- Advantages of payment systems in Lithuania for foreigners to benefit from
- Features and functionality of the payment system in Lithuania for international users
- Opening personal accounts in the payment system in Lithuania: do you qualify?
- Requirements foreigners shall meet to open a personal account in the payment system in Lithuania
- Tariff plans and pricing
- How you can open a personal account in the payment system in Lithuania as a foreigner
- Open a personal account in the payment system in Lithuania assisted by seasoned industry pros
Take advantage of the remarkable opportunity that non-residents enjoy. Feel free to conveniently open a personal account in Lithuania’s payment system from anywhere in the world. The above account comes with a unique IBAN assigned specifically to you. The International Wealth dedicated team of specialists is fully prepared to assist you throughout the registration. Seasoned industry experts provide the invaluable support and professional guidance you will need at every stage.
If you have different goals, like wanting to open a business account for a foreign company, International Wealth experts are here to help. Make the most of the complete support and expert guidance we offer for all your banking needs.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
Contact a consultantLet’s talk via messenger
Advantages of payment systems in Lithuania for foreigners to benefit from
With no personal account in Europe, foreign investors often encounter difficulties in conducting business and managing assets. The issue affects situations like travel, business trips, or working remotely as a freelancer.
Without a specific account for international transfers within the EU, it may be extremely challenging to receive payments from foreign partners, friends, and family. Therefore, a personal bank account in the EU is extremely valuable for financial matters.
EU banks nowadays carefully review potential clients, often rejecting foreigners. FYI: this is a challenging situation but a great solution is available through world-class payment systems. Lithuania, in particular, offers such services. Inter alia, the payment system in Lithuania works with cryptocurrencies.
The fintech company that developed Lithuania’s payment system is in Vilnius. It operates under a license issued by the Bank of Lithuania and strictly follows the rules for electronic money transactions.
The payment system offers an alternative for clients from different countries around the world. It provides various services beyond traditional banking, such as SEPA and SWIFT transfers, currency exchange, as well as personal and business IBAN accounts.
Features and functionality of the payment system in Lithuania for international users
When foreigners choose to open a personal account in the payment system in Lithuania, they gain access to cutting-edge services. The website is a useful tool for customer service updates and the latest news. Importantly, the website is available in both English and Polish and thus serves a broader audience.
With a personal account in Lithuania’s payment system, you will enjoy multiple advantages:
- Convenient access: Users can easily manage accounts from anywhere in the world via Internet banking and a mobile app that makes transactions and account management hassle-free.
- Multilingual support: To accommodate the diverse needs of its users, the payment system in Lithuania offers assistance and consultations in different languages.
- Comprehensive banking services: Account holders enjoy access to a wide range of traditional banking services, excluding deposits. They may explore alternative options that meet specific financial needs.
- Virtual IBANs: The system offers virtual International Bank Account Numbers (IBANs) for EUR, USD, and GBP accounts, allowing for seamless international transactions.
- Flexible payment methods: Users of the payment system in Lithuania send and receive funds using popular payment protocols like SEPA, SWIFT, and ACH, with reasonable fees. Thus, smooth cross-border transactions are a reality.
- Global payment capabilities: With support for 36 currencies, the payment system in Lithuania allows payments in over 200 countries worldwide, facilitating international business transactions and personal transfers.
- Favorable currency exchange rates: The payment system comes with free currency exchange operations at advantageous exchange rates. This way, its users make the most of their foreign exchange transactions.
- Remote balance management: Account holders have the convenience of remotely managing account balances. The above functionality offers greater control and easy access to users’ funds.
FYI: For some people coming from particular countries, services in the Lithuanian payment system may be unavailable. Yet, don’t despair, as at International Wealth we offer an alternative option. You are welcome to get an anonymous card that makes international transactions a reality.
Opening personal accounts in the payment system in Lithuania: do you qualify?
To open a personal account in the payment system in Lithuania, you shall meet specific criteria. Those who are adults and live in a country that is not subject to sanctions are mostly welcome. Remember though that you are not allowed to use the above personal account for business purposes if the latter require you to register as a sole proprietor or create a company.
Country restrictions and limitations
The payment system in Lithuania is here to help people from various countries open accounts even if they are not residents. Your eligibility to open a personal non-resident account and the applicable tariff plan both depend on the risk level of the state you come from.
Citizens of several countries are not allowed to open accounts in the Lithuanian payment system. Considered non-cooperative, the above states are under sanctions imposed by FATF and OECD. NB: To be on the safe side, check with International Wealth experts whether your country of residence is among the states the payment system in Lithuania considers non-cooperative and does not welcome as potential customers. For instance, one such example of a sanctioned state is Turkey.
