How to open bank account in Lithuania: A practical guide

With its culturally rich heritage, beautiful scenery, innovative business ecosystem structure and prime position in the European Union, Lithuania is an attractive place to live, work and travel. It’s no wonder that so many businesses and individuals are moving there. 

If you’re considering relocating to the Baltic country, great move. Opening a bank account in Lithuania is one of the most important steps you’ll take. So let’s take a look at the process. 

Here’s our guide on how to open a bank account in Lithuania.

Why open bank account in Lithuania?

There are many reasons to open a bank account in Lithuania. Here’s everything you need to know.

Benefits for residents and non-residents

There’s a lot to love about the Lithuanian banking system.

In fact, the system’s efficiency was ranked 1st place in the EU, as of 2019 since it enables businesses and individuals to withdraw and deposit funds quickly and easily. Having a bank account in Lithuania also gives you access to Lithuanian credit products that wouldn’t be available to you otherwise.

If you’re not a permanent resident in Lithuania, opening non-resident bank accounts Lithuania also gives you access to EU banking privileges. Countries that are members of the European Union have a system that allows them to transact with euros within the Single Euro Payment Area (SEPA). If you have a bank account in a participating country including Lithuania, you’ll gain access to the SEPA system.

Importance for business and personal use

If you’re living in Lithuania, life is easier with a bank account. Here’s why:

Making payments: Having a bank account allows you to access your finances in one central place, making it easier to keep up with your expenditure vs returns.

Residency applications: If you’d like to apply for permanent residency in Lithuania, having a local bank account can help with the process, giving you a higher advantage of being approved than those who don’t.

Business operations: As an entrepreneur, you need a bank account to track tax payments, pay vendors, access loans and streamline your financial operations. Having a local account in Lithuania also gives you access to lower fees when it comes to making domestic transactions, helping you to save time and money. Finally, a business bank account will help you comply with local tax regulations.

Types of bank accounts in Lithuania

When it comes to bank accounts in Lithuania, there are various types of accounts to choose from.

Personal accounts

Personal accounts make everyday banking possible. They allow personal users to access their cash easily, stay in control of their finances, build their credit history, keep their money secure and make payments seamlessly.

Personal accounts can also be accessed via smartphone apps, making it easy for individuals to bank and send money on the go. 

Business accounts

Business bank accounts are the best accounts for business owners and freelancers, allowing them separate their personal and business finances, make batch payments and gain access to invoicing tools for easy account management.

Business accounts also make the tax filing process easier and less time-consuming.

Requirements for opening a bank account

The process of opening a traditional bank account in Lithuania is simple and straightforward—as long you have all the necessary documents ready.

The requirements are as follows:

Documents needed for residents

• A valid national ID card or passport
• Utility bill or other document to prove your address in Lithuania

If you’re opening a business bank account, you’ll also need to provide a company registration certificate issued by the Register of Local Entities, Articles of Association, proof of the company’s registered address in Lithuania and personal identification documents of all shareholders and directors. 

Additional requirements for non-residents

Not all Lithuanian banks allow non-residents to open bank account in Lithuania. But for those that do, you’ll need to provide:

• A valid passport or national ID 
• A completed questionnaire, explaining why it’s necessary to open a bank account
• Proof of residency, in the form of a valid residency, residence permit or permanent residence

Non-residents opening a business bank account will also need to provide the necessary business documents including the company’s financial activities, incorporation documents, ownership structure, proof of address for shareholders and directors and details about the purpose of the account.

Step-by-step process to open a bank account

All set to open bank account in Lithuania? Here are the steps to take.

1. Choose the right bank

When it comes to choosing a bank account, businesses and individuals have the choice between traditional banks like SEB, Swedbank and Luminor, and digital banks like TransferGo and Wise.

The TransferGo Business Account is free to set up and subscribe to. It lets you send, receive and manage money all around the world from a single, simple-to-use, multi-currency account with zero fees on major routes and a 97%+ faster-than-promised delivery rate.

