How to work a bank deal post RV - With added comment by CZ
First of all, relax. You do not have to cash out the very first day. You will have plenty of time. Make sure you are getting the best deal you can.
Lets talk about things you can and should know if you are going to try and negotiate a deal with a bank. First and foremost, we all need to learn that money talks and has considerable power. You need to walk into a bank and tell them what you expect if you choose to exchange your dinar there.
You expect no fees, the highest rate possible (make sure you tell them the rates you can get elsewhere), immediate access to your money, an appointment with a private banker and an appointment with a wealth mgmt. consultant.
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A private or personal banker is your personal banker and they are there for you. This is your go to person for normal banking issues and transactions. They should be the only one to handle your account and you should keep their number on speed dial. Your private banker is always there for you and defers to your decisions.
Make sure and feel comfortable with whom your private banker and wealth mgmt. advisor is and feel free to ask for a new one if needed. Always ask for referrals, successful bankers do not mind providing this information.
Then check on those referrals ..ask questions such as…is the banker available when needed, do they return calls in a timely manner, what is your track record with them. Do they follow your agenda or push their own? Since you are going to become very close to these people….you need to assure you have like personalities and are comfortable dealing with them.
The bank we are dealing with makes additional resources available depending on your net worth. Worths (for lack of a better word) start at $250,000 in investable assets and go up from there. Obviously the more you are worth, the greater your accesses and privileges. Privileges include such things investment management, concentrated stock management and intergenerational wealth transfer strategies.
All this may seem greek to you at this point. But that’s why we need professionals to guide us through the process. And may I please say…make sure they are professional and not just someone you hear about on the internet. You've waited to long for this money to lose it via some internet scheme.
Other things you need to ask for and expect includes…no fees ever….no cashier check fees, no bank fees, no credit card fees or annual membership fees, free use of a safety deposit box. You need to ask for a privileged ATM card.
I am not sure what other banks call this so make sure and ask. It’s a debit card with higher daily limits or even unlimited depending on your situation and no fees. Even when out of network. Be sure to determine both your ATM cash withdrawal daily limit (or no limit) and your debit card spending limit (or no limit). They’re different.
Banks are well aware of how to verify and deposit foreign currency as they do this every day. It is not critical that your branch have a De LaRue machine. Your dinar will be sight verified in front of you and deposited into your account. This acts as any other deposit in that most funds will be available overnight. Our bank has stated more than once that this is not a complicated ordeal for banks…only dinar holders have made this complex. They know foreign currency inside and out as this is their daily business.
Banks are well aware they have competition for our business from other banks, dealers and exchange centers. They are also aware that dealers state they will be giving the CBI rate. Banks know in order to get and keep our business they need to be competitive. Banking was explained to us in finite detail and the money they make is really on the back end and thus they want to retain our business long term. They are aware to do this they need to make us happy short term.
Heres to short and long term happiness for all!
This may be of help to people new to wealth..... My understanding is if a bank does not have a De LaRue machine, they may have to send your money away to check for forgery. I will not let my money out of my sight. What if the bank comes to me a week later and says your money was counterfeit???
What then, my money is gone and I no longer have any proof. A certificate of authenticity for our Dinar purchase would be of no consequence at that point. We really cannot even prove by our purchase receipts that the Dinar we are exchanging is the same Dinar that we purchased.....We must be extra careful whatever we are doing post RV!.