Seize the remarkable opportunity available to non-residents. You can conveniently open a personal account in Lithuania’s payment system from anywhere in the world. This account comes with a unique IBAN assigned specifically to you. Our dedicated team of specialists is fully prepared to assist you throughout the registration process. Our seasoned industry experts provide invaluable support and professional guidance at every stage.
If you have different goals, like wanting to open a business account for a foreign company, Q Wealth experts are here to help. Make the most of the comprehensive support and expert guidance we offer for all your banking needs.
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Advantages of payment systems in Lithuania for non-residents to benefit from
Foreign investors and entrepreneurs without a personal account in Europe often encounter difficulties in conducting business and managing assets. This issue affects situations such as travel, business trips, or working remotely as a freelancer.
Without a specific account for international transfers within the EU, receiving payments from foreign partners, friends, and family can be extremely challenging. Therefore, having a personal bank account in the EU is invaluable for financial matters.
EU banks nowadays carefully review potential clients, often rejecting non-residents. However, you can choose to register with a payment system, which is typically easier to join as a non-resident. One particularly world-class payment system is found in Lithuania.
The fintech company that developed the recommended Lithuanian payment system is based 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 provides an alternative for clients from various countries worldwide. It provides various services beyond traditional banking, such as SEPA and SWIFT transfers, currency exchange, cryptocurrencies, and personal and business IBAN accounts.
Features and functionality of the payment system in Lithuania for international users
When non-residents choose to open a personal account in the recommended payment system in Lithuania, they gain access to cutting-edge services. Their website is a useful tool for customer service updates and the latest news. Importantly, the website is available in both English and Polish, ensuring that a wide range of people can stay up to date.
With a personal account in Lithuania’s payment system, you will enjoy multiple advantages:
- Convenient access: Users can easily manage their accounts from anywhere in the world via Internet banking and a mobile app, making 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 provides virtual International Bank Account Numbers (IBANs) for EUR, USD, and GBP accounts, enabling seamless international transactions.
- Flexible payment methods: Users of the payment system in Lithuania can send and receive funds using popular payment protocols, including 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 can conveniently manage their account balances remotely. 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 Q Wealth we offer an alternative option. You are welcome to get an anonymous card that makes international transactions a reality.
Opening a personal account in the payment system in Lithuania: Do you qualify?
To open a personal account in the payment system in Lithuania, you must meet specific criteria. Adults from countries not subject to sanctions are generally welcome. Remember, that you are not allowed to use the above personal account for business purposes if the latter requires you to register as a sole proprietor or create a company.
Country restrictions and limitations
The payment system in Lithuania is here for people from various countries to 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, these states are subject to sanctions imposed by the FATF and OECD.
Note: To be on the safe side, check with Q Wealth experts to determine whether your country of residence is among the states that the payment system in Lithuania considers non-cooperative and does not welcome as potential customers.
Requirements for non-residents 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 offered by the payment system in Lithuania. Please note that this is subject to change; however, we will inform you of any anticipated costs prior to setting up an account. For more information, please do not hesitate to contact Q 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 Q 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 the euro (EUR), the US dollar (USD), and the British pound (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 2025, 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 Q 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 to open a personal account in the payment system in Lithuania as a foreigner
Non-residents planning to open a personal account in the EU payment system in Lithuania will need to complete an online application. It’s a simple process and involves submitting personal data.
After that, you’ll receive instructions at the email address you provided. Under anti-money laundering and anti-terrorism laws, the payment system in Lithuania will verify your identity. Before that, please 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 an account, you simply need a couple of documents:
- passport
- proof of address
To confirm your identity, please take a selfie or record a video showing your passport open. Please ensure that you fill out the application form accurately. In the Lithuanian payment system, 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, please send an email request to info@qwealthreport.com stating your intention clearly.
- Next, pay a minimum of 1999 EUR as an account setup fee. You can choose from various payment methods, including bank transfer, payment card, PayPal, cryptocurrency, or Western Union.
- Please ensure that you complete the application form and submit the required documents for initial review.
If you have any questions, feel free to contact Q Wealth consultants anytime. You can find our contacts on the Q Wealth website.
