Latvia is a northern European country known for its robust and comprehensive banking system. The country’s stable economy and membership in the European Union make it a desirable location for banking. The banking services in Latvia are known for their advanced digital banking platforms, a wide range of financial services, and customer-centric approach.
The Latvian banking sector is regulated by the Financial and Capital Market Commission, ensuring the system’s security and stability. Opening a bank account in Latvia is a straightforward process, open to both residents and non-residents. With a possibility of remote opening, the country’s banking system provides flexibility and convenience for customers worldwide.
| Remote opening |
Yes |
| Opening difficulty |
Medium |
| Currency |
Euro (€, EUR) |
| Minimum deposit |
100 to 500 Euros |
| Non-residents accepted? |
Yes |
Why choose a Bank in Latvia?
Latvia’s banking sector offers attractive benefits to both residents and non-residents. The European Union’s member state guarantees a high level of financial security, which is further reinforced by the country’s stable economic performance.
Advantages
Advantages to setup a bank account in Latvia include:
- Secure and regulated banking environment
- Convenient online banking facilities
- Access to international banking services
- Bank accounts available for both residents and non-residents
Disadvantages
However, setting up a bank account in Latvia may have some drawbacks:
- Procedures may be time-consuming
- Some level of bureaucracy involved
- May require minimum deposit amounts
Types of bank accounts in Latvia
Personal bank account
In Latvia, personal bank accounts are equipped with all necessary services, including debit/credit cards, internet banking, money transfers, and the possibility of obtaining personal loans. The account opening process can be done remotely and is fairly straightforward.
Business bank account
Business bank accounts in Latvia offer businesses a variety of services including credit facilities, cash management, trade finance, and payroll services. Banks also provide support for international businesses, making Latvia an attractive place for entrepreneurs.
The banking sector in Latvia
The Latvian banking sector is robust, offering a variety of services to cater to the diverse needs of individuals and businesses. The banks operate under the regulations and supervision of the Financial and Capital Market Commission, ensuring a secure banking environment. With many international and local banks operating in the country, customers can choose a bank that best fits their needs.
Commercial banks operating in Latvia
Here is a list of some of the major commercial banks in Latvia:
- Swedbank
- SEB Bank
- Luminor Bank
- Citadele Bank
How to open a bank account in Latvia
Eligibility
Both residents and non-residents can open a bank account in Latvia. The eligibility criteria may vary between banks, but in general, the person must be at least 18 years old and able to provide the necessary documentation.
Required documents
The documents required to open a bank account in Latvia usually include a valid passport or national ID, proof of address, and a document confirming the source of income.
Steps
The steps to open a bank account in Latvia are as follows:
- Choose the bank that suits your needs.
- Gather all the required documents.
- Fill out the application form, which can usually be done online.
- Submit the application along with the required documents.
- Once the application is approved, you can deposit the minimum required amount to activate the account.
Frequently asked questions
Can a non-resident open a bank account in Latvia?
Yes, non-residents can open a bank account in Latvia. The banks in Latvia are open to international customers, and many banks offer services in English. However, the eligibility criteria and the documentation required may vary between banks. Non-residents will usually need to provide identification, such as a valid passport, proof of address, and proof of income. Some banks might also require additional documentation or checks, especially for non-EU residents.
How long does it take to register a bank account in Latvia?
The duration to open a bank account in Latvia can vary between banks. However, typically, it takes from a few business days up to a couple of weeks from the date of application, provided all the necessary documentation is submitted and the application process is completed without any issues. This process might take longer for non-residents or for those who are applying for a business account, as the banks may perform additional checks. It’s advisable to contact the bank directly for the most accurate timeline.
Can I open a business bank account in Latvia?
Yes, both local and international businesses can open a bank account in Latvia. The process might be a little more complex than opening a personal account. Banks typically require additional documents, such as company registration documents, articles of association, and documents showing the company’s tax status. Banks might also need proof of the identity and residential address of the company’s directors and anyone else who will have control over the account. Depending on the bank, a business plan or information about the nature of the business might also be required.
What are the benefits of opening a bank account in Latvia?
Opening a bank account in Latvia comes with numerous benefits. The banking system in Latvia is robust and is regulated by the Financial and Capital Market Commission, ensuring a secure and trustworthy banking environment. Banks in Latvia offer a wide range of financial services, from everyday banking services to more complex financial services. The banks are known for their advanced online and mobile banking platforms, offering convenience for account management. Non-residents can also open an account, making Latvia an attractive option for international customers.
Do Latvian banks offer online banking services?
Yes, most banks in Latvia offer comprehensive online banking services. These digital platforms allow customers to perform a wide range of transactions and services, such as checking account balance, transferring funds, setting up direct debits, paying bills, and much more. Many banks also offer mobile banking apps, providing banking services on the go. The user interface of these online platforms is usually available in English and other languages, making it convenient for international customers.
Can I open a bank account in Latvia remotely?
Yes, it is possible to open a bank account in Latvia remotely. This service is usually offered by larger banks and financial institutions. However, the process might be more complex compared to opening an account in person, as banks are required to verify the identity of the client and perform due diligence checks in line with anti-money laundering regulations. Typically, this would involve a video call and digital submission of required documents. It’s recommended to contact the bank directly for detailed information about their remote account opening process.
What is the minimum deposit required to open a bank account in Latvia?
The minimum deposit required to open a bank account in Latvia can vary depending on the bank and the type of account you wish to open. Some banks do not require a minimum deposit at all for a standard checking account, while others might require a small initial deposit. For certain types of accounts, such as a business account or a premium account, the minimum deposit could be higher. It’s best to contact the bank directly to find out the exact requirements.
Can I open a multi-currency account in Latvia?
Yes, many Latvian banks offer multi-currency accounts. These accounts allow you to hold multiple currencies in the same account, which can be beneficial if you frequently make international transactions or travel abroad. You can often switch between currencies within your online banking platform or mobile app. Keep in mind that fees and exchange rates for currency conversions can vary between banks, so it’s advisable to compare these before choosing a bank.
How safe is the banking sector in Latvia?
The banking sector in Latvia is considered safe and is regulated by the Financial and Capital Market Commission. Latvian banks adhere to the EU banking standards and regulations, which ensures a high level of financial safety and security. Additionally, the Deposit Guarantee Law in Latvia guarantees compensation of deposits up to 100,000 EUR per depositor per bank in the event of a bank failure. However, like with any financial decision, it’s recommended to conduct thorough research and choose a reputable bank.
What is the currency used in Latvian banks?
The currency used in Latvian banks is the Euro (€, EUR). Latvia joined the Eurozone in 2014, which means that the country uses the Euro as its official currency. This simplifies transactions within the Eurozone, as there are no currency conversion fees or exchange rate issues within the Eurozone countries.
