How to open bank account in Lithuania

January 3, 2023
How to open bank account in Lithuania

Over the past few years, the Government of Lithuania has been actively implementing a targeted policy to increase the availability of financial services. And there are already positive results. The country has created favorable conditions for the emergence of a large number of payment systems and increased competition between them.

However, being a foreigner or a Lithuanian citizen are two different concepts. When you arrive in the country, many services, from online shopping to the healthcare system, are only available to citizens of the country, and you can only connect to them if you have an lithuanians bank account(or card) or ID-card of the country.

There is exist 6 main banks that manage bankings affairs in country:

  • SEB bank;
  • Swedbank;
  • Siauliu bankas;
  • Medicinos bankas;
  • Luminor;
  • Danske bank (serving only business clients).

Also you can achieve a Lithuanian bank account in Paysera and Revolut, as it is easier for guests of the country.

First steps to open an account. General information

First of all, you need to check what legal papers should be prepared for the respective bank that you must have chosen before. Then, arrange and know well which document is responsible for what. But it’s not that simple: not all of the 8 major banks agree to give a bank card for a guest of the country. A foreign citizen can do this only if he studies, has a job here, or runs a business in the country.

Here are some prices for issuing a plastic card in Lithuanian banks:

  • Latvijas Pasta Banka (LPB) – 80 euros
  • Swedbank – 58.50 euros
  • AS “Meridian Trade Bank” Lietuvos filialas Visa – 30 euros; MasterCard – 50 euros
  • Medicinos Bankas – 50 euros
  • Siauliu bankas – 40 euros
  • SEB – 70-80 euros

Payment cards in the payment system make it possible to make purchases from offline and online stores. You can order a MasterCard absolutely free of charge and use it freely within the EU. Monthly, you can withdraw from the card one-time up to EUR 200 without commission. Subsequent transactions, as well as purchases not in the currency of the card, will cost the client 1.99%.

When using payment cards, you should take into account the current limits:

  • monthly transaction limit – up to EUR 15,000;
  • annual transaction limit – up to EUR 20,000;
  • daily settlement limit — up to EUR 3,000;
  • allowed transaction amount at an ATM – up to EUR 1,000;
  • withdrawal of cash from an ATM during the day – from EUR 10 to EUR 1,000.

Documents and problems

First thing that you must care about is your identity card with your reason of residence in the country. Complete the questionnaire – this is also a necessary step, in which you will tell: why you want to create an account in the Lithuanian bank. desired operations and turnover, and partners with whom you want to cooperate.

In general for individuals, the rules for opening a bank account for non-citizen in a country do not differ from the process for acquiring an account for a business-company.

Some of the main legal papers that you need:

  • Enrollment certificate for a company;
  • Charter of company;
  • The order on the appointment of the general director and his foreign passport;
  • Passports of the beneficiary and the account manager;
  • Certificate of sharing;
  • A document confirming the final beneficiary;

Company info should contain: beneficiary’s contacts and a brief description; sources of cash receipts; the purpose of the account and its operational list; estimated annual business turnover; preliminary list of partners.

If foreign companies do not open a bank account, they would not be able to work and develop in the country. Because it helps to settle with employees, partners, suppliers, and pay state duty.

Each of the commercial banks, branches and representative offices of foreign banks puts forward their demands. In some of them, it will be necessary to pay for opening a current account (from 30 to 200 euros) and provide additional information.

As well, while you do bank account opening in Lithuania, chosen bank could checks:

  • Activity of enterprise.
  • Suppliers and partners.
  • Customers.
  • Finances.
  • Property.
  • Investments.

How to avoid problems?

Due to the strict policy of banks towards non-citizen: getting a Lithuanian bank account by a non-resident of the country is usually accompanied by problems. You can avoid them if you enlist the support of professionals. They guarantee full compliance with all legal frameworks of the country and help to make ready the papers that need to be.

Benefits and advantages

Bank card can give you access to transfer funds, withdraw money from the country, sell and buy foreign currency, and pay for utilities. You should select a bank depending on your business goals or objectives. Since there is no currency control in the country, funds are always available and can be transferred at any time, but some banks will give you such access only on the territory of their banks. In addition, the system of the Lithuanian banks is stable and safe, so you don’t need to worry about the situation with the economy in the country.

So, the main advantages that business-account in bank give you is:

  • Fast processing of payments in the SEPA zone;
  • Partly free service;
  • The ability to connect the collection of payments (from credit cards, debit cards and bitcoins) through a website designed for e-commerce;
  • Internet-banking;
  • Remote account and his management(in some moments, even opening);
  • IBAN format;
  • Bulk payments via API;
  • Full customer support in English.

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