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Emigrants' Money Continue Pouring into the Country via Lithuania Post

Sep 12, 2016

Money transfers sent even from 128 countries reached Lithuania Post during the first half of this year. More than EUR 1M came to Lithuania from each of these countries: the United Kingdom, Ireland, Germany, and the United States.  Most money from Lithuania was sent to Russia and Ukraine.

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According to data from Lithuania Post, the number of received international money transfers, compared with the first half of 2015, has increased approximately by 17 per cent. "Transfers received   from Germany, Ireland and the USA have mostly increased by both the number of money transfers and the monetary value. These are the countries with high density of Lithuanian expatriate communities," Head of Financial Services Department of Lithuania Post Neringa Knyvienė said.

Most money transfers are received from the United Kingdom; the inflow of money from this country to Lithuania remains stable. An overall average of money received via international transfers has jumped from EUR 350 to EUR 400.

Mrs. Knyvienė notes that despite the total downturn in the money transfers market during the past few years, Lithuania Post captures steadily growing money transfers in its network for the fifth year in a row. Only during this half of the year, transfers have been sent by one third more than last year. "The majority of money transfers from Lithuania go to Russia and Ukraine – more than EUR 1M to each country. The outgoing money flow has grown not only for these two eastern neighboring countries, but also for Germany, Romania and Turkey," Mrs. Knyvienė said.

The average amount of transfers sent to foreign countries from Lithuania has also increased – from EUR 310 to EUR 430. The number of international money transfers increases annually in post offices and financial services rendering "PayPost" outlets, although, money flows from abroad to Lithuania have been shrinking in the common market. "Banks have been reducing customer service network in the country, but consumer habits to use a physical channel do not change so fast, therefore, we are an acceptable place to perform daily financial transactions including sending and receiving money transfers; this service has become an attractive alternative for bank payment orders,"  Head of Financial Services Department of Lithuania Post Mrs. Knyvienė explained.

The Public Limited Company Lithuania Post runs the widest network of postal access points in the country. Lithuania Post provides postal, logistic, and financial intermediation services.