Lithuania
Banking in Lithuania
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Banking in Lithuania
There are currently six banks and eight foreign bank branches operating in Lithuania. The Lithuanian banking sector is dominated by the subsidiaries of large Scandinavian banks. The three largest banks registered in Lithuania (AB SEB bank; Swedbank, AB; AB DNB bank) are supervised directly by the European Central Bank in conjunction with Bank of Lithuania experts. Worth to mention Lithuania is one of the first in Europe that since 2011 has already been applying financial stability enhancing measures, i.e. the Responsible Lending Regulations.
It is fairly easy to get your company registered here in Lithuania, and the majority of the work can be done online. Companies will need an in-country bank account, which generally takes only about a day to complete. You will be asked to fill an application and provide one of the following documents:
- Passport
- Lithuanian Republic identity card
- Permission to live in Lithuania
- European Nation identity card
- Foreign country passport
An initial deposit is not necessary. On the demand you can always at any time close your bank account and withdraw all the amount left in it.
Fees for holding a payment account basket are 0.90 - 3.20 EUR (depends on bank).
Perks for holding an account on almost everywhere:
- Account management
- Access to electronic banking
- Payment card
- Electronic payments
- Cash withdraw
- Mobile banking
Opening hours are generally 8 am to 5 pm, Monday to Friday.