To make EUR payments in the SEPA region seamlessly and efficiently, setting up an account with the payment system in Lithuania comes highly recommended. At Q Wealth, we offer custom-tailored services and professional support to each customer. Besides, you will enjoy personalized experience when managing your corporate, tax, and banking affairs assisted by Q Wealth.
It is not in Lithuania alone that an opportunity to open bank accounts online is available to foreign businesses. Financial institutions offer them worldwide, including, inter alia, the EU, offshore jurisdictions, and Asian states. To pick the best jurisdiction for your business and financial activities without fail, you are welcome to contact the Q Wealth business industry experts.
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Advantages customers of payment system in Lithuania enjoy
The payment system in Lithuania we recommend you set up a corporate IBAN account with is an official financial institution that offers payment services to customers from not just Lithuania and the rest of the EU but also Norway, Switzerland, San-Marino, Iceland, and Principalities of Liechtenstein and Monaco. It operates under a license issued by the Bank of Lithuania.
The recommended payment system in Lithuania issues e-money, makes international and domestic payments, including the ones in the SEPA region, and opens IBAN accounts for customers. Basically, the latter enjoy everything except insurance and retirement plans therein. Unlike classic banks, the payment system in Lithuania offers personalized services to each customer, including small and medium enterprises (a.k.a. SMEs).
The customers serviced by the fintech payment system in Lithuania enjoy an opportunity to make transactions from home. To make it possible they only have to establish access to the online banking service with the payment system in Lithuania. It is safe and the customers bear minimum risks as all their funds are held in the Bank of Lithuania (a.k.a. the country’s Central Bank) and the payment system itself operates under the EU laws as well as regulatory and legal acts issued by the national financial regulator.
To take a look at some other offers for overseas legal entities and individuals to set up accounts suitable for international transactions, payments, and money transfers, please refer to the Opening Foreign Accounts with Payment Systems for Companies and Private Persons page of the Q Wealth website.
Opportunities for corporate customers of payment system in Lithuania
The payment system in Lithuania comes with multiple opportunities for overseas legal entities and national companies:
- English version of the corporate website and 24/7 online banking
- 24/7 technical support in English
- online account management, with user-friendly Internet and mobile banking services
- unique EU IBAN accounts
- customized payment solutions for corporate customers
- direct express SWIFT and SEPA payments worldwide
- your funds are safe and secure with the Bank of Lithuania
- clear, accurate, and reasonably-priced tariffs.
Setting up a corporate IBAN account abroad is a comprehensive task international business people have to solve. Faced with the global economic crisis and the related risks, you should carefully select a financial institution to service your company. Timely business optimization is important, and you are welcome to use offshore trusts and companies to succeed therewith.
Limitations for non-resident customers
An opportunity to open corporate IBAN accounts with the payment system in Lithuania is available to companies and businesses from around the world, including, inter alia, offshore jurisdictions. The main thing is that their business and its transactions shall be transparent. You should keep in mind that following the latest global developments, companies with beneficiaries from the Russian Federation are not serviced by banks and other financial institutions in Lithuania. Unlike them, Ukrainian citizens are highly welcome.
A number of limitations coming from their incorporation jurisdictions or beneficiaries’ citizenship have been introduced for other non-resident companies in Lithuania. Where a potential customer is subject to any sanctions or has ties with the jurisdiction(s) from analogous EU blacklists, they may be weeded out.
Requirements as to company profiles and business activities of potential customers
The payment system in Lithuania is likely not to approve service applications from customers dealing in cryptocurrencies or performing foreign currency transactions.
Here’s what the other forbidden activities include:
- unlicensed gambling
- illegal securities, stock index, currency, warrant, or exchange-traded fund transactions
- trade in excisable goods, including, inter alia, smokeables, alcohol beverages, drugs available on prescription, steroids, illegal drugs, and weapons
- pornography publications
- unlicensed and unregulated lotteries, as well as other prohibited or unlicensed activities.
