How to compare transfer services when sending money to Lebanon.
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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.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Lebanon. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Foreign exchange rates explainedExchange rates are a flexible number that determines how much one currency is worth in the currency of another country. The US dollar (USD) has traditionally been quite strong against the Lebanese pound (LBP), which means every dollar you transfer will yield quite a few pounds. As of February 2018, the conversion rate was about 1510.50 LBP for every 1 USD. This means sending $100 overseas will yield your recipient around 151,050 Lebanese pounds.
Banks versus money transfer services
You might think the best place to go when you need to send an international money transfer is to your bank. While your bank can certainly help you send money to Lebanon, however, they won’t do it cheaply. High fees and low exchange rates are hallmarks of international transfers through banks, so you’re better off looking elsewhere for a more cost-effective solution.
Specialist money transfer companies are the best place to start. These companies, such as OFX and WorldRemit, offer fast, secure and much more affordable transfers to ILebanon and around the world. Their fees are usually lower than the banks’, their exchange rates higher and the transactions can be handled from the comfort of your own home.
Mohammed sends money to Lebanon
Mohammed is spending three years studying at UCLA, but he’s also working part-time job to send money to his family in Tripoli. He decides that he can afford $1,000 a semester to send home. After checking with his bank, he was surprised by the $50 transfer fee on top of its low exchange rate. He decided it would be best to compare two online money transfer sites to find a better deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 1,442 LBP||1 USD = 1,495 LBP|
|Transfer options||Cash pickup||Cash pickup|
|Transfer speed||1 hour||1-2 days|
|Amount LBP received||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. He goes with it, and his family back home in Lebanon is able to use the money for whatever they need within a few days.
How to compare transfer companies when transferring money to Lebanon
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
How to send money from the US to Lebanon
Sending money between the US and Lebanon is simple. Follow these steps to complete your transaction and put money into your recipient’s hand quickly.
- Find a money transfer provider in the table above.
- Click Go to Site once you’ve found an option right for you.
- Create an account and provide all the necessary information.
- Enter your recipient’s personal information.
- Choose a transfer method–bank account transfer or cash pickup.
- Complete the transaction and pay.
- Save the tracking number to make sure your transfer is successful.
What are the ways that I can send money to Lebanon
- Bank transfers. Many major US banks will allow you to send money to Lebanon.
- Money transfer providers. Providers like Ria and World First 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 the US to Lebanon.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
How safe is a money transfer?Reputable providers track your funds until they reach the your recipient. In addition, there are federal protections in place that require banks, credit unions and money transfer companies to disclose any fees upfront and require companies to have a cancellation period of at least thirty minutes.
Emergency cash transfers in Lebanon
There are multiple situations that could arise and cause you to need to send an emergency money transfer to Lebanon. Although it’s possible to send a quick transfer–one that may only take a few hours to complete–it will generally be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost, and try to avoid quick transfers unless it’s an emergency that really calls for it. Otherwise you and your recipient will lose money.
Picking up cash
Having a cash transfer can be convenient for some recipients who may not have access to a bank account or don’t want to pay ATM fees to withdraw the money you send. When they do pick up their funds, advice them of these simple safety tips so they can stay out of harm’s way.
- Don’t go alone. Picking up cash could be dangerous if the area is known for theft. A friend can help decrease the chances of becoming a target.
- Hide your cash. Don’t take out large amounts of money in public, and keep all cash hidden safely on your person, not in a purse or bag. This reduces the chance of it being stolen or forgotten in a crowded place.
- Deposit quickly. As soon as you’re able, store your money somewhere safe.