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#26 February 18 2020

khanem
Member

Re: Lebanese Banks Capital Control

@random-username. I tried to access paxful site but was blocked. So I tried with VPN and it work. Can we buy Bitcoin directly with credit card? Or Lebanese ones don't work?

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#27 February 18 2020

Hybrid
Member

Re: Lebanese Banks Capital Control

They don't work, you have to do it through skrill or gift cards, and either way, once you complete a transaction, withdraw the btc, you might wake up one day and find out that you're blocked due to VPN.

Also note, most paxful can detect if you are using a vpn, and some merchants don't allow transactions with VPN/tor

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#28 February 18 2020

Dan28
Member

Re: Lebanese Banks Capital Control

random-username wrote:

Buy said giftcards with lebanese credit card

isn't there a limitation on online purchases?

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#29 February 18 2020

jibbo
Member

Re: Lebanese Banks Capital Control

random-username wrote:
random-username wrote:

Gonna 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!

But isn't there a limit to how much you can buy with your Lebanese credit card ?

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#30 February 18 2020

random-username
Member

Re: Lebanese Banks Capital Control

There is a limit yes, my bank's limit is 200$ per day and 500$ per month.
That's 500 more dollars that I can withdraw without waiting in line for ages at the bank.

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#31 February 18 2020

random-username
Member

Re: Lebanese Banks Capital Control

I forgot to mention, I had no VPN on since I'm in Canada and bitcoin is allowed here. Also, the entire paxful verification process is a pain in the ass. Government issued ID + utility bill + selfie with a camera. Some sellers require verification, others don't.
Your mileage may vary

Last edited by random-username (February 18 2020)

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#32 February 18 2020

Dan28
Member

Re: Lebanese Banks Capital Control

random-username wrote:

the 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 :(

Last edited by Dan28 (February 18 2020)

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#33 February 18 2020

Dan28
Member

Re: Lebanese Banks Capital Control

@random-username btw an easier method is to buy the 100$ prepaid mastercards on amazon and load them to your paypal account.

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#34 February 18 2020

AVOlio
Member

Re: Lebanese Banks Capital Control

Amazon did not remove the currency conversion.
It always gives me the option to pay in USD or LBP.
And it is charging 1579LBP for 1USD.

I would give this a go, but I do not need anything at the moment nor can I afford it.

Maybe someone else can give it a go and share the result.

Since they're not putting controls on online purchasing with LBP, this was we can buy anything we want on Amazon for 1579 LBP for the dollar.

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#35 February 18 2020

random-username
Member

Re: Lebanese Banks Capital Control

Dan28 wrote:
random-username wrote:

the 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 :(

Amazing, thank you so much for this link. I'm new to crypto and already in love with it. Gives you so much freedom.

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#36 February 18 2020

Dan28
Member

Re: Lebanese Banks Capital Control

AVOlio wrote:

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

yes same here, but it didnt work this time, maybe its something in my cart, ill check again later.

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#37 February 19 2020

NuclearVision
Member

Re: Lebanese Banks Capital Control

And what do you guys do with your bitcoins?

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#38 February 19 2020

Johnaudi
Member

Re: Lebanese Banks Capital Control

NuclearVision wrote:

And what do you guys do with your bitcoins?

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

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#39 February 19 2020

NuclearVision
Member

Re: Lebanese Banks Capital Control

Johnaudi wrote:
NuclearVision wrote:

And what do you guys do with your bitcoins?

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

is it legal though?

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#40 February 19 2020

NuclearVision
Member

Re: Lebanese Banks Capital Control

Dan28 wrote:
random-username wrote:

the 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.

Last edited by NuclearVision (February 20 2020)

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#41 February 21 2020

random-username
Member

Re: Lebanese Banks Capital Control

NuclearVision wrote:
Dan28 wrote:
random-username wrote:

the 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.

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.

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#42 February 21 2020

NuclearVision
Member

Re: Lebanese Banks Capital Control

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.

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

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#43 February 22 2020

random-username
Member

Re: Lebanese Banks Capital Control

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

I don't have an LBP card. Pretty sure amazon takes like a 15% cut as well, and I'm sure takes a cut too.
So I'm better off just doing the giftcard option.

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#44 February 22 2020

khanem
Member

Re: Lebanese Banks Capital Control

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

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#45 February 22 2020

Kareem
Member

Re: Lebanese Banks Capital Control

Update :  BoB lowered the international limit on USD credit cards from $1000/day up to $2000/week  to $250/ week up to $1000 /month.

This is BS... I'm raging right now because I received an international transfer in EUR that I can't use.

They don't have Fresh money accounts so in other words, the company that made the transfer, sent them the money and now it's more or less confiscated.

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#46 February 22 2020

random-username
Member

Re: Lebanese Banks Capital Control

khanem wrote:

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

Offgamers and G2A runs you 10-12% respectively.
Offgamers is a pain in the ass to register with FYI, takes like 24 hours for them to verify your account and they ask you to upload photo ID.
G2A is a piece of cake, but you're limited to 5x 20 Eur cards per order

https://paxful.com/buy-bitcoin/with-any … gift-cards

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#47 February 22 2020

khanem
Member

Re: Lebanese Banks Capital Control

Sorry for asking too much questions. I have to register with offgamers website buy gift cards from them send the sellers the codes then he transfer the Bitcoin to my wallet?

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#48 February 22 2020

random-username
Member

Re: Lebanese Banks Capital Control

khanem wrote:

Sorry for asking too much questions. I have to register with offgamers website buy gift cards from them send the sellers the codes then he transfer the Bitcoin to my wallet?

Pretty much. There's a flat fee for transfering bitcoin from paxful, it's around 4$. So I'm keeping my BTC there ubtil my CC is maxed out for the month, then I transfer them out

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#49 March 18 2020

samer
Admin

Re: Lebanese Banks Capital Control

Any updates on the latest limits? I'm hearing banks are constantly changing them.

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#50 March 18 2020

Fischer
Member

Re: Lebanese Banks Capital Control

Byblos bank allows the withdrawal of $200 every 8 days for a maximum of $600 per month. I believe Audi does the same thing.

Byblos allows you to spend $100 per week or $300 per month buying stuff online, which is really problematic, not sure how one could buy stuff like hosting or pay aws or azure, companies need to pay online. I couldn't even buy the annual subscription for eversql.com and I need that for work. I'm looking to work abroad, not sure how to pay relocation fees and stuff.

Byblos and Audi have the same regulations more or less.

Not sure about Blom, my colleagues can't withdraw any USD from BLOM. But I hear that other customers can withdraw $100 or $200 per week or 8 days. Not sure. Blom does not allow any online transactions outside Lebanon in USD.

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