EUR Savings in Lebanon: Bank Account or Cash?
Summary
In r/Lebanon, a community member asks whether to deposit exchanged euros into a Neo account or keep them as cash while preparing for studies abroad. The discussion covers documenting roughly €15,000 for a student visa, possible transfer fees and restrictions, and the practical risks of holding cash.
EUR/USD Bank funds, is my approach good?
I have USD and EUR accounts with Neo, and most of my savings are in USD. My dad has EUR cash and needs to exchange the equivalent of $2,000 every while for cost of living here. I want to convert my USD savings into EUR so I can pursue further studies abroad next year.
We’ll rely on the official exchange rate that Google shows, since cutting out the exchange shop is a win-win for both of us.
Would it be a good idea to deposit the EUR I receive from each exchange into my Neo account? My end goal is to apply for a student visa next year, so when the time comes, I’ll be able to show a bank statement with the funds. The next step, naturally, would be to transfer the money through Neo once I settle abroad and open an account there. This would serve the purpose, but I’m worried that Neo might have restrictions or high transfer fees for EUR.
The alternative is to keep the EUR I receive in €10, €20, and €50 bills as cash. That would be less risky in case we go through another war, but it wouldn’t work as well for the visa application, nor would it be convenient to take that much cash with me abroad.
For what it’s worth, the estimated total will be around €15k. Students and people who have experience with this, please let me know. I could really use some guidance and reassurance. 🙏🏻
Post Author: /u/noonecudsaveme
Content Warning: None
