Which documents do I need to open a bank account in Lithuania?
When you start living in Lithuania and want to open a local bank account, you should be ready to submit following documents:
You will also have to fill in a questionnaire and provide personal data: address, employer (if any), connection with Lithuania, average monthly income etc. Fees to open a bank account can vary and are upwards of up to EUR 400 for non-residents.
Which banks operate in Lithuania?
You can open an account at the bank of your choice. Currently, in Lithuania you can choose from Swedbank, SEB, Luminor, Lietuvos bankas, Šiaulių bankas, Citadelė, Medicinos bankas and more. Revolut and Paysera are more recent but nevertheless attractive options due to the availability of their online services. In some banks, you can open a bank account online, in others – you’ll need to make an appointment and come in person. Make sure to contact several banks and choose the one that suits your needs best.
Why is it worth having an account at a local bank when living in Lithuania?
First, you will need to provide your account number in IBAN format to receive your salary. If you are here to study, having a bank account is useful for receiving scholarships, making payments to retake exams, paying for your dormitory and other services.
In general, a bank account is required for online shopping. Before paying for online purchases, most e-stores will ask you to select your bank. Most of the time, you will see a list of the most popular banks in the country. You can also pay with a bank card in physical stores. The advantage of making payments with a local bank account is that you will not be charged the additional fees you might would with a foreign card that uses a currency other than the euro.
Finally, having a local bank account allows you to access public services. For instance, you need to verify your identity when connecting to the Electronic Government Gateway, a system through which public service portals are accessed online.
What is the E-Government Gateway?
The E-Government Gateway is a portal for administrative and public services, which you can access after verifying your identity through your bank account. Lithuanians use internet banking to securely connect to state service portals, register with a doctor, declare income, manage study documents, and perform other actions.
Finally, remember that life is easier (and cheaper) with a local bank account. Do not hesitate to contact us if you need more information about banking in Lithuania, so you can get on with enjoying your new life in Vilnius without a single worry.