This guide compares the best banks in Latvia for individual clients, entrepreneurs and foreign companies. You'll find the main institutions worth examining, the criteria for choosing between them, the documents required and the fees to watch out for. The right institution depends on your residency, your activity, your currencies and the level of verification accepted for your file. Use this comparison as a working basis before applying to open a bank account.
- Conditions vary depending on your residency, nationality and activity.
- A foreign company must clearly explain its economic link with the country.
- Fees and acceptance criteria should be confirmed directly with each institution.
- A traditional bank and a payment provider don't always offer the same level of protection.
The 7 banks in the country to compare first
The selection below covers institutions commonly mentioned among banks operating in Latvia. It isn't an official ranking or a personalised recommendation. A bank suited to a Latvian resident may refuse or limit its services to a foreign company. Before sending any documents, ask about the conditions that apply to your profile. Not every bank meets the same needs when it comes to an account.
BluOr Bank, a local bank for businesses and individual clients
BluOr Bank can be considered by individual clients and businesses looking for a financial relationship in Latvia. Eligibility depends on your country of residence, your activity and the risk level of your file. For a business account, prepare a precise presentation of the services sold, clients, suppliers, countries involved and the origin of the funds.
Swedbank AS, a well-established general-purpose offering
Swedbank AS is aimed in particular at clients looking for everyday services for individuals and professionals. It can suit a resident who wants to manage their operations, card and daily transactions. Clients based outside the country and foreign companies should, however, check directly the opening criteria, the documents required and any limitations.
Rietumu Bank, a solution geared towards certain professional profiles
Rietumu Bank may appeal to entrepreneurs, investors or clients with more specialised financial needs. Complex files are generally subject to in-depth review. The bank may request information on assets, beneficial owners, business partners, expected flows and the origin of capital.
Citadele Banka AS, digital services for residents and businesses
Citadele Banka AS is among the institutions worth comparing for everyday transactions and online management. Its offering may appeal to clients who value mobile tools, cards and remote management. A useful digital feature doesn't replace checking fees and fund protection, though. The exact conditions depend on country of residence, legal form and risk profile.
AS Magnetiq Bank, an institution worth examining depending on your situation
AS Magnetiq Bank can be added to your comparison list when approaching several institutions. Before applying, check the currencies available, the fees, the eligibility conditions and the documents required. For a foreign company, a clear explanation of the business model can help the review of the file.
Signet Bank AS, an offer worth studying for businesses and investors
Signet Bank AS is often associated with professional profiles and investment operations. It may be studied by a company looking for a financial relationship suited to structured flows. The file should present the shareholding, beneficial owners, partners, countries of activity and expected amounts.
Latvijas Pasta Banka, also known as LPB
Latvijas Pasta Banka, or LPB, appears in searches about opening an account in Latvia. It can be contacted by a foreign entrepreneur, with no guarantee of acceptance. Ask for the conditions in writing, especially for foreign clients, and avoid sending sensitive documents before you've identified the official channel.
For a company in the country without a local resident, the bank account is only one step in the project. Also read our guide on opening a bank account for your Latvian company as a non-resident to prepare your file and your questions.
How to compare banks in Latvia based on your needs
Account maintenance fees and eligibility conditions
Don't compare only the monthly price. Check the residency required, the initial deposit, the minimum balance, the number of transactions included and manual processing fees. A cheap offer can end up costing more if your file requires extra checks or certified documents. A competitive rate should be assessed alongside the full range of services included.
SEPA transfers, international transfers and currencies
A euro transfer within the SEPA area isn't comparable to an international transfer or an operation in a foreign currency. Ask about incoming and outgoing fees, timeframes, possible intermediary banks and the exchange rate used. For a business, estimate the cost based on your actual flows, particularly in EUR and USD.
Cards, withdrawals and limits
Check the cost of issuing a card, renewal, replacement in case of loss, and withdrawals in Latvia or abroad. A company should also check whether several cards can be issued and whether each user can be given a distinct limit or authorisation.
Opening an account as a resident or a foreign client
A resident can generally provide a local address and documents directly linked to Latvia. A foreign client will often need to explain their activity, income, flows and interest in the country in more detail. This difference affects timeframes, documents and the bank's final decision.
Business account for a local or foreign company
A Latvian SIA must present its registration documents, its directors and its beneficial owners. A foreign company must also justify its relationship with Latvia. Prepare a note stating the clients, suppliers, countries involved, currencies and expected amounts.
