Not sure if this helps, i have a credit card from BLC bank (Part of Fransabank group) with a 3000$ limit, i gave it to my sister last month during her trip to Italy and she consumed all the 3k $ within two days through POS and it worked without any issues, however she did not try to withdraw cash.khanem wroteAnyone with a Fransabank usd credit card can use it to withdraw cash from ATM or pay in POS in Canada?
Lebanese Banks Capital Control
When I was in the Netherlands I've received this message:
Hope that helps
I was able to withdraw more than 200$ as I withdrew them once in EUR from an ATM and the second time in USD from the airport's ATM.Dear Cardholder, kindly note that your USD Youth Debit Card international spending limit is set at USD1,000 monthly and your cash withdrawal limit is at USD200 weekly. T&C apply. This is subject to change, for regular updates please visit www.bankmed.com.lb or call 1270
Hope that helps
12 days later
I took this through a friend on facebook, asking for how updated the data is and the sources:
5 days later
New official interest rates:
Not sure why they did this---looks like more to save the banks instead of increase liquidity in the market which is what is really needed.. Another attempt to save a dam by putting band aids on the cracks.
Honestly i just fed up with this random restrictions. Fresh money my ass, daily, weekly limits my ass. If i need to produce batch of PCB and i put money in my account, i dont care what sexual problems does the management of these banks experience today and what they invented new.
Just got russian bank account, card and gazillion associated services, they even gave me SIM card for their virtual operator (yes bank have their own MVNO).
UI/UX of app is really top notch, you see detailed transactions for each move, services you are subscribed now, you have latest possible technologies (NFC, apply pay, google pay, samsung pay, ATM face/voice recognition), they have even custom services for shopping, like aliexpress (special one time code payment), and amount of companies they deal with and have advanced integration is really HUGE. They can assist to open company as well, and do all govt paperwork, you just supply necessary papers ONLINE. Just so you will process payments over them, pay taxes over them and etc and they get their tiny % to live.
After spending several hours trying to explore all features and services they have, i would say, IMO - lebanese banks survival chances are very low.
Lebanese banks just kept only business "we are keeping your money safe", stuck in features in 199x, and miserably failed in single thing they was supposed to do.
If earlier russian banks had terrible service, now they have evolved, opening an account takes 10-20 minutes maximum and it is max pleasant experience. The last time I opened an account with a Lebanese bank, the bureaucracy level reminded me USSR.
Russian banks failing to keep your money in long term (mostly because govt keep devaluing currency and banking system often goes into shock mode due sanctions), but their services level is amazing and that a way they will keep their customers with them.
How the heck Lebanese banks plan to survive with such rudimentary services and excessive bureaucracy?
BUT if they develop same featureset as russian banks, i am quite sure Lebanese banking system can be back on track and become leading again.
Just got russian bank account, card and gazillion associated services, they even gave me SIM card for their virtual operator (yes bank have their own MVNO).
UI/UX of app is really top notch, you see detailed transactions for each move, services you are subscribed now, you have latest possible technologies (NFC, apply pay, google pay, samsung pay, ATM face/voice recognition), they have even custom services for shopping, like aliexpress (special one time code payment), and amount of companies they deal with and have advanced integration is really HUGE. They can assist to open company as well, and do all govt paperwork, you just supply necessary papers ONLINE. Just so you will process payments over them, pay taxes over them and etc and they get their tiny % to live.
After spending several hours trying to explore all features and services they have, i would say, IMO - lebanese banks survival chances are very low.
Lebanese banks just kept only business "we are keeping your money safe", stuck in features in 199x, and miserably failed in single thing they was supposed to do.
If earlier russian banks had terrible service, now they have evolved, opening an account takes 10-20 minutes maximum and it is max pleasant experience. The last time I opened an account with a Lebanese bank, the bureaucracy level reminded me USSR.
Russian banks failing to keep your money in long term (mostly because govt keep devaluing currency and banking system often goes into shock mode due sanctions), but their services level is amazing and that a way they will keep their customers with them.
How the heck Lebanese banks plan to survive with such rudimentary services and excessive bureaucracy?
BUT if they develop same featureset as russian banks, i am quite sure Lebanese banking system can be back on track and become leading again.
