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Euro transfers within Europe are usually free โ the real cost hides in the exchange rate
SEPA transfers between euro accounts in Europe are standardised, usually free and often instant. The actual cost of sending money from outside the eurozone is almost never the fee a bank quotes you โ it's a few percent buried in a worse-than-market exchange rate, which on a monthly transfer adds up to hundreds of euros a year.
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The Cost You Can't See
When a bank quotes you "โฌ15 to send money abroad", the โฌ15 is rarely the real cost. The real cost is buried in the exchange rate.
Here's how it works. There's a genuine market rate for converting one currency to another โ the mid-market rate, the one you see on Google. Most banks don't give you that. They give you a rate a few percent worse and keep the difference. On the statement it looks like the whole transfer was nearly free.
What a 3% markup actually costs
| You send | 3% markup | Over a year (monthly) | Over 6 years |
|---|---|---|---|
| โฌ500/month | โฌ15 | โฌ180 | โฌ1,080 |
| โฌ700/month | โฌ21 | โฌ252 | โฌ1,512 |
| โฌ1,000/month | โฌ30 | โฌ360 | โฌ2,160 |
| โฌ13,000 tuition/year | โฌ390 | โฌ390 | โฌ2,340 |
None of that appears as a fee. It's simply money that never arrives.
SEPA โ Often Genuinely Free
Before reaching for a transfer service, check whether you need one at all.
Lithuania is in the eurozone and the SEPA area. A euro transfer from a Lithuanian account to any other SEPA account โ Germany, France, Spain, Ireland, Poland, and dozens more โ is standardised, usually free for private customers, and frequently instant.
Both major banks include euro payments in their standard plans: Swedbank's Basic plan (โฌ1.70/month, or โฌ1.10 if your salary is paid in) covers free euro payments, and SEB's DAILY plan (โฌ2/month, free if you're 18โ25) includes unlimited European payments.
If you're sending euros within Europe, stop reading
Just use your bank. There's no conversion, so there's no markup to avoid. Transfer services exist to solve a currency problem โ no currency change, no problem. The rest of this page is about sending money outside the eurozone, or receiving it from outside.
Provider Comparison
| Method | Exchange rate | Fees | Speed | Best for | |
|---|---|---|---|---|---|
| Wise | Mid-market | Visible, stated upfront | Minutes to 2 days | Non-euro transfers, large amounts | Open |
| Revolut | Mid-market weekdays | Free within plan limits | Often instant | Everyday transfers, travel | Open |
| Paysera | Good | Low, transparent | 1โ2 days | Local Lithuanian alternative | Open |
| SEPA transfer (bank) | N/A โ no conversion | Usually free | Same day or instant | Euros within Europe | โ |
| Bank international wire | 2โ4% markup | โฌ15โ50 stated | 2โ5 days | Rarely the best option | โ |
| Cash transfer shops | Poor | High | Minutes | Recipient has no bank account | โ |
Bank markup ranges are indicative of typical European practice โ compare the rate you're actually quoted against the mid-market rate on the day.
The one habit worth building
Before any international transfer, look up the mid-market rate โ Google "EUR to [currency]" โ then check what your provider is offering. The gap is your real cost. Do this once and you'll never use a bank wire for a non-euro transfer again.
Notes by Country
Lithuania's foreign population creates a few specific transfer corridors worth addressing directly.
๐บ๐ฆ Ukraine
The largest corridor, given roughly 77,000 Ukrainian citizens in Lithuania. Wise and Revolut both generally handle UAH considerably better than a bank wire, though availability and limits change โ check current support before relying on a single provider.
If your recipient doesn't have a functioning bank account, cash transfer services may be the only practical route despite the cost. That's a real constraint, not a failure to shop around.
๐ฎ๐ณ India
A significant and growing corridor, particularly among tech workers and medical students. Wise typically offers rates well ahead of what a Lithuanian bank will quote on INR. Avoid sending INR by bank wire โ the markup on this currency pair is consistently poor.
If you're paying medical tuition and also sending money home, set up one provider properly rather than improvising each time.
๐บ๐ธ United States
USD-to-EUR and back. American banks are notorious for both high wire fees and poor rates โ a single SWIFT transfer can cost $25โ45 plus an unfavourable rate. Wise is markedly better in both directions.
US citizens should also be aware of FATCA reporting obligations on foreign accounts โ see our account opening guide.
๐ฌ๐ง United Kingdom
GBP-to-EUR is a heavily served corridor with good rates available. Post-Brexit the UK is outside SEPA for some purposes, so don't assume a transfer is free simply because it's within Europe. Wise and Revolut both handle this pair well.
๐ช๐บ Eurozone countries
Use an ordinary SEPA transfer from your bank. No conversion, no markup, usually free and often instant. This is the case where a transfer service adds nothing.
๐ Kazakhstan, Uzbekistan and Central Asia
A growing corridor as Central Asian students and workers arrive. Provider support for these currencies varies considerably and changes โ check current availability directly before committing to a method, and be prepared for the recipient side to be the constraint rather than the sending side.
Paying Tuition From Abroad
This deserves its own section because it's the largest single transfer most readers will make, and the amounts make the markup impossible to ignore.
