To work in any of the European Economic Area countries, an entrepreneur shall have access to a payment system that allows them to effortlessly receive funds from clients. If you are a freelancer or a self-employed individual, Q Wealth recommends you explore the opportunity of opening an IBAN account in the EU through Lithuania’s payment system.
Catering specifically to freelancers, the above IBAN account can serve both personal and professional purposes. The setup process is streamlined. You will only require a valid passport and access to a webcam to open it.
In need of an additional overseas account? Q Wealth experts are ready to provide you with comprehensive banking assistance. We specialize in supporting individuals, legal entities, private entrepreneurs, and freelancers. With professional guidance tailored to your specific needs, success is not a possibility but a probability. Trust Q Wealth expertise to navigate the complexities of overseas account setup and benefit from the reliable services we offer.
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EU IBAN accounts for freelancers: opening prospects
The payment system Q Wealth recommends in Lithuania boasts a customized pricing structure. Exclusively tailored for freelancers, it comes with rates that match the cost of setting up a personal account. This way, the need for extensive verification typically imposed on corporate clients is eliminated.
The EU payment system strictly adheres to the EU laws currently in force. Its operations are duly licensed and regulated by the Bank of Lithuania. Following the established guidelines, customer funds are safeguarded and securely held in dedicated deposit accounts within the Central Bank of the Republic of Lithuania, as well as in national banks and commercial institutions of other EU member countries.
EU payment system in Lithuania and its advantages for self-employed persons
Experience the distinct benefits of an IBAN account designed for freelancers in the Lithuanian payment system:
- Say goodbye to surcharges and extra fees with the IBAN account for your freelance business. The rates mirror those for resident and non-resident individuals in the European Economic Area (EEA).
- Benefit from professional multilingual support available through various user-friendly communication channels.
- Enjoy the convenience of a direct account equipped with an EU IBAN, granting you the flexibility to open multiple accounts simultaneously.
- Embrace the ease of remote account opening and management, fortified with two-factor authentication for optimal security.
- Witness swift payment processing in the EU, with transactions typically completed within a single business day.
- Anticipate international USD payments, as the payment system’s integration with SWIFT is underway. Presently, international transactions are in EUR only.
As a non-resident freelancer, you are free to use your freelancer IBAN account in the Lithuanian payment system for personal purposes. This is just another significant advantage you will reap if you set up an IBAN account in the Lithuanian payment system.
Are you one of those who frequently venture across borders and seek a seamless and secure payment experience during their travels? Benefit from opening an anonymous UnionPay card in EUR that Q Wealth offers to its customers. To initiate the application process, go ahead and connect with the Q Wealth team of seasoned experts.
Restrictions and incompatibilities of the payment system in Lithuania
To undergo the identification and open a freelancer IBAN account, be ready to meet certain requirements regarding age, country of residence, and line of business.
Below, you will find the eligibility criteria for individuals interested in opening an IBAN account in the Lithuanian payment system as a freelancer:
- shall be of legal age, i.e., 18 years or older
- shall have a valid and active passport
- shall reside in a country that is not included in any lists of sanctioned or non-cooperative jurisdictions.
NB: Residents of states listed under the EU’s sanction or blacklist, such as DPR, LPR, Iran, North Korea, and others, may not be eligible for the service.
The payment system in Lithuania does not support certain industry sectors:
- dating services
- adult entertainment
- weapons and military industry
- tobacco and alcohol trading
- cannabis and drugs distribution
- pharmaceuticals
- binary options
- gambling
- unregulated or unlicensed financial activities
- precious metals and goods mining
- private banking services
- oil industry, and more.
NB: At Q Wealth, we recommend you contact our specialists for further consultations to determine whether your country is subject to any restrictions within the Lithuanian payment system. The service is provided free of charge as part of the account opening process for freelancers, private individuals, and corporate clients.
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Opening an IBAN account in the EU as a freelancer
Foreign self-employed freelancers have the opportunity to open an IBAN account in Europe without any activation fees. Due to this, they will have no issues integrating the above IBAN account into their work. You will require neither a minimum balance nor an initial deposit to use the IBAN account. What is more, the due diligence fee is symbolic.
