Banking & Finance
From opening an account to wiring money home, banking in Latvia has its own set of rules. This guide walks you through all of them.
Banking Overview in Latvia
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Latvia
Foreign nationals may be able to open a bank account in Latvia, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Latvia — remote & non-resident opening
Named banks operating in Latvia, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| AS Citadele banka | May require an in-person visit — confirm with the bank directly | Medium | Remote app onboarding exists but non-residents need Latvia connection (permit/contract/visa). |
| AS Rietumu Banka | May require an in-person visit — confirm with the bank directly | Medium | Tightened post-2018; non-residents face heavy due diligence, generally in-person, not remote. |
| AS SEB banka | May require an in-person visit — confirm with the bank directly | Medium | Requires connection to Latvia; non-residents typically need branch visit, not remote. |
| Luminor Bank AS | May require an in-person visit — confirm with the bank directly | Low | Focused on residents/local connection; no remote opening for pure non-residents found. |
| Swedbank AS | May require an in-person visit — confirm with the bank directly | Low | Remote onboarding mainly for residents; non-residents need permit/connection, often in-person. |
Last checked 2026-06-21 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Latvia. While you may be able to send money to Latvia, full local account features may not be available. Check their website for the latest on Latvia-specific services.
N26
We have no record of N26 operating in Latvia — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Latvia, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Latvia is approximately €1,575 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
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Frequently Asked Questions
Is mobile banking widely available in Latvia?
Yes, most major banks in Latvia offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
How long does it take to open a bank account in Latvia?
Opening a bank account in Latvia typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
How do ATM withdrawals work in Latvia?
ATMs are widely available in Latvia. Your bank's ATM network is usually free; out-of-network ATMs may charge €1-5 per withdrawal. International cards may incur additional fees.
Can I open a bank account remotely before moving to Latvia?
Remote account opening is generally not available in Latvia. You will likely need to visit a branch in person with your documents.
What is the local currency in Latvia?
The local currency in Latvia is euro (EUR), represented by the symbol €. Most payments can be made by card, though cash may still be important in some contexts.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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