Paid in USD to UK Bank Account and Withdrawing in USD
Options
Comments
-
Newbie or not, and without knowing what was in the PM, they were correct that in Lebanon many ATMs dispense US dollars, and some are meant to only dispense US dollars. The official exchange rate is fixed at 1507.5, but there are fears that the government will not be able to sustain this, thus people prefer to receive and hold US dollars rather than the local currency (just like in places like Argentina and Zimbabwe (referring to the new RTGS dollar which devalued to 15% of its supposed value within a year of its introduction)).
Furthermore, there is currently a shortage of USD cash in Lebanon, so ATMs may not have any USD to dispense. Cash payments could be made in combinations of USD and LBP, but it is not wise to do so at the moment, because merchants will only give you the official rate of 1500.
On the foreign exchange black market it now costs between 1600 and 2500 LBP to buy 1 USD which varies day to day. This also means that if you have USD cash you can sell it for more LBP than you would get officially (by using card).0 -
Thank you for the PM.
Quite an amusing and somewhat contadictory and factualy incorrect reply. It appears to have become a regular occurence for 1 post newbies to feign anger and post agressive comments on my replies to their threads which to be honest I find quite amusing..
If you are so well informed I really wonder why you joined this forum to make your one and only contribution to it. To advertise Staring possibly?l
Factually incorrect? So is it not true that you can withdraw USD from ATMs in Lebanon (besides the current banking challenges potentially limiting the amount you’re able to withdraw) or make purchases in USD? Please share your sources.
If you find that “one post newbies” are regularly responding to you in anger, maybe you’re the problem and not everyone else.
Just to be clear, I’m not feigning anger at all. I genuinely feel angry when people belittle me or anyone else. Many others feel the same way I imagine. It’s a matter of basic decency. In this case, I asked for advice in good faith and you made the decision to respond to a complete stranger with a condescending post, despite apparently knowing nothing about the issue you were responding to.
Finally, suggesting that I am somehow a shill to Starling Bank is quite a transparent attempt to deflect from your own wrongness. I do not at all like the idea of relying on my Starling account as it means converting my income twice. I think I made that perfectly clear.
In short, please avoid giving advice if you have no knowledge on the issue at hand. If you do feel the compulsion to give advice on matters you know nothing about, reflect on why you feel compelled to be condescending when you give it. If you do those two things, it can only be better for you and the people you come into contact with.
All that’s left to say is Merry Christmas to you and yours.0 -
Newbie or not, and without knowing what was in the PM, they were correct that in Lebanon many ATMs dispense US dollars, and some are meant to only dispense US dollars. The official exchange rate is fixed at 1507.5, but there are fears that the government will not be able to sustain this, thus people prefer to receive and hold US dollars rather than the local currency (just like in places like Argentina and Zimbabwe (referring to the new RTGS dollar which devalued to 15% of its supposed value within a year of its introduction)).
Furthermore, there is currently a shortage of USD cash in Lebanon, so ATMs may not have any USD to dispense. Cash payments could be made in combinations of USD and LBP, but it is not wise to do so at the moment, because merchants will only give you the official rate of 1500.
On the foreign exchange black market it now costs between 1600 and 2500 LBP to buy 1 USD which varies day to day. This also means that if you have USD cash you can sell it for more LBP than you would get officially (by using card).
Many thanks for your response and the information regarding the exchange rates on the black market. I am planning to bring some USD into the country to hold in cash as well, in case things do continue to worsen. I think the amount I’m permitted to bring is capped quite low at around $1,333. It is certainly a precarious time to be moving there, which will make things interesting if nothing else!0 -
Why is it that no-one has suggested the obvious? When I started a job that paid in US dollars, my employer arranged for me to open a dollar account with their bank in the USA. Most of the 'high street' banks offer US dollar accounts.0
-
Voyager2002 wrote: »Why is it that no-one has suggested the obvious? When I started a job that paid in US dollars, my employer arranged for me to open a dollar account with their bank in the USA. Most of the 'high street' banks offer US dollar accounts.
