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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.
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.
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.
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.
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.
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.
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.
Here are a few handy tips to avoid making yourself a target for thieves when picking up cash in Lithuania.
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