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Send money to Lebanon
How to compare transfer services when transferring money to Lebanon.
Whether you own property in Lebanon or you simply want to send money to friends or relatives travelling overseas, our handy guide is designed to help you find the best deal on your next transfer.
Compare international money transfers to Lebanon
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Lebanon with our money transfer partners.
What's in this guide?
- What's the best way to send money to Lebanon?
- How to send money to Lebanon online
- What are the ways that I can send money to Lebanon
- How to get the most out of your money transfer to Lebanon
- Lebanon's exchange rates explained
- Documents needed for sending to and receiving money in Lebanon
- What to watch out for
- Bottom line
What’s the best way to send money to Lebanon?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Lebanon. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Digital money transfer services
Companies like CurrencyTransfer specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Lebanese bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Lebanon— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
The Lebanese pound isn’t a popular currency, so your local bank may not be able to exchange it. If your bank does support the Lebanese pound, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Lebanon.
Let’s crunch the numbers: Sending $900 to Lebanon
Let’s say you need to send $900 to family in Lebanon. Here’s what you might face as far as fees and exchange rates as of November 7, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$4.99||$50 + additional correspondent bank fees|
|Exchange rate||1 CAD = 1,076.83 LBP||1 CAD = 1,136.54 LBP||1 CAD = 1,015.29 LBP|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||LBP 963,773.62||LBP 1,022,886||LBP 862,996.50|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Lebanon. If you go with the cash transfer service, your recipient ends up with LBP 59,112 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Lebanon in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.
How to send money to Lebanon online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Lebanese bank account information.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Lebanon. Some money transfer providers send a text or email when your transfer is complete.
What are the ways that I can send money to Lebanon
- Bank transfers. Many major Canadian banks will allow you to send money to Lebanon.
- Money transfer providers. Providers like CurrencyTransfer can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- PayPal. Electronic payment giant PayPal allows you to send money from Canada to Lebanon.
- Cheques and money orders. Although not a quick option, you could send an international cheque overseas, obtained from your financial institution.
How to get the most out of your money transfer to Lebanon
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Lebanon to best meet your needs:
- Exchange rates. The CAD-LBP relationship fluctuates occasionally, so using a service that allows you to lock-in exchange prices may help you save money down the line if the Lebanese pound rises against the Canadian dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger CAD-LBP exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of pounds you’re sending to Lebanon.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Lebanon.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to a Lebanese bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Lebanon
When urgency trumps cost to get your money to Lebanon quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Lebanon without a bank account
Cash transfer services can help you if you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Lebanon’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Lebanon’s exchange rate is stable compared to the Canadian dollar, and the CAD-LBP relationship typically doesn’t change often because the Lebanese pound is pegged to the CAD. Factors that may influence the exchange rate include interest rates, economic stability and inflation.
Documents needed for sending to and receiving money in Lebanon
To send money to Lebanon from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in Lebanon may differ by company.
Documents to send money from Canada
To send money from Canada to Lebanon, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your SIN.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number and Lebanese bank account information.
Documents to receive money in Lebanon
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, an MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Lebanese Passport, Lebanese ID or similar official ID may be required to pick up your transfer.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
What to watch out for
There are no taxes simply for receiving a money transfer in Canada. However, an incoming transfer could trigger a tax if the money is earned or used in a taxable way. For example, if you receive money as profit from an overseas business venture, you’ll have to report this on your annual tax return as part of your income. Learn more about tax regulations for large international money transfers into Canada in our guide.
Sending your hard-earned money to Lebanon shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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