Making the Appointment
Once we get the 800 numbers from Tony it will mean the RV has finally happened. If you want anything but the international rates for either dinar or dong you must call the 800 number to make your appointment.
Info to have on hand for the call:
The call center agent will ask you for your name, your zip code, an email address, the number of dinars AND dongs you want to exchange, and the bank you want to use. Dial *67 before dialing the 800 number to prevent the call center from knowing your telephone number.
Each and every adult exchanging dinars will need their own private appointment. They are permitted to bring an advisor with them. You may not bring someone along who intends to exchange their dinar at your appointment and pretend they are your advisor. If you have an LLC into which you are exchanging, that is a new and separate name and requires its own appointment as I understand it.
The zip code you provide is the zip where you wish to exchange. If you are on vacation you likely will not use the zip code of your residence, but where you happen to be on vacation, or the zip code in a neighboring town where you'd rather have your personal business known instead of at home. Whatever your reason, provide the zip of where you want to exchange.
Your email address should be one that you will delete immediately after the exchange. The bank will want to keep in touch with you and be paid to sell your information to whomever is willing to pay. So protect yourself now.
You need to give the number of dinars AND dongs you have to exchange. We may get other instruction with the package that you need separate appointments for different currencies, but have the info tidy and available to "go with the flow" on the call if needed. If you and a spouse or child are splitting the dinars give the number you want to exchange at THIS appointment. There was some concern about only one appointment ever, but I think the UST has relented on that, but the full package will explain that definitively I am hoping. TO be safe you should probably report the maximum you might exchange so you are given to the proper level bank. (Not every branch has the same limits). We know nothing about CE Centers or if they even exist!
Ask the bank if there will be a bank contract to sign and if you can see it ahead of time to study it.
Ask what the fee will be.
Ask what the rates you will be offered will be. Know what to expect and press the bank for the highest one you have heard about in the package info.
BE prepared to provide a phone number if asked, but I advise you to give a throw-away phone number to protect your privacy.
Write down the appointment time, place, address, date. Verify it back to the agent. Then put it in your cell phone calendar, post on your fridge, put up signs and do not miss it!
Documents to Prepare for the Appointment
2 picture IDS, one being a passport or other proof of citizenship should you be asked. A birth certificate could also work.
Your bundles of dinar and dong. I suggest you bundle them by type of currency, where obtained (bring your Certificates of Authenticity if you acquired them from a dealer such as Sterling, a receipt if from a bank or FOREX, etc.) You do not need your gift letter; that is for the IRS to substantiate the date upon which you acquired the currency. I advise you to label each bundle, the amount of currency within, and ID each bundle. I used an Excel spreadsheet showing the "packet ID" (my made up ID to reference my spreadsheet line), proper number of currency type (e.g., 1 25000 dinar note or "50,000d #5-10,000 dinar notes"), when acquired, from where, what bank it is going to and the account number into which it goes, and what that account is for in the future (i.e., taxes, paying off bills, conservative investment, Mother Lode, charitable trust, etc.).
I advise against getting cashiers checks at this time. Just CE and go home and be calm. Go back as a regular customer to get a cashier's check or two when your adrenalin is quieter. IF you decide to get them now, make a complete list with recipient, account number, amount. YOUr bran will be muddled so have it all written down!
Blue pen so your signature on paperwork is identifiable as original
Reading glasses if you use them
The amount of cash you want to leave the bank with. I advise against $9,999 because it is not likely the bank will be able to have so much hard cash on hand, even if they are anticipating a huge demand. Be more realistic; maybe $1,000 will do, or $5,000?
Put all this into some kind of envelope or carrier. I used a Fed Ex because I had one handy. Some of you may need a briefcase! God bless you.
TO DO before Your Appointment but after making it
Get online and find out what the rates are internationally on FOREX, Oanda.com, CBI, etc. so you are prepared.
Call your chosen bank and ask their Foreign Exchange department what the contract rates are for US and China for dinar and China for dong, both high and low.
Make some decisions:
Will you take an advisor with you?
Do you need any "Proof of Funds" letters? If so in what denominations and how many? Remember you can move money to an account with checks and just pay things off via check. There may be a delay or hold on the check, but we are good at waiting by now aren't we?
DO you want to add "all rights reserved without prejudice" above your signature? Research that now and decide.
Know if you will allow your currency to leave your sight and under what circumstances.
Try to think about all the things that might come up.
I am worried about all the forms they want me to sign and they normally do it all electronically now. They shove the screen in front of you and say, "Sign here. It just says you are who you say you are." I do not believe a word of it. I ask for a printout of what I am to sign, I read every word, THEN I sign their screen after I have them initial that my printout is indeed what I am signing electronically.
Rehearse what you will say during your CE. Do it in front of a mirror to practice looking professional and "worthy." Plan what you will wear to the appointment and make sure it is at the ready (cleaned, pressed, etc.) down to the color of socks and jewelry. Make an appointment with your CPA, tax attorney, and wealth manager. KNOW what to do/ask if they suddenly present you with a rate half of what you thought you'd get. Practice your words and calmness. Behave with dignity but be firm. This is not the time for humor or jokes, but it IS the time to be premeditated in action. Make up a story for how you came to have money. It can be anything but the truth! "I had a long term investment that finally came through" is simple enough. Put that bottle of champagne into the fridge!
The APPOINTMENT ITSELF
Give yourself plenty of time to get ready.
Show up well ahead of the appointed hour so accommodate traffic, parking, moments to gather yourself, etc.
Know what you will and won't say (no idle chit chat, no jokes, no rubbing in your good fortune). i.e., be gracious and look like you know how to have money.
"I am here to do a currency exchange for my IQN (or VNN)."
Ask and verify the rate you will be transacting at. Ask to see the screen to see if there are higher rates available and ask for one if you see it!
"Please give me all of the account balance in cash and a receipt showing a $0 balance for these accounts." SO you do not mix non asset-backed funds with asset-backed funds in case this becomes important.
"Then we will do the CE. Then I want a receipt for the CE showing the new balance in my account."
"I have a list of accounts here where I will be depositing these funds. How do you wish to proceed?"
KNOW will you do if they tell you they are sending your currency away for a week
KNOW what you will do if they say their rate is $6 and you expected twice that.
Be clear and concise.
Take your time. DO not let them rush you through one of the most important business meetings you will ever have. Be patient, calm, controlled, and firm.
Read absolutely everything before signing it.
You will likely be given an NDA. Ask for a copy and stand there and read it carefully. Ask questions if necessary. Get them to sign & date the copy you will keep. Then and only then should you sign the NDA. God willing we will see a copy ahead of time after the package is released.
Then go home and open that champagne and welcome to your life of silence! Say a prayer of thanksgiving, for guidance, and for Tony and DC.