Until recently, Lithuania was a smudge in the banking world, and almost overnight, it changed into a non-resident powerhouse.

While the whole world was obsessing over Brexit and Transferwise, the Lithuanian government decided to buckle up and become fintech disruptors. Of course, no one saw it coming - a small post-soviet country in the Baltic region ending up as the most attractive fintech licenser in the world? No way! But, Yes. It happened.

This opened up the ultimate backdoor for banking of fintech and non-residents in the EU region.

Vilnius is spitting out licenses much faster than London, and there is even a waiting list. All of these companies will need a Lithuanian Bank Account.

Although Lithuania is careful about opening bank accounts for non-residents, it is still 100% possible to have a bank account in the country if you are a foreign investor.

You probably already have one. For example, do you have a Revolut bank account? Well, you have a Lithuanian Bank Account already.

If you have the right documents and know the right banks (which we shall tell you about), this can be done. 

The reason behind the caution is that the whole Baltic region, including the big Nordic banks, is still reeling from a series of money laundering scandals.

Almost all of these scandals were a result of non-resident bank accounts. So, prepare yourself for some rejection because some branches and bankers are likely to send you away.

Currently, when you announce that you are a non-resident or a non-EU citizen, there is a likelihood of being seen as a pariah, and you will end up with a lot of questions and paperwork. But, if your business is found to be real then the rules are same as for any other EU resident. If you are an FX trader or consultant, even local corporate service providers have strict compliance to follow, but since we are local it's easier to comply with it.

Additionally, if you go to the wrong banks, you will probably be hit with high account fees and many other restrictions that are quite discouraging. These include high account opening fees, high annual account fees, and high monthly maintenance fees.

Low risk business in 90% of financial institutions will cost EUR 300 and lower, medium risk between EUR 300-1000, and high-risk from EUR 1000-3500 per onboarding fees and that across less know financial providers and well know classic banks due to labor cost that the financial institution must waste on monitoring and considering the customer. 

Generally, if you are a non-resident, opening a bank account in any part of Europe is difficult. Moreover, if you are not an EU citizen and do not have a valid proof of address, correct visa, or work contract, you will receive a rejection. Although, this is applicable to only private individuals, not legal entities.

Documents Needed to Open a Bank Account in Lithuania

To open a bank account, the following documents will be required;

-An Identity Card. An EU card is acceptable as well.

-A permanent or temporary resident permit.

-A duly filled application form.

You should check with the bank’s website to find other requirements for different bank accounts.

The Best Banks for Foreign Investors in Lithuania

There are many national and international banks in the country, which gives you many options. Most of these banks offer different products that range from Investment products, SME and retail banking.

Here are some of the banks you should consider;

Swedbank AB Lithuania

As the name suggests, this is a Swedish bank working in Lithuania. However, it is also available in the Nordic and Baltic regions, with a wide network of ATMs and branches. Some of its products include online banking, a savings account, credit and debit cards, English Language, corporate and business accounts.

You can withdraw money in different currencies, and they also have phone customer services in English.

SEB Lithuania

The SEB Bank in Lithuania has account opening offers for both resident and non-residents. You will pay 200 euros for the account opening and 10 euros for each month.

You can hold funds in different currencies in the accounts, and they also offer online banking, money transfer, credit and debit cards, and business/corporate accounts.

The bank has a wide network of branches and ATMs all over that are conveniently placed.

As a non-resident, you can request to open a new bank account by visiting their branch. You will be required to identify your relations with Lithuania, and they may request you to provide documents for evidence.

Luminor Bank of Lithuania, or Former DNB Bank

This bank offers traditional in-person and online banking services in the country. Some of their products include current and savings accounts, private banking, mobile banking, loans, debit cards, mortgages, premium and travel accounts.

Citadele Bank Lithuania

This bank serves both international and local clients. It offers SMS banking, online banking, multi-currency current accounts, current and savings accounts, investment and business accounts, safe boxes, ATMs, credit cards, travel cards, visa debit, and purchase insurance.

Nordea

This bank is considered one of the safest banks globally and has a long history in Nordic countries. It has a strong presence in Lithuania. It offers accounts for Foreigners and has an English online banking app.

The bank offers a low monthly fee of 0.70 cents, and there is a debit card included in their basic account. With a large ATM and branch network, this is a good bank to consider.

They have an easy account opening process for non-residents in Lithuania. The best part is that you will find English-speaking staff in the branches. Their website is in English and contains plenty of information about their accounts, especially the business account.

You will be charged if your bank is outside of their ATM network, which means that it is a good idea to know the bank fees.

Lithuania’s Online Banking Option

All over the world, online banking is on the rise. In Lithuania, you can choose to open an online bank account compared to a brick and mortar account. The best online banks in Lithuania include the following;

-Wise

-Revolut

-Mistertango

-Paysera

-Paylar

-Bankera

Money Transfers in Lithuania

If you want to transfer money in and out of the country, you will need to use a bank account or a money transfer service. The bank should inform you of the rate they will charge for your SWIFT transfer or wire transfer.

The cost is around 20 or 50 euros. It may be more at times. Banks use the mid-market rates, although there are many other costs related to money transfers that you may incur. In the end, you may pay more for a single transaction than expected.

However, there are other options for money transfer, such as Wise and WorldRemit. Additionally, you could use a virtual bank account, which tends to be cheaper than many other options.

After choosing the bank you wish to use, take time to check on all their fees and charges, especially those that have to deal with business accounts. For example, Swedbank charges an administration fee for non-residents after they open the account.

Other charges you need to be aware of in Lithuanian banks are funds transfer fees, ATM fees, and cash withdrawal fees.

What can we do for you?

MUNDO made partnerships with several banks, and its experts are ready to help you with any banking services you would require. Of course, you can try to catch the golden fish between 70 financial institutions in the EU that work even with high-risk clients and each having their own onboarding policy, different pricing, different risk scoring. The assistance of MUNDO’s experts saves you potentially up to 8 weeks of communicating, trying, failing, and at the end of the day - a certain amount of money, too.

Contact us