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 — 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 — which means it isn't a stopgap foreign account, it's a local one your landlord and later your employer will accept.
Quick Comparison
| Provider | Passport only | LT IBAN | Before arrival | Monthly fee | FX from home | Best for | |
|---|---|---|---|---|---|---|---|
| Revolut | ✓ | ✓ | ✓ | €0 standard | Excellent | Overall — your main account | Open |
| Wise | ✓ | ✗ | ✓ | €0 | Best rates | Receiving money from home | Open |
| Paysera | ✓ | ✓ | ✓ | €0 | Good | Local Lithuanian fintech | Open |
| SEB (with residency) | ✗ | ✓ | ✗ | €0 under 25 | Poor | Students under 25 with residency | Open |
| SEB (non-resident) | ✗ | ✓ | ✗ | €10/mo + €250 | Poor | Nobody — see below | Open |
| Swedbank | ✗ | ✓ | ✗ | €1.00–1.70/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 €250 non-resident charge — 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 — which it is, before your residence permit is issued — account opening costs €250, plus a €10/month minimum service fee. For a student arriving before their permit comes through, that's roughly €370 in the first year for an account Revolut provides free. This is the single strongest argument for opening a fintech account before you fly.
That charge is about timing, not about students. The same bank looks entirely different once your permit is in your hand, which is why the answer changes depending on when you ask it.
Once you have residency, SEB is genuinely free if you're under 25. SEB's YOUTH plan is €0/month for ages 0–25, and the DAILY plan is also €0 for 18–25 year olds. So the sensible sequence for a student is: Revolut now, SEB once your permit and asmens kodas arrive — at which point the traditional account costs you nothing and gives you deposit protection and a local banking relationship. Don't pay €250 to get there early.
The Accounts, Reviewed
Revolut — your main account as a student
The strongest option for almost every international student in Lithuania, for one structural reason: Revolut is licensed in Lithuania and issues Lithuanian IBANs. In most of Europe a Revolut IBAN is a foreign account that landlords and employers push back on. Here it's local. You can pay rent from it, receive a part-time salary into it, and use it as your genuine primary account from day one — with nothing but a passport.
On the Standard plan, which is free, ATM withdrawals are free up to €200 or five withdrawals a month, and €1,000 a month of currency exchange is fee-free. A +1% weekend markup applies on some currencies. Splitting bills with flatmates is built in.
Revolut
Best for: your main account as a student
Key highlights
Key features
- Lithuanian IBAN — counts as local
- Open from abroad before you arrive
- Strong rates on money from home
- Instant virtual card, spending analytics
Account details
- standard plan
- €0
- to open
- ~10 min
- only requirement
- Passport
Summary
- Lithuanian IBAN — counts as local
- Open from abroad before you arrive
- Strong rates on money from home
- Instant virtual card, spending analytics
- No branches — support is in-app
- Weekend FX markup on some currencies
- Flexible Account balances lose deposit insurance
- No student loans or mortgages
Wise — for money arriving from your family
If your tuition and living costs are funded from outside the eurozone, Wise is the single highest-value account you'll open — not because of the account itself, but because of what it saves you. Bank wires from India, the UK, the US or Central Asia routinely carry an exchange-rate markup of several percent, which on three years of living costs is a serious sum. Wise uses the mid-market rate with a visible fee.
It is free to open a personal account, it holds 40+ currencies with no holding fee, and the fee is shown separately from the rate rather than buried inside it.
Wise
Best for: receiving money from your family
Key highlights
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
- €0
- 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 — the local fintech alternative
Lithuania's homegrown payment institution, widely used domestically and well understood by Lithuanian landlords and small businesses. Opens with a passport and issues a Lithuanian IBAN. A sensible second account, or a first one if you'd rather use a local provider than a global app.
Opening is free of charge and happens fully online in up to one business day.
Paysera
Best for: a local fintech alternative
Key highlights
Key features
- Lithuanian IBAN, locally recognised
- Well established in Lithuania
- Low fees
Account details
- basic account
- €0
- 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 — for students under 25, after the permit arrives
Once you have residency, SEB is the strongest traditional option for a student: the YOUTH plan is free for under-25s, and the DAILY plan is also €0 for 18–25 year olds. That gets you a full bank account with deposit protection, a debit card and unlimited European payments for nothing. The catch is timing. Before your permit exists you're a "non-resident" in SEB's terms, and that means €250 to open plus €10/month. Wait until your permit and asmens kodas are in hand.
The YOUTH plan costs €0 a month to age 26, is applied automatically on your first account, and carries free ATM withdrawals up to €600 a month. The bank's other plans run €1–€7 a month.
SEB
Best for: students under 25, after your permit arrives
Key highlights
Key features
- Genuinely free under 25 with residency
- Unlimited European payments
- €100,000 deposit guarantee
- Branches and English support
Account details
- YOUTH plan, under 25
- €0
- if opened as non-resident
- €250
- free ATM withdrawals
- €600/mo
Summary
- Genuinely free under 25 with residency
- Unlimited European payments
- €100,000 deposit guarantee
- Branches and English support
- €250 + €10/mo if you're a non-resident
- Needs permit and asmens kodas to avoid that
- Poor exchange rates for money from home
Swedbank — full-service banking once you are settled
The largest traditional bank in Lithuania, with the widest branch and ATM network. You'll need your residence permit and asmens kodas first, so this is a second-term decision rather than an arrival one. Worth having if you want a long-term local banking relationship — relevant if you plan to stay and eventually need credit.
The basic plan is €1.70 a month, dropping to €1.10 if your salary is paid in, with free ATM withdrawals up to €800 a month. The youth plan is free to age 22.
Swedbank
Best for: full-service banking once you're settled
Key highlights
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
- €1.00–1.70
- if salary is paid in
- €1.10
- free ATM withdrawals
- €800/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
Read our full editorial guidelines.
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 — 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.
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 €700 monthly transfer, a 3% markup is around €21 a month — roughly €750 across a three-year degree, for nothing.
Cheaper: Wise, which uses the mid-market rate and shows the fee; Revolut, which is strong on weekdays; and SEPA transfers within the eurozone.
More expensive: traditional bank international wires, cash-transfer shops, paying tuition by card in another currency, and 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. No regulator publishes a typical markup, but EU rules require it to be shown to you as a percentage over the ECB reference rate before you confirm — read that number. Separately, Swedbank warns a foreign ATM operator's own surcharge can reach 6% of the amount withdrawn.
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 €100,000 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 — 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?
It depends which one. Revolut Bank UAB holds a full Lithuanian banking licence, so your current-account balance is insured up to €100,000 on the same terms as money at Swedbank — the exception is anything you move into a Flexible Account. Paysera and Wise are not banks: they must safeguard client funds by segregating them, which is a different mechanism from the deposit guarantee. 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.
Related Guides
Disclosure and disclaimer
Nothing on this page is paid placement, and what a link pays never affects the ordering. Fees and terms change; this is general guidance, not financial advice. Always confirm current conditions directly with the provider.
Ready to Open Your Student Account?
Revolut works before your permit arrives. Swedbank and SEB want the permit and an asmens kodas first.
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 — never what it pays.