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How to Exchange Your Currency

Reset 223RAJAF
http://tntdinar.boardhost.com/viewtopic.php?id=7480

“I’m here to do a CURRENCY EXCHANGE for my “IQN” and/or “VNN”

1. I want to deposit the IQN into a non-interest bearing (NIB) account and my VNN into a separate NIB account (or deposit VNN into different bank)

I don’t want to pay any bank or currency exchange “spread fee’ in making this deposit. (See Footnote A) If that is not available to me at this bank, I will go to a bank manager and bank who will do this for me.

Note: Every single Branch Manager is able to remove the spread fees up until the UST spread fees.

2. Open a new 2nd NIB Account for IQN.

Next, open a 2nd NIB Account for IQN and “sweep” everything from Account #1 into NIB Account #2 . Close Account #1. (See Footnote B)

Make your “motherload premier account” in non-electronic form. IT WILL BE IN-PERSON ACCESS ONLY

3. Open a new 2nd NIB Account for VNN.

Next, open a 2nd NIB Account for VNN and “sweep” everything from Account #1 into Account #2 .  Close Account #1. (See Footnote C)

4. Only fill out FINCEN Form 104 “Currency Exchange” in Part II number 33. If the bank insists that I sign the “investment” document, I will politely but resolutely insist that they provide me with a written statement that they are refusing to allow me to EXCHANGE an internationally tradable CURRENCY. It is the Bank’s responsibility to file the Fincen Form.

5. I would like the following cashier checks made out to the following on this list:

6.  I would like 30 CCC Certificates – Clean, Clear Funds of Non-Criminal Origin Certificate signed by the bank. (See Footnote D) Usually two bank officers must sign this document.

7.  I would like a bank printout of all of today’s transactions with regard to these (4) accounts which includes deposits, debits and current balance.

8.  Obtain a black Mastercard; Amer credit card (privileged ATM card) or credit card via usaa.com

Note: Need 2 forms of ID

Need to deposit each currency into its own separate account because they will be taxed differently.

Be sure to set aside the maximum possible amount you will be taxed in case this comes under Capital Gains tax. 55% total for California and Hawaii State and Federal.

We don’t yet know how currency gifted to others will be taxed. Be sure to fill out FINCEN Form 104

NIB account is insured by UST for IQN (dinar) and backed by gold.

Do not need an appointment to exchange VNN (dong)
+
Will need an appointment to exchange IQN (dinar) – especially if exchanging with a group along with their own 800# to call.

Footnotes

(A) Spread fee is a fee charged by the bank on “each” dinar exchanged. 10,000 dinar, 10,000 individual fees.. up to 46 cents each. This could end up in the thousands of dollars or more depending upon how much dinar you have. The transaction fee is $15. So be wary and be warned.

(B) Comment by member XPERSOL: “I believe the second accounts and sweeps were only necessary if you are using a Currency Dealer and they WIRE the funds into the first account(s).  It was for security that nobody could reverse the WIRE instructions.  So, if you go to a bank for the exchange, you probably don’t need these 2 steps.  IMO.”

Reply by RAJAF: “I’d rather error on the side of caution to prevent funds from being electronically hyjacked then not take these precautionary steps.”

Further reply by RAJAF: “The reason you are doing this is that the bank is required to report the opening of Account #1 to the federal government and that information can find its way into the public domain; however, the bank is NOT required to report intra-bank transfers between accounts. What this does is effectively eliminate your digital trail so that nobody outside of the bank knows how much money you have on deposit and, more importantly, whether or not you are a good target.”

(C) Comment by member XPERSOL: “I believe the second accounts and sweeps were only necessary if you are using a Currency Dealer and they WIRE the funds into the first account(s).  It was for security that nobody could reverse the WIRE instructions.  So, if you go to a bank for the exchange, you probably don’t need these 2 steps.  IMO.”

Reply by RAJAF: “I’d rather error on the side of caution to prevent funds from being electronically hijacked then not take these precautionary steps.”

Further reply by RAJAF: “The reason you are doing this is that the bank is required to report the opening of Account #1 to the federal government and that information can find its way into the public domain; however, the bank is NOT required to report intra-bank transfers between accounts. What this does is effectively eliminate your digital trail so that nobody outside of the bank knows how much money you have on deposit and, more importantly, whether or not you are a good target.”

(D) The Triple C Certificate is used when moving around a large amount of $ and you don’t want your account frozen. So for example I’ll get a cashiers check made out to me for $250k or larger. Take it to another bank or credit union to deposit and hand them the CCC, so they know the funds are of non-criminal origin and won’t end up with a frozen account that will be investigated.

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