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Latvia: bank account

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It is also important that card accounts in Latvian banks are available for both legal entities and individuals. In the case of opening an account, the institution undertakes to fulfill all the provisions of the agreement, while the work of the institution does not depend on the government of the country, which has a positive effect on the terms of cooperation.


Latvian bank system

Latvian banks have been effectively operating in the financial services market for more than two decades. Thanks to their stable operation and qualified support, these institutions have earned the trust of both ordinary clients and large investors. The structure of the Latvian banking system is conventionally divided into two levels.

The first is the national banks, and the second is the branches of foreign financial organizations. At the same time, the entire system is extremely stable. Moreover, at present, the overwhelming majority of banks in Latvia are showing constant growth in profitability. This circumstance has determined the attractiveness of the banks of this state to entrepreneurs and investors from neighboring countries.


Bank services in Latvia

Latvian banks can offer clients the widest range of services. Most of the financial institutions in this state position themselves as settlement banks. However, almost all of them provide the service of opening a regular savings account.

Also, traditional services of Latvian banks include asset management, as well as opening investment and investment savings bank accounts, and some banks are also ready to open a merchant account. Banks provide their services not only to citizens of Latvia but also to non-residents of this state and are equally designed for corporate clients and individuals.


Opening a bank account in Latvia

The main difficulties that one will have to face before opening an account in Latvia are the choice of a banking institution and the procedure for opening an account itself. It has numerous formalities and often requires the submission of various documents.

To confirm the client’s solvency, the banking institution may require a document confirming the profitability of the business, a certificate of income from the employer, or a bank certificate from the client’s country, which will indicate the amount of the deposited deposit.

Besides, many financial institutions set or increase requirements for a minimum balance on a bank account. Nevertheless, despite the abundance of formalities and the need to submit several documents, the procedure for opening a bank account is carried out extremely quickly.

Among the best institutions for foreign residents are ABLV Bank, Baltikums Bank (Blue Orange), Norvik Bank, Rietumu Banka, and Citadele Bank. It is these bank accounts in Latvia that are most popular among entrepreneurs from the post-Soviet countries and the European Union.


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Advantages of Latvian banks

Banks offer many advantages to clients wishing to open an account in Latvia. First of all, this is an opportunity for foreign residents to use the services of a financial institution almost unlimitedly, for example, to open an offshore company. Also, Latvian banking institutions set minimum tariffs for their services within the European Union. 

Another advantage of Latvian financial institutions is the presence of multi-currency accounts and European investment guarantees. For that free access to deposits, modern bank account management systems, and Internet banking are provided. 

Also, Latvian banks ensure the proper level of confidentiality and guarantee the secrecy of monetary investments, strictly keeping all information about the funds invested by the client. The staff of the banks of Latvia has Russian-speaking specialists, which facilitates cooperation with the organization. 

Besides, another advantage of Latvian financial institutions is the favorable geographical position of the country and the presence of representative offices of the largest financial organizations in other countries, which greatly facilitates cooperation, because if a client needs to be present in person to eliminate any problem, the time and financial costs will be reduced to the minimum.

Another advantage of an account with a bank in Latvia is the low, fixed cost of banking services, except for situations when the account needs to be issued as soon as possible. This tariff model allows entrepreneurs to carry out long-term business planning. For the procedure for registering an account, Latvian banks involve authorized consulting companies, which has been a very common practice among world financial organizations in recent years. This is not surprising, since opening an account and notarizing all documents does not even require the mandatory presence of the client during the transaction and the conclusion of the contract.


How to open a bank account in Latvia?

To open an account in Latvia, in a trusted and prestigious bank, with a minimum number of obstacles and high-quality service, the best solution would be to attract specialists from a professional company.

They will promptly collect and draw up a package of documents that are required to conclude a transaction and open an account without hindrance. Thus, you can avoid unnecessary spending, guarantee the safety of the invested funds and open an account literally within a few days after the application is received.

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