Latvia (LV)

Monthly fee: €0–3/month (basic account). Business accounts: €5–20/month.

Requirements: Personas kods, valid passport/ID, proof of residence in Latvia. Apply in person at branch or online for eligible residents. Strong KYC process — be prepared to explain your income sources.

• + Largest bank in Latvia by customer base — accepted everywhere
• + Full English-language app (Internetbanka and Swedbank mobile app)
• + Extensive ATM network across Latvia
• + Good mobile banking with instant SEPA transfers
• + Strong security reputation — Scandinavian-backed
• + Smartlink payment solution for businesses
• + Accepts international transfers (SWIFT)

• - Strong KYC/AML scrutiny post-2018 — detailed questions about income source, employer, and business activities are standard
• - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is significantly cheaper for non-EU remittances
• - Some account types require meeting minimum salary or balance thresholds
• - In-person branch visit required for most account types — online opening limited to certain resident profiles

Monthly fee: €0–2/month

Requirements: Personas kods, passport/ID, Latvian address. Online or branch application.

• + Second-largest bank — reliable and trusted
• + English-language internet banking (SEB Netbank)
• + Good SEPA transfer capabilities
• + Scandinavian parent (SEB Group, Sweden)
• + Business banking and investment services

• - Similar KYC/AML scrutiny to Swedbank — detailed income and source-of-funds questions expected
• - Slightly fewer branches and ATMs than Swedbank — less coverage outside Riga
• - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is significantly cheaper
• - Some account tiers require minimum income or balance conditions to avoid monthly fee

Monthly fee: €0–2/month

Requirements: Personas kods, passport, Latvian address.

• + Latvian-owned (privatised from the state) — supports the local economy
• + English digital banking available
• + Competitive fees
• + Growing fintech-friendly approach
• + Good for entrepreneurs and small businesses
• + Riga-headquartered with strong local knowledge

• - Smaller branch and ATM network than Swedbank or SEB — limited coverage outside Riga and major cities
• - International SWIFT fees outside SEPA: €15–30 per outbound wire — generally higher than Scandinavian-owned peers
• - Less internationally prominent — fewer cross-border banking connections than Swedbank or SEB
• - KYC documentation requirements thorough — allow extra time and branch visits for non-EU nationals

Monthly fee: €0–3/month

Requirements: Personas kods, passport, Latvian address.

• + Pan-Baltic bank (operates in Latvia, Lithuania, Estonia)
• + Useful if also residing in other Baltic states
• + English digital banking
• + Competitive mortgage products

• - Less dominant in Latvia than Swedbank — smaller branch and ATM network across the country
• - Merger history (DNB + Nordea Baltic operations consolidated) — service consistency improving but uneven at some branches
• - International SWIFT fees outside SEPA: €15–25 per outbound wire — Wise is cheaper for regular remittances
• - Some employers prefer Swedbank or SEB for payroll — verify IBAN compatibility with your employer

Monthly fee: €0 (standard) to €9.99/month (premium)

Requirements: No personas kods required. Available globally. Identity verification via app.

• + Instantly available before personas kods is issued
• + Excellent for international transfers and currency exchange
• + Low fees on EUR transactions
• + European IBAN (Lithuanian) — accepted for many SEPA purposes
• + Strong for digital nomads and frequent travellers

• - Cannot easily register as your primary Latvian account for payroll in all companies
• - Not regulated in Latvia — Lithuanian license
• - Customer service can be slow for complex issues
• - Some Latvian employers require a Latvian IBAN for salary payments

Monthly fee: €0 (free account) + small per-transfer fees

Requirements: No personas kods required. Identity verification via app.

• + Best rates for international transfers (mid-market exchange rate)
• + EUR IBAN available — can receive salary in some cases
• + Excellent for sending money to home country
• + Multi-currency accounts

• - Not a full Latvian bank — no overdraft, loans, mortgages, or government payment reception
• - Cannot be used for all Latvian domestic banking needs — utility autopay and payroll may require a traditional bank
• - Some Latvian payroll systems require a traditional Latvian IBAN (LV format) — Wise EU IBAN may not be accepted
• - Large international transfers may require source-of-funds documentation for Latvijas Banka AML compliance