On January 1, 2015, our neighbouring country of Lithuania will be transferring to the euro, which means that accounts involving litas held by Latvian and Estonian clients will automatically be converted to euros. Please read on to learn about the most important aspects of the change.
The official exchange rate: EUR 1 = LTL 3.4528
Litas in accounts will automatically be converted to euros
- At the turn of the year, all Lithuanian litas in bank accounts (including those in Latvia and Lithuania) will automatically be converted to euros on the basis of the official exchange rate (EUR 1 = LTL 3.4528) and with no commission fee.
- Clients who have both litas and euro accounts will have two euro accounts as of January 1, and they will be able to choose whether to use one or both of the accounts. Until the end of February, clients will be able to transfer money from one account to another and/or close one of the accounts with no commission fee.
- Clients with multi-currency accounts (litas and euros in a single account) will have all money in the account converted to euros, with the sum being added to the existing money in the account.
Financial instruments and portfolios to be converted automatically
- All financial instruments, securities and financial instrument portfolios that are in litas will automatically be converted to the euro on the basis of the official exchange rate at the turn of the year;
- Converted financial instruments and portfolios will be seen on the Internet bank beginning on January 2.
Exchanging litas for euros in Latvia
- Litas can be exchanged for euros at Citadele Bank branches in Latvia until December 31;
- The Bank of Latvia at Kr. Valdemāra Street 1B will convert litas until February 28.
Exchanging litas for euros in Lithuania
Litas can be exchanged for euros in Lithuania on the basis of the official exchange rate and with no commission fee at:
- Commercial banks from January 1 until June 30;
- Lithuanian Postal Service offices from January 1 until February 28;
- The Bank of Lithuania and commercial banks in those towns where there is no Bank of Lithuania branch forever.
Litas and euros will remain in parallel circulation in Lithuania from January 1 until January 15, 2015.
Purchasing initial sets of Lithuanian euro coins
Initial sets of Lithuanian euro coins have been available as of December 1 at the Bank of Lithuania, Lithuanian commercial banks, and Lithuanian post offices. The sets include 23 coins at a value of EUR 11.59 or LTL 40. They can be purchased for LTL 40.