OMT announces its USD to LBP Optional Exchange Service

OMT continues to settle USD money transfers in cash exclusively and announces its new USD to LBP optional exchange service

OMT and other money transfer companies are the main source of cash USD in Lebanon. OMT reaffirms its commitment to settle inbound transfers in cash USD exclusively.

Customers of money transfer companies can be classified in two categories: those who wish to keep their collected USD, and those who wish to exchange their transfer from USD to LBP, in part or in full.

OMT and other money transfer companies do not undertake any money exchange operations in general. However, to support Banque du Liban’s reserves in US dollars, the Central Bank has allowed OMT and other money transfer companies to obtain an exchange license which allows them to buy USD from willing customers, and to sell the USD exclusively to Banque du Liban, according to the set daily rate (to check the exchange rate, please visit omt.com.lb).

Therefore, starting October 12, OMT customers who wish to can exchange their received USD optionally through all locations across the OMT network.

Accordingly, the OMT customer collects their transfer in USD as usual and receives a receipt for the transaction. OMT offers the customer the option of exchanging the amount, in part or in full, according to the set daily rate. If the customers wishes to, they may give the chosen amount to OMT and receive its equivalent in LBP. They will get a second receipt for the exchange transaction.