For more information on how TransferGo compares to its digital competitors, read our guides on TransferGo vs Wise Business and TransferGo vs Revolut Business.

2. Complete the application

Appling to open a bank account is easy thanks to advanced technologies. Most banks allow you to apply online and then submit the necessary documents to complete your application. Or you may prefer to choose to visit a physical branch to apply in person.

If you choose to sign up for a TransferGo Business Account, the process is simple and takes seconds. All you need to do is click ‘sign up’ and follow the prompts, and your account will be ready in minutes.

3. Verify your identity

The verification process differs by bank but you’ll generally need to provide a valid passport or ID card. Some banks may also ask you to take a selfie. 

When signing up for a TransferGo Business Account, you can use your smartphone or computer camera to scan and upload your documents. Once your ID documents and selfie have been received, you’ll receive a confirmation within minutes. 

Lithuania banking guide: The best banks in Lithuania for foreigners

A report by the Bank of Lithuania revealed that 5 banks represented over 90% of Lithuania’s banking market in 2024. This includes Swedbank, Revolut, SEB bankas, Luminor and Šiaulių bankas.

Recommendations for personal banking

Choosing the right bank account for your personal finances depends on your needs and preferences. Some of the most popular traditional bank options include Swedbank, SEB and Šiaulių bankas.

Options for business accounts

There are many things to consider when choosing a business bank account. If sending money safely, swiftly and cheaply is a priority for you, then you’ll want to consider a business bank account that lets you send, receive and manage money all over the world with ease.

The TransferGo Business Account lets you do this and more, allowing you to hold and exchange multiple currencies, streamline your cash flow and save valuable time and money. Plus, its top-notch customer support team is available to help when you need it, addressing 80% of enquiries within 2 hours.

Online banking options in Lithuania

Most bank accounts allow you to set up your account and manage your finances online for ease and accessibility. 

Advantages of digital banking

• 24/7 banking—digital banks like TransferGo allow you to manage your transactions anytime, anywhere
• Lower transaction fees —TransferGo offers transfer margins as low as 0.35%
• Easy account set-up—the process of opening a TransferGo Business Account takes minutes
• Advanced digital security—TransferGo’s high-grade security protocols keep your money and data safe

Popular online banks

There are many popular online banks to choose from including Wise, Revolut and Paypal Business.

But if you’re looking for a business bank account that’s free to set up and easy to navigate, consider the TransferGo Business Account. It’s perfect for businesses of all sizes and allows you to keep your expenses down, hold and exchange multiple currencies and access personalised support whenever you need it.

Common challenges and how to overcome them

Naturally, there may be hurdles you face when opening a bank account in Lithuania. These include regulatory compliance problems, high interest rates and not understanding the local language. Here’s how to handle language barriers and navigate the different fees and services.

Language barriers

If you can’t understand the local language, navigating the application process can be difficult in Lithuania. However, most banks tend to provide central contacts and customer support teams that speak other languages.

When signing up for a TransferGo Business Account, rest assured that you’ll have access to local support in nine languages including English, Lithuanian, Romanian, German and Polish.

Understanding fees and services

Before setting up a bank account in Lithuania, make sure to understand the fees that come with international business payments and transactions. Some routes are cheaper than others while other routes are subject to high conversion rates.

The TransferGo Business Account has transparent pricing with no hidden fees; it charges zero fees on major routes with transfer margins as low as 0.35%. What you see is what you pay.

Conclusion: Making banking in Lithuania easy

If you’re living or working in Lithuania, setting up a bank account there is highly recommended. 

Choosing the right bank account depends on your needs and preferences and there’s a wide range of both traditional and digital bank options to choose from. With the TransferGo Business Account, you can reimagine the way your business handles international payments. It lets you send, receive and manage money around the world— all from one single, simple-to-use, multi-currency account. 

Ready to get started? Sign up to TransferGo Business today.

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

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