Opening a bank account in Europe for Lithuania is a simple process that almost anyone can do nowadays. Since Lithuania has the most developed economy among the Baltic countries. The most important reason for Lithuania’s economic development is its accession to the EU. The euro’s adoption as Lithuania’s currency aided the country’s economic development by increasing import and export rates. Opening a bank account has also made it appealing to the global business community and foreign investors. Lithuanians in Europe can open bank accounts with a variety of local and international financial institutions. Those interested in opening a European bank account in Lithuania, whether residents or not, should do so as soon as possible.
Best Banks Of Lithuania’s
In Lithuania, there are numerous banks to choose from, including both national and international banks. Most provide enough products to meet the needs of the majority of customers, with some specializing in retail, others in SMEs, and still others in investments and corporations. All deposits in Lithuania are insured up to 100,000 euros, and accountactivation fees will apply.Here are four major banks in Lithuania about which you can easily obtain information in English and which will be able to meet all of your needs as a non-resident.
- Swedbank: With a nationwide network of branches and ATMs, Swedbank may be a suitable option for you. They offer low-fee accounts, debit cards, and even credit cards (which will require additional documentation). You can keep your money in a variety of currencies, and they offer English online banking and phone service.
- SEB: SEB has great offers in their account for non-residents, including a low cost bank account offer for non-residents of only 10 euros per month. Their accounts allow you to keep money in multiple currencies, pay bills and transfer funds via online banking, and receive your salary automatically. They have an excellent ATM and branch network.
- DNB: With English service lines and banking agents, as well as a full service online banking app, DNB can be a great option if it is nearby and within your budget. They provide a comprehensive range of services and products, ranging from current and savings accounts to simple mortgages. Debit cards are included in the standard account packages, which start at 1 euro per month.
- Nordea: One of the world’s safest banks, with a long history in the Nordic countries and a strong presence in Lithuania. They have foreigner accounts with an English online banking app and a low monthly fee of. The basic account includes 70 cents and a debit card. Their ATM and branch network is extensive.
As a non-resident, opening a bank account in Europe should be relatively simple. English-speaking staff and English-language websites are available with information on most bank account types, including business accounts. Services will be diverse, as one would expect from a modern nation.If you bank outside of your bank’s ATM network, you will be charged fees, so it is a good idea to be aware of all your bank’s fees. When you visit a branch, ask for a fee schedule. These will be available online as well, but it is preferable to simply ask at a branch.
How To Open A Corporate Bank Account For A Business Throughout Europe For Lithuania Registered In A Different Country?
- Completing the account opening application form;
- Providing the required documents to the relevant bank;
- Form filled out as completely as possible,
- Passport copies of the board of directors and those with the right to more than 25% of the shares,
- A thorough and concise description of the ownership structure, including the right to use
- Translation of the company contract into Estonian, Russian, or English (notarized),
- Contractors who have signed the contract (notarized) ,
- Extract from company registration not older than 6 months, translated into Estonian, Russian, or English within the last 6 months (notarized),
- Bank statement for the previous 12 months
- The bank is reviewing your application and deciding whether or not to approve it.
- If your application is accepted,you must visit a branch of the related bank to complete face-to-face identification and sign the customer contract.
- With a multi-currency account, you can obtain personalized account information if you are a Wise user.
- You can set up a local account for that country using your bank account information.
- Account information is currently available in EUR, USD, GBP, TRY, CAD, HUF, AUD, NZD, and SGD currencies.
- Money can also be sent to Estonian banks for a low fee. Money transfers from the Wise account currently cost 0.28 euro.
- If the other contractors have multiple accounts as well., they can receive and send money in the same currency without interruption.