Iraqi dinars are not widely accepted at every bank, as a matter of fact there are only a few banks that will accept Iraqi currency. When looking to deposit your dinars it is important to utilize your research skills using the internet and word of mouth to get names of banks that meet your needs. Call or email the bank you are interested in to obtain more information and to get any concerns you may have addressed before making a deposit.
Once you have found a bank that allows you to deposit your dinars, inquire about their rate of exchange and interest rates. Some foreign banks will allow you to deposit dinars but only allow you to withdraw the currency in U.S. dollars; some banks base acceptance of dinar deposits and interest rates contingent upon the economy at the time of the deposit or withdrawal; while other banks will not allow dinar deposits at all. You can open an account with the bank you decided will be most beneficial for you based on the bank's service or interest options. Once the account is opened, deposits can be made; most foreign banks will require a fee to deposit dinars.
Decide how many Iraqi dinars you plan on depositing into the banking establishment of your choice and also request information regarding interest and all applicable fees be faxed or emailed to you for your own personal records. Because foreign banks are governed by different laws it is vital to find out what risks are involved in utilizing a foreign banking establishment. Now that you have asked all your questions and received answers you are comfortable with you can safely deposit dinars.
