Sole traders in Lithuania do not legally need a separate business account. Companies do. If you're registered as individuali veikla or on a verslo liudijimas, a second personal account is usually enough โ separation is for your own sanity, not the law. An MB or UAB is different: a business account in the entity's name is required from formation, because the company is a separate legal person and its share capital has to be paid into an account that already exists.
That distinction decides most of what follows. Seven providers open a business account here remotely and operate in English โ three fintechs and four banks โ and they differ far more in whether they will onboard a foreign founder than in what they charge.
Table of Contents
The Seven Accounts, Compared
Every provider below opens a business account remotely and operates in English. Three are fintechs and four are banks; of the fintechs, Revolut and Paysera hold Lithuanian licences and issue Lithuanian IBANs. The differences that matter are what you pay each month and whether they will actually onboard a foreign founder โ which is a narrower question than most guides admit, and is covered under fees and access below.
Revolut Business
Lithuanian IBAN, fast onboarding
Key highlights
Key features
- Licensed in Lithuania, fully domestic
- Fast onboarding
- Publishes a residency test you can check
Account details
- Type
- Fintech
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- from โฌ10
Summary
- Licensed in Lithuania, fully domestic
- Fast onboarding
- Publishes a residency test you can check
- No free plan
- Grow and Scale climb quickly
Paysera
Lithuanian provider, cheapest monthly fee
Key highlights
Key features
- Lithuanian licence, Lithuanian IBANs
- Widely accepted locally
- Cheapest monthly fee
Account details
- Type
- Fintech
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- โฌ5 SEPA, โฌ20 other
Summary
- Lithuanian licence, Lithuanian IBANs
- Widely accepted locally
- Cheapest monthly fee
- โฌ20/month for international companies
- Wants beneficial owners in JANGIS
- Publishes no residency rule
Wise Business
Multi-currency, international clients
Key highlights
Key features
- Best-in-class multi-currency accounts
- Suits international clients
- No recurring cost at all
Account details
- Type
- Fintech
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- None
Summary
- Best-in-class multi-currency accounts
- Suits international clients
- No recurring cost at all
- Not a Lithuanian IBAN
- โฌ50 payable up front
Swedbank
Full-service, free first year
Key highlights
Key features
- Full-service banking with lending
- Bank deposit guarantee
- Free for the first year
Account details
- Type
- Bank
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- โฌ0โ99
Summary
- Full-service banking with lending
- Bank deposit guarantee
- Free for the first year
- Tiers reach โฌ99/month afterwards
- Online application limited to residents
SEB
Full-service, strongest lending route
Key highlights
Key features
- The account itself costs โฌ0
- Strongest route to a lending relationship
- Publishes a fallback for foreigners
Account details
- Type
- Bank
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- โฌ0 + โฌ4.50โ80 plan
Summary
- The account itself costs โฌ0
- Strongest route to a lending relationship
- Publishes a fallback for foreigners
- Service plans reach โฌ80/month
- Online application limited to residents
Citadele
Free entry tier, promotional pricing
Key highlights
Key features
- A free entry tier
- Cheaper than Swedbank or SEB
- Publishes a fallback for foreigners
Account details
- Type
- Bank
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- โฌ0 to โฌ35
Summary
- A free entry tier
- Cheaper than Swedbank or SEB
- Publishes a fallback for foreigners
- Promotional pricing, expires September 2026
- Online application limited to residents
Luminor
Full-service, Baltic-wide
Key highlights
Key features
- Full-service banking with lending
- Bank deposit guarantee
- Baltic-wide presence
Account details
- Type
- Bank
- Sole trader
- Yes
- Company (UAB)
- Yes
- Monthly fee
- โฌ8โ20
Summary
- Full-service banking with lending
- Bank deposit guarantee
- Baltic-wide presence
- Packages count euro transfers
- Needs Smart-ID, no published alternative
Why You Can Trust This Guide
Do You Actually Need One?
Depends entirely on your structure, and the answer surprises people.