Currencies
Presently, all monetary transactions are conducted within the SEPA zone and follow international protocols. This means they are solely EUR transactions. However, upcoming developments will allow users to make USD payments as well, thus expanding the system’s currency options.
Tariff plans
Freelancers are private clients who intend to use their IBAN accounts in the European payment system for business purposes. They operate independently and have no legal entity status. With the above in mind, a tailored pricing policy has been established to ensure that fees remain highly competitive for foreign private customers. This is a lucrative opportunity for non-resident freelancers who work abroad.
If a freelancer wishes to open an IBAN account as a sole proprietor, a personal account may not always be the most suitable option to handle the above transactions. To overcome the hurdle, we recommend you get in touch with the Q Wealth team of experts. They will eagerly assist you in identifying the most advantageous banking solutions tailored to your specific needs overseas.
Payment system in Lithuania and its tariffs for freelancers:
| Transactions | Payment frequency | EEA residents | EEA non-residents |
| Account setup | one-time payment | EUR 0 | EUR 0 |
| Customer due diligence | one-time payment | EUR 0 | EUR 10 |
| Monthly account maintenance | monthly payment | EUR 0 | EUR 15 |
| Yearly account maintenance | yearly payment | EUR 0 | EUR 0 |
| Internal transfers | per transfer | EUR 0 | EUR 0 |
| SEPA transfers (In) | per transfer | EUR 0 | EUR 2 |
| International EUR transfers (Out, SHA) | per transfer | EUR 5 | EUR 5 |
| International EUR transfers (In, SHA) | per transfer | EUR 5 | EUR 5 |
| Account balance fee (up to EUR 50,000.00) | daily | EUR 0 | EUR 0 |
| Account balance fee (EUR 50,000.00 to EUR 1,000,000) | daily | 0.55%/360 | 0.55%/360 |
| Account balance fee (over EUR 1,000,000) | daily | 0.7%/360 | 0.7%/360 |
| Dormant account maintenance | monthly | EUR 10 | EUR 50 |
| Account termination | one-time payment | EUR 0 | EUR 50 |
| Modification of personal data | on demand | EUR 0 | EUR 5 |
| Signed account statement | on demand | EUR 15 | EUR 20 |
Discover alternative banks, neobanks, and payment services catering to the needs of freelancers as well as private individuals and corporate clients abroad. You are welcome to benefit from the comprehensive assistance that Q Wealth experts offer.
How to open an EU IBAN account as a non-resident freelancer
Don’t hesitate to open an account in the EU payment system to streamline business transactions with clients from European countries. The Q Wealth team of experts is here to assist you every step of the way, providing remote support. To gain access to your personal account in the EU payment system, simply prepare your passport and have a webcam ready for client verification.
Go ahead and set up a freelancer IBAN account in the EU in 3 easy steps:
- Send your request to Q Wealth at info@qwealthreport.com or via any of the available messengers.
- Complete the application form and pay for the Q Wealth services you require (with fees starting from 1 999 EUR).
- Gain access to your personal freelancer IBAN account with the Lithuanian payment system, featuring an EU IBAN.
To avoid any errors and ensure you have access to EU financial tools, feel free to reach out to Q Wealth experts. For the above purpose, use the contact details on the corporate website.
Can freelancers open EU IBAN accounts outside of a regular bank?
It is up to freelancers to decide how they want to open an account to receive payments from clients. They can choose a regular bank or consider other options like payment service providers. One interesting option is the Lithuanian payment system, which has competitive fees similar to personal accounts and an easier process for verifying and identifying clients.
How long does it take to open a freelancer IBAN account in Europe?
Once the freelancer’s documents are checked and approved by the compliance department, the IBAN account will be activated and ready to use. Typically, you can expect a response within 1 to 2 business days. Seeking advice from experts will help speed up the Due Diligence procedure, making the account opening experience smoother and more efficient. As a bonus, the chance of errors is reduced as well.
What documents will I need to open an EU IBAN account as a freelancer?
Opening an account with an EU IBAN as a freelancer is easy. You just need a valid ID. Sometimes the compliance department might ask for more documents. But don’t worry, Q Wealth experts will help you and guide you through the process. If needed, we will assist you with submitting the requested additional documents.
