How can I outsmart my bank?

  • Thread starter AtheistForJesus
  • Start date
AtheistForJesus

AtheistForJesus

Well-Known Member
I currently have $3,000 in debt on my credit card, which I'm planning to repay this week.

The current exchange rate on the black market is 2,050 L.L.
Meaning, if I exchange $2,200 to LBP, I get 4,510,000 instead of 3,300,000.

Does that mean I can pay the bank $2,200 to pay off my $3,000 debt, saving myself $800 in the process?.
Are banks still applying the 1 USD = 1,515 LBP rate?
 
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  • Iron Maiden

    Iron Maiden

    Paragon of Bacon
    Orange Room Supporter
    -> swimming in debt

    -> bank is giving you free cardio

    i’d say you’ve already outsmarted them
     
    AtheistForJesus

    AtheistForJesus

    Well-Known Member
    -> swimming in debt

    -> bank is giving you free cardio

    i’d say you’ve already outsmarted them
    I don't usually rack up debt but I was abroad and had to live off my credit card because the bank was placing a $500 monthly limit on international withdrawals. I'm pondering wether to transfer $3,000 directly from my USD current account to my credit card, or to exchange $2,200 my on the black market.

    If the bank is still applying the 1,515 LBP rate, it means I could be the one robbing the bank for once.
     
    Dark Angel

    Dark Angel

    Legendary Member
    I don't usually rack up debt but I was abroad and had to live off my credit card because the bank was placing a $500 monthly limit on international withdrawals. I'm pondering wether to transfer $3,000 directly from my USD current account to my credit card, or to exchange $2,200 my on the black market.

    If the bank is still applying the 1,515 LBP rate, it means I could be the one robbing the bank for once.
    according to a memo issued by BDL, you should be able to settle your debts in LBP even if the loan is actually in USD. i think this applies to credit cards as well. so you should be able to close your loan at the official USD price of 1517LL per USD.
     
    NewLeb

    NewLeb

    New Member
    God said stay away from usury... maybe you should listen to Him next time. ;)
     
    AtheistForJesus

    AtheistForJesus

    Well-Known Member
    Turns out you can only pay the minimum amount in LBP. You cannot repay the whole amount in USD.
    I just called the bank.

    Those crooks really know what they're doing. They're using the current situation as a pretext to squeeze more interest out of their customers.
     
    shadow1

    shadow1

    Legendary Member
    Orange Room Supporter
    Turns out you can only pay the minimum amount in LBP. You cannot repay the whole amount in USD.
    I just called the bank.
    Are you so inept that we, forumers, have to manage your religious, emotional(love) and financial life for you?
    Say you give me few greens to buy myself edible food and I give you my opinions and try to save your emotional and financial life on this earth and your soul for the the life thereafter. And if you are truly for Jesus you should know that he said it's easier for a camel to go through the eye of the needle than it is for a rich man to enter the kingdom of heaven. it's utterly foolish to risk eternal damnation for the sake of sushi and jetsetting in the world's pleasure centres.
    Do transfer all your liquid assets to my name and I ll make sure you be as poor as Gibran Bassil before he entered parliament and, hence, fit to avoid eternal damnation with all its fire, pain, thirst and rendez-vous with satan and his kins. With your assets In my name you wont be held accountable for being rich. I can give you a monthly allowance in the form of donation and that improves my chances to go to heaven should I decide on my deathbed it's worth a try.

    Those crooks really know what they're doing. They're using the current situation as a pretext to squeeze more interest out of their customers.
    Still not so bad. keep the loan going in US dollars for so long as the sayrafi gives you an exchange rate differential for your dollar higher than the interest charged on your credit cards. Better still if you have the money to pay in USD, just convert it to LL and deposit it at the bank for 15% interest.

    I could explain it to you in numbers but you have to pay.
     
    AtheistForJesus

    AtheistForJesus

    Well-Known Member
    Is it true that the $300 limit per week does not apply to transfers from abroad?
    I heard that if you receive a payment from an overseas company, you can cash it all in USD. Not sure how true this is.

    I know someone who was able to use this argument to persuade the bank to pay him his full salary (he freelances for a company abroad).
     
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