How to open a bank account in Latvia
Latvia, specially at its capital Riga, receives a large number of expats with a thriving expat communities for its size and population. What people want is simple: the ability to have quality of life, a European vibe, beautiful architecture and people.
If you are a student, worker, retiree or investor looking to make this country home, it is important to take the step of opening a bank account in Latvia. Here is our guide.
Documents needed to open a bank account in Latvia
You will be required to present a list of documents to open a bank account in Latvia and here are the minimum requirements:
- Passport or resident ID card
- Work contract
If you have information on your account balance from your previous bank it would be helpful as it may help you prove that you have clout to have a bank account without a residence permit. It would also be helpful to have a Latvian to help out as speaking the language is simply easier as it creates positive rapport.
Can I open a bank account in Latvia as a non-resident?
It will be generally harder to open a bank account as a non-resident, but at least banks have information in English widely available, english speaking staff and phone services that you can utilize to find specific information about any additional requirements such as evidence of a job or study in Latvia. All the banks listed here are major institutions in Latvia with many branches and a full range of banking products with low monthly fees and debit cards included.
Best banks in Latvia
Banking in Latvia is big business considering the size of population of the country. There are dozens of national and international banks that combined amount to hundreds of branches and ATM locations around the country. All their major banks offer services and information in English, with agents also speaking English although it is helpful to have a Latvian to help you out during the application process.
- DNB: with a lot of ATMs and branches and one of the most attractive banking packages in the market, DNB has current accounts starting at only 0.65 cents per month for their internet only account, a basic package with a debit card for 1.65/month and others all the way up to a gold package for 6.65 monthly which includes travel insurance and unlimited contactless debit cards.
- SEB: With a pretty large network and a series of accounts available from student, youth, senior and family accounts to investment and corporate accounts, SEB can serve your every need. Accounts have debit cards, transfers, low monthly fees and you can apply online. Fees start at only 0.43 cents per month going up to 5 euros.
- Swedbank: with a million customers in Latvia and salary, child, youth, family and business current and savings accounts, there will be something for you. You can open an account online easily and have 24/7 access to your money thanks to a wide reaching ATM network and a lot of branches.
- Citadele: their accounts come with a contactless debit card, discounts in partner stores, a minimum of 5x withdrawals per month, 3% cashback and various other perks including a comprehensive mobile banking set of functions. They have plenty of branches and ATMs available for your convenience. Additionally, they have low interest rates on credit cards and mortgages.
All of these banks are good options and what is best is for you to base your choice in convenience and service. Account fees are generally straightforward but you have to be careful in your choice. For example, if you travel outside of latvia regularly it could be helpful to have an account with lower fees for international ATM usage.
We recommend that you find your bank's fee list online (or ask the bank agent) so you are familiar with all charges.
The virtual bank account alternative
It can be expensive to send money outside of Latvia
If you need to send money outside of Latvia, chances are you will use your bank. When you approach the agent you will hear that the transfer will only cost you 20 or 30 euros (or free depending on your account) thanks to the SWIFT fee. This is not accurate. Your bank will charge you more because in order to perform the transfer it will have to convert the money into the current that you are sending money into. This conversion should be done using the mid market rate but they have to charge above it to cover costs and for a profit. For example, if you transfer 10 thousand euros to India, you will receive the equivalent of 9000 euros in rupees thanks to excessive charges.
There is a more affordable and smarter alternative called the virtual bank account with B2B Pay. You get a European IBAN number that you can send and receive money choosing from a long list of currencies and countries. You get charged with a flat fee of 1% only, which is 80% lower than normal banks and your money gets there twice as fast. In other words, that transfer to India would get your an extra 900 dollars worth of rupees and that is a good deal.
Page content
How to open a bank account in Europe
We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.
How to open a bank account in Andorra
How to open a bank account in Austria
How to open a bank account in Bulgaria
How to open a bank account in Croatia
How to open a bank account in Czech Republic
How to open a bank account in Cyprus
How to open a bank account in Denmark
How to open a bank account in Estonia
How to open a bank account in Finland
How to open a bank account in France
How to open a bank account in Germany
How to open a bank account in Greece
How to open a bank account in Hungary
How to open a bank account in Ireland
How to open a bank account in Italy
How to open a bank account in Latvia
How to open a bank account in Liechtenstein
How to open a bank account in Lithuania
How to open a bank account in Luxembourg
How to open a bank account in Malta
How to open a bank account in Monaco
How to open a bank account in the Netherlands
How to open a bank account in Norway
How to open a bank account in Poland
How to open a bank account in Portugal
How to open a bank account in Romania
How to open a bank account in San Marino
How to open a bank account in Slovakia
How to open a bank account in Slovenia
How to open a bank account in Spain
How to open a bank account in Sweden
How to open a bank account in Switzerland
How to open a bank account in the UK
How to open a bank account overseas
We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.
How to open a bank account in Australia
How to open a bank account in Brazil
How to open a bank account in Canada
How to open a bank account in the Cayman Islands
How to open a bank account in China
How to open a bank account in Colombia
How to open a bank account in Dubai
How to open a bank account in Hong Kong
How to open a bank account in India
How to open a bank account in Japan
How to open a bank account in Malaysia
How to open a bank account in Mexico
How to open a bank account in New Zealand
How to open a bank account in the Philippines
How to open a bank account in Russia
How to open a bank account in Singapore
How to open a bank account in South Africa
How to open a bank account in South Korea
How to open a bank account in Thailand
How to open a bank account in Turkey
How to open a bank account in the United States
How to open a bank account in Ukraine