Individuali veikla (sole trader)
- Not legally required to keep business funds separate
- You can invoice from a personal account
- But mixing makes your annual declaration much harder
- And harder to evidence if questioned
UAB (limited company)
- Required โ the company is a separate legal person
- Needed for share capital at formation
- Company funds must not be mixed with personal
- Non-negotiable, so the question is which provider
Our honest recommendation for sole traders. Lithuanian law doesn't force you to separate business money under individuali veikla โ but open a second free account anyway. It costs nothing, takes ten minutes, and turns your annual declaration from an archaeology exercise into a copy-paste job. You don't need a "business account" as such; a second personal account is often enough.
What Structure Are You?
| Structure | Separate account required? | What to open |
|---|---|---|
| Individuali veikla (sole trader) | No | A second personal account is usually sufficient |
| Verslo liudijimas (business certificate) | No | Same โ separation is for your own sanity |
| MB (small partnership) | Yes | Business account in the entity's name |
| UAB (limited company) | Yes | Business account, needed from formation |
If you're not sure which structure suits you, our individuali veikla guide covers the sole trader route and when a company starts making more sense.
Fees and Access
Lithuania's fintech sector means business banking here is unusually competitive โ this is one area where being in Vilnius genuinely helps. What follows is the detail behind the cards above.
| Provider | Type | Sole trader | Company | Notes | |
|---|---|---|---|---|---|
| Revolut Business | Fintech | โ | โ | Lithuanian IBAN, fast onboarding, strong FX | Open |
| Paysera | Fintech | โ | โ | Lithuanian provider, widely accepted locally | Open |
| Wise Business | Fintech | โ | โ | Best for multi-currency and international clients | Open |
| Swedbank | Bank | โ | โ | Full-service, deposit guarantee, branch access | Open |
| SEB | Bank | โ | โ | Full-service, established lending relationship | Open |
| Luminor | Bank | โ | โ | Full-service | Open |
What They Charge
| Provider | Monthly fee | What that means |
|---|---|---|
| Swedbank | โฌ0โ99 | The Verslu plan is โฌ0 for a company under 12 months old, then tiers at โฌ8, โฌ11, โฌ20, โฌ33, โฌ55 and โฌ99 |
| SEB | โฌ0โ80 | The current account itself is โฌ0; the service plans that sit on top run โฌ4.50โ80 |
| Citadele | โฌ0โ35 | Lite โฌ0, Start โฌ12, Plus โฌ20, Premium โฌ35 โ this is promotional pricing and it expires 30 September 2026 |
| Luminor | โฌ8โ20 | Business package S โฌ8 with 10 free euro transfers, M โฌ12 with 25, L โฌ20 with 60 |
| Revolut Business | โฌ10โ90+ | Basic โฌ10, Grow from โฌ30, Scale from โฌ90 |
| Paysera | โฌ5โ20 | โฌ5 for a company registered in a SEPA country, including 30 free transfers; โฌ20 for international companies and financial-service businesses |
| Wise Business | โฌ50 once | A one-off registration fee and no monthly charge at all |
Providers' own published business price lists. Transaction, card and cash-handling charges sit outside the monthly fee at every one of them, so the monthly figure is not the whole cost.
The real gate isn't a branch visit โ it's Smart-ID
None of the seven requires you to walk into a branch; every one publishes a remote route. What actually stops people is narrower and easier to miss: the online route assumes you hold a Lithuanian-issued Smart-ID or Mobile-ID, and you generally can't get one without a Lithuanian personal code.
Revolut publishes the only affirmative test you can check against yourself before applying: the person who applies must reside in the EEA, Switzerland, the UK or one of the territories Revolut lists โ Gibraltar, Guernsey, the Isle of Man, Jersey, the ร land Islands, the Azores, Madeira, Mayotte and the Canary Islands. The test is on the applicant, not on any director or beneficial owner.
Swedbank, SEB, Luminor and Citadele restrict their online application to Lithuanian citizens and residents. SEB and Citadele publish a fallback โ a branch visit or a video meeting. Luminor publishes no workaround: it requires a Lithuanian-issued Smart-ID or Mobile-ID and names no alternative.
