According to the 2009 American Community Survey, there are 500,000 Americans who were born in Lebanon and up to three million US residents with Lebanese ancestry. That’s a pretty substantial number of people, so it’s perhaps no surprise that there are plenty of money transfer providers willing to help you send money to Lebanon. You just need to compare your options and find the company that offers a secure and affordable transfer method.
Banks versus money transfer services
Banks are notorious for slugging customers with hidden fees and this unfortunately applies to international money transfers. International wire transfer fees from banks commonly range from around $25 up to $70, while they also offer poor exchange rates compared to the mid-market rate.
That’s why you can save yourself a whole lot of money if you use a specialist money transfer company to handle your transaction. With much better exchange rates and noticeably lower fees, these companies can put more money in your beneficiary’s pocket and let you keep more money in yours. Compare the fees and exchange rates of a dedicated money transfer company with those offered by your bank – the results will surprise you.
Mohammed is spending three years studying abroad at UCLA, but he’s also holding down a part-time job to save some money for his family back home in Tripoli. With $1,000 saved up, Mohammed decides it’s time to send the funds to his parents to help them pay off their mortgage. But when his bank promises to whack him with a $50 transfer fee on top of its paltry exchange rates, he looks into the offerings from two money transfer companies to see f he can find a better deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 1,442 LBP||1 USD = 1,495|
|Transfer method||Cash pickup||Cash pickup|
|Processing time||1 hour||10 minutes|
|Amount received (in LBP)||1,442,000 LBP||1,495,000 LBP|
As you can see, Mohammed can send an extra 53,000 LBP by using the second money transfer company.
How to compare transfer companies when transferring money to Lebanon
- Exchange rates. Compare exchange rates between providers to see how they all stack up, remembering that some companies with better exchange rates also have higher fees.
- Fees. From a few dollars to $80 or even more, the transfer fee that applies to every transaction can have a huge impact on your hip pocket. Some companies will waive their transfer fees when you send a large amount.
- Transfer methods. Can you only send transfers online or are other options available? These may include in-branch transfers, over-the-phone transfers and mobile app transfers.
- Transfer options. Can you only place one-off spot orders or are there flexible options available such as limit orders and forward contracts?
- Turnaround time. Some companies offer transfers within a few minutes; others will need several business days to get the funds into your recipient’s bank account.
- Minimum limit. Is there a minimum amount you need to send every time you place a transfer?
- Pickup methods. How can your recipient access the funds you send? Some companies offer bank transfers only while others also provide cash pickup locations.
- Customer service. It’s important to know how and when customer support will be available if you ever have a question, problem or complaint.
How to send money to Lebanon from America
- Bank transfers. Bank-to-bank transfers are a simple and secure option but not the most cost-effective.
- Online money transfer providers. Send convenient and safe transfers without leaving home.
- Money transfer companies with cash pickup options. MoneyGram and Western Union offer this service to Lebanon.
- Checks. Obtaining an international guaranteed check and then posting it to Lebanon is another option.
Emergency cash transfers in Lebanon
You’ll need to pay extra if you want to send an immediate transfer to Lebanon. Higher fees and lower exchange rates often apply to ASAP transfers, so check all the details of a transaction before handing over your cash. Otherwise you could end up paying a lot more than you need to for your transfer, not to mention a lot more than you would like.Back to topFind a money transfer location near youBack to top
Tips for picking up cash in Lebanon
- Stay away from agent locations in unsafe areas
- Ask one or more friends to accompany you to provide additional security
- Keep your cash hidden — don’t wave it around in public
- Avoid carrying large sums around the streets if you can
- Put the cash in a bank account as soon as you can
How to send money to Lebanon
You’ll need to provide the following information in order to send an international money transfer to Lebanon:
- Your name and address
- Your contact information
- Valid photo ID, such as your driver’s license
- Your recipient’s name and contact details
- The currency you wish to send
- The amount of money you wish to send
- The destination country for your transfer
You’ll receive a tracking number once you’ve paid for your transfer – use this to check up on the progress of your funds whenever you want.