When it’s time to sell or exchange your Iraqi Dinar, you’ll want to be sure of receiving the best exchange rate for it. The better informed you are when you sell your Dinar, the more successful you’ll be in the process. Let’s take a look at the best ways to sell or exchange IQD.
We will exchange your Iraqi Dinar
In order to exchange your Dinar, you should first:
- gather together
- count the quantity
- organize your Dinar by denomination banknotes you wish to sell
This is especially important if you've purchased several different batches of banknotes, perhaps even from different dealers.
Most collectors keep Dinars sorted according to the denomination of the banknotes. These are generally IQD 25,000 and 10,000 which are used as the most common denominations for commerce, followed by IQD 5,000 and a variety of smaller dinar denominations.
Banknotes are used for almost all purchases in Iraq. Although the Central Bank of Iraq (CBI) has minted Dinar coins periodically, they're rarely used in commerce nowadays.
For most transactions, both local Iraqi merchants and international buyers prefer the IQD 25,000 and the other large-denomination banknotes instead of coins or low-value notes.
The physical condition of your banknotes is important, and sometimes it's not. To exchange Iraqi Dinar confidently, you should first examine your banknotes to determine whether they're uncirculated or circulated.Uncirculated banknotes are those which have never been used in commerce – They're crisp, clean and unwrinkled. Often, they're still wrapped in plastic as delivered by the bank to the currency dealer.
Circulated notes are those which have been used in day-to-day business. The condition and appearance of circulated Dinar notes may range from:
- heavily worn
- soiled notes near the end of their working lives.
Although some currency dealers have marketed uncirculated notes as superior to uncirculated, the reality is that both kinds are accepted at the same face value in commerce and are therefore redeemable in Iraqi banks at the same Iraqi Dinar exchange rate.
The best dealers offer a fair market price for both uncirculated and circulated Dinar notes.
Iraqi Dinar exchange rate
Since the downfall of Saddam Hussein in 2003, the Iraqi Dinar exchange rate has been of great interest to observers who are watching Iraq's economy, particularly because of Iraq's booming oil industry.
The Dinar exchange rate, just like the foreign exchange rates for any other currency, depends on the nation's economy and its assets. The stronger the economy grows, ultimately the stronger the currency should become.
Nowadays, more people are noticing the success story on the ground in Iraq – The economy is growing very rapidly and is backed by the world's fourth-largest oil reserves. The oil industry is thriving in spite of occasional flare-ups of political conflict.
Iraq's future seems to be recovering, and international companies are continuing to flock into the country seeking lucrative development opportunities. During the twelve years since Saddam's departure, hundreds of foreign companies have begun doing business on the ground in Iraq.
Most of these companies are very well-capitalized and they have long-term plans to be in Iraq. They're not afraid of scary headlines in the newspapers because they're fully committed to a development horizon lasting decades.
Still, individual Dinar owners occasionally change their goals. Many people decide to redeem their Dinar in an immediate exchange instead of waiting any longer.
If you need money for unexpected medical expenses, travel, or other circumstances that arise at times, then you should consider selling your Dinar.
The Iraqi Dinar exchange rate that you receive will depend on the dealer you sell to. When you work with a leading currency dealer like Currency Return, you'll receive a guaranteed best-price offer when you're ready to sell Dinar.
Iraqi Dinar value
What's your Dinar worth? When you're ready to sell Dinar you should check pricing at a leading currency dealer. You'll discover that an exceptional dealer offers full guarantees for both buying and selling Dinar.
The guaranteed buy-back program ensures that you'll have a strong, reliable buyer that will pay top dollar when you decide to sell.
When you sell Dinar to a leading currency dealer, you can be confident about receiving the best Iraqi Dinar value. And, you'll receive your payment quickly and easily.
How or Where to sell my Dinar?
The Internet is awash with wannabe currency dealers who are several intermediaries away from any direct Dinar sources. They're unable to offer competitive pricing because in most cases they're simply buying currency from a bigger dealer for resale.
Instead of dealing with a newbie, when you're ready to sell Dinar or any other kind of foreign currency, it's best to talk with a top dealer who can offer the best price and provide excellent customer service.
You should only do business with a long-time, well-established dealer that is a leader in the Dinar community, such as Currency Return.
One advantage of working with a leading dealer is having the confidence and peace of mind to ship your currency package to that dealer sight-unseen. With all the recent closings of currency dealers, this is more important than ever.
After receiving and reviewing your banknotes, the dealer will promptly pay you the appropriate Iraqi Dinar exchange rate. You can be certain you'll receive the full Iraqi Dinar value to which you're entitled.
Should I sell my Iraqi Dinar?
Anytime you make a business decision, you should first do the proper due diligence to ensure the best choices. Always consult the opinion of a licensed financial advisor. If you're thinking about selling Dinar, here are a few things you should consider –
- How much cash you need right now
- The best dealer to sell your currency to
- Whether to sell all or only a portion of your Dinar
The Iraqi Dinar value fluctuates over time, the same way that all currency values move in cycles.
Keep in mind that when you sell any currency you'll need to account for the difference between buying and selling prices.
In order for dealers to earn enough margin to operate their businesses, there's always a difference between “buy” and “sell” prices. The difference between these “buy” and “sell” prices allows currency dealers to stay in business.
It's like buying any other product: When you buy a product off the shelf in a store, the price you pay (retail) is always higher than the price that same merchant would offer to pay you (wholesale) if you were to sell merchandise in bulk to him.
In any event, decide how much you're willing to accept for your Dinar after doing the appropriate homework.
Generally, if you need the money right now it's best to simply sell your Dinar to a leading dealer who will offer a fair price.
Is it time to revalue my Dinar position?
Most folks periodically take some time to stop and revalue the possessions they’ve accumulated. In many cases, this assessment and reevaluation of what they own lead them to sell Dinar or other possessions. If you need cash, selling your Dinar may be the best way to quickly meet those needs. When you're selling, the most important factor for success is finding a well-established dealer that can offer you the best price.
Best of all, only the top currency dealer offers a guaranteed buy-back program that pays you a fair market price, regardless of where you bought your Dinar.