Process for opening a bank account in Lithuania – for non-residents

 Lithuania has an efficient and progressive banking sector. Time and again its efficiency and effectiveness of policies and operations have been highlighted on international platforms. As of August 2021, the combined deposit in Lithuania had crossed US$ 40B, with an average of US$ 17B in any given month in the year. 

  

Another bright aspect of the country’s banking sector is the transparency policy in effect. Official transactions are in the public domain. Strict accountability protocols make the system safer and trustworthy. It is no wonder then that high net-worth individuals, large corporations, and states look forward to benefiting from Lithuanian banks. 

  

Foreign nationals and non-residents are allowed to open and operate in local Lithuanian banks. The documentation required to set up such an account though requires extensive paperwork and documentation. Understandably so, the banks are cautious to maintain accounts of foreign nationals. 

  

The process of opening a bank account, however, is straightforward. It starts with submitting an application form obtained from the bank of clients’ choice and submitting the same with required documents. Usually identification cards, utility bills showing the permanent address of the client, photographs, passport, and a written note stating the purpose and reasons for opening an account outside their home country. 

  

In case the client wishes to open the account under a company’s name, documents relating to the company shall be accompanied. These documents may be proof of business address, nature of the business activity, countries operated in, type of company, capital/assets/liabilities declaration, details of company’s directors and shareholders, copies of agreements related to business, and the statement of purpose for opening a company account in Lithuania. These are the basic documentation requirements; however, the requirements may vary from bank to bank. 

  

Banking structure in Lithuania 

The banking sector in Lithuania is consists of subsidiaries of Scandinavian banks as well as Lithuanian banks. The competition keeps the banks efficient and striving to gain your business. The Lithuanian banking sector outranked the EU in 2019. 

  

Online banking access and tough cyber security protocols are in place which allows clients to operate their account on the go with complete security and privacy. A 2019 study shows that the country has more than one million online banking users. As per the European Central Bank’s test, the banking sector of Lithuania is categorized as highly secure and reliable. 

  

Lithuania also has branchless banking options; where a physical bank account is not required, instead the user registers through an application on his/her smartphone and enjoys all the benefits of a regular banking system. 

  

Types of bank accounts 

The banking sector in Lithuania is very advanced and offers various features that keep their clients at par with the most modern technological and banking innovations. However, the primary account types are: 

1. Current account 

This type of account is usually for people who seek no return on their deposits in terms of profits or interests. A current account is best for day-to-day transactions, online payments, etc. 

2. Saving account 

Also known as the fixed account in many countries, a fixed account has a maturity period. Although withdrawals are allowed, however, an amount is charged in the name of penalty or service charges in case withdrawal is made before the maturity period. A saving account is usually preferred by retirees, senior citizens, or people who have idle money to invest. 

3. Corporate account  

As the name suggests, a corporate account is created for companies and organizations, whether national or foreign. Having a corporate account at the place of business, or a foreign country where the business transactions take place is not only convenient but also lends a certain credibility to the account holder. 

Best banks in Lithuania 

Based on their efficiency, the volume of deposits, trade volume, diversity and scope of investment, profit/loss numbers, the width of the investment portfolio, and other financial variables, below is the list of Lithuania’s top serving banks. 

  

  

The above stated are banks that have physical actual presence. Although they too provide online banking options, however, the most sought for online banks are;