Banking in Libya
As far as i'm aware, you cannot walk into a bank and ask for an account. If you're in Libya on a work visa or if you already have your Iqama (residence permit) your employer will ask you to open an account so that your salary can be paid into it.
There are many steps to follow and some documents you'll need to provide. But before that be warned, like everything administrative in Libya, it can be long and difficult.
Required documents:
- a certificate of employment signed and stamped by your employer
- a copy of your work contract
- a copy of your passport + original to show
- 2 ID pictures
- sometimes you need to provide your own suspension file with your name on it. This is quite common in Libya.
Once you have all the documents, go to the bank. Sometimes your employer will insist on a particular bank or you can choose your own. At the bank you need to find the person in charge of opening bank accounts. You'll need to hand over your documents and fill in some paperwork. (Remember paperwork is done in Arabic only so if you can read and write that language, don't forget to bring someone with you to help you through.) It will take some time for the bank to process your application form, when this is done they will give you a form that you can take back to your employer so they can wire you money there.
Tip 1: Don't expect people to guide you through the process, they have better things to do. Twice now (in Misurata and Zawia) we asked for the paperwork and our demands were ignored up until, when we finally got the papers, we were told to head straight to the bank as otherwise it would be too late.
Tip 2: Banks works on certain days and times, and each section within the bank has its own opening days, times and periods. This of course you only learn after you're turned down a few times. Best thing to do once at the bank is to ask for the name and number of the person in charge of opening bank accounts and try to make an appointment. You won't get a personal appointment but try to make them give you a precise day and time when they are sure to be there. Leave your name and details. Libyans are people's people, they will remember you when you come again and will help you.
Do's and don'ts
A bank account in Libya is nothing more than a place to store your money. You may apply for a bank card, but this only allows you to use cash points, you can't pay with that. Same for chequebooks, they are only used to withdraw money from your accounts, they are never accepted as payment. Libya is a cash only society.
On the other hand, there are no limits on withdrawal or deposit and you'll be free to do whatever you like with your money. It is quite common to see people going to the bank with plastic bags or small suitcases. It's not a problem to withdraw big amount in one time.
When you need to go to the bank, plan ahead you'll need a long time. Queues are always very very long, it can take hours to get some money out... unless you are a woman. Women in Libya don't wait in offices. They have their own, much smaller queue and they are in and out much faster than men.
People are limited to one bank account per person. If you planned to have a saving account or such forget about it, there is no such thing. As for people who are not employed, like spouse on "family" visas, i don't know how they can have an account (Maybe someone could comment here if they know).
Finally don't expect too much in terms of privacy, in Libya people don't queue, they bunch up at the front, so when you make enquiries (such as your balance) or answer questions (names and other personal details) they'll be plenty people listening. Nothing to worry about though, it is absolutely safe. You'll see what i mean when you witness cashiers carrying huge mountains of money across the bank floor with no protection whatsoever.
