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Table of Contents
The Problem Every International Student Hits
You've been accepted. You land in Vilnius or Kaunas with a deposit to pay, a dormitory that wants a transfer, a transport pass to buy, and a phone contract to sign. So you walk into a bank โ and get told you need a residence permit and an asmens kodas.
You won't have either for weeks. Possibly months, if your permit is still being processed.
This catches almost every non-EU student, and it's entirely avoidable. Licensed fintechs open accounts with nothing but your passport, from your home country, before you fly. Revolut is licensed in Lithuania and issues Lithuanian IBANs โ which means it isn't a stopgap foreign account, it's a local one your landlord and later your employer will accept.
The short version
Open a fintech account before you leave home. Add a traditional Lithuanian bank later, once your permit and personal code arrive โ and only if you actually need one. Many students never do.
Quick Comparison
| Provider | Passport only | LT IBAN | Before arrival | Monthly fee | FX from home | Best for | |
|---|---|---|---|---|---|---|---|
| Revolut | โ | โ | โ | โฌ0 standard | Excellent | Overall โ your main account | Open |
| Wise | โ | โ | โ | โฌ0 | Best rates | Receiving money from home | Open |
| Paysera | โ | โ | โ | โฌ0 | Good | Local Lithuanian fintech | Open |
| SEB (with residency) | โ | โ | โ | โฌ0 under 25 | Poor | Students under 25 with residency | Open |
| SEB (non-resident) | โ | โ | โ | โฌ10/mo + โฌ250 | Poor | Nobody โ see below | Open |
| Swedbank | โ | โ | โ | โฌ1.00โ1.70/mo | Poor | Full-service banking later | Open |
SEB fees from their published price list in force from 1 January 2026. Confirm current conditions before opening.
The โฌ250 non-resident charge โ read this before walking into a bank. SEB classifies as a "non-resident" anyone without the right to reside in Lithuania, the EU, the EEA or the UK. If that's you โ which it is, before your residence permit is issued โ account opening costs โฌ250, plus a โฌ10/month minimum service fee. For a student arriving before their permit comes through, that's roughly โฌ370 in the first year for an account Revolut provides free. This is the single strongest argument for opening a fintech account before you fly.
But once you have residency, SEB is genuinely free if you're under 25
SEB's YOUTH plan is โฌ0/month for ages 0โ25, and the DAILY plan is also โฌ0 for 18โ25 year olds. So the sensible sequence for a student is: Revolut now, SEB once your permit and asmens kodas arrive โ at which point the traditional account costs you nothing and gives you deposit protection and a local banking relationship. Don't pay โฌ250 to get there early.
The Accounts, Reviewed
Revolut
Best for: your main account as a student
Key features
- Lithuanian IBAN โ counts as local
- Open from abroad before you arrive
- Strong exchange rates for money from home
- Instant virtual card, spending analytics
- Easy splitting with flatmates
Account details
- standard plan
- โฌ0
- to open
- ~10 min
- only requirement
- Passport
Summary
- Lithuanian IBAN โ counts as local
- Open from abroad before you arrive
- Strong exchange rates for money from home
- Instant virtual card, spending analytics
- Easy splitting with flatmates
- No branches โ support is in-app
- Weekend FX markup on some currencies
- E-money safeguarding, not deposit insurance
- No student loans or mortgages
Wise
Best for: receiving money from your family
Key features
- Consistently the best transfer rates
- Transparent, visible fees
- Hold multiple currencies at once
- Parents can send directly to you
Account details
- to open
- โฌ0
- exchange rate
- Mid-market
- currencies held
- 40+
Summary
- Consistently the best transfer rates
- Transparent, visible fees
- Hold multiple currencies at once
- Parents can send directly to you
- Not a Lithuanian IBAN
- Some landlords may not accept it
- Better as a companion than a sole account
Paysera
Best for: a local fintech alternative
Key features
- Lithuanian IBAN, locally recognised
- Well established in Lithuania
- Low fees
Account details
- basic account
- โฌ0
- typical approval
- ~24h
- only requirement
- Passport
Summary
- Lithuanian IBAN, locally recognised
- Well established in Lithuania
- Low fees
- App less polished than Revolut
- Slower approval than instant
- Less useful outside Lithuania
SEB
Best for: students under 25, after your permit arrives
Key features
- Genuinely free under 25 with residency
- Unlimited European payments
- โฌ100,000 deposit guarantee
- Branches and English support
Account details
- YOUTH plan, under 25
- โฌ0
- if opened as non-resident
- โฌ250
- free ATM withdrawals
- โฌ600/mo
Summary
- Genuinely free under 25 with residency
- Unlimited European payments
- โฌ100,000 deposit guarantee
- Branches and English support
- โฌ250 + โฌ10/mo if you're a non-resident
- Needs permit and asmens kodas to avoid that
- Poor exchange rates for money from home
Swedbank
Best for: full-service banking once you're settled
Key features
- Branches and in-person support
- Full deposit guarantee protection
- Builds a local banking history
- Student terms may be available
Account details
- per month
- โฌ1.00โ1.70
- if salary is paid in
- โฌ1.10
- free ATM withdrawals
- โฌ800/mo
Summary
- Branches and in-person support
- Full deposit guarantee protection
- Builds a local banking history
- Student terms may be available
- Needs permit + asmens kodas
- Poor exchange rates for money from home
- Not available before you arrive
Why You Can Trust This Guide
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How to Choose
If you're a non-EU student arriving for the first time
Open Revolut before you fly. It gives you a Lithuanian IBAN with just a passport, so you land able to pay a deposit and buy a transport pass. Add Wise if your money comes from outside the eurozone. Consider a traditional bank only once your permit arrives.
