Currency Exchange

IN-BANK REDEMPTIONS

Currency redemptions are typically a very simple process. Normally, a customer brings their currency to a teller window, the rate is checked, and the teller simply converts the initial currency to another currency in the denominations of the customer’s choosing. But during this very unique and historic banking event, there will be additional precautions taken to protect the public from an overwhelming in-bank redemption appointment flow.

So much so, off-site redemption centers have been created, with security staffs, to ensure the safety of all involved given the high volume of GCR/RV traffic. Because as far as the banks are concerned, they’ve had time to prepare for this event for several years, but know the general public will be very excitable. They know all of your questions before they arise, and have pre-written responses based on well-rehearsed psychological negotiating tactics to maximize their bank’s redemption profits.

Right now, literally, thousands of bank staff members are waiting for you to enter into their facilities and begin the GCR/RV exchange process. So while there may only be four initial redeeming currencies, they will all generate abnormal exchange profits, thus the banks are keen on keeping everyone calm, cool and collected.

From their phone operators, tellers, managers and wealth managers, all have been trained to address your concerns quickly and effectively; this so the exchange process can flow smoothly and quickly. But the exchange process actually begins with your appointment setting phone call.

Each operator will ask for your zip code, which currencies you own, and in what amount and denominations. From this information, they will schedule you in a specific branch or redemption center in terms of potential deposit qualifications.

Once you enter their branch or redemption facility, they will again qualify you based on your identification, physical currencies held, denominations, volume and home address. If you demonstrate consistency with all your answers, they will then assign you to new accounts / wealth manager team that will assist you in your exchange.

However, if you appear negative or indecisive, or worse confused, they may ask you to reschedule your appointment so others who are better prepared can go ahead of you. Why? Because banks are in the business of making money, not friends… so the less drama the better. So be prepared to redeem on time and quickly, in a controlled manner, or be prepared to wait as others go ahead of you because time is money.

We recommend being early, respectful and understated in all your dress, words and actions. These are well trained GCR/RV bankers do not want to hear stories about your life’s calling, nor what you will do later that day with your sudden windfall. So by no means get excited pre or post-exchange, as many of these bank employees may have been lied to about the GCR/RV being real. Most were told to tell customers who asked that it was a scam.

So get in and get out … do the best you can to maximize this first basket of currencies opportunity, and celebrate in the privacy of your own home, keeping all joy to yourself out of respect for the process and courtesy to others who are not as fortunate.

Arrive with all your documentation in hand, in a well organized binder, along with all your physical currencies, purchase receipts, gift letters, legal entity documentation, IRS tax information, existing bank account documentation, as well as a pre-made list of cashier checks you want made out to specific people, with specific amounts. Having this done prior to your exchange appoint, will separate you from 95% of those redeeming, and potentially give you an edge on getting offered the higher contract rates and/or higher interest bearing programs.

Remember, any bank can deny service to anyone they do not wish to work with.

Also, if you feel the need to bring along an associate or family member, it will be allowed, but if said associate or family member shows concern or undue negativity over the redemption rate or process, it could dramatically hurt your bottom line. So control their attitudes and limit their questions, especially if you feel the appointment is headed the wrong direction.

Let the general rule of thumb be: Less Drama = More Money. And most of all, do as much banking negotiating homework as possible prior to your appointment. The quality of your questions will demonstrate higher investment IQ, and thus potentially affect the rate and term you ultimately get offered. Why? Because the contract pool is limited to a set amount, and the bankers will be seeking high volume and high investment IQ clients to offer the contract rates too.

So sew for the worst, hope to reap the best, and get as much as you can in the most gentle and loving way.