Paysera publishes no residency rule at all. That is an absence of a stated rule, not a stated acceptance โ don't read it as a yes, and don't form a company on the strength of it.
The residency test decides whether an account is open to you at all. Which of the open ones is worth having turns on a separate question, and it is one most guides skip: where the licence sits.
The Lithuanian advantage, again. Revolut and Paysera are licensed in Lithuania and issue Lithuanian IBANs. For a Lithuanian company invoicing Lithuanian clients, that means the account behaves as fully domestic โ which is not the case in most other EU countries, where a Revolut IBAN is foreign and creates friction. If you're running a business here, this is a genuine reason to consider fintechs seriously rather than defaulting to a traditional bank.
Choosing the account is the easy half โ the company behind it has to exist first, and the structure you pick decides what you can open.
Opening one is a form. Keeping the company behind it compliant โ registration, accounting, the filings nobody warns you about โ is the part that costs people money.
What You Need to Open One
Sole trader (individuali veikla)
- Your asmens kodas and ID
- Registration certificate for the activity
- For fintechs, often just identity documents and a description of the activity
Company (UAB)
- Company registration documents from the Centre of Registers
- Articles of association
- Director's and beneficial owners' identification
- Proof of business address
- Description of the business activity โ expect real questions here
- Source of funds documentation for the share capital
- Beneficial owners filed in JANGIS โ SEB and Paysera both require this before they will onboard you. It is a separate step you complete before you apply, not part of the bank's form, and forgetting it is one of the commonest reasons a business application stalls or is refused
Expect due diligence, and prepare for it. Lithuania is an EU financial centre, which means its institutions apply serious anti-money-laundering scrutiny. Vague answers about what your business does, where the money comes from, or who ultimately owns it will slow or stop your application. Have a clear, documented explanation ready โ this is normal compliance, not suspicion of you personally.
How to Choose
If you're a freelancer with local clients
A second free personal account, or Revolut/Paysera. You need a Lithuanian IBAN and clean separation, not a full business banking relationship.
If you invoice international clients
Wise Business is usually strongest โ multi-currency accounts and mid-market exchange rates. If a meaningful share of your income arrives in another currency, the FX saving will exceed any fee difference. See sending money abroad.
If you're forming a UAB
You need an account for share capital at formation. Traditional banks are the conventional route and give you a lending relationship; fintechs are faster to onboard. Check which your company formation agent works with.
If you'll want credit or a mortgage
Go traditional. A documented banking relationship with Swedbank, SEB or Luminor is what lenders assess. Fintech history doesn't build that.
If you handle cash
You need a traditional bank. Fintechs have no branch network.
Common Mistakes
Running individuali veikla through one personal account
Legal, but it makes your annual declaration far harder than it needs to be. Separate it.
Mixing company and personal money
For a UAB this isn't untidiness โ it's a legal problem. The company is a separate person.
Choosing on monthly fee alone
If you receive foreign currency, the exchange rate matters far more than a few euros of account fee.
Being vague in onboarding
Compliance teams need a clear description of your activity and funds. Vagueness reads as risk.
Assuming personal account terms apply
Business pricing is structured differently โ service-plan tiers, not one headline fee. Check the business schedule specifically.
Leaving JANGIS until the bank asks
SEB and Paysera want your beneficial owners on the register before onboarding. Do it when you incorporate.
Not planning for credit
If you might want to borrow later, start building a traditional bank relationship now.
Frequently Asked Questions
Do I need a business account for individuali veikla?
Not legally โ Lithuanian law doesn't require sole traders to separate funds. But a second free account makes your annual declaration dramatically easier and is worth the ten minutes.
Can I use Revolut for business in Lithuania?
Yes. Revolut Business issues Lithuanian IBANs, so it functions as a fully domestic account for local invoicing โ unlike in most other EU countries. Note this is separate from Revolut's investing offering, which doesn't support the Lithuanian investment account regime.
