Cheapest way to send money to Libya - Fees and Charge Rates

Currencyfair
FCA Regualted: FCA Regulated
Margin Rate: 2%
100,000 gets you: 98,000 LYD
Easyfx
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
100,000 gets you: 99,300 LYD
Egg Banking
FCA Regualted: FCA Regulated
Margin Rate: 5%
100,000 gets you: 95,000 LYD
First Direct Bank
FCA Regualted: FCA Regulated
Margin Rate: 5%
100,000 gets you: 95,000 LYD
Western Union
FCA Regualted: FCA Regulated
Margin Rate: 4%
100,000 gets you: 96,000 LYD

Send money to Libya from London

Best ways to make a money transfer in Libya

There are two ways to send money:

(1)Western Union: 

· The bank stands out as the best in the country. Clients are able to receive and send money in and out of Libya within a short period of time. 

· The bank is reliable since it’s not only established globally but it has several branches in country, offering considerable transfer rates as compared to other banks available. 

· Other methods of money transfer include; mobile money transfer and quick pay.

(2) SWIFT

· It plays a role in joining the finance related organizations straightforwardly to its correspondence framework. Swift is portrayed by an exact, fast and safe framework accessible with ease, which settles on it a best decision among media transmission frameworks. 

Main bank

· Aman Bank tends to be the main bank

Process to send cash from Aman Bank through Western Union: 

·Money transfer is easy in Libya. First Visit a convenient Branch or Mobile locations countrywide of your choice.

• Start by Completing the Form. Present the form to the Agent clerk together with your identification card.

• Then go ahead with Presenting your Payment. Hand in to the cashier both the cash, form and ensure you sign the receipt.

• Lastly, inquire for the Receipt. It has to have the MTCN and it’s through this that you will be able to follow up the money transfer status on-line. It’s that easy in Libya.

Restrictions on receiving money in Libya

· Libya is a money society. In spite of the fact that the GNA have tried endeavours to keep up the supply in trade out banks, there keep on being extreme deficiencies of money and limitations on bank withdrawals all through the nation. 

· Credit cards are not generally utilized in spite of the fact that Visa and MasterCard are acknowledged in a few spots. One is discouraged from using them since they will end up frustrating you at the very bad times. 

 

Transfer from Libya to UK

Why not send travellers cheques to Libya?
People are advised against sending travellers cheques to Libya because Libya is a cash society and travellers cheques cannot be exchanged. This means that if you send travellers cheques they would be virtually useless as the recipient would not be able to exchange them. However if you arrange a money transfer to Libya you can be assured that your recipient will get their money when they need it. Sending travellers cheques would mean that your recipient would not be able to cash them, so they would not be able to access their funds.

Send the right currency to Libya?
It is important that you send the right currency when you transfer money to Libya. Libya's unit of currency is the Libyan dinar (LYD) so this is a currency that you will need to select when completing your transfer. You should also check the currency rate Libya money is being traded at so you will know exactly how much money your recipient should be expecting. Checking the most recent currency rate is free and you can do this whenever you like before you send money to your recipient.

Are there many ATM’s in Libya?
There are quite a few ATM’s in Libya but many of them are not trusted. This means that many people will avoid taking money out at ATMs as they are not sure that they will be using one that is safe and secure. You can be sure of security when you arrange a currency transfer to Libya as this will be sent directly to your recipient.