Lithuania's banking market splits cleanly in two, and knowing which side to start on saves new arrivals weeks of frustration.
Start here if you're new
Traditional banks want a residence permit and an asmens kodas you won't have for weeks. Licensed fintechs โ Revolut, Paysera, Wise โ open accounts with just a passport, from abroad, before you arrive. Revolut issues Lithuanian IBANs, so it works as a genuine local account for rent and salary. Do this before you fly and most of your first-month friction disappears.
Guides
Fintechs vs Traditional Banks
Fintechs โ Revolut, Paysera, Wise
- โ Passport only, no permit needed
- โ Open from abroad before arriving
- โ Minutes to hours, not days
- โ Far better exchange rates
- โ E-money safeguarding, not deposit insurance
- โ No mortgages or credit products
Traditional โ Swedbank, SEB, Luminor
- โ โฌ100,000 EU deposit guarantee
- โ Branches and in-person support
- โ Mortgages, loans, investments
- โ Builds local credit history
- โ Need permit and asmens kodas
- โ Poor rates on international transfers
Most people end up with both: a fintech for daily life and transfers, a traditional bank once settled โ if they need one at all. Plenty never do.
Why Lithuania is unusual
Lithuania deliberately built itself into an EU fintech licensing hub, which is why Revolut, Paysera and dozens of payment institutions are based here. The practical consequence for you: Revolut's IBAN is Lithuanian, so unlike in most of Europe it counts as a local account. Employers and landlords accept it. That's a genuine advantage most guides miss.
What There Isn't
No BLIK equivalent. If you're arriving from Poland, there's no direct counterpart to BLIK here. Lithuania runs on contactless cards and banking apps, with Apple Pay and Google Pay widely supported. You can go weeks without cash and won't miss it.
Not arrived yet?
Open a Lithuanian IBAN with just your passport, in about ten minutes.
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