The main banks in Lithuania are Swedbank, SEB bank, Luminor, Šiaulių bankas, Medicinos bankas, and Danske bank (provides services to business customers only). You can also open an account in Paysera or Revolut bank, which is usually easier for foreigners.
Why is it worth having an account in a local bank when living in Lithuania?
- Getting salary. If you work for a Lithuanian company, you will most likely have to provide your employer with your IBAN bank account number in order to receive your salary.
- Scholarship. A local bank account will also come in handy if you study in Lithuania and receive a university scholarship.
- Shopping. Before paying for online purchases, in many e-shops you will be asked to select your bank. Most of the time, you will see a list of the most popular banks in Lithuania. However, if your card's currency is not in Euro, you will have to pay currency conversion fees for each payment.
- Taxes. If you rent an apartment in Lithuania, you may have to pay for electricity, water and heating. It will be much easier to do this with a local bank account.
- Access to public e-services. A bank account is often required to verify identity when connecting to the Electronic Government Gateway, a system through which portals for public services such as healthcare, tax, car registration, etc. are accessed online.
To open a bank account in Lithuania is relatively easy. However, foreigners are usually required to already have a residence permit and be registered as residents of Lithuania. The fees to open a bank account can vary from 0 EUR to 200 EUR (for non-residents) and sometimes is paid before making verification and a decision to enter into a business relationship. The account opening process itself can take days, if not weeks, and you may need to submit various documents to justify the need to have an account (f.e. provide a proof of income and your relation to Lithuania - work contract, documents evidencing real estate property in the Republic of Lithuania, study certificate etc.).