One of three Baltic states, Lithuania is situated in northeastern Europe. The country has a strong, advanced economy, ranks highly in the Human Development Index and is considered a hub for up and coming tech companies. As of 2021 Lithuania has a population of 2.7 million inhabitants; this is moderately smaller than that of neighbouring countries Belarus and Poland. Albeit a small country, Lithuania’s remittance market is on the upward trend so we want to make sure our customers receive the best value when sending money over there.
Sending Money to Lithuania
Multiple countries claim to be the geographical midpoint of Europe but according to research conducted by the French National Geographic Institutie, the centrepoint is in Lithuania. The country has erected a monument in honour of this title, located in Girja, 26 km north of the country’s capital, Vilnius. In addition to this popular tourist attraction, other points of interest in Lithuania include the medieval Trakai Island Castle, found just outside of Vilnius, the Sand Dunes of Nida in the westernmost point of the country and the UNESCO world heritage site, Hill of Crosses.
The Lithuanian language is one of the oldest in the world and the country is very proud of its iconic etymology. They are also particularly patriotic about basketball, potato-based delicacies, super fast broadband and Baltic legacy.
A member of the European Union since 2004, Lithuania has chosen to adopt the Euro (EUR), converting the currency over from Lithuaina litas (LTL) in January 2015. This relatively recent change in currency has had a positive effect on the country, with the stability of this common currency making it easier for individuals and businesses to trade and invest. It also means it is now easier than ever before to transfer money across the border into Lithuaian.
The current exchange rate for the Euro (EUR) is 0.923904 EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of 0.9239 EUR per USD and a low of 0.9081 EUR per USD during the last 90 days. The average exchange rate for the EUR was 0.9188 EUR per USD for the last 90 days.
The average volatility rate of the EUR against the USD was 0.26% for the last 90 days. This is a normal volatility rate, and the EUR has been relatively stable for some time now. Going forward, you can reasonably expect only moderate fluctuations to continue, barring any unforeseen circumstances.
The fastest way to send money to Lithuania is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its Lithuanian destination in a matter of minutes. The fast option they offer is also a relatively well-rounded deal, as it’s cheaper than much of the slower competition.
The only drawback to Ria Money Transfer is that some customers complain that it is difficult or tiresome to use sometimes
Ria Money Transfer’s Slow option is the cheapest way to send money to Lithuania. With Ria Money Transfer’s slow option, you simply pay less. The company charges low upfront fees, and their hidden currency conversion costs are quite low. When you consider both of these factors, Ria Money Transfer’s slow option comes out as the cheapest option. The only downside is that the waiting times are 3-5 days.
The easiest way to send money to Lithuania is through Wise. With Wise, you can get your money to Lithuania in three simple steps. Once your account is set up, the peer-to-peer money transfer company only requires you to tap in the amount of money you want to send and the destination. Once you do that, you just pay Wise for the transaction and wait a day or two for your money to arrive in Lithuania.
Wise is the overall best way to send money to Lithuania. While they aren’t the fastest or cheapest option, Wise offers an excellent balance between speed, cost-efficiency, and ease of use. The company’s standard service is available in the majority of countries, and it is very easy to use. Their rates aren’t the cheapest, but they come quite close to being the cheapest option. They are also one of very few money transfer services that don’t mark up currency conversion costs at all. This way you always know exactly how much money they are making from your transactions.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com