BigSekz: I have been in O & G equipment business for many years and I like would to tell everyone a little something from experience. I have dealt in foriegn currency for payment on equipment and other deals for a long time.
When this thing hits there will be one rate and one rate only paid on the IQD, VND or any other currency. That will be the rate posted on the financial institution of that country.
(Buy & Sell Rate) Currency rates through traders are based on PIPs. A PIP is a percentage of a percentage point, usually varying from 3 to 4 PIPs from broker to broker. That is their profit.
I don't care if your are the Queen or a wine head on the street! It will pay the same. Please do not fall for all this BS about rates or contracts. It is all BS!
I would also like to tell you from watching the markets. Cash out what you need to pay off whatever and sit on your currency. Holding a reserve currency in you hand is a lot better than, having a fat bank account of marginal money in a currency war and tax debt.
This is not financial advise! It is experience and common sense. Please be careful in your plans. After such a long ride in this, it just breaks my heart to read some of the things posted on these sites.
Have a Blessed Day and Thank you all for the news postings.
Blue-Duck: You got my attention Big one and my intention is just as you say until we are given a limitation on time! Thanks for posting... Cheers! :D
BigSekz: Thanks Blue, From the information at IMF papers & Banking institutions, we'll have 2 years to turn in the large notes. I myself am going to let the dust settle and trade for lower denominations.
That way, I can hold on to it for large puchases such as land. The thing to remember is that when you dump it in the bank, you're annoucing it to the Gov.
The Dong is a international currency now but, the IQD is an exotic currency. That's 2 totally different animals on the tax side. Have a good one! 8)
Kathy: BigSekz....so, explain the difference in the tax base for those of us not upto speed on the tax side! Thanks!!
Investor1: BigSekz , Great advise and your best friend should be your tax attorney.
Sylvia: Thank you so much for your advise, BigSekz. Recently I have wondered if this might be the best way to go....exchange just a little and hold on to the rest for awhile...
Karen: Yes, a great tax attorney is going to be extremely important.
Does anyone have a list of questions we should ask a tax attorney when we start interviewing them or what we should be looking for? Any help in this area is greatly appreciated!
BigSekz: Kathy, A tax attorney will be your best friend and get a referal from somebody that already has big money and use that one. Since this started Obuma has made some big changes in the banking laws & US Banks are not your friend!