Online access and user management
Digital access alone isn't enough to choose an institution. Ask how documents are submitted, how identity is verified and whether remote signature is possible. For a business account, check the rights given to the director, the accountant and other users.
Customer service in English, French and Latvian
English may be available for day-to-day communication, without being guaranteed during compliance checks. Support in French should be confirmed before opening the account. Also ask about the channel available in case of a block: phone, secure messaging or a branch appointment.
Which bank in the country to choose based on your situation
Individual resident in Latvia
A resident can start by comparing a general-purpose bank such as Swedbank AS or Citadele Banka AS. Look at the cards, everyday transactions, withdrawals, the mobile app and monthly fees. The choice should match your actual use of the account, not just the name of the institution. The best bank for an individual is the one that meets their everyday transactions.
French-speaking entrepreneur
A French-speaking entrepreneur should favour a bank able to understand their activity and communicate clearly. BluOr Bank, Signet Bank AS or LPB may feature on an initial shortlist. Still, check acceptance of foreign clients before sending your identity documents and business paperwork.
Newly formed company in the country
A recently formed company must show that its activity is identifiable. The articles of association alone are often not enough. Prepare contracts, forecast invoices, the company website, proof of registered office, information on clients and an estimate of income and expenses.
Foreign company with no local establishment
The bank will try to understand the consistency between the country of incorporation, the directors, the beneficial owners and the activity. Explain why the company wants an account in Latvia and what operations will take place. A concrete answer is better than a general justification. Offshore companies may face enhanced compliance requests depending on their structure and the jurisdictions involved.
Foreign client from the European Union
A client based outside the European Union may face a more thorough check. Prepare your passport, proof of residence, tax residency, income and documents showing the origin of funds. A missing document can slow down or halt the review.
Business receiving SEPA transfers
Compare the account currency, incoming fees, timeframes and beneficiary verification rules. Ask whether the account holder's name needs to match the company's name exactly. Also check the conditions applying to recurring transactions and larger amounts.
Transferring an existing activity
Don't close your old account before confirming the new one is active. Make a test transfer, check the IBAN and keep the supporting documents. Then move recurring transactions across gradually to limit errors and delays.
Opening a bank account in Latvia step by step
Check eligibility before applying
First ask whether the institution accepts your country of residence, nationality, legal form and activity. This step avoids needlessly sending personal or business documents. Also ask whether opening the account remotely is possible and whether a branch is available for files that need an appointment.
Choose to open online or in branch
Opening online can suit a simple individual file. An appointment may be preferable when a company has several shareholders, several countries of activity or international operations. Check the conditions before booking an appointment or having your documents certified. Neobanks accessible in Latvia may follow a different process, without necessarily being a bank in the country.
Fill in the know-your-customer questionnaire
Describe the activity in precise terms. State the services sold, the countries involved, the target clients, suppliers, currencies and estimated volumes. Avoid overly general wording such as "consulting" or "international trade" without further explanation.
Submit supporting documents and respond to compliance requests
Send documents that are legible, recent and consistent. Answer the bank's questions directly and back up each explanation with evidence. A short, precise and well-documented answer helps the review more than a long text without supporting proof.
Wait for verification and activation
The institution may verify your identity, ownership structure, activity and the origin of funds. Until activation is confirmed, don't present the account as fully operational to your clients and suppliers.
Receive the card and set up access
After approval, check the limits, the card usage rules and the rights given to users. Turn on notifications and keep the support contact details. These precautions are useful during the first transactions.
Make a test transfer
A small transfer lets you check the IBAN, the beneficiary's name and the time it takes to arrive. Once the test is confirmed, gradually increase the amounts and keep the payment confirmations.
Documents required for a resident or a foreign client
Proof of identity and address
Prepare a valid ID document and proof of address matching your situation. The information must be legible and identical to what's entered on the bank form.
Tax number and tax residency
The bank may ask for a tax number or a document confirming your tax residency. Check this is consistent with your official filings and the information given on other forms.
Income and origin of funds
Bank statements, contracts, payslips and accounting documents can explain where the funds come from. An entrepreneur should present their professional income and avoid sending an isolated statement without context.
Employed or self-employed activity
An employee can provide their employment contract or proof of income. A self-employed person should describe their services and, where relevant, attach contracts, invoices, tax filings or proof of clientele.
