TNT Conference Call

Friday, September 6, 2024

Tony’s Monologue: The good news is that the rates are still live. All kinds of meetings yesterday. Today, the good news is everyone thinks that it will happen by Monday. Tony should get an update at 5pm today. The Iranian Rial will not be exchanging. This has been a thought for Tony for a while. The rate for it is 3.27 but they are saying they won’t be exchanging it due to sanctions on it. They are without a doubt trying to change that. Tony doesn’t see that happening but don’t get rid of it. There are some procedures in the bank that will happen. Wells Fargo is the foundation bank, will take everyone, and the other banks will not. Some banks will only take their customers or long-time customers. They might take you if you show up with a billion dollars though. Wells Fargo will do exchanges for those that go through the system and then transfer your money if you want to do that. If you want your money moved during the exchange to another bank, they will have a system in place for some. 500,000 to 1 million on wire transfers might take 1 or 2 days to be completed. Large sums of money above 1 million they can do for you at the exchange. There will be cops all over the place and they are reiterating that. If you take any cash away from the exchange you will have to sign something saying you are responsible for whatever happens to you once you walk out the door. Not every branch of every bank will be able to do exchanges. Some won’t simply be able to do them at all because of the dollar amount. Especially those of you wanting to take cash out at the exchange. Remember Banks don’t keep a lot of cash on hand. After the exchange you can go to another branch and withdraw money. If it is a large sum of money, they will have to order it for you and then have you come get it. All the rates are live, they are making it convenient afterwards, and they will have the ability to open accounts at other banks while at the exchange. They did a lot of work on this so it would be ready for Sunday evening or Monday. They have told people they have to be in the place at 6 am, plus there will be some bank folks that will work over the weekend. Wells Fargo will take the ZIM, and some will not. WF might be the best place to get the highest rates. No bad news as far as the currency and no bad news at all. They are still saying it is done. As of right now they are waiting on a procedural change within the bank itself. This could be worked out at any moment or at least by Monday. There is one bank that will supposedly exchange the dinar today. The dinar rate is 4.71 and 4.78. This should be the same for everyone else. We know oil is down, but they came up with a system to make up for oil being down. It is a mathematical system so that they won’t lose any money on this. 

Q & A:

-            They will have reps from all the banks at the exchange/BAC so that you can set up accounts.

-            Once this happens all the banks will have changed their rates, and you can call to find out what they are offering if you want to shop around. 

-            If we leave enough with the bank, would we be able to negotiate for zero fees? If you have over a million dollars you should not have to pay any fees. If you go to a teller, you will have to pay a fee. 

-           What makes you so happy today to be smoking a cigar? Everything Tony is hearing from the three letter agencies is pointing to sometime this weekend or by Monday. The banks are a little more eager. They will have skeleton crews in over the weekend, and everyone will report at 6 am on Monday. They do have live rates and the one bank that said they would exchange is saying they have a rate of 4.71 to 4.78. 

-         Do the banks have a go since this is happening? It would make sense with the one bank saying they would exchange. Keep in mind that no one has seen it happen at this bank/confirmation of it being possible. Iraq’s fiscal year is up in October, and it could be why it is going now. 

-           What other subsidiary banks are with Wells Fargo? HSBC Regions and another bank were mentioned to Tony in his conversations earlier today. Should you bring the Iranian Real with us to the exchange? Tony thinks you should take all your currency to the exchange, and anything could happen. 

Wrap Up: All the information is good. It is still there, waiting to be released. Tony doesn’t know if this last little fix will happen for it to be released over the weekend. They are all scheduled to be in on Monday. If they are saying Monday morning at 6am it could mean anytime this weekend. Tony is expecting an update at 5pm today. The last two weekends Tony has been told to look for the 800 numbers and he will be looking for them over the weekend. The subscription amount will be changed to 100 dollars once this happens. There will be a text notification, do the call, give out the 800 numbers, and then we will get paid.