Latvia or Lithuania: Where to Open a Business Bank Account for a Foreign Company?

Latvia or Lithuania: two Baltic banking systems, two different approaches

On paper, Latvia and Lithuania look alike: two small Baltic countries, EU and eurozone members, with attractive corporate taxation. On the banking front, however, the experience of a foreign company trying to open an account differs sharply between the two.

Latvia relies on solid traditional banks (Swedbank, SEB, Citadele) that became very cautious about compliance after the 2018 ABLV crisis. Lithuania, on the other hand, gave birth to one of Europe's most widely used fintech players for non-residents: Paysera. This difference in DNA explains why choosing between Latvia and Lithuania mostly depends on your company's profile, not on one country being generally superior to the other.

Opening a business bank account in Latvia

Traditional Latvian banks

Since the 2018 ABLV Bank money-laundering scandal, Latvian banks have tightened their compliance requirements (KYC/AML). Swedbank Latvia and SEB Latvia, the country's two largest banks, now require a genuine economic link to Latvia (local clients, suppliers, or employees) to accept a foreign company's application. Citadele, a Latvian-founded bank present across all three Baltic states, is generally described as somewhat more flexible for well-structured international companies.

Conditions for a non-resident foreign company

• Latvian commercial register extract dated less than 3 months
• Passport and proof of address for all beneficial owners
• Description of the business model and expected financial flows
• An identifiable business link to Latvia or the EU

Opening a business bank account in Lithuania

Paysera and Lithuania's fintech ecosystem

Lithuania built its banking reputation around a regulatory framework favourable to electronic money institutions (EMIs). Paysera, founded in Lithuania and regulated by the Bank of Lithuania, is the symbol of this: online account opening in 1 to 3 days, a Lithuanian IBAN accepted throughout the SEPA area, and a policy notably more open to non-resident companies than traditional Baltic banks.

Traditional banks and required documents

Lithuania's traditional banking landscape (Swedbank, SEB Lietuva, Šiaulių bankas) remains comparable to Latvia's: full-service banking, but strict conditions for non-residents, with translation and apostille of foreign documents generally required. For a bank account in Lithuania, most foreign entrepreneurs therefore go through a fintech rather than a traditional bank.

Latvia vs Lithuania: the comparison for a foreign company

Criteria	Latvia	Lithuania
Main traditional banks	Swedbank, SEB, Citadele	Swedbank, SEB Lietuva, Šiaulių bankas
Leading local fintech	—	Paysera (founded in Lithuania)
Traditional bank timeline	2 to 8 weeks	2 to 6 weeks
Fintech timeline	A few minutes to 3 days	1 to 3 days
Local economic link requirement	Strong (post-ABLV)	Moderate
SEPA access	Yes	Yes
100% remote opening	Rare for traditional banks, yes for fintechs	Yes, including for Paysera

This comparison shows a clear imbalance on one specific point: for a foreign company without local substance, Lithuania opens the door more easily thanks to Paysera, while Latvia remains preferable if you're aiming for the credibility of a traditional bank and your activity justifies a genuine Latvian footprint.

Baltic fintechs: a third path, regardless of the country

Wise Business and Revolut Business round out Paysera in the Baltic fintech landscape. All three solutions let you obtain a European IBAN in minutes to a few days, with no local economic link requirement, and with fees generally lower than traditional banks. They're particularly well suited to digital activities (consulting, SaaS, e-commerce) that don't need a physical branch.

An important point: nothing requires the country where your company is registered to match the country of your bank. A Latvian SIA with a multi-currency account can perfectly well be based in Latvia while operating with a Lithuanian Paysera account, as long as the flows stay within the SEPA area.

Latvia or Lithuania: which country should you choose based on your profile?

• Consultant, freelancer, or solo digital activity: Lithuania via Paysera or a fintech offers the fastest path, regardless of where the company is registered.
• Company with several shareholders or a need for strong banking credibility: Latvia and a traditional bank (Swedbank, SEB, Citadele) remain preferable, provided you can show a genuine economic link.
• E-commerce or import-export activity with international flows: a combination of a Latvian company + a Lithuanian fintech or multi-currency account is often the most pragmatic setup.
• Need for an operational account from day one: start with a fintech (Paysera, Wise, Revolut) while a potential traditional bank processes the application.

For a personalised assessment of your situation and support choosing the best banking solution, contact our team today.