Skip to main content

Lithuania (LT)

Lithuania is the largest and most southerly of the three Baltic states, a semi-presidential EU republic celebrated for its remarkably preserved Baroque capital Vilnius (UNESCO World Heritage), dramatic coastal dunes at Neringa (also UNESCO), vibrant startup and fintech ecosystem (home of Revolut HQ, Vinted, Nord Security, and Hostinger), rapidly rising living standards, and a resilient population with deep cultural roots stretching back to one of the last pagan civilisations in Europe to adopt Christianity.

Capital: Vilnius
Region: Europe
Language: Lithuanian
Currency: EUR (€)
Cost of living: Affordable (index 47)
Emergency: 112
Premium

Banking in Lithuania

Recommended banks, payment culture and credit score basics.

Lithuania has a dynamic and modern banking sector — particularly notable as the European headquarters of Revolut and a major hub for European fintech. The country has issued more Electronic Money Institution (EMI) licences than almost any other EU country, attracting dozens of fintech firms post-Brexit. Traditional banking is led by Swedbank (largest by market share), SEB, and Luminor. Contactless payments and mobile banking are dominant. Opening a bank account requires your asmens kodas, which must be obtained first. Revolut is used as a primary account by a very large proportion of the Lithuanian population, including many expats. SEPA transfers within the eurozone are free and instant (SEPA Instant).

Recommended banks

Revolut

English
neobank

Monthly fee: €0 (standard) to €16.99/month (Premium) to €45/month (Metal)

Requirements: No Lithuanian asmens kodas required to open. ID document only. App-based signup. Available immediately. Lithuanian IBAN (LT) available.

  • + Can open before getting asmens kodas — useful in first weeks
  • + Full English app with Lithuanian IBAN (LT)
  • + Excellent currency exchange and international transfer rates
  • + Widely used by Lithuanians — easy for peer payments
  • + Free stock trading and crypto on higher tiers
  • + Lithuanian bank number (LT IBAN) accepted by most Lithuanian employers
  • + Revolut's European HQ is in Vilnius — best-in-class local support
  • - Not a traditional bank — limited in some formal scenarios (mortgage applications, complex credit facilities)
  • - Customer support is chat-based — no branch or telephone banking available
  • - Some employers still require a traditional Swedbank or SEB account for payroll — verify before relying solely on Revolut
  • - Free plan has limits on fee-free ATM withdrawals (€200/month) and monthly fee-free currency exchange

Swedbank

English
traditional

Monthly fee: €0–3/month (basic personal account)

Requirements: Asmens kodas required. Apply online via Swedbank app with Smart-ID, or visit a branch. English-language service available.

  • + Lithuania's largest traditional bank — most employers pay salary here
  • + English-language internet banking and mobile app
  • + Extensive ATM network
  • + Trusted institution for property purchases, mortgage applications
  • + Good pension fund management (2nd pillar)
  • + Smart-ID integration for instant authentication
  • - Asmens kodas required before account can be opened — use Revolut or Paysera as bridge account on arrival
  • - Branch wait times can be long at busy Vilnius and Kaunas locations — use Smart-ID for most transactions
  • - Monthly service fees of €0–3/month apply on most packages — higher than fintech alternatives
  • - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is significantly cheaper

SEB

English
traditional

Monthly fee: €0–2/month

Requirements: Asmens kodas required. Online application available. Smart-ID authentication.

  • + Pan-Baltic presence — useful if also living in Latvia or Estonia
  • + Strong English digital banking
  • + Good international transfer tools
  • + Well-regarded personal banking service
  • + Good investment and savings products
  • - Asmens kodas (Lithuanian personal code) required before account can be opened
  • - Slightly smaller ATM network than Swedbank — fewer locations in smaller cities and towns
  • - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is significantly cheaper
  • - Monthly fees of €0–2/month apply depending on account package and activity level

Luminor

English
traditional

Monthly fee: €0–3/month

Requirements: Asmens kodas required. Online application. Backed by Blackstone.

  • + Pan-Baltic bank (Lithuania, Latvia, Estonia)
  • + Modern digital banking
  • + Competitive mortgage products
  • + English language service
  • - Smaller branch network than Swedbank or SEB — fewer locations across Lithuania
  • - Less name recognition among some Lithuanian employers — payroll compatibility with Luminor IBAN varies
  • - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is cheaper for regular remittances
  • - Monthly fees of €0–3/month apply depending on account package selected

Paysera

English
online

Monthly fee: €0 (free basic account)

Requirements: Online signup with ID. Lithuanian company. IBAN available. Very popular for small business and freelancers.

  • + Can open without asmens kodas (with just passport)
  • + Very low-fee international transfers
  • + Good for freelancers and self-employed
  • + Widely used in Lithuanian business
  • + Instant payments within the Paysera ecosystem
  • - Not accepted as a salary account by all employers — some Lithuanian companies require Swedbank or SEB IBAN
  • - Limited consumer banking features compared to traditional banks — no mortgages, insurance, or investment products
  • - International wire fees apply per transfer outside free SEPA limits — check current Paysera fee schedule
  • - Not covered by the Lithuanian Deposit Insurance scheme in the same way as licensed deposit-taking banks

Šiaulių bankas

traditional

Monthly fee: €0–2/month

Requirements: Asmens kodas, branch visit typically needed.

  • + Lithuanian-owned bank (unlike Swedbank/SEB)
  • + Competitive mortgage rates
  • + Good for business accounts
  • - Limited English support — banking interface and customer service primarily in Lithuanian
  • - Smaller international presence and SWIFT infrastructure — less suited for expats with frequent cross-border needs
  • - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is significantly cheaper
  • - Branch network concentrated in Šiauliai and northern Lithuania — fewer locations in Vilnius or Kaunas

Payment culture

Contactless card payments are dominant in Lithuania — tap-to-pay is universal in shops, restaurants, cafés, and even at street markets. Revolut is used by a very large proportion of Lithuanians for peer payments (equivalent to MobilePay in Denmark). Cash is still used at some markets, small rural businesses, and by older generations. SEPA Instant credit transfers are available between Lithuanian banks — money moves in seconds. The Žinoma Lietuva card loyalty scheme is widely used at Maxima, Rimi, and other chains. IBAN format: LT followed by 18 digits.

Cash access

ATMs (bankomat / bankomatai) are widely available in cities, shopping centres, and petrol stations. Swedbank and SEB ATMs are most common. Revolut and most debit/credit cards work in all Lithuanian ATMs. Cash withdrawal limits: typically €1,000–2,000/day. Cash use is declining rapidly — prepare primarily for card payments. Airport ATMs charge higher fees than city centre ATMs.

Creditinfo / Sodra credit data

Check your credit history at creditinfo.lt. Sodra (sodra.lt) also provides data on unpaid obligations. Banks access credit bureau data when assessing loan applications.

Free annual check: Creditinfo provides a free once-per-year credit report at creditinfo.lt.

Lithuania's credit scoring system is developing. Creditinfo Lithuania is the main credit bureau. New arrivals have no Lithuanian credit history — build history by paying all bills on time, using a credit card, and maintaining Sodra contributions. A clean record (no defaults, no unpaid Sodra or VMI obligations) is essential for mortgage or car loan applications.

International transfers

SEPA transfers within the EU/EEA are free or near-free (typically €0–0.50 via online banking). SEPA Instant is available between most Lithuanian banks. For non-SEPA countries, use Wise or Revolut — far cheaper than bank wire transfers (€15–30 per transfer at traditional banks). Paysera is also competitive for international transfers. Revolut supports transfers to 30+ currencies at near-market exchange rates.