How to send money to Lithuania
Find the lowest fees when you want to send money from Ireland to Lithuania.
If you need to send money to Lithuania, you’re unlikely to have any trouble finding a transfer company that can help you transfer the funds. Before you choose a company, compare your options to see which provider offers the lowest fees.
How do international money transfers work?
An international money transfer allows you to convert money from one currency to another and send it to a recipient overseas. You’ll work through a bank or independent provider either online, over the phone or in person. Paying is just as simple, with most providers allowing you to use a card, cash or automatic bank withdrawal to fund your transfer. Your recipient can then pick up their cash or have it deposited into their bank account, whichever is easier.
Banks versus money transfer companies
A bank might be your first thought when considering where to go to make a money transfer, but they often charge high fees and don’t offer the best exchange rate. Instead, consider finding an independent money transfer company. These offer fast, secure and much more affordable transfers to Lithuania and other countries around the world.
Foreign exchange rates explainedExchange rates help you know how much one currency is worth when converted to another and are influenced by the global economic market. A strong currency will be worth more when exchanged with a weaker one. Since Lithuania uses the euro (EUR) just like Ireland, you’ll need to pay closer attention to the transfer fees.
|Money transfer company 1||Money transfer company 2|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3 business days||1-3 business days|
As you can see, Lucy can save €10 in transfer fees by using the second transfer company.[/fin_case]
How do I compare transfer companies when transferring and receiving money via Lithuania?
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
How do I send money from Ireland to Lithuania?
- Bank transfers. Most banks should allow you to send money to Lithuania.
- Money transfer providers. Providers can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- PayPal. PayPal allows you to send money from Ireland to Lithuania.
How safe is a money transfer?
When you use a reputable provider, your funds are safely tracked until in the hands of your recipient. International money services typically use encryption systems and may often be authorised by a country’s financial authority.
What are the steps to completing a money transfer?
- Find a money transfer company.
- Create an account.
- Enter your recipient’s name and personal information.
- Enter how much you want to send and your payment method.
- Pay for the transaction.
- Save your tracking number.
Keep your tracking number close by until your recipient picks up their cash or confirms that the money is in their bank account. This ensures you can solve any problems during the transfer should they happen.
Same-day cash transfers
Sometimes you need to send a money transfer to a friend or family member in Lithuania. A same-day transfer is possible, but it will cost you. Most money transfer companies charge a hefty fee and offer less optimal exchange rates. Unless it’s an emergency, most cash transfers will be better for you and your recipient if you opt not to make a same-day transfer.
Tips for picking up cash in Lithuania
Here are a few handy tips to avoid making yourself a target for thieves when picking up cash in Lithuania.
- Visit during daylight hours and know the area well.
- Take a friend with you. Extra eyes can help spot potential trouble.
- Deposit your money quickly in a bank or safe.
- Keep your cash on your person, not in a purse or bag.
Compare your money transfer options and give yourself a leg up in terms of cost and transfer speeds.
More guides on Finder
The UK-based CurrencyTransfer platform lets you compare and select the best money transfer rates.
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