There are 2 reasons why lebanese banks were still alive before the 17th October :
1) for us lebanese citizen / resident, it was nearly impossible to bank with a non lebanese bank despite their abysmal level of service. If N26 or any other "online banking app" could have operated in Lebanon, i don't see why any of us who don't have gazillions dollars in the bank would have used a local bank.
IMO the reason online banks are forbidden from operating in leb was so our money could go fund the bankrupt government through local banks, basically it was a mafia : force them to give us their money, and we will lend it back to you (the motto between local banks and the govt)
2) the crazy interest rates, if you had gazillion of dollars, then the rates were practically unparalleled anywhere in the world, hence why most rich Lebanese people invested their money in bonds through the bank.
If you want a really good exemple of the level of expertise of lebanese banks, just ask yourself : "in which country has a Lebanese bank opened and not lost money when in competition against real bankers ?"
Very few, for exemple bank audi lost a lot of money in Turkey and Syria, they only succeed in Egypt
The rest of the banks are mostly corresponding offices (Bank audi France or Bank of Beirut UK).
So yes, in a TL:DR, lebanese bankers are shit, their level of competency is null compared to bankers worldwide, their level of service is non-existent and a monopoly of the lebanese market was installed by the Govt in exchange of which banks would put their money in lebanese bonds.
My 2 cent.
1) for us lebanese citizen / resident, it was nearly impossible to bank with a non lebanese bank despite their abysmal level of service. If N26 or any other "online banking app" could have operated in Lebanon, i don't see why any of us who don't have gazillions dollars in the bank would have used a local bank.
IMO the reason online banks are forbidden from operating in leb was so our money could go fund the bankrupt government through local banks, basically it was a mafia : force them to give us their money, and we will lend it back to you (the motto between local banks and the govt)
2) the crazy interest rates, if you had gazillion of dollars, then the rates were practically unparalleled anywhere in the world, hence why most rich Lebanese people invested their money in bonds through the bank.
If you want a really good exemple of the level of expertise of lebanese banks, just ask yourself : "in which country has a Lebanese bank opened and not lost money when in competition against real bankers ?"
Very few, for exemple bank audi lost a lot of money in Turkey and Syria, they only succeed in Egypt
The rest of the banks are mostly corresponding offices (Bank audi France or Bank of Beirut UK).
So yes, in a TL:DR, lebanese bankers are shit, their level of competency is null compared to bankers worldwide, their level of service is non-existent and a monopoly of the lebanese market was installed by the Govt in exchange of which banks would put their money in lebanese bonds.
My 2 cent.
these high fake interest rates are actually the problem .. they are a ponzi schemeDraguen wroteThere are 2 reasons why lebanese banks were still alive before the 17th October :
1) for us lebanese citizen / resident, it was nearly impossible to bank with a non lebanese bank despite their abysmal level of service. If N26 or any other "online banking app" could have operated in Lebanon, i don't see why any of us who don't have gazillions dollars in the bank would have used a local bank.
IMO the reason online banks are forbidden from operating in leb was so our money could go fund the bankrupt government through local banks, basically it was a mafia : force them to give us their money, and we will lend it back to you (the motto between local banks and the govt)
2) the crazy interest rates, if you had gazillion of dollars, then the rates were practically unparalleled anywhere in the world, hence why most rich Lebanese people invested their money in bonds through the bank.
If you want a really good exemple of the level of expertise of lebanese banks, just ask yourself : "in which country has a Lebanese bank opened and not lost money when in competition against real bankers ?"
Very few, for exemple bank audi lost a lot of money in Turkey and Syria, they only succeed in Egypt
The rest of the banks are mostly corresponding offices (Bank audi France or Bank of Beirut UK).
So yes, in a TL:DR, lebanese bankers are shit, their level of competency is null compared to bankers worldwide, their level of service is non-existent and a monopoly of the lebanese market was installed by the Govt in exchange of which banks would put their money in lebanese bonds.
My 2 cent.
what kind of business can generate 10% return ?! are these banks selling cocaine ?!
Oh I completely agree, only the lebanese didn't see that, many articles mention that 80% of the holders of lebanese bonds are lebanese themselves. It says a lot about how many non lebanese had confidence in our system.
- Edited
Gonna repost this question here since this thread is more relevant than the bitcoin one. Also, this would help anyone else in a similar situation
So i have some money stuck in an account in Lebanon and I want to get as much out as I can, in addition to the bi-weekly cash withdraws that I have entrusted a family member to do.
