A list of the top banks in Latvia

Planning a move to Latvia? Perhaps you’re starting a business, studying abroad or visiting family. Whatever your circumstances, you might find it useful to open a Latvian bank account for the duration of your stay.

Read on for a full rundown of the top banks in Latvia, from Swedbank and SEB Banka to Citadele and Luminor Bank. We’ll also give you some info on the current accounts each bank offers.

But let’s start with a quick overview of banking in Latvia.

Banking in Latvia (an overview)

Latvia’s banking sector is relatively small, and highly concentrated - with most major banks being based in the capital of Riga.

It has a mix of privately owned domestic banks and foreign-owned banks, most of which are headquartered in Scandinavia. Most are universal banks, but there are some specialists too.

To open a bank account in Latvia, you’ll usually need the following:¹

• Proof of ID, such as a passport

• Proof of address

• Tax ID number

• Proof of employment or income

• Business registration documents (for business accounts).

Latvian banks do charge some fees, which vary between providers and accounts. You may encounter account maintenance fees (monthly or annual), transaction fees, card fees and overdraft fees.¹

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Top 10 banks in Latvia

So, what are your options for a new bank account in Latvia? To help you compare, here’s a list of some of the country’s biggest and most popular banks:

Bank name	Operational HQ
Swedbank	Riga
SEB Banka	Valdlauči, Riga
Citadele Banka	Riga
Rietumu Banka	Riga
BluOr Bank	Riga
Luminor Bank	Riga
RIB Banka	Riga
Signet Bank	Riga
Industra Bank	Riga
Magnetiq Bank (formerly LPB Bank)	Riga

Swedbank

The biggest bank in Latvia, Swedbank is part of the Swedish-owned Swedbank Group. It is a universal bank, serving retail, business and private banking customers.

Swedbank Latvia offers a choice of current and savings accounts, including a basic payment account for non-residents.

But as a newly arrived expat, it could be worth opening a package - this bundles together accounts, cards and other services for a monthly fee. The Basic Package includes a debit card (for an extra monthly fee ) and a limited number of free payments each month.

The bank also has business bank accounts, payment solutions, cards, financing and more for corporate customers.

SEB Banka

Another Swedish-owned bank, SEB Banka is a full-service universal bank based in Riga. It has services for personal, corporate and private banking customers. It’s the country’s second-largest bank.

SEB Banka has a range of accounts and cards, which you can apply for and manage through its mobile app.

This includes its service plans, which bundle together essential everyday banking services into one package. Its Basic plan is ideal for everyday banking, giving you a payment debit card and a limited number of free transactions every month.

For business customers, there are service plans, bank accounts, cards, payment solutions and a selection of helpful tools and services too.

Citadele Banka

Citadele Banka is a relatively new bank, formed in 2010 following a state administered split of Parex Bank. It serves domestic and international clients, offering both personal and business banking.

Like with other banks in Latvia, Citadele has a choice of banking bundles available for retail customers.

You can download the app and choose a debit card - options includeC Prime, C Supreme and C Smart. Each has a monthly fee and comes with a card, account and features such as online transfers, credit limits, travel insurance and interest-free periods.²

Citadele also has payment plans, business cards, financing, savings and leasing for business clients. Plus, private banking and investments.

Rietumu Banka

Established in 1992, Rietumu is a Latvian bank offering personal and business banking. It offers a huge range of services, including accounts, cards, brokerage, FX, savings and safe boxes and much more.

For individuals, Rietumu Banka has a Current Account suitable for everyday banking. It offers a European IBAN, personal manager and online banking.³

Business banking services at Rietumu include accounts, same-day payment services, lending and trade finance, cards, forex and asset management.

BluOr Bank

BlueOrange Bank or BluOr Bank was founded in 2001, and was originally called Baltikums Bank.

Today, it’s one of the biggest banks in Latvia, offering both private and corporate banking services domestically and worldwide. It’s a tech-focused bank, so you can expect online and app-based banking as standard.

Its range of accounts includes the BluOr Bank account, which you can open online and gives you everything you need for fully digital day-to-day banking.

The bank also has business bank accounts, cards, currency exchange services, loans, e-commerce solutions and investments.

Luminor Bank

Luminor Bank AS Latvijas filiāle is headquartered in Estonia, but operates in both Latvia and Lithuania. The bank offers daily banking solutions and savings accounts to personal customers, along with loans and leasing.

For everyday banking, the Luminor debit package is worth checking out. It has a small monthly fee and comes with a debit card, online banking and unlimited payments.⁴

Businesses can choose from e-commerce and payment solutions, financing and cash flow management services.

RIB Banka

Reģionālā investīciju banka or RIB Banka was founded in Latvia in 2001. While it’s quite focused on businesses and industry, it does have some solutions for individuals.

This includes its Basic Account, which is best suited to everyday banking. It’s a euro account with online banking, payments and transfers and a Mastercard Standard payment card.

For companies, RIB Banka has a choice of packages, loans and trade financing solutions available.

Signet Bank

Formerly Bank M2M Europe and Latvijas Biznesa Banka (Latvian Business Bank), the bank was renamed Signet Bank in 2017.

Signet Bank offers only business and corporate banking, as well as private banking and wealth management services. This means it doesn’t have any everyday current accounts for individuals.

Industra Bank

Formerly known as Meridian Trade Bank, Industra Bank was given its new name and identity in 2020. It is a universal bank with Latvian capital, serving both business and personal customers.

For individuals, the Industra current account offers everything you need for everyday banking. You can even open an account remotely, via a video call with a bank employee.

Industra Bank also offers loans, investments and business bank accounts. It has a particular focus on supporting entrepreneurs, including manufacturers, service providers and developers.

Magnetiq Bank (formerly LPB Bank)

Formerly LPB Bank, Magnetiq Bank has only recently undergone a major rebrand. It’s owned by Signet Bank and is focused on business banking, with a keen focus on fintech companies, ecommerce operations and startups.

However, you can open an Escrow account or a Basic euro bank account there. All individual accounts come with a personal manager.

Best online bank accounts and money management alternatives in Latvia

Looking for an alternative way to manage your money in Latvia? You could try a digital account or money app.

Here are a couple of the most popular choices in Latvia:

• Revolut - an all-in-one financial app with a debit card and banking services.

• N26 - a fully digital bank offering an app-managed bank account and debit card.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and great exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Latvia. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee*, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - your rundown of the top banks in Latvia, including the country’s biggest banks.

We’ve also shown you a few financial apps and money service providers, so you can compare absolutely all the options for managing your money in Latvia. Good luck with your move!

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Sources used for this article:

1. OnDemand International - Bank Account Opening in Latvia in 6 Steps: Requirements & Costs

2. Citadele - C-Cards

3. Rietumu - Current Account

4. Luminor - Service package price list

Sources last checked on 02-May-2024.