You know how you go to most countries and either change money, or use your card, or an ATM to get money, well Lebanon is not like that, like at all. So without being to use credit cards or ATM’s got the most part how does money in Lebanon work?
To read if it is safe to go to Syria and Lebanon click here.
Lebanon has rampant inflation
Many countries have inflation, sometimes rampant inflation, but what most do, such as Syria, or Sudan is just roll with it. Alas not in Lebanon, like a communist state they have the official rate, which they are sticking to and the black market rate, which is how people live.
To read about money in North Korea click here.
This means that people get paid in the (bad) official rate and if you use a credit card, or an ATM you get the bad rate. Again not dissimilar to good old Soviet times, except sadly without many communist bits. Said exchange is currently 1500 Lebanese Pounds to one dollar, officially. In actuality the real rate is currently 89,000 LBP to $1.
Do I need to bring cash to Lebanon?
You must bring cash to Lebanon for spending.
You may bring EUR, GBP or USD into Lebanon and exchange them at cash exchange kiosks which are found all over, particularly on Hamra Street, the main party district in Beirut. Other currencies from the region such as Egyptians Pounds and even Syrian Pounds.
Always check the daily rate by using the link below to ensure you’re getting the correct exchange. In most places, you can use USD directly.
Do not use a foreign card to withdraw Lebanese Pounds from an ATM as you will get robbed! Some ATM’s will though now offer United States Dollars. Said withdrawals cost 4%, or so. One bank that I found that actually worked was Arab Bank. Sadly not all ATM’s work, or even allow withdrawals, BUT worse still they close at around 22.00. Yes machines cannot work at night. This can create some real late night “money in Lebanon” issues.
And if this were not enough then you should know that the biggest note available is 100,000 pounds.Sadly this quite literally a dollar. This might make “making it rain” easier, but does mean you need a huge wad for a single night out.
You can check current rates of the Lebanese Pound here: https://lirarate.org/
Can I use credit cards in Lebanon?
No, you cannot. This includes apps like Uber who’ll charge your card. Although with that being said you can use cards in more upscale establishments such as hotels or fine dining, who will bill you directly in USD. Sadly small establishments or like regular bars in Hamra Street are not even permitted to do so, so cash is king.
This can be troublesome if you run out of money lat night. Amazingly the Lebanese are so used to this that it has even been known for them to offer overnight credit.
Money in Lebanon in an emergency
We actually looked in to having staff based in Lebanon, as well as the best ways to pay them and our partners in country. To this end Western Union is one of the best options when it comes to receiving money in Lebanon in an emergency.
And that is the story of money in Lebanon, the world might slowly being going cashless, but alas Lebanon is not one of those places right now. But before you get too first world problem about this, keep in mind how much the people in Lebanon are suffering.
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