To transfer and receive money, a Latvian company has at least 2 of the most popular options for opening a current account:
Home / Opening an account in a Latvian bank
Opening an account in a Latvian bank
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Open a bank account (e.g. swedbank, citadele bank, rietumu bank)
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Open an account in a payment system (for example, revolut, paysera, wise)
The fundamental difference between a bank and a payment system is that a Latvian bank provides a deposit guarantee for legal entities and individuals in an amount not exceeding 100,000 Eur, while the payment system does not provide such guarantees.
In addition to the guarantee of deposits, payment systems differ from banks in that, as a rule, they can open an account much faster.
The cost of consideration of documents (applications) in Latvian banks for non-residents varies from 200 to 500 euros, without a guarantee of opening an account. Payments, in turn, are conditionally divided into 2 categories – practically free, for a wide range of individuals and legal entities, and paid, for a narrow range of users. Opening an account in paid payments may exceed the bank commission.
Successful opening an account largely depends on the availability of substance in the country of registration, the declared activities of the company, partners and clients, on the turnover and region of the company, on the welfare of the beneficiaries and the expertise of the directors.
The founder must come to the bank in person to complete the KYC procedure. In payment systems, this process is organized remotely.
It is important to know that Latvian company has the right to open accounts not only in Latvian banks, but also in any other banks in any country. It is obligatory to declare an opened account within 1 month after opening (if the country where account is opened is not Latvia).
Latvia has 16 banks, 7 of which actively work with non-residents. Banks differ in the size and quality of service and Internet banking, and each bank has its own specialization.
The most popular free payment systems include revolut, paysera, wise. Paid ones invlove emerald24, blackcatcard, bilderlings.
ACCOUNTANCY LATVIA offers assistance in filling out the application and the accompanying set of documents to opeing an account. We will contact the bank ourselves, fill out all the necessary bank forms, prepare the accompanying set of documents together with you and submit the best possible information to the bank in order to open an account. You will only have to visit the bank or its branch to sign the application. On average, the process of opening an account takes from 2 to 4 weeks. Bank commissions at the same time amount from 200 to 500 euros (for non-residents). We cooperate with the most popular Latvian banks. For some banks and payment systems we are agents / representatives.
Send a request
Fill out the application form, we will contact you within 24 hours. You can also call the specified phone number and write to the email address. By concluding an accounting service agreement with us, you will always have better prices for all related services.
Banks of Latvia
| Name | Main services | Features | |
| 1 | AS ‘Rietumu Banka’ | Personal account, accounts and payments, currency services and loans, deposits, trusts and investments. | Large bank, works with non-residents, flexible terms of service, payments are processed on the same day, very good support, private banking, representative office in Moscow |
| 2 | AS ‘LPB Bank’ | Accounts and payments, remote services, payment cards, deposits, investment services, safes, e-commerce | A large bank that works with non-residents, a banking license since 2008 |
| 3 | AS ‘BluOr Bank’ | Bank accounts, payment cards, safes, payments, currency exchange, documentary operations, investment services | A large bank with local capital, founded in 2001, works with non-residents |
| 4 | AS ‘Baltic International Bank’ | Accounts and payments, remote services, payment cards | A small bank that also works with non-residents |
| 5 | AS ‘Industra Bank’ | Accounts and payments, remote services, payment cards | A small bank that also works with non-residents |
| 6 | AS ‘PrivatBank’ | Accounts and payments, remote services, payment cards | A small bank that also works with non-residents |
| 7 | AS ‘Reģionālā investīciju banka’ | Accounts and payments, remote services, payment cards | A small bank that also works with non-residents |
| 8 | AS ‘Swedbank’ | All kind of banking services | Service mainly for residents, legal entities and individuals |
| 9 | AS ‘SEB banka’ | All kind of banking services | Service mainly for residents, legal entities and individuals |
| 10 | AS ‘Luminor Banka’ | All kind of banking services | Service mainly for residents, legal entities and individuals |
| 11 | AS “Citadele banka” | All kind of banking services | Service mainly for residents, legal entities and individuals |
| 13 | AS ‘Signet Bank’ | Accounts and payments, wealth management, placement of funds | Private bank, for a certain group of people |
| 14 | AS “Rigensis Bank” | Accounts and payments, wealth management, placement of funds | Private bank, for a certain group of people |
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