Requirements foreigners shall meet to open a personal account in the payment system in Lithuania
The payment system in Lithuania has specific standards for non-residents. If you need to open a personal IBAN account, be prepared to meet their requirements as well. In the table below, you will find the current fees for services the payment system in Lithuania offers. For more information, please feel free to contact International Wealth consultants.
Non-residents with a personal account in the payment system in Lithuania enjoy various financial services:
- transactions with cryptocurrencies, specifically BTC payments from hosted or custodial wallets
- payment operations, including domestic, local, and international transfers through SWIFT and SEPA
- direct debits, including one-time direct debits
- payments via payment cards
- currency conversion online.
Non-residents in need of personal and corporate bank accounts in 2023 are welcome to explore other options that International Wealth partners offer.
Supported currencies for international transfers
By default, you can receive and send money in 3 main currencies in the payment system in Lithuania. They are euros (EUR), US dollars (USD), and British pounds (GBP). You also have the choice to convert your money into 36 popular currencies.
FYI: The functionalities of the payment system in Lithuania are constantly improving. In 2023, you will have the option to make fast international transfers in a wide range of currencies:
- Australian dollar (AUD)
- Bahraini dinar (BHD)
- Bulgarian lev (BGN)
- Canadian dollar (CAD)
- Chinese yuan (CNY)
- Croatian kuna (HKR)
- Czech koruna (CZK)
- Danish krone (DKK)
- Hong Kong dollar (HKD)
- Hungarian forint (HUF)
- Indian rupee (INR)
- Japanese yen (JPY)
- Kenyan shilling (KES)
- Kuwaiti dinar (KWD)
- Mexican peso (MXN)
- Israeli shekel (ILS)
- New Zealand dollar (NZD)
- Norwegian krone (NOK)
- Omani rial (OMR)
- Polish złoty (PLN)
- Qatari riyal (QAR)
- Romanian leu (RON)
- Saudi riyal (SAR)
- Singapore dollar (SGD)
- South African rand (ZAR)
- Swedish krona (SEK)
- Swiss franc (CHF)
- Thai baht (THB)
- Turkish lira (TRY)
- Ugandan shilling (UGX)
- United Arab Emirates dirham (AED).
NB: In the above payment system in Lithuania, you may open only 1 personal IBAN account in EUR. Should you require more IBAN accounts in different currencies, please mention it in your application when you first contact International Wealth experts.
Tariff plans and pricing
| Financial service | Fee |
| Personal account setup | EUR 50 |
| Monthly service fee | EUR 10 |
| Incoming payments | |
| Within the payment system | EUR 5 |
| SEPA (EUR payments from the EEA states) | EUR 5 |
| International SWIFT payments | 0.25% (min EUR 20, max EUR 120) |
| Outgoing transfers | |
| Within the payment system | no limits |
| SEPA (EUR payments to the EEA states) | EUR 5 |
| International SWIFT transfers in EUR, USD, and GBP | 0.3% (min EUR 25) |
| Fast international transfers in other currencies | EUR 10 |
| Express international transfers between accounts within the payment system in Lithuania | Additional EUR 30 |
| Currency exchange | no charge |
How you can open a personal account in the payment system in Lithuania as a foreigner
Non-residents about to open a personal account in the EU payment system in Lithuania will have to fill out an online application. It’s a simple process where you submit your personal data.
After that, you’ll receive instructions at the email address you provided. Under the laws that prevent money laundering and terrorist financing the payment system in Lithuania will verify your identity. Before that, be sure to confirm your email address and mobile phone number.
Documents you will need to open a personal account in the payment system in Lithuania
To open a personal account in the payment system in Lithuania, you just need a couple of documents:
- passport
- proof of address.
To confirm your identity, you’ll have to take a selfie or record a video holding your passport open. Make sure to fill out the application form correctly. In the payment system in Lithuania, the identification process is similar to what other payment systems require.
Open a personal account in the payment system in Lithuania assisted by seasoned industry pros
- To set up a non-resident personal IBAN account in the payment system in Lithuania, please send an email request to info@offshore-pro.info stating your intention clearly.
- Next, pay a minimum of 1999 EUR as an account setup fee. You can choose from various payment methods such as bank transfer, payment card, PayPal, WebMoney, or Western Union.
- Make sure to complete the application form and submit the required documents for initial review.
If you have any questions, feel free to contact International Wealth consultants anytime. You can find our contacts on the International Wealth website.
