How to Open a Bank Account in Lithuania

Lithuania is famous for its long Baltic coastline, rich cultural heritage with friendly and hardworking people. The country is attracting many students, workers from all over the world despite being a young country. The country boasts beautiful architecture and towns with rich culture. It has become a destination for expats due to its favorable economy. Since it is part of the European Union, citizens of other EU member states have the freedom to work in this country. In case you are moving to Lithuania, you will need a Lithuanian bank account.

MisterTango is one of the easiest ways to open a bank account online in Lithuania that comes with a free MasterCard.

open an european bank account with N26
Anyone with legal residence in any European country can get a free bank account with N26. It takes 5 minutes to open one.

Documents for opening a bank account in Lithuania

You will need to avail the following documents; Identity Card; EU identity card is also accepted. You will also need to have either a permanent or a temporary residence permit and an application form that is complete. You can check at the website of a specific bank and know what their requirements are.

Is it possible to open a Lithuanian bank account as a non-resident?

It is possible to open a non resident bank account in Lithuania. However, the process is not as simple as resident accounts. As long as you can provide all the required documents, there are no restrictions for non-residents opening bank accounts. However, each bank has its requirements and what accounts it can avail to non-residents.

Opening a corporate bank account in Lithuania is mandatory when opening a company in the country. Company share capital must be deposited in the corporate account during the registration process.

Is it possible to open bank account online in Lithuania while I am abroad?

Majority o the banks do not provide a complete online application. You will need to have a proxy with a power of attorney to open an account. If you have done part of the online application, then it should be easy when you get to complete the application in the bank.

Best banks in Lithuania

There are several national and international banks in Lithuania which gives you an option to choose from. They offer different products that range from retail, SMEs and investment products. The following are some of the best banks in Lithuania.

1. Swedbank AB Lithuania

Swedbank is a Swedish bank that works with the Lithuania arm. It is available in the Baltic and Nordic region. It has a wide network of branches and ATMs. Some of the products they provide include various accounts such as savings account, Swedbank online banking available in English language, credit and debit cards, corporate and business accounts. Money is available in different currencies and it has phone customer services.

2. SEB Lithuania

The SEB Bank has an offer for resident and non-residents at a low cost of 10 euros in a month and 200 euros for account opening. It is possible to hold funds in different currencies. Other offerings include money transfer, online banking, credit and debit cards, and business accounts. SEB has a vast network of ATMs and branches that are conveniently placed.

Request to open an account may also be submitted by a non-resident person by visiting any SEB bank branch in Lithuania.To identify your relations with Lithuania, you may be requested to provide the documents evidencing it. If other persons open an account on your behalf, you can start using it right away without having to visit the bank. The person who opens an account for you will have to present the bank with: your power of attorney certified by a notary and copy of your personal identity document certified by a notary.

3. Luminor Bank Lithuania, Formerly DNB

The Luminor Bank offers traditional banking and online banking services in Lithuania. Some of the products they provide to their customers include current and savings accounts, mobile banking, private banking, premium and travel accounts, loans, mortgages, and debit cards.

4. Citadele Bank Lithuania

The Citadele Bank caters for local and international clients. The bank offers multi-currency current account, SMS bank for mobile banking and Citadele online banking. Some of the products they offer include current and savings account, investment and business accounts, ATMs, safe box, Visa debit and credit cards, travel and purchase insurance.

Lithuania online bank as an alternative

Online banks are on the rise all over the world. This is the case with Lithuania. You can opt for Lithuania online bank account. Best online banks you can open an account in Lithuania include the following:

Bitcoin bank account in Lithuania: Fortunately, it is possible to open a bitcoin bank account in Lithuania.

Money transfer in Lithuania

In case you want to transfer money to or out of Lithuania, you can use a bank or money transfer services. The bank will inform you rate they will only charge you for SWIFT of the wire transfer fee that will be around 20 to 50 euros. At times it can even be more than that. The bank will use the mid-market rate but above that, it will charge you other costs related to expenses it will incur and also its need to retain a profit. In the end, you will have paid more for a single transaction. However, you can use money transfer services such as Wise, formerly Transferwise, and WorldRemit. Another good option is to send money with a virtual bank account, which is usually much cheaper and it is possible to transfer funds in different currencies.

Banking fees in Lithuania banks

After selecting the bank you want to open an account with, take time to find out about all the charges associated with the bank. For instance, Swedbank charges non-residents an administration fee after opening a bank account. Other expenses that are associated with Lithuania banks include ATM fees, fund transfer fees, cash withdrawal fee and administration fee.

 

Research: Vincent Nyoike

Vincent is a writer with an interest in finance, business, technology and health niche. He holds a Bachelors degree in Applied Statistics with computing. Read more about Vincent and see our complete editorial team at FiFi.