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.



Anonymous said...

why not go through the currency exchange that you purchased them from?

Anonymous said...

I don't see an answer to the person's question:

"...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?"

I believe wonlady wants to know if she should wait until the "dollar settles" before she exchanges.
So exchange the VND first until the dollar stabilizes in value...assuming it is going to fluctuate for a while.

I wonder the same thing...or does it not make any difference whatsoever at the time of the RV what the value of the dollar is?

Anonymous said...

This assumes the USD will devalue, which I don't think it will beyond a negligible amount. I've heard Lew has a plan to keep it largely stable.

This also assumes the IQD will come out low and rise over time. I think it will skyrocket almost instantaneously with large players trading it up (hedge funds, etc). I also believe the group rate will be available immediately, even if the street rate doesn't rise as quickly as expected.

On a different note, Hammerman now states mid-July thru August as a likely date. Hope he's wrong, but so far everyone else has been. Listen to his new call at 805-399-1299 162755#.