[Guide] How to send money from abroad to Lebanon?

 

-------------- International Bank Transfer in Fresh USD Account --------------

1. Open a fresh money account in your bank

Blom Bank: https://www.blomretail.com/retail/bank-accounts-lebanon/fresh-money-accounts

Bank Audi: https://www.bankaudi.com.lb/externalaccount

Byblos Bank: https://www.byblosbank.com/personal/accounts/current/

Fresh Money Account or External Account is a bank account that has real USD, unlike old/regular bank accounts which have lollars in them. (Lollars are Lebanese Dollars aka Dollars stuck in Lebanese banks, aka Dollars in bank accounts before October 2019)

In order to receive an international incoming bank transfer, make sure you go to your bank before the transfer is done and open an external or fresh money bank account. Do NOT transfer into your old USD account.

2. Tell the bank you're expecting to receive an international incoming bank transfer and want to withdraw it in USD

Some banks are giving out the entire incoming bank transfer in USD. Other banks are giving 80% of the incoming transfer in USD while giving the rest in LBP. Make sure you talk with your bank and negotiate the entire thing before any transfer is done

3. Transfer and withdraw the money in USD

Transfer can take from 4-7 business days and costs will be incurred on the sender and the receiver


-------------- Bitcoin --------------

Check this quick video LINK

1. Use your foreign (not Lebanese) credit/debit card to purchase BTC (Bitcoin)

You can purchase BTC (Bitcoin) from

When you purchase Bitcoin through any of the mentioned websites, you will be able to send Bitcoins to a wallet of your choice or keep them on the exchange.

2. The person who's going to receive the money in Lebanon opens a bitcoin wallet

The person who's going to receive the money in Lebanon opens a bitcoin wallet that can be done in less than 2 minutes using any of the free wallets such as (BlueWallet,Coinomi, Exodus)

This can be done for free on a laptop or mobile phone.

3. The sender sends the bitcoin from his wallet to the receiver's wallet
4. The transfer could take up to 10-20 minutes and should not take more than $1 per transaction.
5. Once the receiver (Person in Lebanon) receives the bitcoin, he can list them for sale in exchange for USD or black market rate LBP

However you can skip this step by arranging a trade by yourself so instead of sending it to your family or friends you can send it to the person who is willing to buy it from you and they will deliver LBP as per your arrangement or through OMT.

6. Bitcoin can be sold on

https://localbitcoins.com/

Live market places on Telegram: https://bitcoinduliban.org/communities

7. If someone needs to immediately sell his bitcoin, he can offer a lower price (lower than the exchange rate) and a buyer will most probably immediately accept the sale
8. Selling bitcoin in exchange for USD, requires the buyer and the seller to meet physically
9. Selling bitcoin in exchange for LBP (black market rate), does not require the buyer and the seller to meet, the transaction can be completed by using OMT.

For more information about how bitcoin works please check the AMA that was done here in our subreddit, and check https://bitcoinduliban.org/

-------------- Western Union --------------

On August 6, 2020, BDL released a new announcement requesting all money transfer companies to give out the money in USD. The announcement can be found here.

Fees: Usually around 20/1000

Be careful when using these services as high fees might be incurred.

Comments

Popular posts from this blog

Transferwise: Banking Services Abroad without Traveling

How can a Lebanese open a bank account abroad

Websites that can help you find a job, improve your skills, build your CVs, and prepare for interviews!