How to send money to Libya from US with the best USD-LYD rate

A better exchange rate means more US Dollar being sent to Libya. This exchange rate determines the price you will pay when buying Libyan Dinar.

Currently the mid-market rate between US Dollar and Libyan Dinar is 5.425. Getting the best deal on an exchange rate is with Wise.

The USD-LYD exchange rates always changing. Understanding the average, and then waiting a day or two can help you get more LYD for the same amount of US Dollar - but time it wrong and you might get a worse deal.

If you’re sending a large amount where this rate could make a significant difference, use a forward contract. This allows you to lock in an agreed exchange rate between the United States and Libya.

A bank transfer through a money transfer company is the cheapest way to send money. Generally, it’s the payment method that will get you the best price on a transfer from the United States to Libya at this moment.

Wise is the transfer company offering the best price on sending via bank transfer.

Sending to Libya from the United States with a bank transfer is 8.53% cheaper than the second-best option in the market.

United States and Libya have different financial regulators and ensuring you fully understand how these work will aid in keeping your money safe.

We’ve put together a directory of worldwide financial regulators which contains details on regulation for money transfers between United States and Libya.

Transfer limits to the United States and Libya will differ per company, this may impact the amount you can send and receive if you hit the limits.

Also, rates and fees for different USD-LYD transfer amounts could change - that’s why it’s best to compare companies for your specific transfer amount. Then, for regular transfers to Libya, shopping around each time can make a huge difference if you feel you are hitting limits regularly.

For sending large or regular amounts of USD to Libya we'd recommend using Wise. They offer a combination of rates and fees when sending from the United States to Libya that is the most competitive.

There are different ways to receive money in Libya.

The most popular ways are direct bank deposit into Libyan Dinar, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers offering money transfers between the United States and Libya will offer every method for incoming Libyan Dinar.

Understanding where the money will eventually go after its left the United States and entered Libya could impact the provider you use.

The most common (and generally easiest) way to send money from the United States to Libya is directly into a bank account. Wise is the best company for sending money from the United States to a bank account in Libya.

And if you need cash right away, check if cash pickup is an option for transfers between United States and Libya.

Mobile wallets, P2P services and payment apps like PayPal, Xoom, and CashApp are popular because they offer convenience to those who already have them, but they come with more limitations and higher costs.

When sending Libyan Dinars to Libya, you will need to verify your ID at the sign up stage.

The documents you need will vary by money transfer company and in some cases you might need a couple of options.

For the most part however, in the United States ID can be verified through a government issued ID such as a passport or driver's license.

In Libya, if the recipient needs an ID to collect money - both should be accepted. We’d recommend checking in advance before sending for any specific requirements on receiving money.

Large transactions between the United States and Libya, are subject to additional checks such as proof of funds. This is for anti-money laundering purposes.

Wise is one of our recommended providers for transfers to Libya from the United States due to the ease of sign up and ID verification.

When sending money between United States and Libya there will be tax declarations to consider.

Some transfers into Libyan Dinar may need to be reported to tax authorities in Libya, particularly where inheritance or property purchases are involved (or anywhere else there are additional legal requirements).

Depending on age and income in particular, tax limits and personal allowances will change in Libya.

When in doubt, please contact a tax professional in the United States or Libya to discuss the personal circumstances of the transfer. This ensures you are not missing any specific tax declarations associated with your circumstances.