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IBAN Accounts for Individuals in European Payment System Opened Remotely

A personal IBAN account with a payment system in Lithuania comes along with multiple advantages for IBAN account holders. The said advantages include affordable high-quality account maintenance and access to both payment instruments and financial services for EU citizens and non-residents.

The IBAN account you can set up with a payment system in Lithuania is a good fit for the Lithuanian and foreign citizens who work remotely and render freelance services to their customers. They travel Europe through and through, have partners and/or relatives in EEA states, and prefer shopping online. If it looks like something you would choose, we encourage you to contact the International Wealth industry experts for professional assistance with any banking issues you need help with.

Personal account in the Lithuanian payment system

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If seeking an opportunity to set up a corporate account in Lithuania or about to enlarge your partner network and expand travel horizons, you are welcome to apply to International Wealth for assistance with opening an additional account with a different bank or payment system.

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Benefits of having an IBAN account in Lithuania for foreign citizens 

When opening a personal IBAN account with a reliable and stable European payment system, a non-resident wins a chance to benefit from affordable payment rates in the SEPA region, receive payments for the work performed, pay for the services provided, including, inter alia, medical services, goods, or education. At International Wealth we recommend you use the payment service boasting all necessary permits and authorizations that is licensed by the Bank of Lithuania for that purpose. The payment system in question processes e-money transactions and renders multiple financial services to its customers. 

Customers’ funds are held in a special account with the Central Bank of Lithuania. With this in mind, safe and issue-free cooperation with the European company acting as an online payment service provider is guaranteed. 

Main advantages that come along with opening a dedicated personal account in Lithuania

Below, you will find the by far incomplete list of benefits customers of the payment system in Lithuania enjoy:

  • safe and secure online services
  • instant payments within the SEPA region
  • European IBAN accounts
  • 24/7 full English support
  • multifunctional Internet banking
  • accessible mobile banking
  • varying rates for different customer jurisdictions.

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To get acquainted with our relevant banking services abroad, you are welcome to visit the Open Foreign Bank Accounts Online page of the International Wealth website.

Restrictions on working with payment system in Lithuania

The payment system in Lithuania is available to not just its residents but also foreign citizens. Its rates vary depending on the customer’s citizenship state or jurisdiction which may be Lithuania, the EU, or any other regions and countries. The above payment system services offshore companies provided their funding sources are transparent to it.

Neither incoming nor outgoing payments involving counterparties from the below countries and jurisdictions are processed within the payment system no matter whether they are individuals or legal entities:

“Afghanistan, Akrotiri, Ashmore and Cartier Islands, Baker Island, Barbados, Belarus, Bouvet Island, British Indian Ocean Territory, Burkina Faso, Cambodia, Cayman Islands, Chad, Christmas Island, Clipperton Island, Cocos (Keeling) Islands, Coral Sea Islands Territory, Crimea, Cuba, the Democratic Republic of the Congo, Dhekelia, the Democratic People’s Republic of Korea, East Timor, Falkland Islands, the French Southern and Antarctic Lands, Gibraltar, Haiti, Heard Island and McDonald Islands, Howland Island, Iran, Jamaica, Jan Mayen Island, Jarvis Island, Johnston Atoll, Jordan, Kenya, Kingman Reef, Libya, Mali, Mayotte, Midway Islands, Morocco, Myanmar, Navassa Island, Nicaragua, Norfolk Island, Pakistan, Palmyra Atoll, Panama, the Paracel Islands, the Philippines, the Pitcairn Islands, the Russian Federation, Saint Martin, Senegal, South Georgia and the South Sandwich Islands, South Sudan, the Spratly Islands, Svalbard, Swaziland, Syria, Trinidad and Tobago, Uganda, Vanuatu, Wake Island, the Territory of the Wallis and Futuna Islands, Yemen, and Zimbabwe.”

Residents and companies originating from the below states and jurisdictions are not allowed to set up bank accounts with the payment system in Lithuania:

“Afghanistan, Albania, Barbados, Burkina Faso, Cayman Islands, Cambodia, Gibraltar, Gaiti, Yemen, Iran, Jamaica, Jordan, Mali, Myanmar, Morocco, Nicaragua, North Korea, Pakistan, Panama, Senegal, South Sudan, Syria, Turkey, Russia, Trinidad and Tobago, Uganda, the United Arab Emirates, Vanuatu, and Zimbabwe.”

The currency to be used by the customers of the payment system in Lithuania for their accounts is euro (€).

Conditions for personal account opening in Lithuania

Any would-be customers of the payment system in Lithuania shall meet several important requirements when opening and maintaining personal accounts in the above payment system. You will pay the account setup fee of up to EUR 250 and maintain the minimum account balance of EUR 5 to EUR 200, depending on the chosen service plan.

