How to Buy & Sell the Iraqi Dinar

Most people don’t know this—but yes, you can legally buy foreign currencies like the Iraqi dinar right here in the United States… and have it shipped directly to your home. But before you rush in, there’s something you need to understand that could save you thousands of dollars.

Let’s start with the basics. There are only a handful of companies in the United States that legally sell physical foreign currency—especially what we call “exotic currencies” like the Iraqi dinar, Vietnamese dong, or others not commonly traded through banks. These companies are registered as money service businesses, which means they are allowed to buy and sell currency. But—and this is important—that does not mean they are tightly regulated the way banks are.

So who are these companies? Some of the most well-known names include SafeDinar, which has been around since 2004 and offers dozens of currencies, including the Iraqi dinar. There’s also US First Exchange, which provides insured shipping and fast delivery options. Another name you may hear is Currency Liquidator, a dealer that both buys and sells dinar within the U.S. market. And then there’s Xchange of America, which offers a broader range of exotic currencies beyond just dinar.

Now here’s where things get interesting—and where most people get it wrong. Just because these companies are legal does not mean this is a traditional investment. In fact, most major U.S. banks do not buy or sell Iraqi dinar at all. That alone should tell you something about how this market operates.

The price you pay for these currencies is not standardized. Each dealer sets their own rates, and that often includes a markup. So, if you’re buying dinar, you’re typically paying more than what the currency is officially worth—and if you try to sell it back, you may receive significantly less. That gap is where many people lose money.  Continue Below ........

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And there’s another key point. Government agencies in the United States have issued warnings about exotic currency dealers—not because all of them are illegal, but because the market itself is not well understood by the average investor. Some people are led to believe that currencies like the Iraqi dinar will suddenly increase in value overnight. But in reality, currency movements are tied to economic fundamentals, central bank policy, and global trade—not speculation or rumors.

So what’s the smart way to approach this? If you’re buying foreign currency for travel, that’s straightforward. But if you’re buying exotic currencies, think of it more like a collectible or a high-risk speculation—not a guaranteed investment.

Here’s the bottom line. Yes, it is legal to buy Iraqi dinar and other exotic currencies in the United States. Yes, there are legitimate companies that will ship it directly to your home. But you need to go in with your eyes wide open, understand the risks, and avoid making decisions based on hype.

Your first question might be, how to verify if a currency dealer is legitimate and trustworthy. A real, legal currency dealer in the United States should be registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). You can ask the company directly for their registration details or check their status through public records. In addition, look them up with the Better Business Bureau (BBB) to see complaints, ratings, and how long they’ve been in business. A trustworthy dealer will have a physical address (not just a P.O. box), clear pricing, and transparent buy/sell rates. Be cautious if a company promises huge returns, pressures you to buy quickly, or avoids answering direct questions—these are major red flags. Also, check reviews outside their own website and confirm they clearly explain how you can sell the currency back.

Second, safer and more traditional ways to invest in foreign currencies. Instead of holding exotic currencies physically, most investors use regulated financial markets.  On the Edu Matrix Channel, we take physical possession of our currency investments and hold until the price increases against the U.S. Dollar.  

However, you can invest through foreign currency exchange-traded funds (ETFs), international mutual funds, or bank-based foreign currency accounts. These options are tied to major currencies, such as the euro and yen, or to emerging-market baskets, and are traded through established institutions. Another common approach is to use large, regulated brokerage firms to indirectly gain exposure to global currencies through stocks, bonds, or international funds. These methods are generally safer because they are overseen by financial regulators, provide liquidity (you can sell more easily), and don’t rely on finding a private buyer later. In simple terms, traditional investing focuses on actively traded currencies worldwide—not restricted or difficult-to-access ones.

Finally, how easy it is to sell back Iraqi dinar or other exotic currencies. This is where many people are surprised. Selling exotic currencies like Iraqi dinar can be very difficult. Most banks and major exchange services in the U.S. will not repurchase them. That means you often have to sell back to the same dealer you purchased from—if they even offer a buyback program. And if they do, the spread (the difference between what you paid and what they’ll pay you) can be very large, meaning you could lose a significant portion of your money immediately. In some cases, people struggle to find any buyer at all. Unlike major currencies traded daily worldwide, exotic currencies have limited demand and restricted convertibility, making them far less liquid. Simply put, it’s much easier to buy these currencies than it is to sell them.