How Do I Know If My Dinar Dealer Is Reputable?
When youve decided that buying foreign currency is the right thing for you
, youre faced with a dilemma how to choose a reputable dealer. This is an important decision, because its your hard-earned money thats at stake here. Id like to offer you some good suggestions and guidelines based upon my own experience so you can avoid the pitfalls of a poor choice. Ready? Lets go!
You know that when you were pondering the idea of currency, you did a lot of research about the currency itself. Thats pretty important and you obviously wanted to know as much as possible about the history of the currency, the economic climate of the country, the future possibilities and more. All good stuff. So it stands to reason that youre going to put that same kind of time and energy into choosing your dealer. It can be challenging and time-consuming even daunting to look at all the information, but you need to do this to make an informed decision. Ill break it down into categories for you to make it a little easier and then give you a few tips at the end.
- An excellent Better Business Bureau (BBB) rating (A+ is what you are looking for): Contact the Better Business Bureau and check to see how long the company has been in operation and if there are any complaints. There should be a direct link to the BBB on the companys website.
- Website:
- The information on the website should be clear and easy to find.
- Products and pricing visible so you know your costs
- Programs (like layaway) and policies (returns, shipping, etc.) clearly stated.
- A secure SSL encrypted website for your safety and security.
- Authenticity of currency: The company should own verification equipment such as a De la Rue 8625 currency counter and counterfeit detector and provide a certificate of authenticity with each shipped purchase.
- A long history in the business: You want a company that has been around for more than just a few years and will there when you are ready to exchange.
- Buys as well as sells currency: Be sure the company you choose has the resources as well as a plan for exchanging large quantities of Iraqi Dinar, including established banking connections and the ability to ensure safe and secure exchange
- Visible owners: It should be evident who owns and runs this company.
- A physical address: You should be able to verify that actual location of this company.
- Compliance with any industry, state and federal regulations: A reputable dealer will be registered with the United States Treasury Department.
- Registration under a name that indicates currency or Iraqi. The company name should not reference banking as this is a money services business and not a bank.
- Be sure your potential dealer has been audited by the Bank Secrecy Act Compliancy Department of the U.S. Internal Revenue Department. This is an extensive audit that guarantees that your Iraqi Dinar dealer is following the proper rules and regulations.
- Any legitimate currency dealer will have all of this information listed on the website and show their credentials, pricing, products, privacy policy and security.
The list above is a good place to start and should alleviate many of your concerns. Currency is considered a non-traditional investment so your due diligence is especially important. There are many market forces that are in play with currency and you need to know that it has risks. But why take on the additional risk of having a disreputable dealer?
Weve talked about some of the tangible things to look for, now lets touch upon some if the more subjective things. I always read customer testimonials and reviews before making a decision. Price is obviously a factor, but as with many things in life, the best is not always the cheapest. For currency, this means the customer service, reputation of the dealer, authenticity of the currency, and compliance with all government and industry regulations.
Ive been in your shoes, and I did the research and made my decision after looking at some of the top dealers. There were some great, low prices, but I was not swayed by price alone. I read a lot of reviews, asked some friends who have purchased dinar, and even called a few of the dealers to ask questions. I recommend www.iraqidinarreview.com as a good way to comparison shop some of the currency dealers great information all in one place. My choice was Sterling Currency Group, but you should do all the steps yourself. My choice was based a lot on the very professional way they handled my questions, taking the extra time to explain the whole ordering process to me. I was impressed by how friendly the representative I talked to was! I looked at the website and was pretty happy to see that they are A+ rated by the BBB and they take compliance and security seriously. Good for my peace of mind and good for their business! Reviews were very favorable there were tons of repeat customers and I see that as a good sign. Placed my order, paid (love eCheck I could pay right from home!), and I had my dinars in no time flat. Definitely the place for me. But, as I said earlier, this is a personal decision and I hope you find my tips helpful.
by: Ty Rhame
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