Which banks exchange Iraqi dinars?


Quick Answer

Currently no US bank will exchange Iraqi Dinars. They can be exchanged through ebay.com, private collectors and some international banks, including the Central Bank of Iraq.

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Full Answer

The Iraqi Dinar is a form of currency that can be difficult to exchange within the United States. There are no US banks that will sell them to or buy them from customers. This is because of a common scam where Iraqi Dinar dealers convince people to purchase Dinars as an investment, promising that the value of the bills will dramatically appreciate, resulting in an increase on investment. The Iraqi Dinar's value has remained static since 2009, with little to no increase in value.

Another reason the Iraqi Dinar is difficult to exchange is the exchange rate. As of 2015, one Iraqi Dinar is equivalent to 0.00086 US Dollars. In addition, most US banks only exchange commonly requested foreign currencies such as Canadian dollars and Mexican Pesos. The Iraqi Dinar is rarely requested by customers and is thus not worth the trouble of exchanging.

One thing to consider when exchanging the Iraqi Dinar with an international bank or private seller is the risk of scams and postal loss. If selling Iraqi Dinar, it is important to send the currency in small quantities and to purchase shipping insurance.

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