If you’re planning to live, work, or invest in Latvia, understanding the banking system is essential. There are a variety of banks in Latvia, ranging from international giants to locally owned institutions, each offering different services to meet your needs.
Whether you’re an expatriate, a business owner, or someone looking for personal banking solutions, finding the right Latvian bank is key to managing your finances smoothly.
In this guide you will learn about:
Top 10 Banks in Latvia
There are a range of top banks in Latvia, here are the top 10 to help you find the ideal option for your needs.
BluOr Bank
Founded in 2001, BluOr Bank started with a simple idea; entrepreneurs building a bank for entrepreneurs. Over the years, it has grown into one of Latvia’s key financial institutions, offering everything from business loans to everyday banking.
Known for its strong partnerships and focus on innovation, BluOr combines personal service with modern digital banking. Whether you’re a business owner or an individual looking for reliable banking, it’s a solid choice in Latvia’s financial landscape.
Citadele Banka
Formed in 2010 after the restructuring of Parex Bank, Citadele has become one of Latvia’s leading banks, serving both local and international clients. With a focus on digital banking, it offers a range of accounts, cards, and investment services.
Whether you’re a private customer or a business, Citadele provides modern, user-friendly banking with an emphasis on innovation.
Industra Bank
Industra Bank, formerly known as Meridian Trade Bank, is a Latvian-owned bank focused on supporting small and medium-sized businesses. With a strong emphasis on entrepreneurship, it offers business loans, accounts, and investment solutions, as well as everyday banking services for individuals.
Luminor Bank
Luminor Bank operates across Latvia, Estonia, and Lithuania, offering a mix of personal and business banking services. With a focus on digital banking, it provides daily banking solutions, loans, and investment opportunities, making it a go-to choice for those looking for a modern, Baltic-wide financial partner.
Magnetiq Bank
Previously known as LPB Bank, Magnetiq Bank specializes in business banking, with a strong focus on fintech, e-commerce, and startups. While it mainly serves corporate customers, individuals can also open accounts, including escrow and basic euro accounts, with dedicated personal managers.
RIB Banka
Founded in 2001, RIB Banka (Reģionālā Investīciju Banka) primarily serves businesses, offering financing, trade services, and investment solutions. It also provides basic banking services for individuals, making it a solid option for those seeking a business-focused bank with personal banking options.
Rietumu Banka
Rietumu Banka, established in 1992, is one of Latvia’s leading private and corporate banks. Known for its strong ties to international clients, it offers everything from investment services to asset management. If you’re looking for a bank with a focus on wealth management and business banking, Rietumu is a major player.
SB Resolution
Previously Signet Bank, SB Resolution is focused on corporate and investment banking. It caters to high-net-worth individuals and businesses, providing tailored financial solutions, including loans and asset management.
SEB Banka
One of Latvia’s largest banks, SEB Banka is a Swedish-owned institution offering full-service banking to individuals and businesses. With a strong digital presence, SEB Banka provides everything from daily banking and mortgages to investment and corporate financing solutions.
Swedbank
The biggest bank in Latvia, Swedbank is a household name, offering a wide range of services for personal, business, and private banking customers. With strong digital banking options, financial stability, and a customer-friendly approach, it remains a trusted choice for banking in Latvia.
Are there international banks in Latvia?
Some of the leading banks in Latvia are international. For example, Swedbank, the largest bank in the country, is a Swedish-owned financial institution. The same goes for SEB Banka, a Swedish based bank that operates globally.
But no surprises here, as Sweden is well known across the globe for its banks and financial institutions.
Local vs International Banks in Latvia
Choosing between a local vs international bank is an important consideration as each bank specializes in specific financial offerings. While one may be better for everyday banking, the other may be better for loans or investments.
Now, if you’re looking to invest in Latvia, working with a local bank may offer better solutions as they understand the market and investment opportunities. For example, the Latvia Golden Visa is a residency by investment program with a range of investment options, including Latvian real estate and opening a business in the country, both of which may benefit from working with a local Latvian bank.
Read our Latvia Golden Visa Guide
How to Choose a Bank in Latvia
Here are things to consider when choosing the best bank in Latvia:
- Services required: Whether you’re looking for a personal banking solution or corporate banking in Latvia, look at which Latvian banks offer the services you need.
- Banking fees: It’s important to understand the various costs and fees of each bank to ensure you get what you need for the right price.
- Banking features: Banking in Latvia should be convenient, this means that your bank offers the ideal solutions for your needs. Whether you need a physical Latvian branch, app, or internet banking, there are things to consider when choosing a bank.
- Customer service: When choosing a bank, consider the customer service reputation. You want peace of mind that there is help available when needed.
- Location: If you need to visit the physical location of the bank, it’s good to consider whether the location is accessible to you.
- Language support: If you are a foreign national living in Latvia, language is an important consideration. Luckily, international banks in Latvia are generally set up to work with customers from around the world.
How to Open a Bank Account in Latvia
Here is a basic step by step guide on how to open a bank account in Latvia:
- Step one: Select your bank
- Step two: Gather required documents: The documents needed to open a bank account in Latvia may vary based on whether you are an expat or have Latvia citizenship, here are some basic document requirements:
- Valid passport or ID card
- Proof of address (e.g., utility bill, lease agreement)
- Proof of income or employment (sometimes required for certain account types)
- Step three: Apply online or in person: This usually varies by account type. For example, opening a credit card or applying for a loan will need you to visit the bank in person. A cheque account, on the other hand, may simply require you to apply online.
- Step four: Deposit funds: Some banks may require you to make an initial deposit to activate the account.
- Step five: Set up digital banking: Whether you choose to use internet banking or an app, digital banking is an important part of setting up your account. From here you can manage your finances with ease.
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Frequently Asked Questions About Banks in Latvia
What are the top banks in Latvia?
- BluOr Bank
- Citadele Banka
- Industra Bank
- Luminor Bank
- Magnetiq Bank
- RIB Banka
- Rietumu Banka
- SB Resolution
- SEB Banka
- Swedbank
How many banks are in Latvia?
The number of banks in Latvia has fluctuated between 2008-2023. As of 2023, there were 42 banks in Latvia.
Which are the best international banks in Latvia?
Some of the top international banks in Latvia include:
- Swedbank
- SEB Banka
- Luminor Bank
- Rietumu Banka
Can a foreigner open a bank account in Latvia?
Yes, non residents are welcome to open a bank account in Latvia. The only thing to consider is the requirements as there may be additional documents and eligibility requirements.
What services do the top banks in Latvia offer?
The top banks in Latvia provide a wide range of services to cater to both individuals and businesses. These include:
- Personal banking
- Business banking
- International services
- Digital banking
Are there any international banks with branches in Latvia?
Yes, several international banks have branches in Latvia. Some of the key international banks in Latvia include:
- Swedbank
- SEB Banka
- Luminor Bank
Which Latvian banks are best for expatriates?
For expatriates in Latvia, the following banks are particularly well-suited due to their international services, English-language support, and ease of account management:
- SEB Banka
- Swedbank
- Citadele Banka
- Luminor Bank
- Rietumu Banka
How to open bank account in Latvia?
- Select Your bank
- Gather required documents
- Apply online or in-person
- Deposit funds
- Set up digital banking
Which Latvian banks support multi-currency accounts?
Some Latvian banks that support multi-currency accounts and payments including:
- Citadele Banka
- SEB Banka
- Swedbank
- Luminor Bank
- Rietumu Banka