I have a USD credit card and the limits are as follows: Max 200$ a day and 500$ a month.
I was hoping to buy gold with it, but due to the small limit I'd be taking a major hit on a gram-to-gram basis if I'm only buying 2-3 grams, in comparison to a full ounce.
I need a method to "save" my credit card $ into some sort of account or crypto which I can use later on to buy an ounce of gold.
I'm in Canada, so local dealers are not an option for me, everything has to be done online.
I've tried buying crypto on coinbase with my Lebanese CC, but that didn't work.
Anyone has any suggestions? (I'm also open to paypal or anything else that would help me turn my CC balance to real $ in my canadian bank account)
So i have some money stuck in an account in Lebanon and I want to get as much out as I can, in addition to the bi-weekly cash withdraws that I have entrusted a family member to do.
I have a USD credit card and the limits are as follows: Max 200$ a day and 500$ a month.
I was hoping to buy gold with it, but due to the small limit I'd be taking a major hit on a gram-to-gram basis if I'm only buying 2-3 grams, in comparison to a full ounce.
I need a method to "save" my credit card $ into some sort of account or crypto which I can use later on to buy an ounce of gold.
I'm in Canada, so local dealers are not an option for me, everything has to be done online.
I've tried buying crypto on coinbase with my Lebanese CC, but that didn't work.
Anyone has any suggestions? (I'm also open to paypal or anything else that would help me turn my CC balance to real $ in my canadian bank account)
i don't want to sound pessimistic, but based on what i am noticing, whatever method you find that would work today, it may not work after 2 or 3 days.random-username wroteGonna repost this question here since this thread is more relevant than the bitcoin one. Also, this would help anyone else in a similar situation
So i have some money stuck in an account in Lebanon and I want to get as much out as I can, in addition to the bi-weekly cash withdraws that I have entrusted a family member to do.
I have a USD credit card and the limits are as follows: Max 200$ a day and 500$ a month.
I was hoping to buy gold with it, but due to the small limit I'd be taking a major hit on a gram-to-gram basis if I'm only buying 2-3 grams, in comparison to a full ounce.
I need a method to "save" my credit card $ into some sort of account or crypto which I can use later on to buy an ounce of gold.
I'm in Canada, so local dealers are not an option for me, everything has to be done online.
I've tried buying crypto on coinbase with my Lebanese CC, but that didn't work.
Anyone has any suggestions? (I'm also open to paypal or anything else that would help me turn my CC balance to real $ in my canadian bank account)
banks are doing whatever they can -illegally sometimes, but that's another discussion- to stop you from withdrawing or transferring real USD, you want to invest in crypto and/or gold which is near impossible using CC or checks, maybe your best bet if you can find someone that's willing to sell you anything valuable(real estate, car...) for check bancaire or wire transfer..
- Edited
Is there a trustful broker that get a banker's cheque( cheque bancaire) in USD + his commission and give in return fresh USD minus his agreed commission rate from the amount , cheque amount 13,000 USD.
Thank You
Thank You
- Edited
Big update, but this only works if you have a bank account abroad (i have one in Canada).random-username wroteGonna repost this question here since this thread is more relevant than the bitcoin one. Also, this would help anyone else in a similar situation
So i have some money stuck in an account in Lebanon and I want to get as much out as I can, in addition to the bi-weekly cash withdraws that I have entrusted a family member to do.
I have a USD credit card and the limits are as follows: Max 200$ a day and 500$ a month.
I was hoping to buy gold with it, but due to the small limit I'd be taking a major hit on a gram-to-gram basis if I'm only buying 2-3 grams, in comparison to a full ounce.
I need a method to "save" my credit card $ into some sort of account or crypto which I can use later on to buy an ounce of gold.
I'm in Canada, so local dealers are not an option for me, everything has to be done online.
I've tried buying crypto on coinbase with my Lebanese CC, but that didn't work.
Anyone has any suggestions? (I'm also open to paypal or anything else that would help me turn my CC balance to real $ in my canadian bank account)
I managed to transform my lollar $ on my lebanese credit card to real $ in my canadian checking account using bitcoin. What I did was as follows:
Check Paxful for lowest offers on giftcards ==> Buy said giftcards with lebanese credit card ==> Exchange giftcards for bitcoin ==> Transfer bitcoin to shakepay app (free open source app for canadians to manage their bitcoin wallets) ==>Sell bitcoin immediately and have it auto-deposited into my checking account on the spot.
