Lebanon is a middle-eastern country located in the Asian continent. There are many ways in which money transfer can be done to this country.
Here are some of the Best Ways to Transfer Money to Lebanon :
Cash-to-Cash : The sender needs to walk into any of the centres that transfer money like Western Union, hand over the cash and then the currency gets converted to the destination country's currency and reaches the recipient with the help of a MTCN (Money-Transfer-Control-Number).
Bank Accounts : There are some services that provide the option of taking out money from the sender's bank account and depositing it in the recipient's bank account. These can be arranged by phone or online transfers with routing and account numbers of both the parties.
Credit and Debit Cards : Plastic cards can be used to send money swiftly through Money Gram or Western Union Services. However using these cards can require a higher service charge by the card issuer as compared to sending money through bank.
Options for money transfer
Sendvalu : One of the most affordable and swift ways to send money to people in Lebanon is Sendvalu. They support cash transactions and online transactions.
World First : They are partnered with finder.com and sending money is free through them. There is no transfer limit and very competitive exchange rates are available.
Azimo : They have been given the award of best-global-money-transfer-company. Azimo has an app for people to send and receive money on-the-go.
No restrictions are there in capital movement, outflow and inflow of funds, dividends, remittances, capital gains in Lebanon. The local currency is LBP or the Lebanese Lira or Pound and the Central Bank of Lebanon posts the daily-local-currency-exchange-rate on the website. Lebanon is a very heavily dollarized economy and the firms or businesses accepts payments in USD and LBP combination.
Lebanon is a developing economy and the private sector contributes to a major portion of the aggregate demand (75%) and the banking sector assists in supporting this demand. The main industrial sectors are transport equipment, chemicals, agriculture and banking. The growing sectors are tourism and banking.
Break with tradition in Lebanon?
If you have previously only used a bank to bank transfer to complete a money transfer to Lebanon you should think about breaking with tradition. Believe it or not you could send money to a family member in Lebanon and they could have access to it in a few minutes. By choosing an online exchange broker to handle your transfer your recipient will have their money and faster than ever before.
Use online tools to buy currency in Lebanon?
As you are using an online broker to complete our transfer you should also use other online tools that can come in handy. For example an online currency converter can help you to find the currency rate Lebanon currency, the Lebanese pound is being traded for at any time. The Lebanese pound is also known as Lira in Arabic and its symbol is LBP. So if you did not already know it, this is the currency that you will be exchanging your currency for.
Dont pay too many fees in Lebanon?
You might think that a currency transfer to Lebanon means paying a lot of fees to complete the transfer. In actual fact when you choose a good online exchange broker fees that you will be paying will be minimal. So don't get ripped off and choose an excellent exchange broker and you will be able to send money to your recipients in confidence whenever you need to.