If you're an EU student
You may need less than you think. Lithuania is in the eurozone, so your existing home-country euro account works, and SEPA transfers are cheap and fast. Many EU students get by on their home bank plus Revolut for day-to-day. If your home account isn't in euros, treat yourself as the non-EU case above.
If you're studying medicine
Medical programmes involve larger tuition payments, often from abroad, over several years. The FX saving from using Wise for those payments rather than a bank wire is the largest single financial decision on this page โ potentially thousands of euros across a degree. Check with your university which payment methods they accept before assuming.
If you'll be working part-time
Your employer needs an IBAN they'll accept. A Lithuanian IBAN from Revolut or Paysera usually works, but confirm with payroll before your first payday. See working as a student.
Open your account before you fly
Lithuanian IBAN, passport only, about ten minutes.
Getting Money From Home Without Losing It to Fees
This matters more than which account you pick. The cost is invisible, which is exactly why students ignore it.
When a bank sends money abroad, it usually quotes a small fixed fee and then applies an exchange rate several percent worse than the real one. That markup is the actual cost. On a โฌ700 monthly transfer, a 3% markup is around โฌ21 a month โ roughly โฌ750 across a three-year degree, for nothing.
Cheaper
- โ Wise โ mid-market rate, visible fee
- โ Revolut โ strong rates on weekdays
- โ SEPA transfers within the eurozone
More expensive
- โ Traditional bank international wires
- โ Cash-transfer shops
- โ Paying tuition by card in another currency
- โ Accepting "charge me in my currency" at ATMs
Always decline Dynamic Currency Conversion. When a card machine or ATM offers to charge you in your home currency instead of euros, say no and choose euros. The markup is typically 3โ7%, taken quietly.
Do You Actually Need a Traditional Bank?
Often, no. A Lithuanian IBAN from a licensed fintech covers rent, salary, transfers and daily spending. Plenty of students complete a whole degree without opening one.
Reasons you might still want one:
- Deposit guarantee. Bank deposits are protected up to โฌ100,000 under the EU scheme. E-money institutions safeguard funds under different rules. If you're holding a large tuition sum, this distinction is worth understanding.
- An institution that won't say no. Occasionally a landlord, employer or office insists on a traditional bank. It's uncommon, but it happens.
- Staying long term. If you intend to remain after graduation and eventually want credit, a local banking history helps.
See our full bank account comparison and how to open an account.
Common Mistakes
Waiting until you arrive
The most expensive mistake, because it forces you to spend your first weeks on a home card paying foreign transaction fees on everything. Open before you fly.
Assuming you need the permit first
You don't, for fintechs. Students lose weeks waiting for a document that was never required.
Using a bank wire for tuition
On medical-programme tuition this can cost hundreds of euros per payment in FX markup alone.
Relying on one account
Apps have outages and cards get frozen for security checks. Two accounts from different providers is basic insurance when you're far from home.
Ignoring what your university accepts
Some institutions have specific requirements for tuition payment. Ask before you plan around a provider.
Not telling your provider you've moved
Sudden spending in a new country from a fresh account triggers fraud checks. Set your address and travel plans in the app to avoid a frozen card in week one.
Frequently Asked Questions
Can I open a Lithuanian bank account before I arrive?
Yes โ with Revolut, Wise or Paysera, using just your passport, from your home country. Traditional banks generally require you to be resident with a permit and asmens kodas.
Do I need an asmens kodas for a student bank account?
Not for fintechs. Traditional Lithuanian banks generally do require one.
Will my landlord accept a Revolut account?
Usually yes, because Revolut issues Lithuanian IBANs, so the transfer looks like any domestic payment. Confirm with your landlord or dormitory before signing.
What's the cheapest way for my parents to send me money?
Wise is consistently strongest for non-euro transfers; Revolut is close on weekdays. Within the eurozone, an ordinary SEPA transfer is already cheap.
Is my money safe in a fintech account?
Licensed e-money institutions must safeguard client funds, but that is a different mechanism from the โฌ100,000 EU deposit guarantee that applies to banks. For everyday student balances this is rarely a practical concern; for large tuition sums, understand which protection applies.
Can I receive a part-time salary into a fintech account?
Generally yes with a Lithuanian IBAN. Confirm with your employer's payroll before your first payday.
Are there student-specific accounts in Lithuania?
Traditional banks sometimes offer reduced-fee student accounts, typically requiring proof of enrolment. Since the fintech options are already free, the saving is often marginal.
What happens to my account when I graduate?
Fintech accounts continue working if you leave. Traditional bank accounts usually stay open too, though you may be asked to confirm your address or tax residency. Tell your provider when you move.
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Disclosure and disclaimer. Some links on this page are affiliate links, which may earn us a commission at no cost to you and do not affect our rankings. Fees and terms change; this is general guidance, not financial advice. Always confirm current conditions directly with the provider.