In global financial trade, international remittances have become a necessary part of daily operations for many individuals and businesses. But how does one select the right bank and execute a transfer? Using Lietuvos Bankas (Bank of Lithuania) as an example, let’s examine the key details of this process.
Key Banking Details for Transfers
The SWIFT/BIC code for Lietuvos Bankas is LIABLT2XCON , a critical identifier for international fund transfers. When sending money to this bank in Lithuania, ensure the correct SWIFT/BIC code is provided. The following details are also essential:
- Bank Name: Lietuvos Bankas
- Bank City: Vilnius
- Bank Address: Vilnius, Vilniaus Apskritis
- Country: Lithuania
Transaction Considerations
Among the various options for international transfers, if you intend to send money to France—for example, transferring $10,000.00 in USD—the recipient will ultimately receive the funds in EUR. The method of transfer depends on the preferences of both sender and recipient, such as bank account transfers or faster payment services.
Exchange rates are typically determined by market fluctuations. However, in this example, the rate is based on real-time data updated by XE, a factor worth noting as it directly impacts the final amount received. Regarding fees, this particular transfer incurs no sender or remittance charges, reducing unnecessary costs.
Preparing for International Transfers
Before initiating an international transfer, verifying the recipient bank’s SWIFT/BIC code and essential details is crucial to ensuring secure delivery. Additionally, selecting the appropriate transfer method and understanding associated fees are fundamental steps every sender should consider. The information above aims to streamline the remittance process and serve as a practical reference.