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?

The top international banks in Latvia are Swedbank, SEB Banka, Luminor, and Citadele Banka. Swedbank and SEB are Swedish-owned universal banks offering retail, corporate, and investment services with strong branch networks and digital banking platforms. Luminor, formed from Nordea and DNB operations, provides universal banking with Nordic expertise. Citadele is a major Latvian bank with robust mobile banking and digital features. All banks provide deposit protection up to €100,000 under the EU guarantee scheme.

Can a foreigner open a bank account in Latvia?

Yes. Foreigners can open both personal and business bank accounts in Latvia. Banks generally require a valid passport, proof of address, and sometimes additional documentation about the source of funds. Some banks allow online or partially remote account opening, while others require an in-person visit. Fees, approval times, and documentation requirements vary by bank. Major banks serving foreigners include Swedbank, SEB, Luminor, and Citadele.

What services do the top banks in Latvia offer?

The top banks in Latvia, including Swedbank, SEB, Luminor, and Citadele, offer a full range of services for individuals and businesses. These include personal and business accounts, loans, credit and debit cards, savings and investment products, insurance, online and mobile banking, and payment services. Many banks also provide wealth management and corporate advisory services. Services are available to both residents and foreigners, with deposit protection up to €100,000 under the EU guarantee scheme.

Are there any international banks with branches in Latvia?

Yes. Several international banks operate branches in Latvia, including Swedbank, SEB Banka, Luminor, and Nordea. These banks are mostly subsidiaries of Nordic institutions, offering retail, corporate, and investment banking services to residents and foreigners. They provide online and mobile banking, credit and debit cards, loans, and savings products, with deposits protected up to €100,000 under the EU deposit guarantee scheme.

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?

To open a bank account in Latvia, start by choosing a bank based on your needs—personal, business, or investment. Gather required documents, including a valid passport or ID, proof of address, and information about the source of funds. Some banks allow online or partially remote applications, while others require an in-person visit. After submitting documents, banks review and verify them, which may take a few days. Major banks include Swedbank, SEB, Luminor, and Citadele, all offering deposit protection up to €100,000 under the EU scheme.

Which Latvian banks support multi-currency accounts?

Citadele Banka SEB Banka Swedbank Luminor Bank Rietumu Banka

What documents do I need to open a bank account in Latvia?

To open a bank account in Latvia, you typically need a valid passport or national ID and proof of residence, such as a utility bill, rental agreement, or residence permit. Some banks may also request your Latvian Tax Identification Number (TIN), and if you are employed or studying, a work or study contract. Requirements can vary between banks, so it’s important to confirm the specific documents with the bank you choose.

Do Latvian banks charge fees for international transfers?

Yes. Latvian banks typically charge fees for international transfers, which can vary depending on the bank, transfer type, and destination. SEPA transfers within the EU are often low-cost or free, while SWIFT transfers outside the EU usually incur higher fees. Some banks also apply charges for currency conversion or intermediary banks. It’s recommended to check each bank’s fee schedule before initiating international transfers.

Which banks in Latvia offer the best online or mobile banking?

For high-quality online and mobile banking in Latvia, Swedbank, SEB Banka, and Citadele are consistently the leaders. Swedbank is the largest and known for digital innovation, SEB Banka provides comprehensive banking packages, and Citadele offers a user-friendly mobile app experience. Additionally, digital-first neobanks like Revolut are popular for European users seeking flexible, app-based banking services.

Banks in Latvia: A Complete 2026 Guide (Top Ten List)

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.

Person entering pin at ATM at a Latvian bank

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.

Read our
Latvia Golden Visa Guide

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.

person using home backing for a Latvian bank

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.

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.

We guide you from start to finish, taking you beyond your citizenship or residency by investment application.

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