Company documents
A company must generally present its articles of association, its registration extract, the identity of its directors and its beneficial owners. The information must match the official register and the documents submitted by shareholders.
Proof of economic link with Latvia
This link can come from a Latvian SIA, clients, suppliers, a local project or planned activity in the country. Present the facts accurately, without creating a local presence that doesn't exist. Companies in the country must be able to explain the reality of their operations.
Translations and certifications
A translation, a certification or a more recent document may be requested. Before having the whole file translated, ask for the exact list of languages, formats and certifications accepted by the institution.
Fees to check before choosing an account and a savings solution
Monthly fees and conditions for free banking
Check whether fee-free banking depends on a minimum balance, a number of transactions or a type of client. Ask what rate applies when these conditions aren't met. The needs of a current account aren't the same as those of a savings product.
Incoming and outgoing SEPA transfers
Incoming and outgoing transfers can carry different fees. Ask about the cost of recurring transactions, urgent transfers and operations initiated from the app.
International transfers and currencies
For transfers outside SEPA, check fixed fees, possible intermediaries and the exchange rate. Ask for the total cost before making a large transfer.
Card and renewal
The cost of the card may be separate from account fees. Check replacement in case of loss, issuing an additional card and the conditions for business cards.
Withdrawals in Latvia and abroad
A withdrawal can carry fees from both the bank and the ATM operator. Ask whether the rate varies by country, currency, network used or card type.
Exchange rates and card transactions
Compare the rate applied to card transactions with the one used for conversions within the bank's own system. A small but repeated difference can add up to a significant cost for an international business.
Inactivity, manual processing and closing an account
An account that's little used can attract specific fees. Also check the cost of a bank reference letter, manual processing, an urgent request or closing the account.
Business accounts for entrepreneurs and foreign companies
Newly incorporated company in the country
The company must show that its activity is real, understandable and documented. Prepare the elements explaining income and expenses before applying to open the business account.
Foreign company from the European Union
Present the registration extract and explain why Latvia is relevant to your activity. The bank may ask for information on the parent company, directors, owners and business partners.
Services and digital activities
Describe the business model precisely: development, consulting, creation, subscription, software or intermediation. The company website, contracts and commercial terms can help the bank understand the activity.
Supplier payments and client receipts
State the main payment countries, the frequency of transactions and the currencies used. Distinguish client receipts from supplier expenses to present a consistent financial flow.
Access for several users
Ask whether several users can access the account and with what rights. The director, the accountant and an employee shouldn't necessarily have the same permissions.
Contracts, invoices and beneficial owners
The bank wants to understand who controls the company, what it sells and to whom. Contracts and forecast invoices can usefully complement the legal documents.
Traditional bank or payment solution
A payment solution can meet an operational need, but it isn't automatically the same as a bank. Check the institution's status, fund protection and the services actually offered. Traditional banks may offer a different level of support compared with financial apps.
If your company receives several currencies, also compare the needs linked to a multi-currency account for a Latvian SIA. This analysis should remain separate from choosing your main bank. Services such as Revolut or Wise may be considered for certain operations, without being automatically equivalent to a business bank account.
Processing times and common reasons for refusal
How long a file takes to review
The timeframe depends on the complexity of the profile and the quality of the documents. An individual may be reviewed differently from a company with several shareholders and several countries of activity.
Inconsistencies in identity or address
Differences in name, address or tax residency often trigger follow-up requests. Re-read every form before signing it and use the same information everywhere.
Insufficiently documented origin of funds
The bank may ask how the funds were obtained and why they'll be transferred. Prepare an explanation backed by verifiable documents, such as a contract, an invoice or a statement.
Activity that's too vague or seen as risky
An imprecise description is hard to assess. Explain the service, the end client, the sales channel, the countries involved and the measures taken to meet your obligations.
Inconsistent legal structure
The company, its directors and its beneficial owners must form an understandable whole. A business address shouldn't be presented as a personal residence.
Expired or illegible documents
A valid document that's hard to read can be refused in practice. Use clean scans and ask in advance whether a translation or certification is needed.
What to do after a refusal to open an account
Ask whether the institution will clarify the reason or the review process. You can fix an objective issue, but a bank isn't always required to change its decision.
Customer service and language access
Support in English
Ask whether English is available for account opening, compliance and transaction issues. Everyday support may be multilingual while regulatory exchanges are more limited.
Support in French
A website translated into French doesn't necessarily mean a French-speaking adviser is available. Ask which channel is concerned and what type of requests it covers.