Ideally you should have a bank abroad, or you just end stuck holding bitcoin. Best of luck everyone!
how much percentage you loose in the process? 20-30%?random-username wrote
Check Paxful for lowest offers on giftcards ==> Buy said giftcards with lebanese credit card ==> Exchange giftcards for bitcoin ==> Transfer bitcoin to shakepay app (free open source app for canadians to manage their bitcoin wallets) ==>Sell bitcoin immediately and have it auto-deposited into my checking account on the spot.
Ideally you should have a bank abroad, or you just end stuck holding bitcoin. Best of luck everyone!
8.92% on the gift card and less than 0.2% on fees for transferring the bitcoins between accounts and finally to my checking account.Dan28 wrotehow much percentage you loose in the process? 20-30%?random-username wrote
Check Paxful for lowest offers on giftcards ==> Buy said giftcards with lebanese credit card ==> Exchange giftcards for bitcoin ==> Transfer bitcoin to shakepay app (free open source app for canadians to manage their bitcoin wallets) ==>Sell bitcoin immediately and have it auto-deposited into my checking account on the spot.
Ideally you should have a bank abroad, or you just end stuck holding bitcoin. Best of luck everyone!
It all depends on the gift card, some charge a 40% markup, while others are low. Check out the paxful.com listings, they change everyday.
Also, I could speculate and hold those bitcoins in my wallet till they appreciate enough to cover the roughly 9% loss in value, but I don't know much about bitcoin to do that and I've very risk averse after the whole experience in lebanon.
Hopefully this helps you guys to get some of your money out for a reasonable rate. Maybe you have some relatives abroad that can liquidate the bitcoins for you.
@random-username. I tried to access paxful site but was blocked. So I tried with VPN and it work. Can we buy Bitcoin directly with credit card? Or Lebanese ones don't work?
They don't work, you have to do it through skrill or gift cards, and either way, once you complete a transaction, withdraw the btc, you might wake up one day and find out that you're blocked due to VPN.
Also note, most paxful can detect if you are using a vpn, and some merchants don't allow transactions with VPN/tor
Also note, most paxful can detect if you are using a vpn, and some merchants don't allow transactions with VPN/tor
isn't there a limitation on online purchases?random-username wrote Buy said giftcards with lebanese credit card
But isn't there a limit to how much you can buy with your Lebanese credit card ?random-username wroteBig update, but this only works if you have a bank account abroad (i have one in Canada).random-username wroteGonna repost this question here since this thread is more relevant than the bitcoin one. Also, this would help anyone else in a similar situation
So i have some money stuck in an account in Lebanon and I want to get as much out as I can, in addition to the bi-weekly cash withdraws that I have entrusted a family member to do.
I have a USD credit card and the limits are as follows: Max 200$ a day and 500$ a month.
I was hoping to buy gold with it, but due to the small limit I'd be taking a major hit on a gram-to-gram basis if I'm only buying 2-3 grams, in comparison to a full ounce.
I need a method to "save" my credit card $ into some sort of account or crypto which I can use later on to buy an ounce of gold.
I'm in Canada, so local dealers are not an option for me, everything has to be done online.
I've tried buying crypto on coinbase with my Lebanese CC, but that didn't work.
Anyone has any suggestions? (I'm also open to paypal or anything else that would help me turn my CC balance to real $ in my canadian bank account)
I managed to transform my lollar $ on my lebanese credit card to real $ in my canadian checking account using bitcoin. What I did was as follows:
Check Paxful for lowest offers on giftcards ==> Buy said giftcards with lebanese credit card ==> Exchange giftcards for bitcoin ==> Transfer bitcoin to shakepay app (free open source app for canadians to manage their bitcoin wallets) ==>Sell bitcoin immediately and have it auto-deposited into my checking account on the spot.
Ideally you should have a bank abroad, or you just end stuck holding bitcoin. Best of luck everyone!
There is a limit yes, my bank's limit is 200$ per day and 500$ per month.
That's 500 more dollars that I can withdraw without waiting in line for ages at the bank.
That's 500 more dollars that I can withdraw without waiting in line for ages at the bank.