Group Fee For Dinar Reval Exchange
If you are like me you wonder about the day that you will cash in your Iraq Dinar currency after the Dinar revaluation.
As a Canadian who travels to the USA several times a month with my commercial truck I find myself exchanging Canadian dollars for US dollars often. I will now use the Canadian/US currency exchange as an example of the idea members of our support site and I are working on.
Last time I bought US dollars for my trip from Canada I got the rate of about $100US for $107 Canadian dollars, even when the official exchange rate at the time told me I would pay $102 Canadian for $100US.
Let us take a closer look at what just happened shall we…
The exchange rate for US/Canada exchange told me that I would pay $102 Canadian for one picture of Ben Franklin on my $100US banknote. But the Canadian bank doing the currency exchange for me actually charged me $107 Canadian, not $102. Why? This is called a gap. And this gap is the private exchange banks profit.
Now, when exchanging one currency for another, the bank fee rate you get (not talking about exchange rate) this fee depends on your dinar currency exchange volume. Those with a higher volume can negotiate a lower fee on the currency exchange.
As a group, somehow, someway, I think we can get some kind of deal from the bank for members of our Iraq investing support site. I will be posting more findings on this as time goes on in the DrDinar forum section of the site.
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This article is written by Darren Chabluk
For http://DrDinar.com This article may
Be reprinted as long as this link remains
And is hyperlinked when used online.
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