You are not logged in.
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.
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
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.
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
Anyone knows what's the exchange rate is today?
USD / LBP = 1825 in Beirut.
Anyone knows whether black market bid price is similar as the ask price? Or are they still buying USD at ~1500?
They buy usd from you a little less then the buying price. Example if it is 1850 they give 1800 for your usd.
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.
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1.Currently money withdrawn from outside with your lebanese card is limited if not forbidden.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)
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1.Currently money withdrawn from outside with your lebanese card is limited if not forbidden.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!
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
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)
LBP 1,800/$ two hours ago, Hamra.
Ryanair's Cyprus ticket is 20$, since they're no longer filling atm's here with USD, withdrawing from there, exchanging from local dealer, depositing, then cycling again. (Which is perfectly legal from my part, as I'm not the one selling it for a price different than the one set by our bank)
ROI ~20% per cycle.
Hello, just wanted to confirm that this works. (Note, do not withdraw from the airport, extremely high fees per transactions on their atms)
What... Did you try?
withdrawing from there, exchanging from local dealer, depositing, then cycling again.
Can you re-explain this to me? (Please forgive my slow evening brain)
What... Did you try?
A relative just came back from Cyprus, he was able to withdraw from the ATM for two days from his Lebanese Card according to his card limit. (Which was around 900 euros daily)
Johnaudi wrote:withdrawing from there, exchanging from local dealer, depositing, then cycling again.
Can you re-explain this to me? (Please forgive my slow evening brain)
Please note that it's just a planification.
Steps would be as follows: Go to cyprus, withdraw from ATMs there, come back, go to the 'serraf' and get LBP at a higher rate (which is illegal by his part), deposit them back at the bank. Repeat.
Steps would be as follows: Go to cyprus, withdraw from ATMs there, come back, go to the 'serraf' and get LBP at a higher rate (which is illegal by his part), deposit them back at the bank. Repeat..
I don't think its feasible. let's say:
Around 6% fees
Exchange rate 1507
The limit is 1000$/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.
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$/dayIf you withdrew 1000$, 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 LBPsarraf 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$, and that you have enough in each of your card accounts.
Last edited by Johnaudi (November 13 2019)
The cheapest round trip ticket is 20$
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)
USD->LBP 1810 beirut
@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 :)
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??