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Iraqi Dinar Scam: What To Know Before You Consider Buying
Iraqi Currency
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The Iraqi dinar scam is quite popular, but it is certainly not
talked about much. Part of the reason is that the Iraqi dinar
scam is has a grain of truth to it. Below we'll tell you what
is and isn't readily known when it comes to buying Iraqi money
in the hopes of turning a profit.
The punchline: although this currency is real Iraqi currency
(the grain of truth), your chance of actually selling any
Iraqi dinars you buy to make a profit is low.
Is the Iraqi Dinar Currency Scam Really a Scam?
Yes and no.
First, let's focus on what is legitimate when it comes to
purchasing Iraqi dinars.
The Iraqi Dinar is really Iraqi currency. And, it is possible
to buy it like other currencies.
The lure is that for approximately $760 U.S. dollars you can
buy Iraqi currency that promoters say could eventually bring
you $25K in the exchange rate. That's over 25 times what you
invested. So for some, the Iraqi dinar purchase looks like a
fast method of making money.
In fact, there are over 1200 eBay auctions going on for the
Iraqi dinar as we write this issue.
Currency investors remember that the Kuwaiti dinar, which is
now worth about $3.33, plunged to just $0.10 after Iraq
invaded Kuwait. These people want to earn these same kinds of
returns on the Iraqi dinar.
What's the Bad News with Iraqi Dinars?
Like every "fast buck" scheme, there's a catch. In the Iraqi
dinar scam, there are quite a few catches, but the most
important one is finding a way to cash in your Iraqi money if
you do actually make a profit.
Where Does the Scam Part Come In?
It's very difficult to sell Iraqi dinars, other than perhaps
on eBay. Dealers who sell Iraqi dinars often don't buy them.
Almost no U.S. bank will buy back your Iraqi currency and
exchange it for US dollars. In other words, whereas you can
BUY Iraqi dinars, it's not easy to SELL them.
In fact, we recommend that if buying Iraqi dinars appeals to
you, that you call any bank in your area and see if you could
sell Iraqi dinars to them. We suspect you won't find any.
That means you might have to hop on a flight to Iraq and then
find a bank there that would be willing to exchange your
dinars for U.S. dollars.
The chance of that happening? Probably slim to none.
So is the Iraqi dinar scam a true scam? Yes and no. It's
basically the equivalent of playing your state lotto, but with
worse odds of winning. Plus, if you try to 'cash in,' you may
well have to go halfway around the world rather than your
local convenience store or state gaming board.
You can currently buy 1 million Iraqi dinars for well under
$1,000 US. Some people have said that owning a million Iraqi
dinars has made them feel rich. ;-) Nonetheless, we don't
recommend it.
(Please note, though, that we are not giving any financial
advice here -- this is simply our opinion of the situation.)
