LebGeeks

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

No, I did one specially for Cyprus. I finished two projects and waiting for people to pay me in $. I asked them to put it on hold.

My friend is going to Dubai to open an account as a tourist next week as well.

I was pretty relaxed but after your messages about transferring $ to LBP I decided to book my flight, even though I returned yesterday to the country!

Kareem

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

No, I did one specially for Cyprus. I finished two projects and waiting for people to pay me in $. I asked them to put it on hold.

My friend is going to Dubai to open an account as a tourist next week as well.

I was pretty relaxed but after your messages about transferring $ to LBP I decided to book my flight, even though I returned yesterday to the country!

Man I'm not " Michel Hayek" it's just speculations we have no idea what's going to happen so don't act based on pure expectations.

Kareem

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.

If you're receiving wire transfers and payments directly, money is stuck in your account in Lebanon.

Last edited by Kareem (December 3 2019)

sero

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.

If you're receiving wire transfers and payments directly, money is stuck in your account in Lebanon.

+ If you transfer $$ from an international account to your Lebanese account there is no limit in withdrawing them in $$.

NuclearVision

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.

If you're receiving wire transfers and payments directly, money is stuck in your account in Lebanon.

+ If you transfer $$ from an international account to your Lebanese account there is no limit in withdrawing them in $$.

Dude the banks are closing at 12pm because they have no usd left, where will they get your usd from?

Kareem

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.

If you're receiving wire transfers and payments directly, money is stuck in your account in Lebanon.

+ If you transfer $$ from an international account to your Lebanese account there is no limit in withdrawing them in $$.

That's what I initially thought however, it turned out it's not the case at all. All wire transfers from europe are stuck in my bank account and I can't withdraw anything.

sero

Member

Re: Lebanese lira to USD exchange

Dude the banks are closing at 12pm because they have no usd left, where will they get your usd from?

When you wire transfer money from abroad to Lebanon, doesn't the bank send cash to the Lebanese bank at some date?

That's what I initially thought however, it turned out it's not the case at all. All wire transfers from europe are stuck in my bank account and I can't withdraw anything.

I am pretty sure its still the case with Bank Audi, I just asked them.
In order to still encourage transfers of USD to Lebanon, Banks (at least Bank Audi) is putting no limit on withdrawals for transferred money.
But first you need to tell the Bank about it. They will open a secondary account just for wire transfers that you will be able to withdraw from without any limit.

Kareem

Member

Re: Lebanese lira to USD exchange

That's what I initially thought however, it turned out it's not the case at all. All wire transfers from europe are stuck in my bank account and I can't withdraw anything.

I am pretty sure its still the case with Bank Audi, I just asked them.
In order to still encourage transfers of USD to Lebanon, Banks (at least Bank Audi) is putting no limit on withdrawals for transferred money.
But first you need to tell the Bank about it. They will open a secondary account just for wire transfers that you will be able to withdraw from without any limit.

Sadly not the case with Bank of Beirut or BLOM bank.... They won't let you withdraw anything above $300 USD regardless of where it's coming from. I've complained numerous times but....

NuclearVision

Member

Re: Lebanese lira to USD exchange

Dude the banks are closing at 12pm because they have no usd left, where will they get your usd from?

When you wire transfer money from abroad to Lebanon, doesn't the bank send cash to the Lebanese bank at some date?

That's what I initially thought however, it turned out it's not the case at all. All wire transfers from europe are stuck in my bank account and I can't withdraw anything.

I am pretty sure its still the case with Bank Audi, I just asked them.
In order to still encourage transfers of USD to Lebanon, Banks (at least Bank Audi) is putting no limit on withdrawals for transferred money.
But first you need to tell the Bank about it. They will open a secondary account just for wire transfers that you will be able to withdraw from without any limit.

I dont think so.. When you buy something on aliexpress do they send them cash? It's all electronic.

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.

I get paid from an international company and I don't want my money to be stuck here. At least deposit them somewhere safer for the future.

Draguen

Member

Re: Lebanese lira to USD exchange

Hey guys, some midly informative info:

Murex has opened bank accounts for all their employees at Bank Audi France. the same restriction still apply for withdrawal here, but at least when they travel, they have access to their money.

