Opening an Account in a Bank in Lithuania

To live or perform trading activities in Lithuania, you will need to open an account in this country. Individuals need it in order to make current payments, purchases, and any financial transactions in euros. Without an account and a bank card, it’s not possible to apply for a residence permit or citizenship. As for legal entities, opening a bank account in Lithuania will allow them to sell goods and provide services in any EU country, getting payments on favorable terms to a Lithuanian account. Lawtter Solutions will help clients open a bank account in the Lithuanian jurisdiction.

The cost of the service

1 000 EUR*

Term for opening a bank account

1-3 months

Support

Multilingual

Account opening type

No personal visit

Opening an account

General information

Licenses for financial institutions in Lithuania are issued by the main supervisory authority – the Bank of Lithuania. It exercises control over institutions and sets requirements that companies must meet.

As of 2023, there are 7 banks operating in the country, both directly Lithuanian and foreign. It’s possible to open a bank account in Lithuania for a non-resident. Most financial institutions in this country charge a flat fee for their services, which does not depend on the amount of transactions on the account. You can open an account in the Lithuanian banks with a zero balance. Offshore companies cannot operate in Lithuania.

Opening an account in a Lithuanian bank for legal entities and individuals is convenient due to a high degree of digitalization. Many banks offer online banking and convenient mobile applications, making it easy to manage money, make investments, etc. In addition to banks directly, clients can also open an account in an electronic payment system.

Advantages of opening a bank account in Lithuania

It’s worth opening an account in a bank in Lithuania because of a number of benefits. Let’s look at the main ones:

1

Favorable commissions

Tariffs for servicing bank accounts in Lithuania are quite low, and they are not tied to the transaction amount or account balance.
2

Availability of a state guarantee

Clients are guaranteed an amount of up to 100,000 EUR in case of any problems with the bank.
3

Multi-currency account

Clients of Lithuanian banks have the opportunity to receive funds in their accounts in any currency convenient for them.
4

There are no exchange controls

It’s an important advantage for legal entities because they will not have to report foreign exchange earnings.
5

Possibility to open an account remotely

The documents can be submitted online.