The banking system in Lithuania is quite developed, locals as well as foreign citizens can open bank accounts here. The most common types of bank accounts that can be opened, the most popular of which are current and savings accounts for natural persons, who can be residents or non-residents, and corporate bank accounts for businesses, which must be opened prior to company registration. Almost everyone now needs to open a Lithuanian bank account in Europe. There are numerous local and international banks in the area where Lithuanians in Europe can open bank accounts. Those who want to open a European bank account in Lithuania, whether they are residents or not, can do so at any time. People who want to open a bank account in Europe for Lithuanians must meet a number of specific requirements, which differ from bank to bank.
Why Do You Require A Lithuanian Bank Account If You Live in Europe?
- Salary: If you work for a European company, you will most likely be required to provide your IBAN to your employer in order to be paid.
- Scholarship:You could be a foreign student who receives a university scholarship.
- Shopping. : When shopping online, many stores will ask you to select your bank to cover the bill at the checkout. The banks that are provided are frequently those that are well-known in the country. Some online stores (and some physical stores) accept credit cards. However, if the currency of your card is not euro, you will be charged high exchange fees each time you settle the bill, so having a local debit card is advantageous. You may also want to link your card to Apple Pay or Google Pay to make payments even easier.
- Permit to stay : To obtain a Lithuanian residence permit, you must provide financial documentation demonstrating that you will be able to support yourself and that your earnings or savings are adequate. If you only have a foreign bank account, such statements will need to be translated and notarized, which will cost you more money and, in some cases, will be rejected entirely.
- Utilities: If you are renting an apartment in Europe, you may be required to pay for electricity, water, and heating. This will be much easier if you already have a local bank account.
- Access to state services: The most important thing, a bank account is frequently required to confirm your identity when using many state-provided online services (healthcare, taxes, car registration, etc.).
Documents Required to Open a Bank Account for Lithuania in Europe
The documents needed to open a bank account in Lithuania in Europe are the same whether you apply online or in person. According to some bank procedures, you may be required to have an additional business activity document if you have an online bank account. The following are the most frequently requested documents:
- Passport of Lithuania
- Original Lithuanian identity card
- Certificate of Residency
- Any invoice registered in your name
- Accounts in European banks can be opened using these documents. The same documents are sent via the internet to banks that accept online or e-mail applications to open a bank account without having to travel to Europe.
How Can Lithuanians Open Bank Accounts In Europe Without Going To A Bank?
Thanks to the developments in financial technology, you can now open a bank account without going to the bank.Lithuanians living in Europe are eligible to open a bank account.in one of the following ways:
- Through a foreign bank’s Lithuanian branch : In this case, you must go to a bank branch in Lithuania and request an account in another jurisdiction. This option does not always exist: some banks do not even accept documents from their branches, so you must determine whether such a service is available. You must prepare a package of documents and participate in person at your Lithuanian bank for an interview ,if at all possible.Representatives of a foreign bank may visit other countries to meet potential customers, but these services are only available to large depositors.
- By filling out an online application that includes both a document package and an online interview for opening an account. It is difficult to open a Lithuanian account in Europe from away .In any case, it is strongly advised to prepare an impressive set of documents that must be fully compliant with the rulesIn some cases, bank officers will set up a web conference with the client in order to conduct an online interview. Our compliance experts will help you put together the necessary documents and will advise you on how to prepare business plans, cash flow forecasts, and other documents in the format required by bankers as part of our service.