- Advantages of having a personal account with the Lithuanian payment system
- Restricted countries
- Payment system service conditions
- Available currencies
- Security balance requirements
- Payment system tariffs for residents and non-residence of the EAA
- How a foreign national can open a personal account in Europe
- The procedure of setting up a personal account with a European payment system
We invite you to consider the opportunity to set up a euro account with a Lithuanian payment system. With this account, you will be able to make and accept payments in euros. Our experts will be happy to provide support to you in this matter. With our professional assistance, you will be able to open an account in Europe in a fast and easy manner.
Please apply for a free consultation on opening foreign bank accounts. You are welcome to find out on your own what countries provide for such an opportunity.
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Advantages of having a personal account with the Lithuanian payment system
If you choose to make use of the opportunity that we are offering, you will appreciate the new possibilities that it can bring. The electronic payment system works in accordance with all the international regulations. It is licensed and supervised by the Central Bank of Lithuania.
In accordance with the rules, all clients’ money is deposited with the Central Bank of Lithuania as well as national and commercial banks of other EU member countries. The EMI license that the payment system holds allows it to operate in all EU countries.
The Advantages of having a personal account in the EU are obvious:
- Loyalty to clients from all over the world;
- Professional administrators who understand the specifics of foreign clients;
- Multilingual support services;
- Opportunities to personalize service conditions;
- An account with a European IBAN (that begins with LT).
- Direct SEPA payments to and from the account;
- International SEPA payments are made without delays;
- An opportunity to have several IBAN accounts assigned to one person;
- Remote account control (spend around 5 minutes on authorization and you can manage your account online);
- All payments go through the Internet and the confirmation code is sent by SMS;
- A clear online registration procedure;
- Transparent fee system, no hidden charges.
Please note that the European payment system is a SWIFT member. Payments in euros only are currently available but other national currencies are on their way. If you need a multicurrency account with a payment system immediately, our experts will gladly help you to set one up.
Persons eligible to apply for services to the Lithuanian payment system shall be 18 years of age or older. You have to submit your passport or any other equivalent document when applying. The Compliance Department may request additional documents. (You can find out what documents need to be supplied only when the application process has been started. Our experts will give you a hand.)
List of countries that the Lithuanian payment system does NOT cooperate with:
- Antigua and Barbuda;
- Saint Vincent and the Grenadines;
- Saint Kitts and Nevis;
- Other non-cooperative countries from the OECD and FATF lists.
- Territories: Crimea, Lugansk and Donetsk People’s Republics.
If you are unsure about your eligibility to apply for banking services to the Lithuanian payment system, please contact us to clarify the issue.
Payment system service conditions
Residents of foreign countries are welcome to set up accounts with the Lithuanian payment system from the comfort of their home. Please mind, however, that all payment system conduct due diligence checks these days when clients – domestic or foreign – apply for their services. The financial institutions do not provide services to sanctioned people and people from sanctioned countries.
We recommend that you should use our PRE-APPROVAL service to avoid application rejection and select the bank or payment system that is prepared to provide services to you.
The payment system allows making payments in the SEPA zone and exclusively in euros. The US dollar and the Russian ruble will become available soon.
Security balance requirements
There are neither security balance nor account turnover requirements. Please bear in mind, however, that large transactions will be closely monitored and you will be asked for payment confirmation.
Payment system tariffs for residents and non-residence of the EAA
The fees and commissions that the payment system charges are quite modest in comparison to the fees and commissions that other similar financial institutions charge. European citizens and legal residents will find the most lucrative service conditions.
|Service||Period||Residents of EAA||Non-residents of EAA|
|Complex due diligence checks||One-time||€0||€10|
|Account maintenance fee||Monthly||€0||€15|
|Internal transaction||Per transaction||€0||€0|
|External transaction||Per transaction||€1||€3|
|SEPA transfer (In)||Per transaction||€0||€2|
|Euro transaction anywhere in the world (Out, SHA)||Per transaction||€5||€5|
|Euro transaction (In, SHA)||Per transaction||€5||€5|
|Currency exchange||Per transaction||0.5%||0.5%|
|Balance fee (up to 50,000 euros)||Daily||€0||€0|
|Balance fee ( from 50,000 to 1 mln euros)||Daily||0.55%/360||0.55%/360|
|Balance fee (over 1 mln euros)||Daily||0.7%/360||0.7%/360|
|Inactive account fee||Monthly||€10||€50|
|Change of account holder’s data||On request||€0||€5|
|Account statement with manager’s signature||On request||€15||€20|
Important: payment system tariffs may change. To find out the most recent tariffs, please write to firstname.lastname@example.org.
How a foreign national can open a personal account in Europe
You can open a personal account with a European payment system remotely. The client identification procedure involves the use of a web-cam and you will have to supply an identification document. The identification procedure will not cause you any troubles if you prepare well enough.
You will have clear instructions and our experts will gladly help you prepare for every step of the procedure. After you upload all the required documents to the payment system’s website, the Compliance Department is going to take some time to complete the due diligence checks. They may also request some additional documents.
The procedure of setting up a personal account with a European payment system
- Place a request for our professional assistance in opening a personal account in Europe by writing to email@example.com.
- Complete a questionnaire to let us understand if the Lithuanian payment system is likely to provide services to you. Cover the cost of our services.
- Register with the payment system following our recommendations and supply all the necessary documents to the Compliance Department.
- When the due diligence checks are over, the account will be set up and you can start using it.
If you have any questions pertaining to the opportunity to open a personal account with the Lithuanian payment system, please do not hesitate to contact us.
Can I open an account with a European IBAN remotely?
Yes, you can, and the Lithuanian payment system provides for such an opportunity. Please also note that one person can set up several IBAN accounts with the payment system.
How fast can I set up a personal account in Europe?
When the Compliance Department verifies all the information that you will have uploaded to their server and approves your application, the account will be opened within 24 hours. Probably, you will have to supply additional documentation. If you apply for our assistance, the process of setting up an account with a European IBAN is going to be shorter.
What are the advantages of having a personal account in Europe for a non-resident?
You can send and receive payment in euros and US dollar payments are going to be available soon too. All SEPA payments are made within one day. The payment system’s fees and commissions are among the lowest ones in the region. Europeans can use most of the services free of charge. Multilingual client support is available. You can access your account from anywhere in the world where there is Internet connection.