5 Things you Need to Know about Money in Libya

cultural adaptation Expat Life key facts Libya
Before you move to Libya, if you’ve just arrived or plan a visit there, here are a few important facts about money. From paying for your shopping to changing money here is what you need to know about using money in Libya.

Money in Libya #1

The currency in Libya is called the Libyan Dinar (LYD). Many countries in Africa and the Middle East use the Dinar as their currency but they are different from one country to another. For the latest exchange rate check your bank. Online currency converters are great to give you an idea but the rates may differ from the rates you are offered by your bank or money exchange agents.

money in libya Libyan dinars LYD
The Libyan LYD note front and back

 

Money in Libya #2

It is important to know that the Libyan Dinar is NOT accepted anywhere in the UK as a currency for exchange. That means that if you plan to bring back some savings from Libya to the UK, you must first change your Dinars into another currency which can be exchanged in the UK. Dollars are fairly easy to get in Libya and you’re sure you can change those back home.

LYD libyan dinars money in Libya
10 LYD

Money in Libya #3

Libya is a cash society, you pay everything cash: from your car to your tomatoes. Cheque books and cards are available from banks but there will not be accepted anywhere. They are only used to withdraw money from your own bank account. Every now and then, you need to make a trip to your bank and withdraw enough money to keep you going for a week or month. Since everybody does that, expect long queues at the bank.

libyan dinars LYD money in Libya
1 Libyan Note – There are also coins for 1LYD

Money in Libya #4

Money comes into coins and notes like everywhere, smallest note is 1 Libyan Dinar and biggest one in use is 20 Libyans Dinars. 1 Dinar makes 1000 milliemes. Coins are of 5 LYD and 1 LYD. Under 1 LYD they are only used in 1/4 or 1/2 a dinar ‘bundles’. Prices are rounded up to the quarter or half dinar and coins are actually taped up together in bundles of 1/4 Dinars. This is why coins there have sellotape on them!

libyan money LYD
Libyan coins – only the top 3 are actually in use the others rarely

Money in Libya #5

When you decide to open a bank account, you may be surprised to find out that it is not straight forward at all. You’ll need letters from your employer, copies of your work contract and loads of paperwork and passport check before you are allowed 1 bank account. That’s the limit: 1 bank account per person. You can apply later for a cheque book and a debit card but can only use those to withdraw money (see #3).

 

You may also be interested in finding out about Cost of Life and using Western Union in Libya. Hope this helps feel free to ask questions in the comment section.

3 thoughts on “5 Things you Need to Know about Money in Libya

    1. I don\’t know how to help you. I know it was always hard to change Libyan money in other countries even before. Now I have no idea. You must talk to money exchange places where you are.

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