If you're moving to Lithuania, here's how to manage your money

Lithuania's banking landscape has some surprises for newcomers. Here's what you need to know before you arrive.

Banking Overview in Lithuania

Opening a Bank Account in Lithuania

Foreigners can open bank accounts in Lithuania. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.

Required Documents

• Valid passport or national ID
• Proof of address / residence registration
• Residence permit (if applicable)
• Tax identification number (if available)
• Initial deposit (amount varies by bank)

Digital Banking Options

Wise (TransferWise)

Wise has limited availability in Lithuania. While you may be able to send money to Lithuania, full local account features may not be available. Check their website for the latest on Lithuania-specific services.

N26

N26 is not currently available in Lithuania. You may need to consider local digital bank alternatives or traditional banks.

International Transfers

When transferring money to or from Lithuania, consider these factors:

• Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
• Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
• Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
• Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.

Salary and Everyday Banking

The average salary in Lithuania is approximately €1,542 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:

• Debit card (Visa or Mastercard)
• Online banking portal and mobile app
• Direct debit setup for rent and utilities
• ATM withdrawals (check fee policies)

Tips for Expats

1. Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
2. Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
3. Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
4. Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
5. Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.