How to send money to Lithuania
Find the best exchange rates and the lowest fees when you want to send money from the UK to Lithuania.
If you need to send money to Lithuania, you won’t 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 best exchange rates and lowest fees.
Compare services that send money to Lithuania from the UK
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 explained
Exchange 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), you’ll find that you may gain a little when exchanging your pounds (GBP). This is because the pound is traditionally a little stronger than the euro.
Case Study: Lucy sends money to Lithuania
Lucy is spending two years working in the UK and sending some of the money she makes back home to her parents in Lithuania. She checks with her bank, but the idea of paying the £30 transfer fee is too much to bear. Instead, she compares two money transfer companies in hopes of finding a more affordable solution for sending £1,000.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 GBP = 1.098 EUR||1 USD = 1.071 EUR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3 business days||1-3 business days|
|Amount received in EUR for £1,000||1,098 EUR||1,071 EUR|
As you can see, Lucy can send an extra 27 euros to her sister if she uses the first transfer company.
How do I compare transfer companies when transferring and receiving money via Lithuania?
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- 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 the UK to Lithuania?
- Bank transfers. Nearly every bank will allow you to send money to Lithuania.
- Money transfer providers. Providers like Ria and TransferWise 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 all over the world.
How safe is a money transfer?
When you use a reputable provider, your funds are safely tracked until in the hands of your recipient. It’s industry standard for international money services to use 128-bit SSL encryption systems at a minimum. Many also are licensed with UK financial regulators.
What are the steps to completing a money transfer?
- Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
- Supply your recipient’s name, contact information and bank account details as required.
- Enter the amount of your transfer and complete the transaction.
- Keep track of any receipt you receive so you can monitor the progress of your transfer.
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.
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