For those of you that have a second passport (sorry) you can open an N26 electronic bank account with a picture of your passport and a selfie. the N26 account has a regular IBAN / Swift code based in Germany and a debit / credit card that will be delivered. the catch here is that the card can't be delivered to Lebanon, so you'll have to ask someone to bring it with them, the N26 card can be used anywhere in any currency for a 1.7% markup, or in euro with no markup.

I personally have used my N26 card whenever i travelled and many times in leb where my current card would randomly not work, unfortunatly as most of you know, Lebanese banks are a mafia and this is why we will never see N26, google or apple pay be available in Lebanon, as the politicans want us to have no choice but to finance the failure of our government through the banks.

Edit: oh yeah, N26 basic account has ZERO fees.

Last edited by Draguen (December 3 2019)

Kareem

Member

Re: Lebanese lira to USD exchange

Hey guys, some midly informative info:

Murex has opened bank accounts for all their employees at Bank Audi France. the same restriction still apply for withdrawal here, but at least when they travel, they have access to their money.

For those of you that have a second passport (sorry) you can open an N26 electronic bank account with a picture of your passport and a selfie. the N26 account has a regular IBAN / Swift code based in Germany and a debit / credit card that will be delivered. the catch here is that the card can't be delivered to Lebanon, so you'll have to ask someone to bring it with them, the N26 card can be used anywhere in any currency for a 1.7% markup, or in euro with no markup.

I personally have used my N26 card whenever i travelled and many times in leb where my current card would randomly not work, unfortunatly as most of you know, Lebanese banks are a mafia and this is why we will never see N26, google or apple pay be available in Lebanon, as the politicans want us to have no choice but to finance the failure of our government through the banks.

Edit: oh yeah, N26 basic account has ZERO fees.

Regardless, if you have a valid visa, even without a second passport, you can open a bank account in France for example.

Last edited by Kareem (December 3 2019)

Tech Guru

Member

Re: Lebanese lira to USD exchange

On the 29th November in the morning ,  the USD to LBP rate was 2100. At 9pm it was 1600,  due to USD being injected in the black / exhange market ( people with  previous USD home savings sold it to exchangers , ....). I got 12,000 USD at a rate of 1600 ( 29th of Nov. @ 10am exactly) - paid 12,000× 1600 = 19,200,000 LBP.

It's a matter of Demand & Supply rules in the black market , as supply decrease & demand increase the USD to LBP rate will increase. I think the formation of a new cabinet will alter the negative atmosphere &  restabilize the exhange rate to the official BDL official exchange rate of 1507.5

The problem in this scandal that some services oriented & commercial companies with old stock are riding the wave by "  disseminating a sniping maneuvers" to increase illegally their profit margins.

Kareem

Member

Re: Lebanese lira to USD exchange

It looks like we might have a " حكومة وحده وطنية " whatever that means soon, but I doubt it will have any effect on the exchange rate since the trust in the banking system is gone.

rolf

Member

Re: Lebanese lira to USD exchange

I personally have used my N26 card whenever i travelled and many times in leb where my current card would randomly not work

...

Edit: oh yeah, N26 basic account has ZERO fees.

I have a similar card in multiple currencies, I tried to withdraw from a Lebanese ATM and it took a 3.75% fee which I think is standard for all foreign cards on Lebanese ATMs.

What happened when you used yours?

HzSamer

Member

Re: Lebanese lira to USD exchange

I personally have used my N26 card whenever i travelled and many times in leb where my current card would randomly not work

...

Edit: oh yeah, N26 basic account has ZERO fees.

I have a similar card in multiple currencies, I tried to withdraw from a Lebanese ATM and it took a 3.75% fee which I think is standard for all foreign cards on Lebanese ATMs.

What happened when you used yours?

I have a card from https://www.gocashcards.com/

Also, it is a multiple currencies card. My friend sent it to me and sometimes he fills it with some $. I used it with SGBL Bank and they never took any fees. There is a card fee every time I use it with the ATM which is 3$ only so I think It depends on the bank you are trying to withdraw from and the card itself.

Now I can't use it because there is no $ in the ATMs and I think they are not accepting the foreign cards to withdraw in $.

rolf

Member

Re: Lebanese lira to USD exchange

Thanks! I had tried with Bank Byblos.
Maybe it varies. Maybe your card is issued in UAE and is subjected to different conditions.

Last edited by rolf (December 4 2019)

MAS

Member

Re: Lebanese lira to USD exchange

Dude the banks are closing at 12pm because they have no usd left, where will they get your usd from?

When you wire transfer money from abroad to Lebanon, doesn't the bank send cash to the Lebanese bank at some date?

Of course not, you will have the value of the money in your account, but no bank in the world has all the money as banknotes(paper money).. the issue now is the banknotes, less and less banknotes are available..

which bring to mind, Why do people need that much usd banknotes?

IMO 2 major scenarios:
-to make profit by selling $
-to have some cash in case of banks collapse

Kareem

Member

Re: Lebanese lira to USD exchange

Dude the banks are closing at 12pm because they have no usd left, where will they get your usd from?

When you wire transfer money from abroad to Lebanon, doesn't the bank send cash to the Lebanese bank at some date?

Of course not, you will have the value of the money in your account, but no bank in the world has all the money as banknotes(paper money).. the issue now is the banknotes, less and less banknotes are available..

which bring to mind, Why do people need that much usd banknotes?

IMO 2 major scenarios:
-to make profit by selling $
-to have some cash in case of banks collapse

Illegale activities as well such as money laundry and drugs etc....

French residents for instance, in France, are allowed to pay in cash up to EUR 1000 per day only. For larger transactions, the debit/credit card is a must.

nosense

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

what are the papers required to open an account in france ? and are you going on a tourist visa ?

MAS

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

what are the papers required to open an account in France? and are you going on a tourist visa ?

probably my answer isn't related to the paper needed, but regarding the experience of my friend with French nationality who has a bank account in france (because i was asking him if within this situation his account in france gives him any privilege):

-he cannot transfer money from external account to france account easily, especially if you are not the owner of the external account, for example if you are a freelance and your customer wants to pay you to france account, it would requires papers to prove the source of the money, and the contract between you 2, and a lot of questions.. all of this to prevent money laundering 
Even before all this, when his parents where transferring 1000$, the bank was calling him on each transfer to know the source, and why he needs the money, and where he is getting the money from..

-he cannot deposit cash amount easily as well, above 4k, they will also ask you load of questions..

-if your money are in lebanese banks, it is near impossible to transfer them abroad now..

nosense

Member

Re: Lebanese lira to USD exchange

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

what are the papers required to open an account in France? and are you going on a tourist visa ?

probably my answer isn't related to the paper needed, but regarding the experience of my friend with French nationality who has a bank account in france (because i was asking him if within this situation his account in france gives him any privilege):

-he cannot transfer money from external account to france account easily, especially if you are not the owner of the external account, for example if you are a freelance and your customer wants to pay you to france account, it would requires papers to prove the source of the money, and the contract between you 2, and a lot of questions.. all of this to prevent money laundering 
Even before all this, when his parents where transferring 1000$, the bank was calling him on each transfer to know the source, and why he needs the money, and where he is getting the money from..

-he cannot deposit cash amount easily as well, above 4k, they will also ask you load of questions..

-if your money are in lebanese banks, it is near impossible to transfer them abroad now..

yea that's why I'm asking, I know france banking system is tight and would not solve our problems.

I get paid from abroad and my main concern now is to not send any more money to lebanon, maybe cyprus like someone mentioned here

rolf

Member

Re: Lebanese lira to USD exchange

The "last mile" of transferring cash into and out of Lebanon will be challenging for sure.

Although people come and go to Europe all the time, you have to find people who are worthy of trust and who are willing to take this responsibility.

An additional cost of doing business in Lebanon when we least need it.

Last edited by rolf (December 4 2019)

potato

Member

Re: Lebanese lira to USD exchange

The "last mile" of transferring cash into and out of Lebanon will be challenging for sure.

Although people come and go to Europe all the time, you have to find people who are worthy of trust and who are willing to take this responsibility.

An additional cost of doing business in Lebanon when we least need it.

I'm willing to travel to and from europe and anywhere you guys want me to go in exchange of paying my in and out tickets and related bills (food, commute etc..) and i will be responsible to handle this task. Imagine if this job was real :/

Forgot to add only during the weekends

Last edited by potato (December 4 2019)

rolf

Member

Re: Lebanese lira to USD exchange

However there is a need, and an opportunity to figure something out, maybe using bitcoins, I can see this working in theory.