“Your Appointment-Updated” 10-30-15
Note: Not all steps will fit all situations…..Please Use what fits your situation and be sure to consult professionals if you have questions.
SkiRacer: LESSON 3: Your Appointment Updated 10/30/15
Making the Appointment
Once we get the 800 numbers from Tony (Or EMails ) it will mean the RV has finally happened. If you want anything but the international rates for either dinar or dong you must call the 800 number to make your appointment.
Info to have on hand for the call:
• your name,
• your zip code (i.e., zip code where you want to CE),
• an email address, (see below)
• and the bank you want to use (Chase, Wells, TCB, USBank, etc.).
Dial *67 before calling the 800 number to block your telephone number from the call center.
ADDITIONAL INFO ABOUT APPOINTMENTS:
• Each and every adult exchanging dinars will need their own private appointment, although married couples may possibly go together. You are permitted to bring an advisor with you. You may not bring someone along who intends to exchange their dinar at your appointment and pretend they are your advisor. If you have an LLC into which you are exchanging, that is a new and separate name and requires its own appointment as I understand it.
• The zip code you provide is the zip where you wish to exchange. If you are on vacation you likely will not use the zip code of your residence, but where you happen to be on vacation, or the zip code in a neighboring town where you’d rather have your personal business known instead of at home. Whatever your reason, provide the zip of where you want to exchange.
• Your email address should be one that you will delete immediately after the exchange. The bank will want to keep in touch with you and be paid to sell your information to whomever is willing to pay. So protect yourself now.
• You need to give the number of dinars AND dongs, etc you have to exchange. We may get other instructions with the package that you need separate appointments for different currencies, but have the info tidy and available to “go with the flow” on the call if needed. If you and a spouse or child are splitting the dinars give the number you want to exchange at THIS appointment.
There was some concern about only one appointment ever, but I think the UST has relented on that, but the full package will explain that definitively I am hoping. TO be safe you should probably report the maximum you might exchange so you are given to the proper level bank. (Not every branch has the same limits). We know nothing about CE Centers or if they even exist!
• There are caps to get contract rates: 50M dinars, 50M dongs, $500M US $ in exchanged ZIMs. I am unaware of caps at the international or market rates. Contract rates are still available and available to more people than Tony ever thought possible!
• BE prepared to provide a phone number if asked, but I advise you to give a
throw-away phone number to protect your privacy.
• Write down the appointment time, place, address, date. Verify it back to the agent. Then put it in your cell phone calendar, post on your fridge, put up signs so you do not miss it!
PREPARING FOR THE APPOINTMENT: DOCUMENTS, ACCOUNTS, ETC.
• 2 picture IDS, one being a passport or other proof of citizenship should you be asked. A birth certificate could also work. YOu still need 2 picture IDs.
• Your bundles of dinar and dong, etc. I suggest you bundle them by type of currency, where obtained (bring your Certificates of Authenticity if you acquired them from a dealer such as Sterling, a receipt if from a bank or FOREX, etc.) You do not need your gift letter; that is for the IRS to substantiate the date upon which you acquired the currency. I advise you to label each bundle, the amount of currency within, and ID each bundle.
I used an Excel spreadsheet showing the “packet ID” (my made up ID to reference my spreadsheet line), proper number of currency type (e.g., 1 25000 dinar note or “50,000d #5-10,000 dinar notes”), when acquired, from where, what bank it is going to and the account number into which it goes, and what that account is for in the future (i.e., taxes, paying off bills, conservative investment, Mother Lode, charitable trust, etc.).
• Blue pen so your signature on paperwork is identifiable as original
• a calculator
• The amount of cash you want to walk out of the bank with. I advise against $9,999
because it is not likely the bank will be able to have so much hard cash on hand, even if they are anticipating a huge demand. Be more realistic. Maybe $1000 will do?
• IF you plan to CE into a business entity, gather the documents showing the legal name, tax ID, letters of incorporation. (I suggest opening the accounts prior to the appointment.)
Put all this into some kind of envelope or carrier. I used a Fed Ex envelope because I had one handy. Some of you may need a briefcase! God bless you!
I advise against getting cashier’s checks at the time of your Currency Exchange. Just complete the CE and get all your receipts organized. Getting cashier’s checks is a usual trip to the bank.
TO DO before Your Appointment but after making it
• Drive to the appointment site to check routes, timing, parking, etc.
• Get online and find out what the rates are internationally on FOREX, Oanda.com, CBI, etc. so you are prepared.
• Call your chosen bank and ask their Foreign Exchange department what the contract rates are for US and China for dinar and China for dong, etc, both high and low. Then ask these questions:
◦ Ask the bank if there will be a bank contract to sign and if you can see it ahead of time to study it.
◦ Ask what the fee will be.
◦ Ask what the rates you will be offered will be. Know what to expect and press the bank for the highest one you have heard about in the package info. Get their name and note the date and time you obtained the info.
