Data suggests that more than 600,000 Lithuanians live outside of the country. As a result, instances of people wanting to send money to Lithuania do not come as a surprise. No matter what the reason for sending money to Lithuania might be, it is normal for people to look for cost effective and quick ways to go about the process. Do you, like many others, want to know the best way to send money to Lithuania?
Transfer Money to Lithuania
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What currency is used in Lithuania? The Lithuanian litas (LTL) served as the currency of Lithuania until January 2015, when it was replaced by the euro (EUR). While the transition from the litas to the euro was due to take place in January 2007, the process was delayed because of the economic crisis coupled with high inflation.
When sending money to a Lithuanian bank account, you will need o the bank’s SWIFT code. Here are SWIFT codes of some popular bank in Lithuania.
|Luminor Bank AB||Vilnius||AGBLLT2XXXX|
|Siauliu Bankas AB||Siauliai||CBSBLT26XXX|
Popular Currency Corridors
A considerable sum of money flows into Lithuania regularly, and money leaves the country as well. In 2016, around U.S. $1.28 billion was sent to Lithuania in remittances from other countries. In the same year, around U.S. $213 million made its way out of the country as remittances.
The corresponding tables indicate how much money made its way in and out of Lithuania across its popular currency corridors in 2016. The numbers are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to Lithuania?
Since different service providers give you the ability to send money to Lithuania, it is important that you compare them across some crucial parameters.
- Cost. The cost of sending money to Lithuania depends on the fee your transfer attracts and the exchange rate you get. Both may vary from one company to another. An easy way to determine which service provider is the most cost effective is to look at how much money will get to the recipient once the transfer is complete.
- Speed. If you wish to send money to Lithuania quickly, consider using the services of a company that has cash pickup locations in the country. These transfers tend to process on the same day, and at times they go through almost immediately. A transfer to a Lithuanian bank account may take up to five working days. This depends on where you live, the company you choose, as well as the recipient’s bank.
- Paying for your transfer. Almost every company that lets you transfer money to Lithuania accepts payments via bank account transfers. Not all let you pay using debit or credit cards, whereas some even accept payments via region-specific methods such as SOFORT, iDEAL, ACH, and POLi.
- Customer support. Some of the leading companies provide local phone support in different countries. Several provide online support via chat, and most provide assistance via email. If you want to find out how these companies fare in the real world, consider turning to review-based websites such as Trustpilot and Feefo.
How to Transfer Money to Lithuania?
You may begin the process of sending money to Lithuania in different ways.
- Online. If you are thinking about using your bank’s online platform to send money to Lithuania, make sure you compare it with the top online money transfer companies first.
- Over the phone. Some of the leading companies give their customers the option of sending money to Lithuania over the phone. With some, you even get access to dedicated currency brokers.
- In-person. While a number of banks let you send money to Lithuania in person, you might be better off turning to a specialist money transfer company that operates out of physical locations.
Arnas had been out of work for around six months and was having trouble keeping up with his finances. As a result, he decided to ask his brother Lukas, who lived in the UK, for some monetary help. Lukas was more than willing to send him some money and they figured that around £3,000 would do the trick.
While Lukas could use the services of various banks in the UK, he decided to compare them with some specialist money transfer companies. The corresponding table shows you how the best from both realms fared against each other.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = EUR 1.0718||GBP 1 = EUR 1.1205|
|Transfer fee||GBP 18||GBP 0|
|Amount received for GBP 3,000||EUR 3,196.11||EUR 3,361.50|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 165.39|
By selecting the money transfer company over the bank, Lukas ensured that Arnas received a little extra money. Besides, the money got to Arnas sooner that it would have had Lukas used the bank.
Cash Pickup Locations in Lithuania
If you want to send money to Lithuania in a hurry you may consider transferring it to a cash pickup center. Some of the poplar companies that have agent networks in Lithuania include MoneyGram, Western Union, and Ria.
|MoneyGram in Lithuania|
|Vilnius Top Exchange Gedimino Pr 9 Vilnius||Medicinos Bankas Pamenkalnio G 40 Vilnius|
|Kaunas Medicinos Bankas K. Donelaicio G 76 Kaunas||Siauliu Bankas Laisves Maironio G St.80-26 Kaunas|
|Western Union in Lithuania|
|Vilnius Paypost 530 Gedimino Pr 7 Vilnius||Currexprime Currency Exchange Mindaugo Str 11 Sm Maxima Xxx Vilnius|
|Kaunas Kauno Centrinis Pastas Laisves Aleja 102 Kaunas||Paypost 902 Varniu G Pc Iki Kaunas|
Safety Tips for Picking Up Cash in Lithuania
While crime levels in Lithuania are typically low, there have been instances of violent crimes such as muggings. Petty crimes such as bag snatching and pickpocketing tend to take place in crowded bars and restaurants as well as on public transportation. Remain vigilant around the Vilnius train station and when using public transportation, especially if approached by a group of strangers seeking help.
Foreigners may be targeted in thinly populated areas after dark. Do not leave your handbags or coats unattended in clubs, pubs, and bars. Do not leave your food or drink unattended, and do not accept food or drinks from strangers. Do not leave your belongings in parked vehicles, and park your vehicle in secure areas when possible.
What Information Do I Need to Transfer Money to Lithuania?
The information you need to send money to Lithuania depends on the transfer method you select.
- Transfer to bank account. You will need the recipient’s complete name and bank account number as well as the receiving bank’s name and SWIFT code.
- Transfer to cash pickup center. The information you need includes the recipient’s complete name and the location of a suitable cash pickup center. To collect the transferred money, the recipient will need to present an acceptable for of photo ID along with a transaction or reference
Regulations When Transferring Money To and From Lithuania
As part of the European Union, Lithuania does not have its own currency regulations. The Bank of Lithuania is responsible for overseeing the country’s payment systems and the country follows the single monetary policy set by the European Central Bank (ECB). There are no restrictions on moving money in and out of Lithuania. However, any transfer over €10,000 is declared to the relevant European Union authorities.
When you want to transfer money to Lithuania the next time around, make sure you compare your alternatives well. Look for ongoing promotional offers too as they may lead to added savings.
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