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Friday, May 31, 2013

Exchange DONG first --- then Dinar later


wonlady : I asked this question on the previous thread and it was not answered, so i will try again...for those of us who hold VND, would it be best to exchange those first after the RV and hold the dinar until the dollar settles? Inquiring minds want to know!! Thank you for replying!

Eagle1:  Good Evening!

I thought I had made this recommendation to folks here, but apparently my counsel was made in private PM's and emails.

For people who live close to one of the major Wells Fargo centers where they are already prepared for the IQD (e.g., Miami, Atlanta, Dallas, Reno, San Francisco, Portland) it isn't as much of an issue,

but for folks who live in smaller communities and only have access to the mid-size and smaller branches, there is likely to be a "trickle-down" effect.

That means you'll likely experience a delay of perhaps anywhere from a week to a month before they will be on board with the exchange process.

Most of the WF branches, however, are already prepared to exchange the VND. The reason for this is because the IQD has been under sanctions, and banks have generally promoted a very negative position on it.

The VND, on the other hand, has been readily available and sold through many, if not most, banks.

That said, if you have VND, you'll find it much easier to exchange than the IQD during the first few weeks, and it can serve you well if you can hold out during the period of revaluation of the Dinar until it reaches its target RV rate.

Blessings on you.