Make some decisions:
• Will you take an advisor with you? (You shouldn’t really need one.)
• Will you take a higher rate in exchange for your leaving a percentage of your money with the bank for 6 months, 1 yr, or 2 yrs? The rates may go up by $1 per dinar for each of those time thresholds and the percentage amounts may change as well. KNOW what you’ll do and what is acceptable to you.
• At what level of $ per dinar will the NDA be worth it to you to take the contract rate?
• Do you need any “Proof of Funds” letters? If so in what denominations and how many?
• Remember you can move money to an account with checks and just pay things off via check. I HIGHLY recommend that you have one account that you call the Mother Lode account where most of your funds are kept; this account will have NO internet access, limited teller access, no checks, etc. Then you move funds to other accounts that do have printed checks and from here you pay off mortgages, student loans, etc from this secondary account. You can track all movements of funds from the Mother Lode to where and for what purpose historically.
• Do you want to add “all rights reserved without prejudice” above your signature? Research that now and decide.
• Know if you will allow your currency to leave your sight and under what circumstances. Do you need a signed receipt by teller and manager or is teller sufficient? Will the receipt indicate how many dinars and dongs?
• Try to think about all the things that might come up.
ABOUT SIGNING FORMS
• I am worried about all the forms they want me to sign and they normally do it all electronically now. They shove the screen in front of you and say, “Sign here. It just says you are who you say you are.” I do not believe a word of it! I ask for a printout of what I am to sign, I read every word, THEN I have them initial each and every page and to certify in writing that my printout is indeed what I am signing electronically. Only THEN do I sign the paperwork and then I instruct them to copy it for themselves and for me, duly signed by both sides.
REHEARSE WHAT YOU’LL SAY DURING CE:
• Rehearse what you will say during your CE. Do it in front of a mirror to practice looking professional and “worthy.”
• Practice asking for the contract rate, asking to see their screens, asking for a printout of this screen as a kind of guarantee of a rate; do not be taken in by the bewilderment of your teller, nor let them run off for several minutes; ask for them to printout the screen, give it to you, THEN run off if necessary.
• KNOW what you will do if they tell you they are sending your currency away for a week and KNOW what your response will be.
• KNOW what you will do if they say their rate is $X and you expected twice that ($2X).
PLAN FOR THE EVENT:
• Plan what you will wear to the appointment and make sure it is at the ready (cleaned, pressed, etc.) down to the color of socks and jewelry.
• Make an appointment with your CPA, tax attorney, and wealth manager.
• Practice your words and calmness. Behave with dignity but be firm. This is not the time for humor or jokes, but it IS the time for premeditated action.
• Make up a story for how you came to have money to tell “the world.” It can be anything but the truth! “I had a long term investment that finally came through” is simple enough.
• Put that bottle of champagne into the fridge
The APPOINTMENT ITSELF
• Give yourself plenty of time to get ready.
• Take your prepared envelope or briefcase with packets, account numbers, pen, calculator, IDs, glasses,
• Show up well ahead of the appointed hour to accommodate traffic, parking, moments to gather yourself, say a little prayer, etc.
• Practice being gracious and look like you know how to have money.
• BE specific:
◦ “I am here to do a currency exchange for my Iraqi dinars and Vietnamese Dongs”
◦ “Would you be kind enough to give me the IQD rate and then the IQN rate so I know which one I want. Similarly with the VND and VNN.” Write this info down on the paper you brought.
◦ Verify the rate at which you will be transacting. Ask to see the screen to see if there are higher rates available and ask for one if you see it!
◦ Summarize what you plan to do: “Please give me all of the account balance in cash (or cashier’s check) and a receipt showing a $0 balance for these accounts.” (present the list of accounts) Use multiple accounts so you do not mix asset-backed funds with non-asset-backed funds in case this becomes important, i.e. Dinars go into a different account from dongs, etc. There is info that only the dinar currency needs to be isolated.
◦ “Then we will do the CE. Then I want a receipt after the CE showing the new balance in each of my accounts please.”
◦ “I have a list of accounts here where I will be depositing these funds. How do you wish to proceed?”
• Be clear and concise.
• Take your time. Do NOT let them rush you through one of the most important business meetings you will ever have. Be patient, calm, controlled, and firm.
• Read absolutely everything in its entirety before signing it.
• You will likely be given an NDA if you are taking the contract rate. Ask for a copy and stand there and read it carefully. Ask questions if necessary. Get them to sign & date the copy you will keep. Then and only then should you sign the NDA. God willing we will see a copy ahead of time after the package is released.
• Ask for a copy of everything else you have signed at the exchange.
• Don’t forget your copy of every receipt of each transaction that has occurred.
Then go home and open that champagne and welcome to your life of silence! Say a prayer of thanksgiving, for guidance, and for Tony and DC & their gang.