Take the time to look around for the best deal when you need to send money to Lithuania – you could do your wallet a big favour.
The Baltic state of Lithuania is home to a population of almost 3 million people and is a member of the European Union. Known for its extensive history, beautiful architecture and the medieval Old Town of the capital city Vilnius, it has plenty to offer to international visitors.
If you ever need to send money to Lithuania, you won’t have any trouble finding a transfer company who can help you transfer the funds. But before you choose a company to manage your transaction, compare your options to see which provider offers the best exchange rates and lowest fees.
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Banks versus money transfer companies
Many people automatically assume that their bank will offer the most affordable service when they need to send money overseas. In reality, banks offer one of the worst deals going around on international money transfers. The low exchange rates and higher fees they offer combine to make overseas transfers much more costly than they should be, so you’re usually better off shopping around for a better deal.
There’s a good chance you’ll find what you’re looking for in the form of a specialist money transfer company. These providers, who concentrate their efforts on offering safe and affordable money transfers, generally have higher exchange rates and lower fees than the banks, which all leads to more money staying in your hip pocket.
Lucy is spending two years working in Australia and sending some of the money she saves back home to her parents in Lithuania. She currently uses one of the Australian ‘big four’ bank and decides to compare the services of two specialist money transfer companies for her next $1,000 transaction from Australia to Lithuania.
As you can see from the table below, using a transfer company means the recipient receives €36.24 more.
|Big four Australian bank||Money transfer company 2|
|Exchange rate||1 AUD = 0.6061 EUR||1 AUD = 0.629 EUR|
|Transfer method||Online, phone or bank||Online transfer|
|Processing time||1-3 working days||1-3 working days|
|Amount received (in EUR)||€592.76||€629|
How do I compare transfer companies when transferring and receiving money via Lithuania?
- Exchange rates. The higher the exchange rate, the more of the money you pay arrives in your recipient’s account or wallet. Search for a company that offers consistently high exchange rates.
- Transfer fees. Compare the fees each company will charge per transaction, and also check to see whether you can avoid fees by sending a large amount.
- Transfer methods. How can you place a transfer request: online, over the phone, in a branch and/or using an app on your tablet or smartphone?
- Flexible options. Can you place a limit order or forward contract to get the exchange rate you want? Can you save time by setting up a recurring payment plan?
- Turnaround time. While some companies take several business days to complete transfers, others can send the funds to your recipient within minutes - however, you will usually pay extra for urgent transfers.
- Transfer limits. Be aware that some transfer providers place minimum and maximum limits on the amount you can send each transaction. Maximum per-day or per-month limits may also apply, so check the fine print before you sign up for an account.
- Pickup options. How will your beneficiary be able to access the money you send: via their bank account, or via a transfer company branch?
- Customer service. If you need assistance with a transfer, does the company offer phone and email support? Is there a live online chat option available as well?
How do I send money to Lithuania from Australia?
- Specialist transfer companies. Search our list of trusted money transfer providers to see which ones will let you send money to Lithuania.
- Cash pickup transfer providers. Western Union and MoneyGram are the world’s two largest providers of this type of transfer.
- PayPal. PayPal offers an international money transfer service to Australian customers.
- Bank transfers. Compare your bank’s exchange rates and fees with those offered by other transfer providers.
- International guaranteed cheques. An old-fashioned way of doing things is to get an international guaranteed cheque from your bank.
How do I receive money from Lithuania in Australia?
- Specialist transfer companies. Compare the exchange rates and features offered by a range of specialist transfer companies to find the best deal.
- Cash pickup transfer providers. Search online to find your nearest cash pickup branch.
- PayPal. Check PayPal’s fee structure to see whether sending and receiving money via PayPal could be cheaper for you.
- Bank transfers. Your family member or friend in Lithuania could send a transfer from their bank account to your Australian bank account.
- International guaranteed cheques. Ask your bank about the fees they charge when you receive an international cheque and deposit it into your account.
Emergency cash transfers in Lithuania
When time is of the essence for your money transfer to Lithuania - maybe you need to help out a relative who is tight on funds - there are several companies who can help you send emergency cash transfers. However, before you agree to one of these transfers, make sure you’re aware of the fact that you’ll usually need to pay extra for such a transfer. High fees and lower than normal exchange rates may apply, so check the fine print before you pay any money.
Cash pickup locations in Lithuania / Western Union / MoneyGram branches in Lithuania
With branches in Lithuania and all around the world, Western Union and MoneyGram offer convenient international money transfers. You can see the details of some popular cash pickup locations in Lithuania listed below, but contact the agent directly to confirm its location and opening hours. Also make sure you take along photo ID and a transaction reference number when receiving a transfer.
A Vienuolio G Lelevelio G
Vilnius, Vilniaus M
Open 10am to 7pm Monday to Friday, 10am to 3pm Saturday
Swedbank Rotused KAC
Vokieciu G 26
Open 9:30am to 5:30pm Monday to Thursday,
9:30am to 4:30pm Friday
Laisves Al 79
Kauno Rs Laisves Kac
Open 9am to 6pm Monday to Friday
Vilniaus G 14 Pc Norfa
Panevezys, Panevezio M LT 22120
Open 8:30am to 5pm Monday to Friday, 9am to 1pm Saturday
AB Citadele Bankas
Gedimino Pr 26
Open 8am to 6pm Monday to Thursday, 8am to 5pm Friday
Vilniaus G 28
Open 8am to 5pm Monday to Friday
Maironio G ST. 80-26
Open 8am to 5pm Monday to Friday
Rotuses A 1
Open 9am to 6pm Monday to Friday, 9am to 1pm Saturday
Tips for picking up cash in Lithuania
Lithuania is classified as a safe country to visit for Australian travellers, but it’s still a good idea to keep the following safety tips in mind when picking up cash:
- Don’t go alone - take a friend with you
- Only visit cash pickup locations in areas where you feel safe
- Don’t advertise the fact that you have a big pile of cash to strangers
- Deposit the funds into your bank account as soon as you can
- Check the Smartraveller website for more helpful travel tips
What are the steps to send money to Lithuania?
- Sign up for an account. The first step is to sign up for a free account with a transfer provider. This can usually be done online by providing your contact details, proof of ID and bank account information.
- Enter your transaction information. How much money are you sending? In what currency? Where are you sending it and who will receive it?
- Finalise your transaction. The final step is to closely review the details of your transfer and then submit your transaction request. Many providers will allow you to track the progress of your transfer online.