Iraqi Dinar Dealer Markups - There are Options
If you buy Iraqi Dinar from an internet dealer you will pay a very stiff markup. For example, pricing on a recent day showed one established dealer selling one million dinar for $1,095.00. The Central Bank of Iraq auction price for that same day showed the value of 1 million Iraqi dinar to be $677.50.
The dealer markup in this case was about 62%. The lowest markup I could find was at Safedinar.com which was selling one million dinar for $775.00 - a 14% markup. Dealers argue the markup is necessary to cover their transportation costs, overhead, risks, and provide a reasonable margin of profit.
As with any commodity, the smart consumer will shop for the best price. Our daily Iraqi Dinar pricing guide is a good place to start.
If you want to completely avoid the costs and risks of dealing with internet Iraqi Dinar dealers, another option is to electronically deposit funds (US$) in a bank doing business in Iraq and then convert the US dollars into Iraqi dinar. This method is more complicated and you don’t take physical possession of the Iraqi dinar.
Still many Iraqi Dinar investors feel this is the most efficient route to take. Here is a forum link where this procedure is discussed in great detail.
