LebGeeks

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

90 % of the manpower get paid in LBP, 90 % of the population is doomed now. Unless you have multiple sources in LBP ,  high LBP Salary incomes.

Almost everyone registered in the ضمان is getting paid in LL. Apart from freelancers and subcontractors, everyone is getting paid in LL or their dollar salary's worth in LL at 1500LL a dollar.

Guys are you sure of these claims? That most people's salaries are in LBP?
If yes, then why are we seeing this huge amount of people in banks waiting to withdraw their weekly (biweekly now) USD limit? are these people really the 10% that gets paid in USD?

I am asking because most of my connections (relatives and friends) are getting paid in USD. Their companies are transfering USD from abroad which is considered as fresh money. They are even able to withdraw with a high limit (5,000 USD per week) since its fresh money.

Yes, they are the 10%. otherwise, you would find thousands instead of 100s of people standing at banks every morning.
You are talking about large or tech companies. Of course people with high salaries are going to get paid in USD. But the common folk who account for 90% of the work force are getting paid in LL (many in cash too).
If unsure, ask an accounting firm.

Last edited by VincentKeyboard (February 19 2020)

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I get paid in USD and yesterday the Bank notified my company that they will stop giving USD for all payroll accounts. I was managing myself with the 600$/month to buy food and the rest LL to pay bills and now the banks decided to rob the poor first, the payroll accounts that people use to buy from the local stores and make the economy works.

Which bank is this? So you have a bank account and you get your salary in USD and the bank decided to give it to you in LBP? WTF!

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

Such an embarrassment. I just saw this on facebook.

Guitaret

Member

Re: Lebanese lira to USD exchange

Which bank is this? So you have a bank account and you get your salary in USD and the bank decided to give it to you in LBP? WTF!

This is a similar document to the one my company received.
http://s000.tinyupload.com/index.php?fi … 8092872002

We now have a "wild west" situation on our hands, banks are acting like there is no law or regulation. They got billions outside the country, selling the remaining of their USD notes to exchange shops and steeling USD from the little people.

mikasa

Member

Re: Lebanese lira to USD exchange

They are even able to withdraw with a high limit (5,000 USD per week) since its fresh money.

which bank is  this that allows you to withdraw $5000 per week ?

Last edited by mikasa (February 19 2020)

Kareem

Member

Re: Lebanese lira to USD exchange

They are even able to withdraw with a high limit (5,000 USD per week) since its fresh money.

which bank is  this that allows you to withdraw $5000 per week ?

He said fresh money. Fresh is like the safe at home, but not that safe if you know what i mean.

More specifically, the money is with your wife, it's yours, you can withdraw but not all of it, you can transfer but she has to know all details, she doesn't ask you where it's coming from as long as you're showing her the $. You never know if she's going to spend it but it's matter of trust. Same principle.

Last edited by Kareem (February 20 2020)

Geoleb

Member

Re: Lebanese lira to USD exchange

Hello guys, what type of card are you using to pay online with L.L ?
Because my bank only have USD prepaid cards for online use.

user

Member

Re: Lebanese lira to USD exchange

I heard cases where the fresh money thing turned out to be a lie. Without knowing with which banks, but a friend of a friend had a relative transfer 18k$ from abroad and the bank paid in lira at 1500 and she is now extremely angry and depressed.

rolf

Member

Re: Lebanese lira to USD exchange

I heard cases where the fresh money thing turned out to be a lie.

Fool me once, shame on you, fool me twice, shame on me.

xterm

Moderator

Re: Lebanese lira to USD exchange

I heard cases where the fresh money thing turned out to be a lie. Without knowing with which banks, but a friend of a friend had a relative transfer 18k$ from abroad and the bank paid in lira at 1500 and she is now extremely angry and depressed.

That sucks, I'm cashing out fresh money monthly from Audi. The friend should make sure that the money is transferred straight to her bank without passing through a correspondent.

Guitaret

Member

Re: Lebanese lira to USD exchange

I heard cases where the fresh money thing turned out to be a lie. Without knowing with which banks, but a friend of a friend had a relative transfer 18k$ from abroad and the bank paid in lira at 1500 and she is now extremely angry and depressed.