Medicine at LSMU costs โฌ12,800 per year for years IโIII and โฌ13,300 for years IVโVI โ roughly โฌ78,300 across the six-year programme. Sent from outside the eurozone through a bank wire at a typical 3% markup, that's about โฌ2,350 lost to exchange rates alone.
Before you pay a large tuition instalment
- Ask the university which payment methods it accepts. Some require transfer from a named account or have specific reference requirements โ check before optimising for cost.
- Compare the total received, not the fee. The number that matters is how many euros land in the university's account.
- Watch transfer limits. Large single transfers can trigger additional verification. Allow time before a payment deadline.
- Expect source-of-funds questions on large amounts. That's routine compliance, not suspicion โ have documentation ready.
Sending large amounts?
The rate matters more than the fee. Mid-market rates on tuition-sized transfers.
Dynamic Currency Conversion โ Always Decline
Not a transfer, but the same trick, and it costs Lithuanian residents money constantly.
When you pay by card abroad, or use a foreign ATM, the terminal may offer to charge you in your home currency instead of the local one. It sounds helpful. It isn't. That's Dynamic Currency Conversion, and the operator sets the rate โ typically 3โ7% worse than your card issuer would give you.
Always choose the local currency. If an ATM in Lithuania offers to charge your card in dollars, pounds or rupees โ decline, and choose euros. If a terminal abroad offers to charge you in euros โ decline, and choose the local currency. The rule is simple: always let your own card issuer do the conversion, never the merchant or ATM operator.
Independent ATMs in tourist areas push DCC hardest. Using your own bank's ATM network avoids both the DCC prompt and the withdrawal fee.
Russia and Belarus
This area is legally serious and changes frequently. EU sanctions substantially restrict transfers involving Russian and many Belarusian banks. Enhanced due diligence is standard, transfers may be blocked or reversed, and mainstream providers largely do not support these corridors.
If this affects you:
- Check the current position against official EU and Bank of Lithuania guidance before attempting anything โ not against a forum post or this page
- Expect enhanced checks on your account generally if you hold Russian or Belarusian citizenship, including source-of-funds questions
- Don't route around restrictions. Informal channels and crypto workarounds carry legal risk that can extend to your residence status
- Take professional advice if significant sums or ongoing obligations are involved
We deliberately don't publish workarounds here. The rules are complex, individual, and the consequences of getting them wrong fall on you.
Common Mistakes
Comparing fees instead of totals
A "free" transfer with a 4% markup costs more than a โฌ5 transfer at the mid-market rate. Compare what actually arrives.
Using a bank wire for non-euro transfers
Consistently the most expensive mainstream option, and the cost is largely invisible.
Accepting Dynamic Currency Conversion
3โ7%, taken quietly, every time. Always choose the local currency.
Assuming all European transfers are free
SEPA euro transfers usually are. Sending euros to a non-SEPA country, or sending a non-euro currency, is a different transaction entirely.
Leaving a large transfer to the deadline
Big amounts can trigger verification checks. Start days early on anything tuition-sized.
Setting up nothing and improvising monthly
If you'll be transferring regularly for years, spend twenty minutes once. The compounding saving is significant.
Ignoring the receiving side
The recipient's bank may also charge, or convert at a poor rate. Check both ends.
Frequently Asked Questions
What's the cheapest way to send money from Lithuania?
For euros within SEPA, an ordinary bank transfer โ usually free and often instant. For other currencies, Wise or Revolut will almost always beat a bank wire, because the saving is in the exchange rate rather than the fee.
Are SEPA transfers really free?
For private customers they're typically free or negligible, and both Swedbank's and SEB's standard plans include euro payments. There's no currency conversion, so there's no hidden markup either.
Wise or Revolut?
Wise for larger, less frequent transfers โ tuition, moving savings โ where the rate matters most. Revolut for everyday transfers and travel spending, though it applies a markup on some currencies at weekends. Many people use both.
How much does a bank actually charge?
The stated fee is usually โฌ15โ50, but the exchange rate markup of roughly 2โ4% is typically the larger cost. On โฌ1,000 that's โฌ20โ40 you never see itemised.
Can my family send money to my Revolut account?
Yes. Revolut is licensed in Lithuania and issues Lithuanian IBANs, so it receives transfers like any local account. For non-euro currencies, the sender should use Wise or Revolut at their end too.
What is Dynamic Currency Conversion?
When a card terminal or ATM offers to charge you in your home currency rather than the local one. The operator sets the rate and it's typically 3โ7% worse. Always decline and choose the local currency.
Are there limits on how much I can send?
Providers apply limits that vary by account tier and verification level. Large transfers may require additional identity or source-of-funds documentation โ routine compliance, but allow extra time.
Do I pay tax on money sent from family abroad?
Gifts and family support are treated differently from income, but rules vary by amount and relationship. For anything substantial or regular, check with VMI or an accountant rather than assuming.
Related Guides
Disclosure and disclaimer. Some links on this page are affiliate links, which may earn us a commission at no cost to you and do not affect our recommendations. Exchange rates, fees and provider availability change constantly โ always compare the actual amount that will arrive before sending. Nothing here is financial or legal advice, and sanctions matters in particular require professional guidance.