All payment transactions on the customer’s personal IBAN account in Lithuania are made within the SEPA region only. SEPA transactions are supported by all EU banks as well as banking institutions from many other regions. Local payments are credited to customers’ accounts on a same day basis provided the payment is made on a working day. With international payments, it happens on the next day after the payment is made.

Rates and service plans 

The fees the payment system in Lithuania offers to its retail customers depend on the customer’s citizenship and residency. NB: a special service plan is used if the customer does not make any transactions within 3 months, with fees at least twice above the standard ones. 

Depending on the customer’s country of origin and their employment type, account opening in the Lithuania payment system is either free of charge or the fee of up to EUR 250 is charged. EU citizens enjoy small fees for outgoing payments and monthly account maintenance.

You are welcome to study the 2022 service rates offered by the Lithuania payment system for non-resident EU individuals and those resident in the jurisdictions that do not belong to the EU list. The last column contains service rates for special category customers, including the ones that exceed the set limits within the system, as well as foreign private entrepreneurs, and freelance contractors.

Foreign residents setting up accounts in the payment system in Lithuania are free to transact with banks from multiple jurisdictions, including incoming and outgoing transactions, and use their assets to finance personal and traveling expenses.

Service categoryEEA customersCustomers outside EEA Special-category customers (freelance contractors)
Document consideration (up to 10 work days)€0 €100 €250
Express document verification for account opening purposes (up to 2 work days)€20€100€250
Monthly account maintenance fee for settlement accounts€5€20€50
Monthly account maintenance fee for dormant accounts (with no transactions within 3 months)€5€20€50
Monthly fee for holding funds in settlement accounts after commercial relationship with the bank has been discontinued€15€60€150
Incoming SEPA payments€0€5€10
Intrabank money transfers between accounts€0€0€0
Outgoing SEPA payments€1€5€10
Outgoing non-SEPA (SWIFT) money transfers (SHA – general bank commissions and fees)0.1% (with minimum fee of €45)0.2% (with minimum fee of €70)0.4% (with minimum fee of €120)
Incoming non-SEPA (SWIFT) money transfers0.1% (with minimum fee of €10)0.1% (with minimum fee of €10)0.1% (with minimum fee of €10)
Payment order amendment, investigation, cancellation, or withdrawal€20€40€60
Refunding the money transferred to and/or from the customer’s correspondent account in the payment system (on demand) €20€40€60
Penalties for failure to submit full details and documents by the agreed deadline€25€150€200
Minimum account balance€5€100€200
Monthly fee for holding funds within the payment system (if the account balance is above or equal to €30,000)0.7%0.7%0.7%
Account closing€0€150€250
Updates in the customer’s file (e.g., change of beneficial owner(s) and/or authorized representative(s)€10€100€100
Account statement (under seal)€5€5€5
Bank letters (recommendation letters, letters to auditors, etc.)€50€50€50
Apostilled bank letters €150€150€150
Performance of assignments from public law subjects, e.g., public attorneys, prosecutors, jurors, etc.)€50€100€100
Express or courier document deliveryon demandon demandon demand

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NB: only SEPA money transfers (i.e., money transfers within the Single Euro Payment Area (a.k.a. SEPA) are offered by the payment system in Lithuania. Customers about to travel or start business in other countries should consider obtaining an anonymous UnionPay card. Represented in over 180 states worldwide, the UnionPay card allows you to convert currencies within the UnionPay system

Setting up personal accounts for non-residents – procedure 

A non-resident willing to set up a personal IBAN account with the payment system in Lithuania, shall produce their ID and/or passport together with the documented proof of residence. The remaining steps are standard:

  1. Submit a service request to the International Wealth email [email protected] or message us via the International Wealth online chat or messenger with the above request and provide your contact details.
  2. Pay the service fee using any payment methods available, including bank transfers, Bitcoins, bank cards, e.g., Visa or Mastercard, PayPal, Webmoney, or Western Union.
  3. Fill in the International Wealth questionnaire, following the instructions our consultant will give you. 

To set up a personal IBAN account in Lithuania, you are welcome to complete the corresponding questionnaire. Please, answer all questions clearly and in full detail. This will speed up identity verification procedures and we will be able to proceed with setting up your IBAN account in Lithuania much sooner. 

You will be able to use your profile in the payment system in Lithuania while your documents and personal info are being verified. The verification completed, your account with the payment system in Lithuania will be activated in full. Most commonly, it takes up to 2 days to process your application. 

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FYI: customers’ personal data collected by International Wealth are processed and used as provided for under the confidentiality regulations stipulated by the Law on Legal Protection in force in Lithuania. For any other questions or comments you may have please contact the International Wealth industry experts.

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