Adept1: Potential Bank Traps with RV
POTENTIAL BANK TRAPS: Several people have asked what the 'traps' might be when you go in to exchange at contract rates. I did a little research and this is the consensus:
1. Do NOT negotiate for a rate higher than the Contract rate, which Tony will announce when the 800 numbers are posted (probably).
2. Do NOT mix currencies in one account; have separate accounts for each currency. Dinar exchanges are tracked differently.
3. ONLY use the currency labels IQN, VNN, ZWN.
4. Say that you are there for 'currency exchange'; do NOT use the words 'cash in'.
5. If at all possible, find a bank that can verify your currency on site; don't let it be sent away for verification. Before you leave, you want to see the money in your account.
6. Ask to see the bank screen so that you KNOW what rate you are getting.
7. Do not ask for $10,000 or more in cash -- that gets reported. Ask for 5-6000, and make it an random number, such as $5,732 (rather than a rounded number).
NOTE: Above all, do NOT go into the bank and say "Tony said..." <joke>
1. If you are paying taxes, make sure to set aside at least 50% right from the start -- maybe more if you live in a state with personal income tax, such as California. Set aside at least half the remainder to create a lifelong income. Then spend from the remaining 25%.
2. Do NOT let the banker have a Power of Attorney over your account, or control your money. YOU must keep control.
3. Do NOT put your money into a brokerage account unless you have complete control to authorize all transactions; you don't want the broker or private banker gambling with your money and making commissions with silly trades.
4. Go to the bank with a list of cashier's checks to pay your major bills and/or deposit in your personal account.
5. (Rumor) Every bank will charge a standard 2% fee on the exchange. Don't attempt to haggle about this. However, feel free to negotiate every other fee or service charge! The bank wants your money to play with, so they will be flexible about fees.