Lebanese Banks Capital Control

random-username wrote Buy said giftcards with lebanese credit card

random-username wrote

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)

Big update, but this only works if you have a bank account abroad (i have one in Canada).
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!

Dan28 wrote

random-username wrotethe entire paxful verification process is a pain in the ass. Government issued ID + utility bill + selfie with a camera.

another method is to signup on https://purse.io/earn/btc

its a site where users put stuff from amazon in a wish list, you go buy it for them with your lebanese card and get paid in bitcoin.
the site uses escrow system and its pretty easy to use.
i think you can use lbp, amazon added that option recently, it asks you to choose which currency to pay with "lbp or usd".
if you can pay with lbp on amazon "exhange rate 1515" you dont lose money and even make a profit.

EDIT: it seems that amazon removed this option :(

AVOlio wroteIt always gives me the option to pay in USD or LBP.

NuclearVision wroteAnd what do you guys do with your bitcoins?

Johnaudi wrote

NuclearVision wroteAnd what do you guys do with your bitcoins?

You can sell them at the black market price for 5%.

NuclearVision wrote

Dan28 wrote

random-username wrotethe entire paxful verification process is a pain in the ass. Government issued ID + utility bill + selfie with a camera.

another method is to signup on https://purse.io/earn/btc

its a site where users put stuff from amazon in a wish list, you go buy it for them with your lebanese card and get paid in bitcoin.
the site uses escrow system and its pretty easy to use.
i think you can use lbp, amazon added that option recently, it asks you to choose which currency to pay with "lbp or usd".
if you can pay with lbp on amazon "exhange rate 1515" you dont lose money and even make a profit.

EDIT: it seems that amazon removed this option :(

Just a quick follow up, i followed this method and got the option to pay in LBP, one issue though, purse.io charges 37%, the offers were at 5% rate when before i signed up, 37% after i sign up.

random-username wrote

NuclearVision wrote

Dan28 wrote
another method is to signup on https://purse.io/earn/btc

its a site where users put stuff from amazon in a wish list, you go buy it for them with your lebanese card and get paid in bitcoin.
the site uses escrow system and its pretty easy to use.
i think you can use lbp, amazon added that option recently, it asks you to choose which currency to pay with "lbp or usd".
if you can pay with lbp on amazon "exhange rate 1515" you dont lose money and even make a profit.

EDIT: it seems that amazon removed this option :(

Just a quick follow up, i followed this method and got the option to pay in LBP, one issue though, purse.io charges 37%, the offers were at 5% rate when before i signed up, 37% after i sign up.

Yeah I didn't use purse because of that. You need a bunch of transactions at extremely high rates before getting down to the 5% ones.
I went the giftcard route on Paxful and am currently doing so for several ex-colleagues in lebanon.
If you know what you're doing and are willing to speculate you can make back the roughly 10% loss in value from doing the giftcard option, since crypto is so volatile it swings 5-10% almost each day.
I'm depositing the funds straight into my Canadian checking account on the tune of 600 USD a day.

NuclearVision wrote

random-username wrote

NuclearVision wrote Just a quick follow up, i followed this method and got the option to pay in LBP, one issue though, purse.io charges 37%, the offers were at 5% rate when before i signed up, 37% after i sign up.

Yeah I didn't use purse because of that. You need a bunch of transactions at extremely high rates before getting down to the 5% ones.
I went the giftcard route on Paxful and am currently doing so for several ex-colleagues in lebanon.
If you know what you're doing and are willing to speculate you can make back the roughly 10% loss in value from doing the giftcard option, since crypto is so volatile it swings 5-10% almost each day.
I'm depositing the funds straight into my Canadian checking account on the tune of 600 USD a day.

Did you try to sell on Amazon? then buy it with LBP, get your self the dollars? I am not familiar with selling on amazon, so no idea about feasability

khanem wroteWhat gift cards are you buying? All I can find are 30% or more....