She made a mistake in not consulting the bank how to get her money in full before transferring but anyway she should wait before cashing in @ 1500LL. New laws are being made that will make it clear to the banks that this is fresh money.

Last edited by Guitaret (March 8 2020)

NuclearVision

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

Last edited by NuclearVision (April 1 2020)

Kareem

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

  No

TheIlluminative

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

Of course not. Just keep it with you and hopefully situation gets better. Ask yourself why someone wants really to give you 6mil for it? He will tell you "I am doing you a favor. You will lose it sooner or later" But don't do it unless you really need the money urgently.

NuclearVision

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

Of course not. Just keep it with you and hopefully situation gets better. Ask yourself why someone wants really to give you 6mil for it? He will tell you "I am doing you a favor. You will lose it sooner or later" But don't do it unless you really need the money urgently.

Its the other way around, a friend wants to sell something, he got a offered a cheque for it, he doesn't want it, he asked me if i would give him 6mil for the cheque.

Kareem

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

Of course not. Just keep it with you and hopefully situation gets better. Ask yourself why someone wants really to give you 6mil for it? He will tell you "I am doing you a favor. You will lose it sooner or later" But don't do it unless you really need the money urgently.

Its the other way around, a friend wants to sell something, he got a offered a cheque for it, he doesn't want it, he asked me if i would give him 6mil for the cheque.

No

NuclearVision

Member

Re: Lebanese lira to USD exchange

ok ! so far, it's a no, perhaps it's better not to take the risk.

TheIlluminative

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

Of course not. Just keep it with you and hopefully situation gets better. Ask yourself why someone wants really to give you 6mil for it? He will tell you "I am doing you a favor. You will lose it sooner or later" But don't do it unless you really need the money urgently.

Its the other way around, a friend wants to sell something, he got a offered a cheque for it, he doesn't want it, he asked me if i would give him 6mil for the cheque.

You can give him, 5,5 and try to sell it for 6, you earn 500,000 LBP for example.

NuclearVision

Member

Re: Lebanese lira to USD exchange

If i knew what the worst case scenario it would be easier.
I mean would they take all our money? or would they give us 1$=1,500. If its the latter i'm willing to take the risk.

mikasa

Member

Re: Lebanese lira to USD exchange

If i knew what the worst case scenario it would be easier.
I mean would they take all our money? or would they give us 1$=1,500. If its the latter i'm willing to take the risk.

banks would love to give you $1 = 1500. it is better to go and ask a bank yourself.
best case selling for 70% of its value on 2700 .  profit = 3500 x 2700 x 0.7 - 6 000 000 = 615 000

NuclearVision

Member

Re: Lebanese lira to USD exchange

If i knew what the worst case scenario it would be easier.
I mean would they take all our money? or would they give us 1$=1,500. If its the latter i'm willing to take the risk.

banks would love to give you $1 = 1500. it is better to go and ask a bank yourself.
best case selling for 70% of its value on 2700 .  profit = 3500 x 2700 x 0.7 - 6 000 000 = 615 000

My best case would be cashing them  or half of them out in dollars.

Kareem

Member

Re: Lebanese lira to USD exchange

If i knew what the worst case scenario it would be easier.
I mean would they take all our money? or would they give us 1$=1,500. If its the latter i'm willing to take the risk.

banks would love to give you $1 = 1500. it is better to go and ask a bank yourself.
best case selling for 70% of its value on 2700 .  profit = 3500 x 2700 x 0.7 - 6 000 000 = 615 000

1 - No one is buying cheques anymore even at 70% value because there's no liquid USD in the market anymore

2- His friend would have done it himself if it was possible

3- The risk outweighs the benefit. 6M LBP investment to win 200k LBP which is less than $100. Not justified

4- Just No.

NuclearVision

Member

Re: Lebanese lira to USD exchange

I wont sell the cheque. I will put in in my empty usd account.

Kareem

Member

Re: Lebanese lira to USD exchange

I wont sell the cheque. I will put in in my empty usd account.

Which is even worse. Exchange rate at the bank will remain 1515 LBP for a very long time. BDL can't do anything about it.

3500 USD is 5,250,000 LBP.. I'm not sure what you're trying to do.

NuclearVision

Member

Re: Lebanese lira to USD exchange

Alright man, thanks you're right, i shouldn't do this.