As for casino and gambling businesses, forex, and lottery providers, they may be accepted as customers by the payment system in Lithuania if they have all the required licenses.
Other industries, including digital ones, are not subject to any limitations. It is only common sense that matters, and if your business is both legit and transparent, you will face no issues with setting up a corporate IBAN account with the payment system in Lithuania.
Terms and conditions to set up corporate IBAN accounts with payment system in Lithuania for non-residents
It is rather profitable to be a customer of the payment system in Lithuania. Unlike traditional European banks, fees and commissions here mostly depend on the customer’s business category and incorporation jurisdiction, meaning whether it is in the European Economic Area or outside the EEA.
With all the benefits it offers, the payment system in Lithuania prohibits certain transborder money transfers. For your convenience, industries and activities where SWIFT payments and money transfers to banks outside the SEPA region are not allowed are listed below:
- activities of extraterritorial organizations and bodies
- charities
- arms and weapons industry
- auctioning services
- gem and jewelry production and trade.
Tariffs and rates
All corporate customers enjoy custom-tailored service with the payment system in Lithuania based on their company’s incorporation jurisdiction. In case of EU-incorporated businesses, prices and rates for account opening and maintenance are lower.
Depending on customer categories, service costs offered by the payment system in Lithuania vary.
Below, the customer categories in the payment system in Lithuania are listed:
I – companies incorporated in Lithuania, dealing in e-commerce, retail trade, and accounting
II – companies incorporated in the EEA that deal in e-commerce, retail trade, logistics, legal services, practice of law, marketing, accounting, information technologies, intermediary services, are agencies, independent lawyers, or tax consultants
III – businesses incorporated outside the EEA and dealing in e-commerce, retail trade, logistics, practice of law or legal services (including, inter alia, independent lawyers), marketing, accounting, IT technologies, tax consultancy, or intermediary services
IV – companies incorporated in the EEA that are affiliates, operate in mass media setting, online advertising, forex and gambling, and/or any other activities involving entry fees, buy-ins, and prizes, casino games, lotteries, unregulated betting houses, PSPs, offer financial services, money transfer services, insurance services, notary services, trade in real estate, or are popular dating sites.
V – businesses incorporated outside the EEA that engage in the same activities as the companies belonging to Group IV.
| Service category | Company category | ||||
| I | II | III | IV | V | |
| Document consideration (up to 10 work days) | €25 | €250 | €750 | €1.25 | €2.50 |
| Express document review for account opening purposes (up to 2 working days) | €50 | €250 | €250 | €250 | €500 |
| Monthly fee for maintenance of settlement accounts | €25 | €50 | €200 | €250 | €300 |
| Monthly fee for holding funds in a settlement account after commercial relationship with the customer has been discontinued | €50 | €300 | €500 | €500 | €500 |
| Incoming SEPA payments | €0 | €0 | 0.10% | 0.10% | 0.50% |
| Intrabank money transfers | €0 | €0 | €0 | €0 | €0 |
| SEPA money transfers up to €5000 | €1 | €1 | 0,1% (with min. transfer amount of €5) | 0.25% (with min. transfer amount of €5) | 0.5% (with min. transfer amount of €5) |
| SEPA money transfers up to €50,000 | €5 | €5 | 0.1% (with min. transfer amount of €25) | 0.25% | 0.50% |
| SEPA money transfers above €50,000 | €5 | €10 | 0.1% (with min. transfer amount of €50) | 0.25% | 0.50% |
| Non-SEPA money transfers (SWIFT) (SHA) | 0.1% (with min. transfer amount of €45) | 0.2% (with min. transfer amount of €70) | 0.4% (with min. transfer amount of €120) | 0.5% (with min. transfer amount of €120) | 0.5% (with min. transfer amount of €120) |
| Incoming non-SEPA money transfers (SWIFT) | 0.1% (with min. transfer amount of €10) | 0.1% (with min. transfer amount of €10) | 0.1% (with min. transfer amount of €10) | 0.1% (with min. transfer amount of €10) | 0.5% (with min. transfer amount of €20) |
