JPMorgan Chase Bank, most popularly known as Chase Bank is an American national bank that offers various financial services including foreign money exchange services. At Chase bank, you can exchange different types of foreign currency. However, unfortunately, Chase bank doesn’t exchange Iraqi Dinars for US Dollars. One key reason Chase Bank doesn’t exchange Iraqi dinars into US dollars is, that the Iraqi Dinars into US Dollars have been suffering from high inflation for many years and it is very difficult to sell Iraqi dinars.
Overview of Iraqi Dinar
The Iraqi dinar is the national currency of Iraq and it is issued by the Central Bank of Iraq. This currency is subdivided into 1,000 Fils but since 1990, because of inflation, it has rendered the Fils obsolete. At the time of writing this article, the exchange rate for the US Dollar was US$1 = 1,459.90 dinars. Since the British occupation of Iraq during World War I, the Indian rupee was the national currency of Iraq.
However, on 1 April 1932, the Iraqi dinar replaced the Indian rupee at a rate of 1 dinar = 11 rupees. Initially, the Iraqi dinner was pegged at par with sterling. But in 1959 Iraqi dinner changed the peg to the United States dollar at the rate of 1 ID = US$2.80. However, because of the Gulf War in 1990, and due to UN sanctions, the value of the Iraqi dinar started to decrease. At that time Saddam Hossain introduced the “Saddam dinars.” After Saddam Hussein was deposed in the 2003 invasion of Iraq, the Coalition Provisional Authority issued new Iraqi dinar notes and coins and replaced the Saddam Dinars with the new Iraqi dinars.
However, the inflation and depreciation of the currency have continued and still, now the Iraqi dinar is weak against the US dollar.
Iraqi Dinar Profile
|Currency name||Iraqi dinar|
|Coins frequently used||25 dinar, 50 dinars, 100 dinar|
|Coins rarely used||N/A|
|Banknotes frequently used||50 dinar, 250 dinars. 500 dinar, 1000 dinar, 5000 dinar, 10000 dinar, 25000 dinar|
|Banknotes rarely used||N/A|
|Central bank||Central Bank of Iraq (www.cbi.iq)|
Banknote Series of Iraqi Dinar
|ID 50||Purple||Grain silos at Basra||Date palms|
|ID 250||Blue||An Astrolabe||Spiral Minaret of the Great Mosque of Samarra|
|ID 500||Blue-green||Dukan Dam on the Little Zab river||Lamassu, the Assyrian carving of a winged bull|
|ID 1,000||Brown||A gold dinar coin||Mustansiriya Madrasah, Baghdad|
|ID 5,000||Dark blue||Gelî Ali Beg and its waterfall||Al-Ukhaidir Fortress|
|ID 10,000||Green||Abu Ali Hasan Ibn al-Haitham||Great Mosque of al-Nuri (Mosul)|
|ID 25,000||Red||A Kurdish farmer holding a sheaf of wheat, a tractor, and a gold dinar coin||Carving of the Code of King Hammurabi|
|ID 10,000||Green||Sculptor Jawad Saleem’s Monument of Freedom at Liberation Square (Nasb al-Hurriyah) in Baghdad||Al-Manara al-hadba fi al-Mawsil (the hunchbacked tower of the Great Nurid mosque in Mosul)|
|ID 25,000||Red||A Kurdish peasant holding a jug, a tractor, and a gold dinar coin||Carving of the Code of King Hammurabi|
|ID 50,000||Brown||Water wheel on the Euphrates river, palm trees, Gali Ali Beg waterfall (Kurdistan)||Fishermen, traditional reed house of the Mesopotamian marshes, rivers Euphrates and Tigris rivers on a map|
|ID 1,000||Brown||A representation of an Assyrian star, a man on a boat, inscription “Enlisting the marshes and Heritage of South Iraq in the World Heritage List”||Mustansiriya Madrasah, Baghdad|
|ID 25||17.4 mm||2.5 g||Copper-plated steel||Inscriptions: “Central Bank of Iraq” and “25 dinars”||Outline map of Iraq with the two rivers|
|ID 50||22 mm||4.34 g||Brass-plated steel||Inscriptions: “Central Bank of Iraq” and “50 dinars”||Outline map of Iraq with the two rivers|
|ID 100||22 mm||4.3 g||Stainless steel||Inscriptions: “Central Bank of Iraq” and “100 dinars”||Outline map of Iraq with the two rivers|
US Dollars to Iraqi Dinars Exchange Rate
|0.5 1 2 5 10 20 50 100 200 500 1000 2000 5000 10,000.00 20,000.00 50,000.00 100,000.00||500 1500 3000 7500 14,500 29,000 73,000 146,000 291,500 729,500 1,458,500 2,917,000 7,292,500 14,585,000 29,170,000 72,925,500 145,851,000|
FAQS about Can Chase Bank Exchange Iraqi Dinars into US Dollars
Where can I exchange my Iraqi dinar for U.S. dollars?
The best place to exchange your Iraqi dinar for U.S. dollars is a bank. You have to find out the bank that accepts Iraqi dinars for exchange. You can also exchange your Iraqi dinars at any money exchange that accepts this currency. On the other hand, you can also sell your Iraqi dinars on various money-selling websites.
Can you exchange currencies online?
Yes, it is possible to exchange currencies online. Some of the best currency exchange websites are –
Do any US banks exchange Iraqi dinar?
Unfortunately, there is not a single US bank that exchanges Iraqi dinar. So, you can exchange Iraqi dinars either in a money exchange or online at various currency exchange websites.
Does Chase Bank offer currency exchange?
Yes, Chase bank offers money exchange. In fact, while exchanging money at Chase bank, you can expect the mid-market exchange rate which is very convenient.
Does Chase Bank cash in foreign currency?
Yes, Chase bank cash in foreign currency but this facility is not available in all the Chase bank branches. Some selected Chase bank branches offer currency exchange services. You can find the information on the Chase bank official website or can call the Chase bank customer service to find out which branches offer the currency exchange service.
Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.