New Iraqi Dinar exchange is possible outside of Iraq and can even be done on-line. If you wish to exchange/sell your dinars you must be aware of the daily exchange rates. Even though dinars are not yet traded through the international foreign exchange market (FOREX), there are easy and FREE ways to check the daily dinar exchange rates and perform calculations against other currencies.
Here is one of the most popular currency converters. It is The Universal Currency Converter from XE.com. Use it to perform currency calculations based on current dinar exchange rates against all other currencies. Iraqi Dinars can be found under the "more currencies" section.
For the daily dinar exchange rates you can look at the website of the Central Bank of Iraq (CBI). There you can also find the new iraqi dinar exchange rate trends from year 2004 until now.
Below is the link to CBI.
Iraqi Dinar Exchange Rates by CBI
So how can dinars be exchanged now and in the future?
As I mentioned earlier there is not much point making such an investment if you are not willing to wait a few years, even as long as 10 years for the dinar to reach a level of its full potential. Therefore some of the reasons you might want to exchange your dinars NOW are:
1 - You bought your dinars really cheaply soon after its launch and have already made considerable profit. You don't want to wait until the currency appreciates further and/or until it goes into Foreign Exchange Market so you are ready to exchange now.
2 - You have lost faith in Iraq's ability to recover from the continued violence and decide that now is the time to recover your investment.
3 - You are in some financial trouble and need extra cash soon.
How can you exchange your dinars NOW?
Sell back to dinar dealers:
You can sell your dinars back to the dealer you bought them from. It's a service that most reputable dealers offer to their clients but you'll will charged a small fee. The fee depends on the dealer's policy so I suggest you check it before you make your purchase. There are dealers who are willing to buy dinars from anyone, not just their clients but their fees might be higher.
Sell through ebay:
As I mentioned before you can sell your dinars through ebay auctions and make some profit from them. The smaller the denominations and/or amounts you sell each time, the more profit you can make. This is because smaller denominations are normally priced higher due to lack of availability and sometimes additional postal/administrative costs. Also bulk orders of 1,000,000 dinars or more are sold at lower prices.
Sell to banks:
If you have a bank account in dinars it is pretty straight forward to convert your dinars into dollars (or other currencies). This is because when you open an account in dinars you also open another in dollars (or other) for conversion purposes. Therefore conversion from one currency to another becomes safe and easy. If you don't hold a bank account in dinars there are some banks, like the National Bank of Kuwait who might buy your dinars. However, be cautious about sending them cash as it might get lost during delivery.
If you have some interesting information concerning the exchange of your dinars please contact me so we can help others through this process.