Buying exotic currencies is not as difficult as it used to be, but there are still a couple of handy tricks you should know about. After all, you don’t want to overpay for foreign currencies such as Iraqi Dinar if you can avoid it.
Getting a poor exchange rate is not the only issue, however. Whenever you’re exchanging currencies, you should think about safety and take all the precautions you can.
We’ll explain how to stay on the safe side when getting the Iraqi Dinar, or any other exotic currency for that matter.
Where Can I Get Iraqi Dinar?
It’s alright to wonder where to buy Iraqi Dinar safely. Exotic currencies are called exotic for a reason. Your bank may not have access to them, and it’s not common to see them in every brick and mortar exchange office.
Usually, you’d go to a bank, an airport kiosk, or a currency exchange store to buy currencies. In all of those cases, you’ll be getting an exchange rate that’s less than favorable, costing you quite a bit of money in the process.
That’s assuming these places offer Iraqi Dinar, to begin with.
Instead of wasting your time visiting any of the places above, you could take advantage of all the benefits of online currency exchanges. In doing so, you’re committing to only the most competitive exchange rates you can find. You’re also saving a lot of your precious time by buying currencies online rather than doing so in person.
Suffice it to say that buying currencies at kiosks or remote ATMs is not only very expensive but also potentially dangerous. Since we’re talking about the safest methods of getting exotic currencies, it’s best to ignore such places altogether.
The safest methods of buying Iraqi Dinars include online currency exchanges and banks. However, banks are also likely to overcharge you, so it’s best to focus on reputable, government-registered online currency exchanges alone. Don’t let banks take your hard-earned money.
Are Online Currency Exchanges the Safest Method of Buying Iraqi Dinars?
Indeed, they are. Online currency exchanges are the safest and most efficient sources of exotic currencies.
However, it’s not as simple as that. Not every online currency exchange is created equal, and there are also many scammy online currency exchanges or phishing sites looking to exploit quite a lucrative market.
Online Currency Exchange Safety Checklist:
There are a couple of things you should be on the lookout for to determine if an online currency exchange is a real deal or if you should give it a wide berth. Every online exchange needs:
- Registration with FinCEN.
- Secure payment processor.
- Safe shipping practices.
Financial Crimes Enforcement Network, or FinCEN for short, helps combat phishing operations among other money-related crimes. Every legit online currency exchange will be registered as a money services business with FinCEN. You can use FinCEN’s website to search their database of registrants. If you find your online currency exchange business there, you’re good to go.
Although being listed on FinCEN is important, it’s not the only measure of the safety of online currency exchange. In addition to being a registered money service business, online exchanges need top-notch security on their end.
Every online business that asks for sensitive information such as credit card details needs a secure payment processor to handle transactions. Check who’s handling online exchange’s payment processing and whether they accept all major credit cards or bank wires. There’s no excuse for being sloppy with sensitive data.
Finally, if the online currency exchange allows for the shipment of physical currency, you need to look into their shipping practices. The exchange needs to be discreet about what they’re sending and provide the package with full insurance and certification.
It’s also a good idea to check which service they’re using to transfer the package to you. If they are using a service such as FedEx, you’ll be able to track the package. It’s just a bit of added security.
Some Crucial Considerations
Here are a couple of other factors to take into consideration when choosing an online currency exchange.
We mentioned how you need to look into shipping practices if the exchange is sending you physical money. In other words, not every online currency exchange is willing to send you actual physical currency. Instead, your newly-purchased Iraqi Dinars get deposited in your account where they just sit around.
That can be a problem, as it’s going to be more difficult to spend the money you have. There are also security concerns about all of your money being stored digitally. If you plan on traveling, it’s best to have the local currency on you in physical form and not on your credit card.
Furthermore, some online currency exchanges offer useful features such as exchange rate alerts. They allow you to keep track of the changing value of the currencies you’re looking to buy or sell. When you get an alert, you’ll be able to make an informed and timely decision about whether you should buy the currency or not.
Some More Considerations
Multiple payment options never hurt. Look for online currency exchanges that allow you to buy exotic currencies in any way you want. That includes sending cash or checks, using credit cards, or wire transfers to pay for the money you’re buying.
While our focus in this article was solely on buying foreign currencies, selling them is also important to a lot of people. If you’re looking to sell currencies such as Iraqi Dinars, make sure you can get paid in as many ways as possible.
Last but not least, if you can’t decide between two high-quality online currency exchanges, consider their actual exchange rates. After all, the internet is an enormous place and you shouldn’t settle for any online currency exchange. There are plenty of them out there, so do your research, compare rates, and decide which exchange service is worth your time.
When the question is where to buy Iraqi dinar, I hope the above-mentioned details are enough to provide you with the solution that you wanted. At the same time, there might be some more questions, which are hovering in your mind.
So, I thought when I am offering you the solution to where to buy Iraqi dinar, why not answer those common questions as well.
1. Can You Still Buy Iraqi Dinar?
In case you want to buy dinar, there are several banks that you can consider for that purpose. You will also get some currency dealers as well. Make sure you are considering an authorized institution for making your Iraqi dinar purchase.
2. Can You Buy Iraqi Dinar At A Bank?
The Iraqi dinar is the currency of Iraq, and one can exchange it for U.S. dollars. But most brokers and banks do not offer trading with the IQD and USD pair. In addition to that, all the transactions are placed through money exchanges that charge huge fees.
3. Which Bank Sells Iraqi Dinar?
In the middle east, there are a number of banks, which purchase dinars and also provide Iraqi dinars in exchange for USD. Three of these banks that are the most popular are, the National Bank of Kuwait, the national bank of Jordan, and of course the Central Bank of Iraq.
4. Is The Iraqi Dinar Going To Revalue In 2021?
The CBI or Central Bank of Iraq has already confirmed its commitment to a stable foreign exchange. And that too specifically for the Iraqi Dinar. As per a bank statement, which said that the dollar exchange rate is fixed. In addition to that, there is also no intention of changing it.
Buy Your Iraqi Dinars Online
It should be clear by now that we highly recommend getting Iraqi Dinars at one of the online currency exchanges. it’s safe, fast, and reliable. Not to mention that exchange rates are more competitive than anywhere else. In fact, online exchange rates are better than what most banks are willing to offer. Look into each online currency exchange service before you decide to buy. Go through the safety checklist we provided to ensure you buy Iraqi Dinars securely, and you’ll never look back.