We encourage you to use the following guide to help you find a good, reputable dealer.
Choosing a US Dealer: Guidelines and Information
a) Better Business Bureau
A top rating from the Better Business Bureau is a sign that your dealer is committed to a high standard when conducting business. To be accredited by the BBB, a business must meet certain standards set by the BBB. These include a commitment on the part of the business to make a good faith effort to resolve any complaints made by customers. BBB accredited businesses are reviewed and monitored by the BBB and pay a fee for this service. An accredited business is not necessarily endorsed by the BBB but it has agreed to make every effort to resolve customer complaints or issues. Two links that are useful are:
- BBB Code of Business Practices (standards for business accreditation by BBB)
- BBB Standards for Trust (principles that summarize important elements of creating and maintaining trust in business)
In the currency industry, compliance is critical. When you purchase currency, you want to know that your dealer will be in business when you want to exchange. One of the best ways to assure that your dealer will be there is to check to see that they are adhering to all the necessary industry and government regulations. It goes without saying that you should choose a dealer who buys as well as sells currency and is prepared to exchange a large volume of currency at any time.
Your dealer should be able to verify that the currency you are purchasing is authentic, legitimate and of non-criminal origin. Your dealer should be audited by the Bank Secrecy Act Compliance Department of the IRS and have documentation to prove that. It guarantees that your dealer is in compliance with all applicable federal and state laws for their industry.
Check to see if your dealer is registered as a Money Services Business with the U.S. Treasury and has licenses in the states that require them. Look for a dealer that is up front about their currency business and does not operate as a “collectible” or “souvenir” dealer to hide what they do from their bank. It is perfectly legal to sell foreign currency, including the Iraqi dinar and a legitimate dealer will be transparent about their business – with you and with their banking institution.
A reputable dealer can verify that the currency you purchase has been brought into the U.S. legitimately and declared and cleared by U.S. Customs.
d) Dealer Policies and Programs
While security, resources, reputation and compliance are clearly the most important factors in choosing a dealer, you should also be familiar with the policies and programs they have in place. Once again, a reputable dealer will buy as well as sell currency – at any time. The prices for buying and selling currency should be clearly listed on the website. They should have shipping information, preferably using a trackable shipping company like FedEx. Do they offer any sort of money back guarantee if you change your mind? Be sure to read that policy before you buy.
An established company no doubt has competitive prices, but do they also offer you a variety of payment options, such as mail payment, COD, wire transfer, or eCheck? What about purchasing programs, such as layaway options? Are there a variety of products available (i.e.’ different currencies) and choices for the quantity you can purchase?
Certainly you should see what type of customer support they offer. Is there good information on the website? Do they offer live support by phone, email, or live chat? Are the customer representatives courteous and knowledgeable?
e) Transparency and Integrity
It is of utmost importance that you know who your dealer is. Is there a person associated with this dealer or is it some mysterious company? You should be able to contact your dealer and reach a live person by phone, email, online chat or a ticket system if you have questions or concerns.
Look for a company that has been in business continuously without interruption for at least 5 years. A sudden departure from the business without plausible explanation is something that should be of concern.
Check to be sure the company has appropriate licenses in the states they do business and especially that they have a physical address in the state they list for their business license.
Look for a dealer who can offer expertise in the currency market and has extensive capitol resources and reputable Middle East financial connections.
Your dealer should include a certificate of authenticity that guarantees in writing that each dinar is authentic, legally obtained, transported, and declared and from non-criminal origin with each purchase.
A dealer’s reputation is a composite of the items discussed previously. A dealer can look great on paper – something you should always verify – but you should also look for firsthand information such as customer reviews and testimonials. Remember that not everything you read is true, so take the time to read as many of these as you can. Ask friends who have purchased currency about their experience with a dealer and do not hesitate to call the dealer and ask questions. You should check to see that the dealer does, in fact, stand by what is written on the website. Once you are sure the dealer is legitimate and is compliant with all of the regulations, offers good value in product and price, and has the variety of programs and payment options that you are looking for, as well as the customer support needed to provide good service, you can feel confident that you’ve made a good choice.