Sending money to Libya isn’t exceptionally easy, but there are quite a few good services that can help you send your money there. That being said, you’ll have to deal with more hassles and worse deals than you’d have to deal with if you were sending money to other countries.
The current exchange rate for the Libyan Dinar (LYD) is 1.375725 LYD per American Dollar (USD) as of the time this was written. The LYD reached a high of 1.3804 LYD per USD and a low of 1.3696 LYD per USD during the last 90 days. The average exchange rate for the last 90 days was 1.3730 LYD per USD.
The average volatility rate for the LYD against the USD was 0.54% for the last 90 days. This is a relatively high volatility rate which has worsened slightly in recent months. You can reasonably expect moderate fluctuations in the exchange rates to continue, barring any unforeseen circumstances.
The fastest way to send money to Libya is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Libyan destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers can take a bit longer.
The only downside to Western Union’s fast option is the fact that it is very expensive. You can always expect to pay more with Western Union.
The cheapest way to send money to Libya is through MoneyGram. If you’re using MoneyGram’s cheaper option, you can expect lower rates across the board.
MoneyGram does charge upfront fees, but these fees are not very high. Like most of these companies, they do make most of their money through hidden currency conversion markups. Regardless, when both of these factors are considered, MoneyGram’s slow option is the cheapest option for sending money to Libya.
A TransferWise bank transfer set up with BIC/SWIFT is the easiest way to send money to Libya. While linking your TransferWise account to a bank account through the BIC/SWIFT may sound like a hassle, it’s not that difficult. After the accounts are set up properly, however, you will find that conducting a bank transfer is exceptionally easy.
The overall best way to send money to Libya is through Western Union. Western Union has agents in several cities inside Libya, especially in Tripoli. With Western Union, you can get your money to Libya faster and in a safer manner than you would be able to with their competition. Western Union is also one of the most common money transfer services in the world, making it easier to send money through them.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com