Phone, secure messaging and branch
The phone can be useful if something is blocked. Secure messaging remains preferable for sending documents and keeping a record of exchanges.
Timeframes for compliance requests
Before opening the account, ask how requests for supporting documents are handled. This matters for a company that needs to meet payment deadlines.
Preparing a conversation with an adviser
Present your activity in a few sentences, covering the countries, clients, suppliers and currencies involved. This preparation makes the discussion more effective and limits vague answers.
Keeping records of exchanges
Archive emails, messages and documents submitted. This makes it easier to follow up on your file and handle any later complaint. Also check the institution's privacy policy before sending sensitive data.
Testing support before a large transfer
Ask a few simple questions before making a significant transfer. A clear, traceable answer is a better indicator than a sales promise.
Role of the Bank of Latvia and client protection
Mission of the central bank
Latvijas Banka, the Bank of Latvia, is the central bank of the Republic of Latvia. It doesn't choose a commercial bank on the client's behalf and doesn't guarantee that a file will be accepted.
Status and supervision of the institution
Before signing, check the exact status of the institution and the relevant supervisory authority. This helps distinguish a bank from a payment provider or an e-money institution.
Deposit protection
Protection depends on the institution's status and the scheme that applies to the account. Ask for official, up-to-date information before depositing significant amounts.
Bank, payment institution or e-money institution
These providers can offer an IBAN, a card or payment services without offering exactly the same framework as a bank. Read the contractual terms and identify who holds the funds. Also check the rules that apply to the protection of your data.
Official information to check
Use the official websites of institutions and the relevant authorities. Don't rely solely on a comparison site or marketing material, which may be incomplete.
Due diligence obligations
Requests about identity, activity and the origin of funds are part of standard banking practice. They can concern the individual, the company and its beneficial owners.
Regulatory changes
If a bank changes its terms or its organisation, check its official communications. Keep the versions of the documents that apply to your account.
Making a complaint to a bank in Latvia
Submitting a written complaint
Start with the complaints department or the channel set out in your contract. Describe the facts in order and attach only the relevant documents.
Describing the issue precisely
State the date, the amount, the transaction reference and any response already received. A precise request is easier to review. If relevant, also detail any transaction fees that were applied.
Keeping the case reference number
Note the date you sent it and the reference number given. Keep proof of receipt along with all responses received.
Asking about internal appeal routes
The bank should be able to state the process applicable to its service. Also ask for the timeframe announced for a response.
Cross-border disputes
A dispute involving several countries may fall under specific European mechanisms. Check the conditions before filing a request.
Professional support
A blocked business account can have commercial and tax consequences. Legal or accounting advice can help you preserve deadlines and evidence.
Selection method and limits of this information
Institutions covered
The seven names presented are those identified in the results reviewed: BluOr Bank, Swedbank AS, Rietumu Bank, Citadele Banka AS, AS Magnetiq Bank, Signet Bank AS and Latvijas Pasta Banka, or LPB. These financial institutions shouldn't be compared without taking the applicant's profile into account.
Local bank versus neobank accessible from Latvia
An app usable from Latvia isn't necessarily a bank in the country. Check the country of authorisation, the legal status, the supervisory authority and the scheme applicable to funds. Neobanks can be a practical solution, but they don't always replace a local institution.
Fees and conditions at the time of application
Fees, acceptance criteria and documents can change. This comparison doesn't replace a written confirmation from the institution you choose.
Requesting written confirmation
Ask for fees, documents, timeframes and residency conditions in writing. This lets you compare answers on the same basis and keep proof of the information provided.
Why the choice depends on your profile
An individual, a freelancer and a foreign company don't share the same risks or the same needs. There's therefore no ideal bank for every client. Personal accounts in particular meet different needs from those of a business account.
Regulatory changes and internal policies
Compliance rules, accepted countries and identification procedures can change. Any information obtained previously should be revalidated when making a new application.
Sources to check before deciding
Check the official websites of banks, their fee schedules and up-to-date regulatory information. For an entrepreneurial project, you can also start with setting up an SIA and check the consistency between the legal structure, the activity and the business account.
In practice, the best banks in Latvia are the ones that accept your profile, understand your activity and offer conditions suited to your flows. Compare fees, currencies, support and fund protection before applying. If you want to open a current account, also check the conditions that apply to personal accounts. Always ask for written confirmation and prepare a complete, consistent and verifiable file.