How to transfer money from Lithuania to UK
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According to a report in 2021, approximately 153,000 Lithuanian nationals were settling down in the UK, an increase of about 60% compared to 2008. Therefore, the demand for transferring money to the UK is significantly high. In this article, DNBC Financial Group will guide you through everything you need to know about transferring money from Lithuania to UK.
How to transfer money from Lithuania to UK?
How to transfer money from Lithuania to UK
There is a wide range of options to transfer money from Lithuania to UK, but we will take you through three typical methods: bank transfers, money transfer companies, and P2P platforms.
Transfer money through banks
A bank transfer also known as a credit transfer, or a wire/SWIFT transfer is a traditional method to send money. The best benefit of this way is that it is secure and reliable. Moreover, the SWIFT network works with more than 10,000 banks around the world, so there is no doubt that it’s wide-ranging.
However, when choosing bank transfers, you may face some drawbacks such as less competitive exchange rates, long wait time, and several fees associated with charges applied by both the sender and recipient banks as well as any costs charged by the intermediary banks involved.
Using money transfer companies
Another common method to transfer money from Lithuania is through money transfer providers. Compared to traditional banks, this method is significantly faster and more affordable. There are various companies you can choose from, including DNBC Financial Group. Their platform allows you to make overseas payment transactions simpler at the best conversion rate. It reaches 170 countries and territories around the world that you can transfer money to within 1-5 business days or immediately, depending on the type of transaction.
Transfer money through P2P Platforms
P2P means “peer to peer”, which will pair you up with someone else around the world. P2P platforms will simply purchase the currency from the standard interbank markets if they can’t match your transfer request with anyone. However, it may lead to an increase in the cost of a transaction. Therefore, if exchanges in popular currencies like dollars, pounds, euros, and yen, P2P platforms are perfectly reasonable due to the high demand on both sides. Users generally trade among themselves without the involvement of any dealers.
Which is the best way to transfer money from Lithuania to UK?
To find suitable providers that can meet your demands, you should know exactly which factors you’re looking for in providers: speed, limit, charges, exchange rates, customer support, or reputation.
Remember that conversion rates fluctuate continuously, so the one you’re considering now may change once the money arrives in the recipient's account.
While some providers have a minimum payment requirement, others have no limits at all. At DNBC Financial Group, you can transfer money up to 500.000 EUR/day with business accounts, and 200.000 EUR/day with personal accounts.
When you transfer a huge amount, the best conversion rate may help you save a lot of money. So, be sure to compare the exchange rate converter among providers before choosing one.
Before making payment transactions, discuss thoroughly with providers to avoid unexpected charges. Besides that, we also highly recommend that if those are non-urgent transactions, you should use normal transfers to save costs.
About DNBC Financial Group
Founded in 2017, DNBC Financial Group proudly assists individuals and businesses to make cross-border payments and online payments conveniently and cost-effectively through its smart digital payment platform. DNBC’s platform allows its customers to transfer money from/to 170 countries or territories around the world. Now, DNBC is present in many countries such as the United States of America, Canada, the European Union, Vietnam, Singapore, and Hong Kong. Visit dnbcf.com/ca to learn more.
Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.
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