Replies to post #4633 on Iraqi Dinar Discussion Board (IQD)

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For sale: Iraqi currency


Consumers warned to beware of Internet offer

By Mc Nelly Torres
South Florida Sun-Sentinel
Posted February 24 2007

The company claims to be the largest distributor of Iraqi currency, offering what it claims are authentic dinars and a great investment for consumers looking to buy cheap currency on the Internet in the hopes of bringing riches overnight.

But the Better Business Bureau is warning consumers from South Florida to be careful before considering foreign currency investments and especially alleged deals for the Iraqi dinar.

United World Exchange, which has been selling Iraqi dinars through its Web site -- www.usdinar.com -- is telling consumers that buying the currency could be a great investment, if the value of Iraqi money were to increase.

But experts said investing in such currency is risky, especially if the war in Iraq continues, because the value of dinar currency could drop even further. Also, most dealers and U.S. banks won't buy dinars.

Al Polizzi, a spokesman with the Better Business Bureau in West Palm Beach, said consumer complaints surrounding Iraqi dinar investments have increased in recent months and have come from many military personnel and civilian contractors serving in Iraq, alleging the company failed to deliver the currency.

The bureau has received 77 complaints concerning United World Exchange from consumers in 33 states, including Florida, and eight countries including Singapore, Australia, Malaysia, Canada and Iraq.

United World Exchange could not be reached for comment. Upon calling the company's customer support assistance, a voice mail said usdinar.com is the largest distributor in the market and it guarantees authentic dinar currency.

"We offer fast service and a peace of mind," the voice mail said. "We have been selling dinars for three years. We've got thousands of satisfied clients."

As of Thursday, usdinar.com was selling 1,288 Iraqi dinars for a price of 77 cents and a million dinars for $776. The Web site, whose domain was created in May 2006, claims to be registered with the U.S. Treasury.

Consumers who have purchased dinars and have not received them are urged to report the issue to the Chicago Better Business Bureau either online at www.Chicago.bbb.org or by calling 312-832-0500.

Mc Nelly Torres can be reached at [e-mail] or 954-356-4208 or 561-243-6600, ext. 4208.

http://www.sun-sentinel.com/business/local/sfl-hlpbbb24feb24,0,5562675.story?coll=sfla-business-fron...