Every country has its own currency and one needs to have that in order make all the transactions in that country. This is true with Iraq as well, which has Iraqi Dinar as its currencies. Dinar is issued by the Central Bank Iraq, and it is subdivided into 1,000 fils. In recent years, inflation has made fils obsolete. Like any other country, Iraqi currency too has gone through changes. Earlier in this country, Indian Rupee was official currency. It was the year 1932 when Dinar was introduced in circulation, replacing Indian Rupee.
If you have planned a trip to Iraq, you will need Iraqi currency to carry out transactions. It is advisable that you should get Iraqi currencies well in advance in order to avoid last-minute hassles. But the question is where to buy Iraqi currency. You should leave no stone unturned to make sure you purchase Iraqi currency from a reputed currency exchange dealer. Following points will help you select a reputed dealer for the same:
- First of all, you should check the license of the company you are going to deal with. For instance, if you wish to choose an Illinois based currency Exchange Company, make sure to deal with the company that is licensed with the State of Illinois under the Transmitters of Money Act (TOMA).
- The company you decide to buy Iraqi currency from must be registered as a Money Service Business (MSB) with the US Department of the Treasury.
- The company should be following rules and regulations that govern MSB under the Bank Secrecy Act and Anti-Money Laundering Law.
- Make sure you select the money exchange company that is subject to periodic reviews by the US Department of the Treasury.
- You should also read testimonials, which usually are present on the websites of the company. This will help you understand about the service of the company.
Federal Law requires that customers for certain transactions need to provide full identifications. So, you may be asked to provide name, address, government issued identification, and other relevant information.You can also buy Iraqi currency online. Some currency exchange dealers offer this facility as well. Even if one is going to buy currency online, there may arise the need of providing the detail for identification.