One of the first recommended steps to complete when moving to Latvia is to open a bank account. With numerous options in terms of banks and financial services, setting up an account today is facile. If you have recently moved or started a business and want to open a bank account in Latvia, you can rely on our specialists. Our company formation agents in Latvia are also at your service if you want to start a business here.
| Quick Facts | |
|---|---|
| Control authorities for the banking sector in Latvia | Bank of Latvia (Latvijas Banka) and the European Central Bank |
|
Currencies used when opening a bank account in Latvia |
-EUR (Euro), -USD (US Dollar), -GBP (British Pound), -CHF (Swiss Franc), -other currencies, depending on the bank’s specific policies. |
|
Can I open a bank account in Latvia while being abroad? [YES/NO] |
YES, some banks are offering remote account opening. |
| Examples of banks in Latvia |
-Swedbank, -SEB, -Citadele, -Luminor, -Rietumu Banka |
| Is it possible to open a bank account in Latvia as a non-resident? [YES/NO] |
YES |
| Documents to present as a foreigner |
-passport or ID, -proof of address, -source of income, -application form, -other Know Your Customer (KYK) documents requested |
| Number of banking companies operating in Latvia |
Around 15–20 licensed banks and credit institutions are registered in Latvia. |
| Advantages of opening a bank account in Latvia |
-EU banking access, -multi-currency accounts, -digital banking, -privacy, -favorable business environment |
| Banking services in Latvia |
-online/mobile banking, -credit/debit cards, -multi-currency accounts, -international transfers, -savings, -loans, -business accounts |
| Do I need to make a deposit when opening a bank account? | Generally no, but some banks may require a minimum deposit. |
| Documents to obtain before opening a business bank account in Latvia |
-company registration certificate, -shareholder/director IDs, -articles of association, -business plan, -proof of address, -tax code number |
| Loans option available [YES/NO] |
YES, available for both individuals and businesses. |
| Fees for the administration of a bank account in Latvia |
Monthly fees can range, depending on the bank and type of account. |
| Types of bank accounts in Latvia |
-personal, -business, -savings, -multi-currency, -investment, -escrow accounts |
| Operations for business bank accounts in Latvia |
-wire transfers, -currency exchange, -salary payments, -international transactions, -merchant services, -e-banking |
Table of Contents
How to open a bank account in Latvia as a non-resident
Several European banks provide non-resident banking if you can demonstrate a connection to the country, such as through property or a business. Latvia is one of the most welcoming countries in Europe when it comes to foreign employees and companies and also to non-residents who can open bank accounts with the desired institution. Moreover, it is possible to create a bank account in Latvia online, as the country’s anti-money laundering verifications are easy to complete.
Although each country has its own rules and processes, the European countries work together to facilitate payments through a system known as the Single Euro Payment System (SEPA). If you need support in opening any type of account, feel free to address our local consultants in Latvia. You can also explore this infografic with details on this subject:
Documents for opening a personal bank account in Latvia
Latvian citizens, foreign nationals and investors can open various types of bank accounts; however, we will focus on the requirements for foreigners. The main advantage of opening a bank account in Latvia as a foreigner is that you can choose to set up a multicurrency account. It will also help you secure a residence permit faster based on your local address.
Here are the main requirements to open a bank account in Latvia as a foreign citizen:
- the completed application form issued by the chosen bank;
- a valid identification document (passport or ID);
- work contract if you have come to Latvia as an employee;
- proof of residence for those who already live here (a recent utility bill, payslip, or driver’s license).
Opening a bank account in Latvia takes a few days, however, it can also take longer depending on the verifications that need to be made. In addition to a bank account, if you are seeking any assistance regarding setting up a company in Latvia, our agents can help you. Consult with one of our business incorporation agents before deciding to incorporate a company in this country. They can inform you of the advantages of starting a business here.
Banks in Latvia allow locals and foreigners to open varied accounts. Some accounts might be subject to transaction or maintenance fees and/or even card fees. ATM withdrawals and money transfers are some of the bank services for which specific fees are imposed.
Documents for opening a company bank account in Latvia in 2025
If you want to open a bank account in Latvia for your company, you need to prepare the following documents:
- the statutory documents of the company and the Certificate of Incorporation;
- an extract from the Trade Register with the name of the company’s director(s);
- the passports of the shareholders and director(s) (IDs in case they are Latvian nationals);
- power of attorney in case of using a representative to open the account.
The opening of a corporate bank account in Latvia takes around 4 weeks. Our experts in company formation in Latvia can assist with this procedure and they can also help you open a company in Latvia as soon as possible.
Types of bank accounts provided by Latvian banks
First of all, it is important to note that both foreign citizens who do not reside in Latvia and nationals alike can open bank accounts here. Companies and businesspersons can also open accounts with Latvian financial institutions or branch offices of foreign banks operating here.
Here are the main types of accounts available for creation in Latvia:
- personal or current bank accounts that can be created to receive the salary and for daily transactions;
- savings accounts are also available for those who want to keep their money safe;
- corporate bank accounts for creation of companies in Latvia.
There are approximately 20 institutions to choose from with which you can open a bank account in Latvia. These are divided into local and foreign banks operating here. We can also help if you are a foreign entrepreneur and want to open a company in Latvia.
Services offered by banks in Latvia
Latvian banks provide a wide range of services designed to meet the needs of both residents and international clients. These include:
- year-round account access, available 365 days a year;
- access to multi-currency accounts, ideal for international transactions;
- online banking services, including offshore access for non-residents;
- customer support in English, ensuring effective communication;
- issuance of major credit and debit cards;
- deposit protection of up to EUR100,000, guaranteed by the Latvian government under EU regulations.
In order to open a bank account in Latvia and benefit from these services, our company formation agents offer support in this matter and for company registration in Latvia.
Benefits of opening a bank account in Latvia
Latvian banking system offers a broad range of benefits that foreign users should consider before opening a bank account in Latvia. Key advantages include:
- competitive fees, especially from online banks;
- no tax on interest or capital gains for non-residents;
- a stable Eurozone economy with EU and NATO membership;
- remote account setup without the need for local residency;
- IBAN and SWIFT/BIC codes for global transactions;
- multi-currency accounts available (EUR, USD, GBP, etc.);
- user-friendly digital platforms for easy money management.
For more information related to setting up a bank account in Latvia, our specialists can offer assistance in this matter and other business-related issues, including starting a company in Latvia.
Latvia’s banking system in a few lines
Latvia’s banking system is modern and well-developed, with a strong emphasis on financial stability and regulation. Many consumers now prefer digital banks in exchange for traditional ones, and the trend continues in this direction. Let’s review some data about the banking system of Latvia:
- There are 30 banks in Latvia, from which10 are foreign, with branches in this country.
- The expected net interest income of the digital bank market in Latvia is estimated to be around USD 39.70 million by the end of 2025.
- The market volume of the digital bank system in Latvia is expected to grow and reach a market volume of approximately USD 27.21 million by the end of 2029.
The Latvian government and regulatory authorities have taken steps to strengthen anti-money laundering measures and improve transparency in the banking sector.
Furthermore, our specialized agents have a broad experience in company incorporation services in Latvia. For example, if you own a company and need support in taxation matters, annual registrar or payroll situations, our accountants in Latvia can offer professional support.
Feel free to contact our advisors for help if you want to open a bank account in Latvia in 2025. You are welcome to rely on the services of experts in company incorporation in Latvia.