With our Lithuania Money Transfer Guide, you will learn how to maximize the value of your Euro currency.
We will teach you how to save more when sending money to or from Lithuania with the help of some of the best and cheapest Foreign Exchange companies. We have reviewed and compared them so you will have access to the top three in the market.
The Guide’s Topics:
- The Best Way to Transfer Money to Lithuania
- The Best Company to Transfer Money from Lithuania
- Today’s Euro Rates
- Reasons to Send Money to Lithuania
- Regulation and Limitations
Best Company To Send Money To Lithuania
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
With WorldFirst you can make money transfers anywhere in the world, be it North America, Europe, Asia or even Africa, with zero fees. And besides that, you can rest assured that you will receive the best bang for your buck thanks to their great currency exchange rates. For more information be sure to visit their website.
MoneyCorp is a similar company in what it offers to their clients. As it is one of the oldest company in this market, with over 35 years of experience, you know that your money will be secure.
TorFX is a smaller company but hey have a great team behind. They have some of the best feedback on the market, with an average of 9.4 of 10 on Trustpilot.com. On their website, you can get a free quote as well as learning more about the company.
Best Company to Send Money from Lithuania
|Min. Transfer: £ / € 100.|
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. 18 Worldwide Offices.
Supported Regions & Currencies
Contrary to the regulations of the US, the countries that are part of the European Union (like Lithuania) don’t have a state by state or province by province regulation. The entire country has to obey the European Anti-money laundering law.
Currencies: Because the companies are specialized and work in only one sector, having access to many worldwide currencies it’s a must. If you want to send money to some very exotic places, be sure to ask the company if they can help you. But to be honest, we don’t know too many places that they don’t cover already.
Some of the most traded countries like Italy, Ireland, Israel, Greece, Switzerland or China are on their list every day. And the same goes for other countries that heavily rely on remittances like Brazil, Morocco, Bangladesh, Mexico or Poland.
Today’s Foreign Exchange Rates for EUR
Why Send Money To A Lithuanian Bank Account
As of January 1, 2015, Lithuania has embraced the use of Euro as the national currency and got rid of their old currency named Lithuanian Litas (code: LTL). This will mean a more stable economy as well as easier and more profitable import/exports business.
Remittances: Of all the Non-English speaking nations in the European Union, Lithuanians stand out as the one where English is spoken by 30% of total population and 80% of the youth. That’s why the regions with the biggest Lithuanian populations are English speaking countries like the UK, USA, Canada and Ireland.
In 2014, the remittance inflow of almost $2.5 billion to Lithuania has made almost 5% of the country’s GDP.
The rapid economic growth after joining the European Union, its low tax and the skilled workforce has attracted many foreign investors to invest over 9 billion euros in 2009.
Thinking Of Relocating To Lithuania?
If you consider moving into Lithuania and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Lithuania:
- Low Rent: Average rent for a 100 sq. meter flat is about 600 EUR monthly.
- Low Food Costs: Sensational quality restaurants that offer food for only 5 EUR per plate regardless of the time of day.
- Low Crime Rate: Lithuania scored a 44 on the crime level index.
Disadvantages Of Moving To Lithuania:
- High Cost of Technology: Be wary of purchasing international brands of technology because they will be triple the price due to lack of competition.
- Quality of Service: In recent years this has been improving; however, people say Lithuania has one of the worst customer service experiences in Europe.
- Weather: Lithuania has extremely hot summers and freezing winters. If you are looking for a more agreeable climate, perhaps look elsewhere.
How The Money Transfers Works
The FX companies buy currencies in bulk at a wholesale price and make the profit by exchanging currencies when customers decide to make international money transfers overseas. It’s that simple.
Details Needed To Transfer Money To Lithuania
- Account Number
- The Receiver’s Complete Name
- Swift/BIC Code
- Identity Card
To make the transfer you will need to cover a few small steps:
- Open a free account with the company of your choosing.
- Receive a quote for your transfer.
- Fund your account with the necessary amount.
- Wait 1-2 days to get a confirmation from the company that the transfer is completed.
Our Company Recommendation:
- Send Money to Lithuania: Foreign Exchange companies that provide international money transfers to Lithuania.
- Send Money from Lithuania: Foreign Exchange companies that can take on Lithuanian Customers.
Regulations and taxes on money transfers to and from Lithuania
Lithuania has no regulations or currency controls, as a member of the single currency Eurozone. Transferring money in and out of Lithuania is not restricted for non-residents and residents alike.
Lithuania is one of the newest members of the Eurozone, having only adopted the single currency in early 2015. Its entry into the Eurozone has made an already free and easy money transfer policy, even more effortless.
The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.
The Bank of Lithuania
The Bank of Lithuania oversees payment systems to ensure the stability of their financial sector. It also monitors the country’s credit unions, commercial banks, and insurance companies.
The European Central Bank (ECB) sets the single monetary policy.
Lithuania imposes few restrictions on transfers in and out of the country. This, in addition to its strong economy, attracts high Foreign Direct Investment (FDI).
Transfers over EUR10,000 must be declared to European Union authorities.
Taxation on foreign income
Income and capital gains taxes in Lithuania are among the lowest in Europe.
Lithuanian residents are taxed on any foreign income.
Non-residents are taxed on any income originating in Lithuania. Double tax treaties are in place to avoid double-taxation
Biggest Banks In Lithuania
- AB bankas “FINASTA”
- AB SEB bankas
- Citadele Bank
- DNB Bankas
- Medicinos Bankas
The high percentage of English speaking Lithuanians has allowed many to go and work abroad and thus, creating a big Lithuanian diaspora. This has led to an increase in remittances that the country receives every year from those that need to send money to Lithuania for their families and relatives.
Fortunate for these people, the FX companies have developed and started offering zero fee transfers for those that want to send money to or from Lithuania. That’s why many has started to move away from the banks and the old way of transferring funds abroad. Be smart and choose the best solution – Foreign Exchange companies.