MRiles: Bank stories on OM
Member friend WA received a call form a private banker and said was calling about the currency. Friend asked if he was calling about an appointment. The banker said yes can you come in next Tuesday.
He said yes and told the banker has $40 to $50 MM and wanted to be sure that he could handle that. The banker assured him there were 2 or 3 wealth mgrs. that could handle that level.
The friend then told the banker that he had several others in the area that also had currency can they talk with the wealth mgr. he yes when you talk with him have a list of the people you would like to have him contact
Second bank story
Another member contacted a Chase private banker and said she would like to discuss her foreign currency with Morgan Stanley. The wealth mgr from MS contacted her and asked how much currency she had and what rates she was expecting
She told him: how much of each of the following and said the rates she was expecting
Zim higher than $0.33 but less than $1 (the member did not share exactly what she requested), dong -$8 dinar -$32 and the wealth mrg said they had a Buy rate a sell rate a bank rate and a UST rate and based on the amount she had he would call her back on Monday to confirm if he could offer those rates
Briona: The Treasury rate could very well be the contract rate.
Ify: Thinking Buy and Sell Rates are tied to Forex. Customer Rate is what Banks calculate that day for exchanging at retail locations. Maybe Treasury Rate is the rate they use to deal with other governments on private side. Maybe?
Aran: My bank story happened when I first bought my currencies. Regional bank manager called me send me an email saying that they will exchange my currencies once Iraq is ready. But I haven’t heard from her since then. The point is she knows that we will be exchanging once everyone is ready.