What currency is used in Lithuania? The Lithuanian litas (LTL) served as the currency of Lithuania until January 2015, when it was replaced by the euro (EUR). While the transition from the litas to the euro was due to take place in January 2007, the process was delayed because of the economic crisis coupled with high inflation.
When sending money to a Lithuanian bank account, you will need o the bank’s SWIFT code. Here are SWIFT codes of some popular bank in Lithuania.
|Luminor Bank AB||Vilnius||AGBLLT2XXXX|
|Siauliu Bankas AB||Siauliai||CBSBLT26XXX|
Arnas had been out of work for around six months and was having trouble keeping up with his finances. As a result, he decided to ask his brother Lukas, who lived in the UK, for some monetary help. Lukas was more than willing to send him some money and they figured that around £3,000 would do the trick.
While Lukas could use the services of various banks in the UK, he decided to compare them with some specialist money transfer companies. The corresponding table shows you how the best from both realms fared against each other.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = EUR 1.0718||GBP 1 = EUR 1.1205|
|Transfer fee||GBP 18||GBP 0|
|Amount received for GBP 3,000||EUR 3,196.11||EUR 3,361.50|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 165.39|
By selecting the money transfer company over the bank, Lukas ensured that Arnas received a little extra money. Besides, the money got to Arnas sooner that it would have had Lukas used the bank.
If you want to send money to Lithuania in a hurry you may consider transferring it to a cash pickup center. Some of the poplar companies that have agent networks in Lithuania include MoneyGram, Western Union, and Ria.
|MONEYGRAM IN LITHUANIA|
|Vilnius Top Exchange Gedimino Pr 9 Vilnius||Medicinos Bankas Pamenkalnio G 40 Vilnius|
|Kaunas Medicinos Bankas K. Donelaicio G 76 Kaunas||Siauliu Bankas Laisves Maironio G St.80-26 Kaunas|
|WESTERN UNION IN LITHUANIA|
|Vilnius Paypost 530 Gedimino Pr 7 Vilnius||Currexprime Currency Exchange Mindaugo Str 11 Sm Maxima Xxx Vilnius|
|Kaunas Kauno Centrinis Pastas Laisves Aleja 102 Kaunas||Paypost 902 Varniu G Pc Iki Kaunas|
While crime levels in Lithuania are typically low, there have been instances of violent crimes such as muggings. Petty crimes such as bag snatching and pickpocketing tend to take place in crowded bars and restaurants as well as on public transportation. Remain vigilant around the Vilnius train station and when using public transportation, especially if approached by a group of strangers seeking help.
Foreigners may be targeted in thinly populated areas after dark. Do not leave your handbags or coats unattended in clubs, pubs, and bars. Do not leave your food or drink unattended, and do not accept food or drinks from strangers. Do not leave your belongings in parked vehicles, and park your vehicle in secure areas when possible.
The information you need to send money to Lithuania depends on the transfer method you select.
As part of the European Union, Lithuania does not have its own currency regulations. The Bank of Lithuania is responsible for overseeing the country’s payment systems and the country follows the single monetary policy set by the European Central Bank (ECB). There are no restrictions on moving money in and out of Lithuania. However, any transfer over €10,000 is declared to the relevant European Union authorities.