Best Bitcoin Exchange for Libya

Unfortunately, Libya is currently in the spotlight as one of the major political trouble spots of the 21st century. Security information and the status of entry and exit warnings can be found on the website of the Federal Foreign Office. The information in the following sections refers to a Libya that in times of peace has to offer as a travel destination, irretrievable treasures and sights of a vivid past.

Libya was mainly influenced by Roman culture. The well-preserved ruins of Leptis Magna are one of the last testimonies that this city was the third largest of the Roman Empire. Also in the ancient cities of Cyrene and Sabratha there are still some well-preserved ruins from this epoch. In the capital Tripoli, the only surviving building from the Roman Empire is the Marcus Aurelius Arch. The triumphal arch is located in the medina, where one can admire the beautiful view over the city from the historical city wall. You can also get an impression of the pulsating life in Tripoli in peacetime by visiting a Turkish market. Besides the numerous historical buildings in Libya, Waw an Namus is one of the most impressive. This volcanic crater is surrounded by three salt lakes, which shine again in the most different colours.

One should be informed about how to secure the cash supply on site continuously and which means of payment make sense in Libya. With which means of payment one can withdraw money in Libya, which fees can arise, and a lot of information on the subject of local currency, cashless payment, cheap credit card variants, but also some important security tips can be read in the following article.

Libyan Dinar (LYD) – the local currency

Overview Banknotes Libya DinarThe national currency and official means of payment in Libya is the Libyan Dinar, divided into 1000 Dirham. Libyan dinars are available in coins and banknotes. The denominations are shown in the table below:

• Coins: 5, 10, 20, 50, 100, 250, 500 Dirham
• Notes: ¼, ½, 1, 5, 10, 20, 50 Libyan Dinar

The national currency is subject to an import and export ban. In general, foreign currencies must be declared upon entry. All receipts from the exchange should be kept in a safe place so that they can be presented when leaving the country.

Exchange money in Libya

Due to the import and export ban of the national currency, it is not necessary to exchange money before departure. In Libya, you can easily exchange euros, US dollars and British pounds sterling. All receipts must be kept from the exchange in national currency, because these must be presented with the departure. Exchange possibilities exist in banks, exchange offices as well as some hotels in the country.

Banks are usually open from Sunday to Tuesday and Thursday from 09:00 to 13:00, Wednesday and Saturday from 08:00 to 12:30 and 15:30 to 16:30. Outside bank opening hours, ATMs can be used to exchange currency at the exchange offices and to obtain the local currency around the clock. However, not every cash card is suitable for withdrawing money in Libya. More detailed information is provided in the following sections.

Cashing traveller’s cheques in Libya

In Libya, traveller’s cheques are absolutely unusual, which is why it is not necessary to take them along in the travel cash register. With sufficient cash and at least one credit card you are well prepared for all payment situations when travelling to Libya.

Cashless payment in Libya

Visa holders can be happy in Libya, because they experience the highest acceptance. Nevertheless, the cashless payment method is not very widespread in Libya and is mainly practicable in the high standard hotels in Tripoli or Benghazi. Before using the card as a cashless payment method, one should know that the domestic credit card institute charges a fee for the transaction abroad.

The fee for the foreign assignment lies between 1 and 4% of the ordered sum. To find out the exact amount, simply take a look at the contract documents or check with your credit card company. For this reason, it is much cheaper to pay the invoice directly in cash.

Withdraw money in Libya by EC card

ATMs are rare in Libya. If you find one and it has a Maestro or Cirrus sign on it, it is accepted and – after entering the valid PIN – money can be withdrawn with the EC card as usual. The prerequisite for this is that the EC card also bears the same symbol. V-Pay cards cannot generally be used to withdraw money in Libya. As an additional means of payment, it is generally advisable to take a credit card with you. This means of payment offers a high degree of broadband and flexibility not only in Libya.

For the use of EC cards, the German banks charge a so-called “Auslandseinsatzentgelt” for the use of the EC card at a foreign ATM, which is usually between EUR 5 and EUR 10, for each withdrawal of money in Libya. In addition, there is sometimes an extra charge from the Libyan bank. Prior information at your bank about the amount of the card’s foreign deployment fee may prevent unpleasant surprises from appearing on your bank statement. By using a so-called travel credit card, with which you can withdraw money free of charge, at least the fee for the foreign assignment of the responsible credit card institute is eliminated.

Withdraw money in Libya by credit card

ATMs are rare in the country. However, they can be used to withdraw money with a credit card. Visa card holders can also withdraw money from the branches of Masraf al-Tijara Watanmiya Bank. With every withdrawal of money with the help of a credit card of common providers, a so-called foreign deposit fee is also due in Libya, which is calculated depending on the credit card institute for this transaction and lies between 1 and 4 % of the respective withdrawn amount. In the long run, these charges can be a huge burden on the travel balance.

You can withdraw money worldwide completely free of charge with a so-called travel credit card from the following list. These banks offer a free credit card for which there is no foreign exchange charge, either abroad or at domestic foreign banks. Thus this credit card variant qualifies not only for a stay in Libya, but also for further trips around the globe.

A credit card also increases the flexibility of cashless payment, not only in shops, hotels or restaurants. It can also be used online, for example for travel bookings or air ticket purchases. The account implied in most card contracts of these providers is also free of charge. It can be used as a travel account or as a second home account.

The application form is uncomplicated, filled out online and then printed out. With the help of the Post-Ident procedure, the identification process of the application can be completed. This can be done together with sending the application to the nearest post office. There are no costs involved in submitting the application. However, a processing time of up to two weeks from the date of application should be taken into account in order to be able to use the new credit card with all its advantages at the start of your stay in Libya.

Safety when withdrawing money in Libya

As described in the introductory section, Libya is currently in a permanent politically explosive state and entry is hardly possible for private individuals who do not travel under the protection of humanitarian organisations. Travellers who are still in the country currently have more essential problems than the security of their money card. Nevertheless, as with any other trip, it is important to observe the security regulations of the Federal Foreign Office for life and limb as well as the necessary security instructions when handling means of payment and cash.

It is unavoidable to go to an ATM to withdraw money that is not located in dark alleys or remote areas. Valuables and wallets should be carried as close as possible to the body, the ideal place to store them is the hotel safe. As with withdrawing money everywhere, the concealed PIN entry and the separate storage of PIN and associated card should be a matter of course in Libya as well.

Unfortunately, no card, however securely designed, is protected from misuse and recklessness. If the card is lost, stolen or misused, you should contact the specially set up international blocking emergency call immediately and have the EC or credit card blocked immediately. The following link will take you directly to this number. The prerequisite for fast action is to always carry this number with you. If a card is blocked, it is important to carry an additional money card with you for the rest of the trip.