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.
Banks in Latvia: Key Takeaways
- Latvia has a well-regulated banking sector operating under EU banking laws and supervised by the Bank of Latvia.
- The largest banks include Swedbank, SEB Banka, Citadele Banka, and Luminor Bank, serving both residents and non-residents.
- Deposits are protected up to €100,000 per depositor per bank under the EU deposit guarantee scheme.
- Non-residents can open personal and business bank accounts, though documentation, fees, and in-person requirements vary by bank.
- Most Latvian banks offer online and mobile banking, including international transfers and card services.
Top 10 Banks in Latvia
There is a range of top banks in Latvia. Here are the top 10 banks in Latvia 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 personal and business 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.
Signet Bank
Signet Bank offers personalised, high-quality wealth management for entrepreneurs, investors, and medium-sized companies. With over EUR 1 billion in assets under management, the bank is known for its individual approach, top-class service, and strong commitment to integrity. Founded in 1991, Signet Bank focuses on providing tailored financial solutions, investment structuring, and long-term client relationships built on trust—always prioritising the client’s goals while maintaining an unchallenged reputation.
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.
Latvia Banking Sector
- Latvia’s banking sector is small but concentrated, dominated by Nordic banks: Swedbank, SEB, Luminor, and Citadele.
- Banks provide universal services, including retail, corporate, and asset management accounts.
- The sector is well-capitalized and profitable, with strong CET1 ratios and high Return on Equity.
- Latvia is highly digitalized, leading the Eurozone in instant payment adoption (SCT Inst).
- According to the Bank of Latvia, strictly regulated post-2018 reforms, with strengthened AML/CFT rules and supervision aligned with EU standards.
- Market trends include growing deposits, increasing digital adoption, and a focus on EU integration and sustainable finance initiatives.
Banks in Latvia: Comparison Table
| Bank | Primary Focus | Personal Banking | Business Banking | Digital Banking | Best For |
|---|---|---|---|---|---|
| Swedbank | Universal retail & corporate | Yes | Yes | Strong | Everyday banking, families, businesses |
| SEB Banka | Universal, Nordic-owned | Yes | Yes | Strong | Full-service banking, individuals & companies |
| Citadele Banka | Digital-focused universal bank | Yes | Yes | Very strong | Modern banking, international clients |
| Luminor Bank | Baltic-wide universal bank | Yes | Yes | Strong | Cross-Baltic banking needs |
| BluOr Bank | Entrepreneur-focused | Yes | Yes | Good | SMEs, entrepreneurs, mixed-use clients |
| Industra Bank | SME & entrepreneurship | Limited | Yes | Moderate | Small and medium-sized businesses |
| Magnetiq Bank | Corporate & fintech | Limited | Yes | Moderate | Fintech, e-commerce, escrow services |
| RIB Banka | Business & investment | Limited | Yes | Moderate | Trade finance and corporate services |
| Rietumu Banka | Private & corporate banking | Yes | Yes | Good | Wealth management, international clients |
| Signet Bank | Wealth & investment banking | Yes | Yes | limited, client-focused | Investors, entrepreneurs, asset management |
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.
How to Choose a Bank in Latvia
To choose a bank in Latvia, first define your needs—personal, business, or investment accounts—and decide whether you prefer a traditional local bank or a digital/fintech option. Compare major banks like Swedbank, SEB, Citadele, and Luminor for fees, account features, ATM networks, and online services. Digital alternatives like Revolut or Wise can be useful for multi-currency accounts and international transfers. Always check identification requirements, such as passport and proof of residence.
Important to note: By law, deposits in Latvian and EU banks are insured up to €100,000 per depositor under the EU Deposit Guarantee Scheme.
Key considerations when choosing a bank in Latvia
- Your needs: Decide whether you need basic accounts, business services, investment accounts, or family/student options.
- Fees: Compare monthly account costs, card fees, transfer charges, and international payment fees.
- Digital vs. physical: Large banks like Swedbank, SEB, and Citadele provide branches and ATM networks; digital apps like Revolut and Wise are better for international use and travel.
- Features: Look for cashback, partner discounts, multi-currency options, insurance, or other account perks.
- Security and convenience: Check ATM access, mobile app quality, and online banking ease.
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 require 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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