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#126 November 11 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

Hybrid wrote:

How can you buy bitcoin without losing like 10% of the money in Lebanon?

And Today's rate is 1900

If you're buying/selling crypto for more than 5% of its price in Lebanon, you're getting ripped off.

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#127 November 11 2019

Prince
Member

Re: Lebanese lira to USD exchange

Kareem wrote:
Hybrid wrote:
rolf wrote:

If you can make payments online with acceptable rates then there are a few options in theory, such as buying bitcoins and then sending them, or issuing bogus invoices to yourself which will be paid by a Lebanese card but routed to a US account.

How can you buy bitcoin without losing like 10% of the money in Lebanon?


And Today's rate is 1900

it was 1720 in the morning. You sure ?

yes I asked today about 12:00 pm

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#128 November 12 2019

Hybrid
Member

Re: Lebanese lira to USD exchange

I guess it's varies from 1 place to another, but Saturday I asked, it was 1875 and yesterday it was 1900. Others are able to find better rates in different exchanges.

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#129 November 12 2019

anayman_k7
Member

Re: Lebanese lira to USD exchange

Starting from Today the ATMs are not being filled with USD anymore, I checked with multiple friends who works at banks and they confirmed that, how sad

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#130 November 12 2019

nas93
Member

Re: Lebanese lira to USD exchange

Anyone knows what's the exchange rate is today?

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#131 November 12 2019

Kareem
Member

Re: Lebanese lira to USD exchange

USD / LBP = 1825 in Beirut.

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#132 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

Anyone knows whether black market bid price is similar as the ask price? Or are they still buying USD at ~1500?

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#133 November 12 2019

bobo619
Member

Re: Lebanese lira to USD exchange

They buy usd from you a little less then the buying price. Example if it is 1850 they give 1800 for your usd.

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#134 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

Ryanair's Cyprus ticket is 20$, since they're no longer filling atm's here with USD, withdrawing from there, exchanging from local dealer, depositing, then cycling again. (Which is perfectly legal from my part, as I'm not the one selling it for a price different than the one set by our bank)
ROI ~20% per cycle.

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#135 November 12 2019

bobo619
Member

Re: Lebanese lira to USD exchange

There is some slight problems with your business plan:
1.Currently money  withdrawn from outside with your lebanese card is limited if not forbidden.
2.Cyprus deals with Euro and not with USD.
3.A large amount of money if caught and not declared to customs will be confiscated at the airport.

So my advise is to take caution if you attempt such a plan.
What you are attempting to do happened to us but insted of us going to cyprus for our usd Syrians came here to take it to their country hence this contributed a lot to our $ crisis. So i think Cyprus are aware and enforcing more stirct regulations.

Last edited by bobo619 (November 12 2019)

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#136 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

bobo619 wrote:

There is some slight problems with your business plan:
1.Currently money  withdrawn from outside with your lebanese card is limited if not forbidden.
2.Cyprus deals with Euro and not with USD.
3.A large amount of money if caught and not declared to customs will be confiscated at the airport.

So my advise is to take caution if you attempt such a plan

Although I agree it may be risky for large amounts:
1. It is not forbidden, yet indeed limited (1000$ per day for most)
2. EURLBP, or EURUSD->USDLBP
3. Receipts!

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#137 November 12 2019

bobo619
Member

Re: Lebanese lira to USD exchange

Johnaudi wrote:
bobo619 wrote:

There is some slight problems with your business plan:
1.Currently money  withdrawn from outside with your lebanese card is limited if not forbidden.
2.Cyprus deals with Euro and not with USD.
3.A large amount of money if caught and not declared to customs will be confiscated at the airport.

So my advise is to take caution if you attempt such a plan

Although I agree it may be risky for large amounts:
1. It is not forbidden, yet indeed limited (1000$ per day for most)
2. EURLBP, or EURUSD->USDLBP
3. Receipts!

If money transfer to abroad is not allowed, one would asume that withdraw may have new restrictions. Ask your bank if it is feasible

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#138 November 12 2019

user
Member

Re: Lebanese lira to USD exchange

I will start a money Transfer business between Canada and Lebanon for usd. I see big opportunity if banks keep behaving in this manner.
I think any Lebanese abroad or anyone who has relatives abroad should consider doing the same. Render a service to people so that they can continue their degrees abroad and so that families in Lebanon don't starve waiting for their family member to send money (while banks are not operating)

Last edited by user (November 12 2019)

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#139 November 12 2019

nas93
Member

Re: Lebanese lira to USD exchange

LBP 1,800/$ two hours ago, Hamra.

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#140 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

Johnaudi wrote:

Ryanair's Cyprus ticket is 20$, since they're no longer filling atm's here with USD, withdrawing from there, exchanging from local dealer, depositing, then cycling again. (Which is perfectly legal from my part, as I'm not the one selling it for a price different than the one set by our bank)
ROI ~20% per cycle.

