Latvia's Banking Landscape Since 2018
To understand why opening a bank account in Latvia has become more complex for non-residents, it helps to recall the context. In 2018, ABLV Bank was liquidated after being accused by US authorities of money laundering and violations of sanctions against North Korea. This event shook Latvia's banking sector deeply and led to a significant tightening of compliance procedures (KYC/AML) across every bank in the country.
Since then, traditional Latvian banks have become notably more cautious about accepting new clients, particularly non-residents and companies whose activity or financial flows aren't directly connected to Latvia. This isn't an insurmountable problem, but you need to be prepared and know which options to prioritise.
"Don't start by trying to open an account with a major traditional Latvian bank. Start with a fintech, prove your business, and then consider a traditional bank if needed."
Fintechs: Our Main Recommendation
For the vast majority of our clients, fintech solutions offer everything an SIA needs to operate normally: a European IBAN, SEPA transfers, debit cards, multi-currency management, accounting integrations. Here are our recommendations:
Wise Business (formerly TransferWise)
RecommendedWise Business is our top recommendation for Latvian SIAs. Opening is 100% online, accepts companies registered in the EU including Latvia, and provides a Latvian (LV) IBAN or several European IBANs. Very competitive exchange fees (interbank rate plus a small margin). Ideal for international businesses handling payments in several currencies.
Paysera
Very popular in the BalticsPaysera is a Lithuanian electronic bank operating across the whole Baltic region. It's extremely popular among entrepreneurs setting up companies in Latvia, Lithuania or Estonia. Online opening is possible for Latvian companies with standard documents. Lithuanian (LT) IBAN, but fully accepted everywhere in Europe. Very affordable fees.
Revolut Business
RecommendedRevolut Business accepts companies registered in many EU countries, including Latvia. Online opening, a very modern interface, virtual and physical cards, multi-currency management. Some limitations on transaction volumes depending on the plan. Well suited to services and e-commerce businesses.
Comparing Banking Solutions for Non-Residents
| Solution | Type | Opening time | IBAN | Accepts non-residents |
|---|---|---|---|---|
| Wise Business | Fintech | 1 to 3 days | LV or multi-EU | Yes, easily |
| Paysera | Electronic bank | 2 to 5 days | LT | Yes, easily |
| Revolut Business | Fintech | 1 to 3 days | LT / multi-EU | Yes |
| Swedbank Latvia | Traditional bank | 2 to 4 weeks | LV | Under strict conditions |
| SEB Latvia | Traditional bank | 2 to 4 weeks | LV | Under strict conditions |
| Citadele | Traditional bank | 2 to 3 weeks | LV | More flexible, but demanding |
Indicative timelines, which vary depending on the quality of the KYC file and the company's activity.
Traditional Latvian Banks
If your business needs a traditional Latvian bank (particularly for loans, guarantees or relationships with local partners), here are the main options for non-residents:
Swedbank Latvia
A subsidiary of the Swedish Swedbank group, this is Latvia's largest bank. It accepts non-residents under strict conditions: the company must have a genuine activity connected to Latvia or the Baltic states, the KYC documentation is thorough, and a branch visit may be required. It's a solid, internationally recognised bank.
SEB Latvia
Another subsidiary of a Swedish group, SEB Latvia is the country's second-largest bank. Similar KYC policy to Swedbank, good reputation with businesses. Accepts non-residents with well-prepared, well-documented files.
Citadele
Citadele is a Latvian-origin bank (born from the restructuring of Parex Banka in 2010). It's often more flexible than the big Scandinavian groups when accepting non-residents, but remains demanding on documentation. It has a presence in all three Baltic states.
Documents Required to Open an Account
Whether for a fintech or a traditional bank, you'll generally need to provide:
- The company's registration documents, including its registered address in Latvia (extract from the Latvian register)
- The SIA's articles of association
- A valid ID document for the beneficial owner(s)
- Proof of the beneficial owner's residential address
- A description of the company's activity
- The list of expected suppliers and clients (for traditional banks)
- Proof of the source of funds
Our Strategic Tip
Open a Wise Business or Paysera account first so you can operate immediately after setting up the company. Once your business is up and running and you can document your flows (invoices, clients, contracts), your application to a traditional bank will be far more convincing.
Our Support for Opening an Account
Société Lettonie supports its clients at every stage of opening an account. We know the specific requirements of each financial institution and help prepare complete, convincing KYC files. We also have established relationships with certain Latvian banking partners that make the process easier.
In practice, our support includes:
- Recommending the banking solution best suited to your business
- Preparing and checking all KYC documents
- Support drafting a simplified business plan if required
- Following the file through to the account actually being opened
- Assistance if further information is requested