Can You Buy Iraqi Dinar Online and How to Avoid Currency Exchange Scams?

August 18th, 2021

Online purchases are convenient and allow for more flexibility, but how secure are they? For instance, if you want to buy Iraqi dinar online, how can you know that you’re not getting scammed? Then, can you actually get physical banknotes or will your money be kept in an online account or on your credit card?

We will answer these questions and give some additional advice on traveling to Iraq at the end of this article. And we’ll deal with some common misconceptions about predictions regarding the revaluation of the Iraqi dinar and help you know what you’re getting into if you decide to buy Iraqi dinar online for speculative purposes.

How To Buy Iraqi Dinar Online from a Legitimate Exchange Business?

The first and most important thing you should know if you wish to buy Iraqi dinar online is how to check if the online exchange that sells it is registered and legitimate. As is the nature of doing business online, there is an overabundance of scammers operating fake online exchanges.

Luckily, it’s easy to check whether an online exchange is a phishing operation or not. All money service businesses (MSBs) need to be registered with the US Department of Treasury. Go to the MSB Registrant Search page on the Financial Crimes Enforcement Network website and do a quick search.

Search for the business’s legal name or DBA (doing business as) name and the online exchange should show up in the registry. If it does not, you should not provide your credit card or any other important information to the exchange. While it is possible that their registration expired and they are in the process of renewing it, it’s still not a risk you should take.

Can You Get Physical Currency?

Not all online exchanges sell physical currency, some will only trade digitally. This has some benefits – namely, you can move and trade currencies quickly. However, there are also downsides to doing everything digitally.

First, holding your money in an online account is less secure than having it in hand. Second, many people buy Iraqi dinar to spend while traveling and, as Iraq is still a primarily cash-based country, you should have physical notes in your pocket if you are traveling there.

So, it’s not so much about – where to buy Iraqi dinar online? It’s about where to buy it and have the physical currency delivered. Some online exchanges deliver physical currencies - US First Exchange sells Iraqi dinar and can have it delivered safely to your doorstep.

Buy Iraqi Dinar Online

Can You Pay by Card in Iraq?

The reason why you should always have physical Iraqi money while you are traveling is because, as we’ve mentioned, cash is primarily used in Iraq. International hotels and some luxury shopping centers accept credit cards, but most locals will ask for cash. Plus, your bank will likely charge you a transaction fee and the rates are poor, so you should avoid it if you can.

Buying the Iraqi Dinar for Speculative Purposes

One reason many people look to buy Iraqi dinar online is that they expect it to rise in value. While this could happen, you should always be wary of any advice you get. There have been predictions about a revaluation of the dinar since the early 2000s and none of them have come true. This doesn’t mean you shouldn’t trust your own judgment, just that you should be careful.

Buying Online Made Easy

When you buy Iraqi dinar online, you want competitive rates and secure delivery. At US First Exchange, you can buy Iraqi dinar and we will deliver clean, crisp notes right to your doorstep. All of our shipments are fully insured and will be delivered to you within 24-48 hours.

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