What do I need to open a company account?
Registration documents, articles of association, director and beneficial owner identification, proof of address, a clear description of the business, and source of funds documentation.
Can a non-resident director open a Lithuanian business account?
It depends entirely on the provider, and only one publishes a test you can check yourself. Revolut requires an applicant resident in the EEA, Switzerland, the UK or a listed territory. Swedbank, SEB, Luminor and Citadele limit their online application to Lithuanian citizens and residents; SEB and Citadele offer a branch visit or a video meeting instead, while Luminor publishes no alternative to a Lithuanian-issued Smart-ID or Mobile-ID. Paysera publishes no residency rule at all, which is silence rather than a yes. Ask before you form the company, not after.
Which is best for international clients?
Wise Business, generally โ multi-currency accounts and mid-market exchange rates. The FX saving typically outweighs fee differences if a meaningful share of income is in another currency.
Will a fintech account help me get a business loan?
Generally not. Lenders assess a documented banking relationship, which traditional banks provide and fintechs don't.
How long does opening take?
Fintechs are usually days; traditional banks longer, especially for companies with complex ownership. Build it into your formation timeline.
My business application stalled and nobody explained why. What is the usual cause?
JANGIS, more often than anything else. Your beneficial owners have to be filed on that register, and SEB and Paysera both require it before they will onboard you at all. It is a separate step you complete yourself before you apply โ it is not part of the bank's form, so nothing on the application prompts you for it, and an application submitted without it can sit or be refused with very little explanation. Do it when you incorporate rather than when a bank asks. The other common cause is vagueness in due diligence: Lithuania is an EU financial centre and its institutions apply serious anti-money-laundering scrutiny, so a thin description of what your business does, where the money comes from or who ultimately owns it reads as risk. That is normal compliance rather than suspicion of you, and the fix is a clear, documented explanation prepared in advance.
Is money in a fintech business account protected the same way as money in a bank?
Not automatically, and the answer turns on which licence the entity behind your balance holds rather than on how bank-like the app feels. A licensed bank carries the EU deposit guarantee โ โฌ100,000 per depositor per bank, administered in Lithuania by Indฤliลณ ir investicijลณ draudimas. Revolut Bank UAB is a licensed Lithuanian bank, so balances held with that entity are insured on the same terms as money at Swedbank. Paysera holds an e-money institution licence and is not a bank, and Wise is a Belgian payment institution which states outright that its payment services are not subject to the Belgian Deposit Guarantee Scheme. Both safeguard client money by segregating it rather than insuring it, which is a genuinely different promise โ segregation protects the money from the firm's creditors, it is not a state-backed payout. Check which legal entity holds your business balance before you decide how much to leave sitting in it.
How much share capital does a UAB need, and does it have to sit in the account?
The minimum is โฌ1,000, and it has been since 1 May 2023 โ before that it was โฌ2,500, which is why older guides and older formation agents still quote the higher figure. That capital is the reason a UAB needs a bank account from formation rather than afterwards: the account has to exist for the share capital to be paid into. Expect to document where it came from. Source-of-funds evidence for the share capital is a standard part of company onboarding, alongside the registration documents from the Centre of Registers, the articles of association, director and beneficial owner identification, proof of a business address and a clear description of the activity. None of this applies to individuali veikla, where no separate account is legally required at all.
Related Guides
Disclosure and disclaimer
Nothing on this page is paid placement, and no link here earns a commission. General guidance, not financial or legal advice. Business banking terms change โ confirm directly with the provider, and take professional advice on company structure.
Ready to Open Your Business Account?
Paysera and Revolut Business open remotely in days. Swedbank and SEB open remotely too โ but their online route assumes a Lithuanian-issued Smart-ID or Mobile-ID.
Nothing on this page is paid placement and no provider pays to appear. Where one runs an affiliate programme we may earn a commission if you sign up through our link; where one does not, we link to them anyway. Ordering reflects published terms and how well each option works for someone arriving from abroad โ never what it pays.