Paying a Lithuanian carrier, warehouse or IT contractor: LT IBANs at electronic money institutions, company code and PVM code, and what stops a payment.
Estimate the minimum fee
The final fee and rate are fixed in the payment order
Minimum amount: 10,000 USD or equivalent
This is a minimum, not an offer or a rate lock. The final figure depends on the country, amount and the banks involved and is fixed in the payment order.
Request a quoteLithuanian beneficiaries in our requests rarely look like a classic supplier of goods. They are transport and freight forwarding companies, warehouses in the port of Klaipėda and near the border, IT contractors and development studios, furniture and food producers. For a long time Lithuania was a transit country for cargo to Russia and Kaliningrad, and many carriers still work with Russian clients under long-standing contracts.
Each type of beneficiary has its own payment rhythm. A carrier invoices per trip or with a consolidated monthly invoice, a warehouse charges for storage monthly, an IT contractor expects payment for a stage after the completion certificate is signed, a furniture factory asks for prepayment for a batch.
They all have one thing in common. The beneficiary’s Lithuanian bank checks the payment’s link to Russia very strictly, and on top of the EU restrictions Lithuania has its own measures.
Lithuania has licensed a large number of electronic money institutions, and their clients get IBANs with the LT prefix, just as at an ordinary bank. The number looks no different. The difference lies in the acceptance rules: some of these institutions reject any incoming payments connected with Russia, others accept them after requesting documents. So the first thing we find out is who maintains the beneficiary’s account: a bank or a payment institution. This determines whether agents in our pool have a route to the beneficiary at all.
A Lithuanian company’s invoice shows the company code from the Register of Legal Entities, nine digits, and the VAT payer code, PVM in Lithuanian, with the LT prefix. The legal form is written next to the name: UAB, AB, MB. The company code lets you check the beneficiary against the public register. Lithuania’s currency since 2015 has been the euro, and almost all invoices are issued in euros.
First, a check: the beneficiary, the subject, the currency, who maintains the account. If no agent in our pool has a lawful route, we tell you so before you transfer your roubles. We charge nothing for declining.
If there is a route, we select the agent for the beneficiary’s specific bank or payment institution. The euro exchange rate and the fee are fixed in the payment order, and you send the roubles only after that. If you need a guarantee, the roubles wait in a special escrow account at a Russian bank until the euros are credited; this is on request and for an additional fee. The broker’s fee is paid by the agent, not by you.
Five steps, the same for every country. Country specifics are described above.
Beneficiary's country, amount, currency, the invoice and the contract or bill, your company's and the beneficiary's details. We review the request before any documents are signed.
We select a network company and a route and prepare the documents. You sign an agency agreement with that company, which sets the execution period, and a payment order: amount, exchange rate and fee. All of this before you transfer your roubles.
You transfer roubles to the network company from your account at a Russian bank. If you need a guarantee, they wait for execution in a special escrow account, for an additional fee.
The agent sends the currency to the beneficiary under this payment order. A sub-agent is engaged only with your consent. The route does not change without a payment order.
We send you the payment confirmation, and a SWIFT confirmation on request. Then the completion certificate, the agent's report and the currency control package. The deal is not closed until the currency has been sent to the beneficiary.
If you need a guarantee, the payment goes through a special escrow account at a Russian bank: the roubles wait there until the agent sends the currency to the beneficiary and are released only upon execution. This scheme carries an additional fee, shown in the quote before the agreement.
The agent executes the payment within 3 business days: the period is written into the agency agreement.
If the beneficiary's bank accepts payment only from a specific payer, the agent engages a sub-agent. Only with your consent. Your agency agreement does not change.
For large volumes, on request, we assign an agent backed by a large exporter's surety; some companies in our network have one. It can be combined with escrow.
Tell us the rate you pay now or send your current agent’s documents. We’ll calculate the all-in cost with the FX markup and charges and look for a lower rate in our network. If there isn’t one, we’ll say so. The comparison is free.
Yes. Lithuania has issued many licenses to electronic money institutions, and their IBANs also start with LT. They have their own acceptance rules, so we check the route to such an account separately.
The nine-digit company code from the Register of Legal Entities and the VAT payer code (PVM) with the LT prefix. We use them to check the beneficiary against the contract.
If the carriage does not fall under EU and Lithuanian prohibitions and there is a carriage or freight forwarding contract, we will check the route. Attach a list of trips to the invoice for the period.
No, Lithuania also has national measures, and banks there are particularly strict about deals with Russian companies. The answer is different for each payment.
The contract and invoice numbers and the specific subject: carriage on a given route, development of a module, a batch of furniture. A Lithuanian bank will almost certainly query generic wording such as 'payment under the contract'.
Describe the payment. We'll reply with a proposed route and terms. We name the agent in advance, and the rate and fee go into the payment order before your roubles are debited.