Cart
Open a Bank Account in Latvia
$1,500.00
Since its independence, Latvia has implemented market-oriented reforms. The country’s economy has performed well due to steady growth in domestic consumption and the contribution of foreign investment. As a member of the EU since 2004 (and of the Eurozone since 2014), it has benefited from substantial European funding. The growth rate has been positive since 2011 and was among the highest in the EU countries in 2019. The Banking sector in Latvia is a highly developed industry aiming at facilitating the growth of the common European Economic Area and the European Single Market.
We can help you open a business account in Latvia. Accounts are available for resident companies of the EU. We work with 3 different banks in Latvia. Each bank has different eligibility requirements, types of accounts available and onboarding processes. We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs:
- Latvia Bank Option 1 (Business Account)
- Latvia Bank Option 2 (Business Account, Personal Account)
- Latvia Bank Option 3 (Business Account)
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Latvia Bank Option 1 (Baltic International Bank)
Account Details
| Eligibility | EU Companies |
| Account type and Currency | Corporate Current Account (Multicurrency) |
| Minimum Initial Deposit | EUR 10,000.00 |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | EUR 10,000.00 |
| Online Banking | Internet Banking |
| Cards (Currency) | Debit Card (EUR) |
| Other Services | Trade Finance Loans Investment and Brokerage Services |
A business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
- Business Account
-
Account Details
Eligibility EU Companies Account type and Currency Corporate Current Account (Multicurrency) Minimum Initial Deposit EUR 10,000.00 Minimum Monthly Average Balance (To Avoid Fall-Below Fee) EUR 10,000.00 Online Banking Internet Banking Cards (Currency) Debit Card (EUR) Other Services Trade Finance
Loans
Investment and Brokerage ServicesA business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
Latvia Bank Option 2 (BlueOrange Bank)
Account Details
| Eligibility | EU Companies |
| Account type and Currency | Corporate Current Account (EUR) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | N/A |
| Online Banking | Internet Banking |
| Cards (Currency) | Debit Card (EUR) |
| Other Services | Trade Finance Term Deposits Investment and Brokerage Services |
A business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Company must have an office in country of registration that can be used to physically work from and also needs to have waged employees/director in the country of registration. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
Account Details
| Eligibility | EU Residents |
| Account type and Currency | Current Account (EUR) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | N/A |
| Online Banking | Internet Banking |
| Cards (Currency) | Debit Card (EUR) |
| Other Services | Trade Finance Term Deposits Investment and Brokerage Services |
The bank can onboard individuals that are European Union residents (citizens of Latvia, non-citizens of Latvia, citizens of any other European Union member country, European Economic Area member country, or the Swiss Confederation, or a person authorised to reside within Latvia in accordance with the applicable legislation of the Republic of Latvia), as well as persons without a residence permit who may not be deported from Latvia under the applicable legislation.
A personal visit is required to finalize the account opening procedure.
- Business Account
-
Account Details
Eligibility EU Companies Account type and Currency Corporate Current Account (EUR) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) N/A Online Banking Internet Banking Cards (Currency) Debit Card (EUR) Other Services Trade Finance
Term Deposits
Investment and Brokerage ServicesA business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Company must have an office in country of registration that can be used to physically work from and also needs to have waged employees/director in the country of registration. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
- Personal Account
-
Account Details
Eligibility EU Residents Account type and Currency Current Account (EUR) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) N/A Online Banking Internet Banking Cards (Currency) Debit Card (EUR) Other Services Trade Finance
Term Deposits
Investment and Brokerage ServicesThe bank can onboard individuals that are European Union residents (citizens of Latvia, non-citizens of Latvia, citizens of any other European Union member country, European Economic Area member country, or the Swiss Confederation, or a person authorised to reside within Latvia in accordance with the applicable legislation of the Republic of Latvia), as well as persons without a residence permit who may not be deported from Latvia under the applicable legislation.
A personal visit is required to finalize the account opening procedure.
Latvia Bank Option 3 (Rietumu Banka)
Account Details
| Eligibility | EU Companies |
| Account type and Currency | Corporate Current Account (EUR) |
| Minimum Initial Deposit | Case-by-Case |
| Minimum Monthly Average Balance (To Avoid Fall-Below Fee) | N/A |
| Online Banking | Full Service (Internet Banking, Mobile Banking) |
| Cards (Currency) | Debit Card (EUR) |
| Other Services | Loans Term Deposits Investment and Brokerage Services |
A business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Company must have an office in country of registration that can be used to physically work from and also needs to have waged employees/director in the country of registration. TIN number and submission of financial reports to the local tax authorities are also a requirement for the bank to onboard. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
- Business Account
-
Account Details
Eligibility EU Companies Account type and Currency Corporate Current Account (EUR) Minimum Initial Deposit Case-by-Case Minimum Monthly Average Balance (To Avoid Fall-Below Fee) N/A Online Banking Full Service (Internet Banking, Mobile Banking) Cards (Currency) Debit Card (EUR) Other Services Loans
Term Deposits
Investment and Brokerage ServicesA business connection to Latvia is required, for example in the form of local clients, suppliers, partners to justify the reason for account opening. Company must have an office in country of registration that can be used to physically work from and also needs to have waged employees/director in the country of registration. TIN number and submission of financial reports to the local tax authorities are also a requirement for the bank to onboard. Foreign companies engaging in high-risk businesses and/or conducting an activity which is regulated in the EU may not be eligible.
A personal visit is required to finalize the account opening procedure.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is guaranteed if the account is not successfully opened, but a 15% administrative fee applies.