illegal to export dinar from Iraq. However, if the dinar is in the United States it is legal to trade or exchange at a rate determined by the distributor, this rate could be considerably less than the actual rate of exchange--what the dinar is really worth.
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The dinar is in such demand due to the restructuring of the Iraqi government and their huge debt reduction. Iraq’s economy is starting to look more stable as time progresses; this is why the dinar is circulating at such a rapid pace. Because the dinar is so sought after, there are many ways to sell your dinar to a reputable buyer without the risk of being taken advantage of. When deciding to sell your dinar do some research of U.S., banks that will buy your dinar for their own set rate of exchange.
Once you decide on a buyer, you will need to choose a carrier to send the dinar. Once you have received confirmation from the buyer that they have the dinar, payment should be sent as agreed upon by you and the buyer. Many buyers will request the dinar be sent prior to payment for the dinar. This can seem a bit unfair and risky, but one party has to initiate the transaction and that is usually the seller.
Once confirmation of the dinar is received, the check or transfers on whatever terms were agreed upon should be executed by the buyer in a timely manner.
Tips and warnings
- Always request a confirmation signature when sending dinar to a buyer.
- Purchase insurance on your packages.
- Document the buyer’s name, address and payment type agreed upon for your personal records.
- Request the buyer send an e-mail confirmation upon receipt of the dinar.
- Have the potential buyer sign an agreement regarding payment prior to sending dinar.
- Never send dinar without a confirmation signature request; this will help protect your investment.
- Never sell dinar to a questionable buyer, even if they own a web site.
- Never sell dinar to a buyer hesitant to sign an agreement for payment.