KTFA:
FCH1962: Frank, so you said the other night on your Utube ‘Bank Story’ phone call that you knew about this daily $5000.00 increment amount, but never wanted to discuss it with us? Even as you were telling the viewers that “You are Mr Clampet, and they’re Mr. Drysdale”. What was the reason for that? So, Capital Controls on people’s money isn’t a big deal to you! Am I going to be ‘Kicked Off’ for this question? I’d like to hear an explanation… This is a sincere question!
HarleyQuinC3: These employees are going by Chase’s current foreign exchange policy that’s in place for customers travelling to other countries.
When I travel overseas, I notify my bank of what currency I need. It takes a few days and they get up to $5,000 worth of pounds, for example, for when I go to England. They do it in $5,000 increments because there’s a special form that has to be filled out for transactions over $10,000.
When I come back and convert the leftover pounds back into dollars, it works the same way, if I pull out cash there’s a $5,000 limit. Digital deposit can be higher amounts (I’ve personally never done one for more than £15,000), but basically it’s just to control the amount of paper cash going in and out of the branch.
HarleyQuinC3 cont…….: Chase DOES charge a fee for this, anywhere from 1-5% depending on the amount, it’s usually right about 3%. This is their fee for offering the exchange service.
With that said, and IMO, this kind of exchange post-RI, will be treated as a special case. You won’t be dealing with a teller at the desk. It will be a pre-arranged appointment and they’ll do all the FinCen forms there.
I believe that’s why the wealth manager in Virginia mentioned he was waiting for ‘instructions’ on how to do the RI exchanges. It’ll be a special event.
I have talked to my private banker, Jose, here in Texas. He told me they would charge a flat $350 fee and exchange all at once. It will be a pending transaction for a couple of business days, and there will be limits on what can be spent till the transaction resolves.
He told me he thought it would take about an hour and a half to do the whole process, because they’ll be opening several holding accounts, which take a bit of time. Again, that’s just IMO based on what Chase told me.
Oh, and concerning the spread, Jose told me it WAS negotiable depending on how much money I left with Chase’s wealth management department. He said it might be waived entirely if I used their management services solely. In other words, it would be possible to negate the 3% (ish) spread if I left the money with Chase. Again IMO.
ToyVP: MAYBE I CAN HELP SHED A LITTLE LIGHT ON THAT SUBJECT, FOR “CASHING OUT” THEY CAN ONLY DO SO MUCH AT A TIME FOR SEVERAL REASONS………
1) THEY DON’T CARRY THAT MUCH CASH AT BANKS ANYMORE SO THEY HAVE TO PUT IN A REQUEST FOR TRANSFERS TO THEM SO THEY CAN ACCOMODATE IT………….
2) THE FEDERAL RESERVE HAS PUT A LIMIT ON HOW MUCH CASH CAN BE REMOVED FROM YOUR ACCOUNT PER DAY……………………..
.BUT TO EXCHANGE AND DEPOSIT IT INTO YOUR ACCOUNT IS NO BIG DEAL THEY WILL BE ABLE TO DO THAT IN THE SAME DAY “IMO” I HOPE THIS HELPS
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Clare: Sudanese Advisor: Discussions with 5 countries to import factories in exchange for sovereign guarantees
12/21/2023
Today, Thursday, the Prime Minister’s Advisor for Technical Affairs, Muhammad Sahib Al-Daraji, revealed discussions between Iraq, Germany, Italy, Spain, Japan, and China to import factories in exchange for sovereign guarantees.
Al-Daraji said in a statement, “There is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.”
He added, “The government is in the process of agreeing with Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector.”
The Prime Minister’s Advisor for Technical Affairs described it as “excellent for strengthening the Iraqi economy and changing its performance philosophy.” LINK
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Clare: His office: Al-Sudani follows up “Iraq’s interface” with International Finance
12/21/2023
Today, Thursday, Iraqi Prime Minister Muhammad Shia al-Sudani chaired a meeting that included a delegation from the International Finance Corporation/IFC, a member of the World Bank Group, to follow up on the agreement signed with the institution to rehabilitate and develop Baghdad International Airport.
This was mentioned by his media office in a statement received by Shafaq News Agency, adding that Al-Sudani confirmed, during the meeting, that the interest in developing Baghdad International Airport, which represents Iraq’s interface with the world, comes within a comprehensive vision adopted by the government to develop all airports and improve their services, as well as the direction Towards diversification of transport routes and connectivity with all parts of the world.
According to his office, the agreement, which Iraq signed last September, includes supporting the International Finance Corporation by providing consultations in the field of developing the role of the private sector, and providing an integrated investment portfolio that includes how the international airport will be expanded, financed, operated and maintained, and make it compatible with international standards for airports. In the world, through one of the specialized international companies.
The statement indicated that the International Finance Corporation has pioneering experiences in the region and the world in the field of airport rehabilitation, as it previously supervised the development and expansion of the most important airports in the Kingdom of Saudi Arabia and Turkey, as well as Queen Alia International Airport in the Jordanian capital, Amman. LINK
