If you’re considering opening a bank account in Latvia, you’re on the correct site.
Whether you’re a resident or a non-resident, Latvia offers a range of banking options to suit your needs. With its stable economy, advanced banking system, and favorable tax laws, Latvia has become an attractive destination for those looking to invest or do business in the region.
But before you can take start a business in Latvia, you’ll need to know how to open a bank account in Latvia. Fortunately, the procedure is fairly simple and can be accomplished with a small amount of exertion.
However, there are some important considerations to keep in mind, such as the documentation you’ll need, the fees you’ll be charged, and the type of account that’s best for your needs.
Well in this article, we’ll provide you with everything you require to learn about bank account opening in Latvia. So, let’s get started and take the first step toward opening a bank account in Latvia.
Process for opening a bank account in Latvia
Companies that are established in Latvia can open a bank account there to facilitate financial transactions.
The procedure for opening a bank account in Latvia generally includes the following steps:
Choose a bank
Examine additional banks and co-relate their assistance and fees to discover one that fulfills your requirements.
Gather the required documents
Collect the necessary documents, such as your passport or national identity card, proof of address, tax identification number, employment or income proof, and business registration documents (if applicable).
Fill out an application
Visit the bank’s website or branch office and fill out an account application form.
Submit documents
Provide the required documents to the bank either online or in person.
Wait for approval
The bank will examine your request and documents to determine whether to authorize your account.
Fund your account
Once your account is approved, you can fund it by sending money from a distinct bank account or putting it in the bank cash or checks.
Documents required for bank account opening in Latvia
Bank account opening in Latvia, will typically require one to offer the necessary documents:
- Passport or national identity card
- Proof of address
- Tax identification number
- Employment or income proof
- Business registration documents
It’s important to note that different banks may have different requirements, so it’s a good idea to check with your chosen bank to confirm the specific documents you will need to provide.
Costs applied while opening a bank account in Latvia
The banking fees involved in opening a bank account in Latvia can differ as per the bank and the category of account you are hovering.
Some common fees you may encounter include:
- Account maintenance fees: This is a monthly or annual fee charged for maintaining your account.
- Transaction fees: These are fees levied for each expense you do, like ATM withdrawals, sending & receiving, or payments.
- Overdraft fees: If you spend more money than you have in your account, you might be imposed an overdraft expense.
- Card fees: Few banks set a price for issuing and using a debit or credit card.
- Foreign exchange fees: If you make transactions in a abroad currency, you might be imposed a fee for the currency transformation.
- Wire transfer fees: If you need to transfer money internationally, you may be charged a fee for the wire transfer.
It’s important to carefully review the fee schedule of the bank you are considering to understand the fees involved in opening and maintaining an account.
Different banks for opening an account in Latvia
Several banks are operating in Latvia, each with its pros and cons depending on your needs and preferences.
Here are a few of the best banks in Latvia and some of their key features:
Swedbank
Swedbank is one of the largest banks in Latvia and offers a wide variety of banking assistance, including savings accounts, loans, and credit cards.
Some pros of Swedbank include:
- Easy online account management
- Exhaustive network of departments and ATMs
- The attractive interest price on savings accounts
SEB Banka
SEB Banka is another large bank in Latvia with a variety of banking products and services.
Some pros of SEB Banka include:
- Competitive interest rates on savings accounts
- Wide network of branches and ATMs
- Good online banking platform with a mobile app
Citadele Banka
Citadele Banka is a Latvian bank that provides a mixture of banking outcomes and assistance, containing savings accounts, loans, and credit cards.
Some pros of Citadele Banka include:
- Low account maintenance fees for some accounts
- Good online banking platform with a mobile app
- Attractive investment plans & Insurance Benefits
Rietumu Bank
Rietumu Bank is a private Latvian bank that offers a range of banking services and products to both individuals and businesses. The bank is known for its focus on personal banking, wealth administration, and investment aids.
Some pros of Rietumu Bank include:
- A well-respected institution with a stable reputation
- Specializes in private banking services for high-net-worth individuals and families
- Offers a range of investment opportunities with personalized advice and guidance
These are just a few of the best banks in Latvia, and there may be other banks that better meet your needs and preferences.
When selecting a bank, it’s important to examine different options and correlate their aids, expenses, and characteristics to discover the one that decently suits your necessities.
Time required for bank account opening in Latvia
The timeframe for bank account opening in Latvia can differ as per the bank and the class of account you are approaching. Regardless, it generally requires a minimum of days or a week to complete the process.
Some banks may offer a same-day account opening service, while others may take longer if additional documentation or verification is required.
If you intend to open a Latvian bank account online or remotely, the process may take slightly longer due to the need for additional security checks and verification. It’s always best to check with your chosen bank to confirm their specific timelines for opening a bank account in Latvia.
Can I open a bank account in Latvia as a foreigner?
Yes, it is likely that you can open a bank account in Latvia as a foreigner. However, the process and conditions might vary as per the bank you choose. This is because banks need to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, which are designed to prevent fraud and illegal activities.
Some banks may require non-residents to provide additional documentation, such as proof of income or a letter of recommendation from a current bank. You may also be required to visit a branch office in person to complete the account opening process.
It’s important to note that non-residents may also be subject to additional fees, such as higher account maintenance fees or fees for international transactions. It’s a good idea to explore additional banks and co-relate their assistance and fees to find one that meets your needs as a non-resident.
Conclusion
Bank account opening in Latvia can be a great way to take advantage of the country’s stable economy, advanced banking system, and favourable tax laws. Whether you’re a resident or a non-resident, there are a variety of banking options to choose from, each with its unique benefits and features.
Now that you know how to open a Latvian bank account online & remotely, you can take the first step toward accessing these benefits. With the right bank and account, you can enjoy access to a range of banking services, from basic checking and savings accounts to more specialized offerings like private banking and investment services.
It is best advised to consult with a professional expert from OnDemand International to help in opening a bank account in Latvia. Contact us today.