Hello, just wanted to confirm that this works. (Note, do not withdraw from the airport, extremely high fees per transactions on their atms)

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#141 November 12 2019

rolf
Member

Re: Lebanese lira to USD exchange

What... Did you try?

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#142 November 12 2019

Guitaret
Member

Re: Lebanese lira to USD exchange

Johnaudi wrote:

withdrawing from there, exchanging from local dealer, depositing, then cycling again.

Can you re-explain this to me? (Please forgive my slow evening brain)

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#143 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

rolf wrote:

What... Did you try?

A relative just came back from Cyprus, he was able to withdraw from the ATM for two days from his Lebanese Card according to his card limit. (Which was around 900 euros daily)

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#144 November 12 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

Guitaret wrote:
Johnaudi wrote:

withdrawing from there, exchanging from local dealer, depositing, then cycling again.

Can you re-explain this to me? (Please forgive my slow evening brain)

Please note that it's just a planification.
Steps would be as follows: Go to cyprus, withdraw from ATMs there, come back, go to the 'serraf' and get LBP at a higher rate (which is illegal by his part), deposit them back at the bank. Repeat.

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#145 November 13 2019

sero
Member

Re: Lebanese lira to USD exchange

Johnaudi wrote:

Steps would be as follows: Go to cyprus, withdraw from ATMs there, come back, go to the 'serraf' and get LBP at a higher rate (which is illegal by his part), deposit them back at the bank. Repeat..

I don't think its feasible. let's say:
Around 6% fees
Exchange rate 1507
The limit is 1000$/day

If you withdrew 1000$, it will cost you  1,597,420 LBP (1000+6%*1507)
Add to that the expenses (airplane ticket, taxi...). Let's say its 100$ only
so your total cost is 1,597,420+150,700= 1,748,120 LBP

sarraf will give you 1,800,000 LBP for the 1000$ so you will win ~50,000 LBP. Not worth the energy and time spent.

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#146 November 13 2019

Johnaudi
Member

Re: Lebanese lira to USD exchange

sero wrote:
Johnaudi wrote:

Steps would be as follows: Go to cyprus, withdraw from ATMs there, come back, go to the 'serraf' and get LBP at a higher rate (which is illegal by his part), deposit them back at the bank. Repeat..

I don't think its feasible. let's say:
Around 6% fees
Exchange rate 1507
The limit is 1000$/day

If you withdrew 1000$, it will cost you  1,597,420 LBP (1000+6%*1507)
Add to that the expenses (airplane ticket, taxi...). Let's say its 100$ only
so your total cost is 1,597,420+150,700= 1,748,120 LBP

sarraf will give you 1,800,000 LBP for the 1000$ so you will win ~50,000 LBP. Not worth the energy and time spent.

The cheapest round trip ticket is 20$, of which you stay 3 days in Cyprus. For the cheapest trip you gain 100$, extending your round trip leads to higher amounts. Limiting it to 7 days gets you 7000$ in your pockets (hence no problem with customs).
deduct ticket (30$) + 6 nights (6 * 25$) = 180$. (6820$ * 0.94) * 1800L.L = 6410.8$ * 1800L.L = 11,539,000L.L
7000$ * 1500L.L = 10,500,000L.L
Profit of 1,000,000L.L per week.

And the longer you stay, the more you are able to make, yet this is assuming the Lira stays the same or higher as the black market price.

This is also assuming that your cards have a summed limit of 1000$, and that you have enough in each of your card accounts.

Last edited by Johnaudi (November 13 2019)

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#147 November 13 2019

rolf
Member

Re: Lebanese lira to USD exchange

Johnaudi wrote:

The cheapest round trip ticket is 20$

Sorry I think this ticket is gone, for the near future anyway - however there are still cheap tickets.

Whether it is profitable is up for debate.

However, there is an ideological aspect of it - some sort of payback for confiscating our dollars and our savings.

Also you get to take a break, a small vacation.

Last edited by rolf (November 13 2019)

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#148 November 13 2019

nosense
Member

Re: Lebanese lira to USD exchange

USD->LBP 1810 beirut

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#149 November 13 2019

sero
Member

Re: Lebanese lira to USD exchange

@Johnaudi
you're missing lots of expenses if you're staying several days in Cyprus (insurance, Taxi, mobility, food....)
Overall i think its not worth it (yet). But definitely it will be profitable if exchange rate reached 2000+. In that case count me in in your next trip to Cyprus :)

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#150 November 13 2019

AVOlio
Member

Re: Lebanese lira to USD exchange

Excuse me but what Trip are we talking about that costs 20$ round trip?
A round trip flight Lebanon to Cyprus costs 20$?  Since when??

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