| Cancellation, amendment, investigation, or withdrawal of payment orders | €20 | €60 | €100 | €100 | €100 |
| Annual fee for keeping funds with the system (where the account balance is above or equivalent to €30,000, the fee is paid on a monthly basis) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Current account closing | €25 | €150 | €150 | €150 | €150 |
| Penalty for failure to submit full details and documents by the pre-agreed deadline | €100 | €150 | €150 | €150 | €150 |
| Customer file updates (e.g., where beneficiary owners and/or authorized representatives change) | €10 | €150 | €250 | €250 | €250 |
| Account statements (under seal) | €5 | €5 | €5 | €5 | €5 |
| Bank letters (letters to auditors, recommendation letters, etc.) | €30 | €30 | €30 | €30 | €30 |
| Bank letters (apostilled) | €150 | €150 | €150 | €150 | €150 |
| Performance of assignments issued by public law subjects, e.g., prosecutors, public attorneys, jurors, etc.) | €50 | €100 | €100 | €100 | €100 |
| Express or courier document delivery | on request | on request | on request | on request | on request |
FYI: all EU banks (and many banks in other jurisdictions) support SEPA money transfers. Most SEPA transactions are cleared on the same day. Under certain conditions and circumstances, incoming and outgoing SWIFT payments may be made. For further details, please contact the Q Wealth consultants.
How to open a corporate IBAN account with payment system in Lithuania – procedure
To set up a corporate IBAN account with a payment system in Lithuania, you should first and foremost fill in the bank application form and prepare the necessary documents. On a standard basis, it takes up to 2 work days for your application to be considered and processed after we have received all the documents necessary.
Provided the bank application form above is filled in correctly and you have prepared and submitted all requested documents as and when due, the corporate IBAN account with the payment system in Lithuania will be set up for you in next to no time.
Customer verification and identification
All identification and verification procedures are carried out remotely. After you submit the required bank application form, a link to the verification platform will be emailed to you so that you can complete the identification and verification procedures. Provided everything is done by the book, account activation will be completed successfully.
Setting up corporate IBAN accounts in Lithuania remotely
The procedure to set up a corporate IBAN account with the payment system in Lithuania is outlined below:
- Contact Q Wealth with your application that shall be emailed to in**@***********rt.com.
- Pay the Q Wealth service fees using any payment method you like.
- Fill in the bank form following the Q Wealth recommendations.
- Have your documents and ID verified online.
- Obtain access to your corporate IBAN account with the payment system in Lithuania and take advantage of the convenient and affordable payment service that you can use 24/7.
Documents you shall submit to set up a corporate IBAN account with payment system in Lithuania
For your convenience the list of documents applicants shall submit to have a corporate IBAN account in Lithuania opened for them is provided below:
- Incorporation Certificate or its equivalent (issued in a corresponding jurisdiction)
- Memorandum and Articles of Association
- Company extract from the register issued within 3 months before the submission date
- Title documents certifying beneficial ownership
- Company ownership structure with ultimate beneficial owner(s) specified
- Most recent annual report
- Passports or IDs of the beneficiary(ies), director, and their legal representatives, if any. In case of legal representatives, a valid PoA is required as well.
Under certain circumstances, the applicant shall also provide the following:
- license to carry out their business activities or
- transcript from a public registry issued by a corresponding authority.
To legalize certain documents, the applicant may need to have them apostilled or notarized. The above requirement is not always a must, it all depends on the beneficiary’s citizenship, incorporation jurisdiction, and other aspects. To be on the safe side and do everything by the book you are welcome to turn to the Q Wealth professionals for helpful recommendations and your request will be efficiently handled on a case-by-case basis.
14 December 2022 