Thanks a lot for your response. I’ve looked a little into USD accounts but it seems like there are often a lot of costs attached that would really start to add up if I used it as my main account for receiving and spending money. I’m definitely open to it though if it adds up. Do you have any recommendations?0 -
I suggest that you look into banking with HSBC Singapore, who can provide accounts in major currencies including USD with a Visa debit card, regardless of where you live. I've been with them for many years and their online and mobile banking is very up-to-date. Standard Chartered may have similar facilities, also HSBC Hong Kong. Most banks in those places offer USD accounts but without a debit card, which you obviously need.Evolution, not revolution0
-
You have rejected my suggestion that you open an account with a local bank for your day to day spending which you rejected with the comment that it is difficult to withdraw dollars from national banks
which are presumably the very same banks who you say fill their ATM's with dollars..dollars being difficult to withdraw from national banks. .Thanks a lot for your response. I’ve looked a little into USD accounts but it seems like there are often a lot of costs attached that would really start to add up if I used it as my main account for receiving and spending money. I’m definitely open to it though if it adds up. Do you have any recommendations?
IF you really are going to work in Lebanon, it will be in some sort of highly paid professional job and you would be receiving advice and assistance from your new employer. You would not be coming on this forum asking for this type of advice, would have better things to do with your time and not be so over concerned about a few charges.0 -
You really struggle with this concept, don't you?which are presumably the very same banks who you say fill their ATM's with dollars..
https://www.tripadvisor.com/Travel-g294004-s601/Lebanon:Banks.And.Money.htmlCash withdrawals from ATM's usually give you the choice of either USD, or LL (Lebanese Lira).0 -
Guessed you would be along to support the OP. when I saw you had thanked him for the post attacking my comments.You really struggle with this concept, don't you?
https://www.tripadvisor.com/Travel-g294004-s601/Lebanon:Banks.And.Money.html
With reference to the above link
QUOTE
This article contains a discussion by TripAdvisor members concerning the above topic. Please note that the discussion was closed to any additional postings as of Nov 1, 2016 and, as such, some of the information contained herein may be outdated and cannot be commented on by travelers at this time. Please take this into account when making your travel plans.
UNQUOTE
All the more reason why the OP should be obtaining advice from his employer and/or fellow expatriate employees rather than on this forum if the advice he is being given is based on unreliable and outdated information such as this.
I have a problem with the apparent contradiction. OP posts to say that it is difficult to withdraw dollars from national banks when I suggested that he open a local account for day to day spending/to pay his local bills etc as most people would rather than rely on foreign issued cards and a foreign account. The OP mentions landlords so presumably he is intending to rent a property himself rather than live in employer provided accommodation and will therefore need to pay bills, presumably by cheque or direct debit unless he intends to pay everything in cash.
After having made this statement concerning the difficulty in withdrawing USD, the OP then goes out of their way to launch an attack on me for questioning the ready availability of dollars in ATM's in a country which we are given to understand is undergoing a financial crisis and where we are given to understand there is a shortage of dollars and where the OP himself has stated that it can be difficult to withdraw them. This really doesn't add up to me. As these banks will be providing the ATM's from which the OP intends to withdraw the dollars, do you not see the contradiction?0 -
Thanks a lot for your response. I’ve looked a little into USD accounts but it seems like there are often a lot of costs attached that would really start to add up if I used it as my main account for receiving and spending money. I’m definitely open to it though if it adds up. Do you have any recommendations?
Well, I used Citibank (they have a London branch).
Someone else mentioned Fineco, which I now use for different reasons. If they issued you with a UD$ ATM card and you used it only to withdraw dollars then costs would be minimal.0
This discussion has been closed.
Categories
- All Categories
- 343.5K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.6K Work, Benefits & Business
- 608.6K Mortgages, Homes & Bills
- 173.2K Life & Family
- 248.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards