One of our dear colleagues sent me the following, which might be useful for you, too:
Last week visited three Chase Banks and one Wells Fargo, in the Phoenix area, asking about a rate on the Iran Rial. At the Chase banks I dealt with a regular teller or customer service rep and they had no rate showing.
On Thursday, Jan 7, I went into a Wells Fargo in Scottsdale, AZ. and the teller was specifically a foreign exchange trained teller. She verified a 100,000 note, showed me on the teller screen a rate of .24761. She entered my 100,000 and it automatically calculated the amount to be paid to me of $24,761.
took my phone # and would keep an eye on it and call me when it would process. The amount for processing was $7.50. It was her understanding if I exchanged more at the same time it would still only be $7.50. It’s transaction based fee and not a percentage based fee.
If I had an account with WF there would be NO CHARGE for the foreign currency exchange.
I stopped in this morning at the same Wells Fargo in Scottsdale, AZ to open a savings account in preparation for the Rial exchange. She had told me any account will qualify. That it did not matter if it was savings or checking. The customer service representative to help me was the manager.
The information below applies to Wells Fargo only. I have no idea what another banks procedures, rules, guidelines might be.
- Wells Fargo will verify the currency on the spot and it is not necessary to copy your currency before hand. He said once WF accepts the currency any problem with it is between them and the U.S. Treasury. WF becomes responsible for it and an account is credited right then. There is no need to send the currency off and wait for them to say it is valid/authentic. It is good when they accept it at the branch. He laughed when he said, “Not too many people try to scam us with foreign currency. It comes back on them too quickly.”
- Two forms of identification would be your drivers license (shows address) and a debit or credit card. While Costco is a picture ID, he could not accept it. I would imagine the same is true of a Sam’s card also.
- He confirmed WF is the clearing house of the U.S. Treasury and indicated they would most likely get notice of, “authority to exchange, before other banks.
- He told me they have been notified several times to expect the release of banking sanctions on Iran and then they are delayed. He had access to two systems and when he checked this morning their was no rate showing in either system for the Iran Rial.
- Q – Who has the authority to lift the Iran sanctions? We discussed if banking sanctions were put on by Executive Order or Congressional action. If by Executive Order then they can be removed by Executive Order. He said if congressional then Congress may have passed it to the agency administering the Dodd-Frank Act when they passed that legislation and said he had been unable to find that information out.
- Based on our conversation about my Rial he refused to open a savings account for me and wanted me to talk with the Private Banker instead. He set it up, for the PB to call me on Monday. He said it would be best to do all with the private banker from the beginning.
- Insurance on amounts over 250,000 on deposit he could not tell me about. Said the PM would answer that question.
How to connect with a wealth manager or as they call them at Wells Fargo, private banker?
Go into Wells Fargo and say you want to open a savings account as you are expecting to make a large transaction. They will want to know what it is. Tell them you have a million or more Iran Rial and have seen an article by Sec. of State, John Kerry, that the sanctions will be lifted within days. (You have because I sent it to you on Friday). Mention that it was $3.22 value prior to the sanctions, that Iran has already announced when the sanctions are lifted their currency will be pegged to the USD at $3.41 and that rate puts them on par with other middle eastern countries with similar oil reserves and economy.
His face will reveal he is mentally calculating the after exchange value. For 1 million that is over 3 million dollars no matter which of the above rates you use.
Then I expect he/she will want to connect you with a personal banker/wealth manager and you have the connection you desire.