How to Open a Bank Account as a Foreigner in Latvia

Opening a bank account as a foreigner in Latvia is straightforward, but you must follow specific steps. Whether you’re moving for work, studies, or business, a local account makes life easier. Latvia offers a modern and digital banking system that is open to non-residents. Still, each bank has different requirements and fees, so it’s important to choose wisely. Some banks offer English-speaking services, while others operate mostly in Latvian or Russian. To avoid delays, prepare your documents in advance and understand what each bank expects. This guide explains how to open a bank account as a foreigner in Latvia — step by step.

Why Open a Bank Account in Latvia?

Before diving into the process, it’s useful to understand why opening a bank account in Latvia is beneficial. Latvia is part of the EU and uses the euro, making transactions simple for many foreigners. Also, having a local account avoids high currency exchange fees and simplifies daily payments. Many landlords, employers, and service providers require a Latvian account. In addition, you need one for receiving salaries, paying utility bills, and setting up phone contracts.

Benefits of a Latvian bank account:

Avoid international fees and exchange losses
Receive salaries directly into a local account
Pay bills and rent easily
Access online banking in English
Withdraw cash without foreign transaction charges

Who Can Open a Bank Account in Latvia?

The good news is most foreigners can open a bank account in Latvia. You do not need to be a resident in every case. However, the process differs slightly for EU/EEA citizens versus non-EU citizens. Some banks are stricter than others and may require a Latvian address or a reason for opening the account. Tourists may face more challenges unless they provide a long-term reason to bank locally.

Eligible individuals include:

EU/EEA citizens living or working in Latvia
Third-country nationals with residence permits
Students enrolled in Latvian universities
Remote workers or freelancers with contracts
Business owners registered in Latvia

Step-by-Step: How to Open a Bank Account as a Foreigner in Latvia

Opening a Latvian bank account usually involves visiting a local branch in person. However, some banks offer online applications for residents or EU citizens.

Step 1: Choose the Right Bank

Not all banks are foreigner-friendly. Research banks that offer English-speaking service and online tools.
Popular options include:

Swedbank (most popular with residents)
SEB (good for students and EU citizens)
Citadele (modern mobile app, good for non-residents)
Luminor (flexible account options for foreigners)

Step 2: Prepare Your Documents

Bring originals and possibly notarized copies, depending on the bank’s policy. Required documents often include:

Valid passport or EU ID card
Latvian residence permit (if applicable)
Proof of address (utility bill, lease, or official letter)
Employment contract, student ID, or business registration
Tax identification number (from your home country or Latvia)

Step 3: Visit a Branch or Apply Online

Most banks require an in-person visit. Some allow appointments, which is helpful for English speakers.
During your visit:

Submit your documents
Answer questions about your reason for banking in Latvia
Sign account agreements and choose your account type

Step 4: Activate Your Account

Once approved, the bank gives you login info and a debit card. Card delivery may take 3–10 days.
You can start using online banking immediately after activation.

Common Bank Account Types for Foreigners

Banks in Latvia offer several account types based on your needs and legal status. Not all types are open to non-residents.

Most common account types:

Personal Current Account – for everyday transactions, salary, and cards
Student Account – often free or discounted if you have a student ID
Non-Resident Account – available at some banks with stricter checks and higher fees
Business Account – for foreigners who operate Latvian-registered companies

Fees and Charges You Should Know

Banking in Latvia is affordable, but it’s smart to compare fees in advance. Fees differ based on residency status and account type.

Typical costs include:

Monthly account maintenance: €1–3
Debit card fee: €0–€2 per month
ATM withdrawals outside Latvia: €2–€5
International transfers: €5–€20 depending on country
Non-resident account fee: sometimes €10+ per month

Tip: Always ask for an English version of the pricing table before opening your account.

Can You Open a Latvian Bank Account Online?

In most cases, you’ll need to visit a branch for verification. However, EU citizens with Latvian e-signature or Smart-ID can sometimes open accounts online. Some banks also offer remote onboarding for business accounts or digital nomads, but this process is selective.

Banks offering partial or full online setup:

Citadele
SEB (for EU citizens)
Wise (international banking alternative, not local IBAN)

So, if you’re already in Latvia or plan to move soon, visiting in person will likely be required.

Tips for a Smooth Account Opening

Here are a few simple ways to make your experience faster and easier:

Choose a large branch in a major city like Riga or Daugavpils
Bring translations for your documents if they’re not in English or Latvian
Be clear and honest about why you need the account
Ask if you can speak with an English-speaking advisor
If denied, try another bank — policies vary widely

Remember, having the right paperwork and a calm attitude will help a lot.

Once you know how to open a bank account as a foreigner in Latvia, the process becomes smooth and stress-free.Opening a bank account as a foreigner in Latvia is easier than you might think — if you prepare well. With the right documents and bank choice, you’ll get set up quickly and enjoy efficient online services. Whether you’re working, studying, or starting a business, having a Latvian account opens many doors. Always compare banks, ask about fees, and make sure your account type fits your plans. Latvia’s banks are safe, modern, and increasingly welcoming to foreigners.