Now you will discover how to transfer money to Lithuania
TABLE OF CONTENT
Lithuania replaced Litas currency with the Euro as the national currency in 2015. This currency change has positively affected the economy. Lithuania has a mixed and open economy ranked as a high-income one.
In addition, currency transactions between Lithuania and other countries have become less expensive and simpler than ever.
DNBC’s experts will show you how to transfer money to Lithuania in general and transfer money to Lithuania online in particular.
Now you will discover how to transfer money to Lithuania
How to transfer money to Lithuania online with step-by-step instructions?
If it’s the first time you’ve transferred money to Lithuania you could be confused. With various methods of transferring money, it’s optimal to choose an online transfer money provider.
This is due to preferable transfer fees and good exchange rates offered. It’s also a cheap and simple way to transfer money to Lithuania.
Here is a step-by-step instruction for you to cover before transferring.
Step 1: Pick a provider after satisfying your standards
Several international money transfer providers give their customers the chance to send money internationally to Lithuania.
As a result, selecting the best option can take time but it’s necessary to do. You can choose a provider based on some certain criteria: security, convenience, speed, exchange rate, fee, promotion, service…
Once you pick a suitable provider, sign up as an individual or a business account. The information you need to fill in will consist of details from an acceptable form of identity document.
Step 2: Set up your transfers
The first step in setting up your transfer is to get a rate quote from your provider. The amount you plan to send can affect the offered rate.
If you accept the quote, you get some time to send your international transactions. This is when you need to give the beneficiary Lithuanian bank account details.
Step 3: Make transactions, track your funds
Make your payment on your online platforms via website/ wire transfer apps. Your provider will transfer money to Lithuania once getting your orders.
It’s easy to track your transfer - through email/text notifications or on the provider's website/app.
You can pick DBNC Financial Group, OFX, CurrencyTransfer, Wise, TransferGo, Remitly, CurrencyFair, SingX… to transfer money to Lithuania online with ease.
Other options to transfer money to Lithuania
It would be worth looking into an alternative option to transfer money to Lithuania. This is due to the different methods of transferring money that will have different advantages and disadvantages. Hence, you need to focus on each of them to figure out what’s better for you.
Visiting a traditional bank can be the first popular option when you transfer money to Lithuania. Banks enable you to send money from your account to an account in Lithuania directly. Banks seem versatile but do have their weaknesses.
Bank’s transfer fees are quite costly and the exchange rates are uncompetitive.
There are no restrictions on transferring money to and from Lithuania. However, an over €10,000 transfer fund is declared to the relevant EU authorities.
It’s possible to use a credit card issued by your bank to make international transfers, provided that it’s connected to your online payment.
Banks also accept credit cards for payment through other forms of transfer including phone payment and in person at a branch.
However, you will often pay expensive fees and charges if sending money by using a credit card. Besides, not all providers accept credit cards as payment to fund your exchange.
If you send money to Lithuania in a hurry, you can consider transferring your money to a cash pickup branch. Because the delivery speed matters, the fees are expensive too.
Sometimes, it can take a few minutes for a money transfer for cash pickup in Lithuania. But delivery times can rely on bank opening time, security checks, service delays or holidays.
Some popular companies with branches in Lithuania consist of Western Union, MoneyGram, and Ria.
The required information consists of the beneficiary name and the location of a suitable cash pickup branch.
To collect the transferred money, the beneficiary has to show an acceptable form of photo ID along with a reference or a transaction.
More about DNBC Financial Group
DNBC Financial Group is a fast-growing startup in Fintech, offering money transaction solutions anywhere in the world.
By setting a high standard for innovation in the money transfer platform since 2017, DNBC Financial Group has proudly provided solutions for collecting payments, transferring and managing funds.
DNBC Financial Group currently has an increasing number of users globally, consisting of transferring money to Lithuania online all around the world.
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