Ask newcomers about their first month in Latvia and the bank comes up fast. Not because it is impossible: most people end up with an account. But Latvian banks take anti-money-laundering rules very seriously, and a vague answer about where your money comes from can cost you a week.
A bank account in Latvia is useful for a salary, rent and tax, and it often unlocks your online identity. Here is how to get one with as little friction as possible.
Can you open a bank account in Latvia as a newcomer?
Yes, and the law is on your side if you live in the EU. Under Latvian law any bank that opens accounts for consumers must also offer a basic account (pamatkonts) to a resident of the EU. It must answer within 10 working days of receiving a complete application and may refuse only in defined cases, mostly connected with money laundering.
Everyday banking is straightforward once you are in. Latvia is in the euro area and the SEPA network, so a euro payment, withdrawal or card payment in another EU country costs the same as a domestic one, according to Your Europe. You can keep your home account for salary or bills. An employer, supplier or public body that accepts a national account cannot refuse an account from another EU country on the basis of its IBAN.
Which documents do Latvian banks ask for?
Plan a short stack:
- passport or ID card;
- your Latvian personal code, which most banks ask for (each bank sets its own requirement; see the Latvian personal code);
- evidence of income and its source: employment contract, payslips, pension statements, bank statements;
- proof of address or of your link to Latvia: a lease, your registration certificate or an employment contract;
- for the basic account, a signed statement that you have no other account of that kind in another Latvian bank.
Bring translations or at least English-language versions of documents in other languages. Whether you can open the account online as a new arrival depends on each bank: ask yours.
What is the "know your customer" questionnaire?
This is the point that blocks most people. The bank will ask about your activity, the source of your income and assets, what you will use the account for and your ties to Latvia. Answer precisely and attach evidence. A clean file on the origin of your funds is the first thing that speeds things up; an incomplete one is the first cause of delay or refusal.
Worried about how to present your income, or which documents to translate first? Moovy can prepare a checklist for your situation, draft your answers in clear English or Latvian and explain what each bank usually expects. Moovy cannot open the account for you, and the bank takes the decision.
What does a basic account include?
According to the Credit Institution Law as summarised in our fact sheet, the basic account covers opening, maintaining and closing the account, cash deposits and withdrawals at a counter or an ATM, transfers including standing orders, card payments including online, and SEPA direct debits. It must be free or reasonably priced: no higher than the bank's standard tariff and no more than 25% above the average of Latvian banks. An overdraft is not required.
If you are offered only paid packages, ask expressly for the basic account. The bank cannot make it conditional on buying other services, and must inform you free of charge that it exists. You may hold only one basic account in Latvia.
What if the bank refuses?
The bank must reply in writing, for free, with its reasons and your remedies, unless anti-money-laundering rules or state security prevent it. You may then ask Latvijas Banka, the central bank, for mediation.
Be realistic about that step. Latvijas Banka says in its FAQ that it cannot intervene in the contractual relationship between a bank and its customer or settle civil disputes, so mediation is a way to have both positions examined, not to force an opening. For a dispute, the consumer protection centre (PTAC) or the courts are the places to go. The central bank also notes that refusals of account opening are no longer a systemic problem, although isolated cases remain.
How does a mortgage fit with your account?
If you plan to buy, Latvijas Banka sets borrower-based limits. For a loan secured on real estate and above 100 minimum wages, the loan can be at most 90% of the property value (95% with a state guarantee under the housing assistance law, and 70% for a buy-to-let). The monthly repayment is limited to 40% of income, or 45% for an energy-efficient home, total debt to six times annual income (eight times for energy-efficient housing), and the maturity to 30 years. Banks may exceed some of these limits for up to 10% of their new loans in a quarter.
How a bank treats foreign income or a recent arrival is not fixed by any text, so ask several lenders. A first look at buying property in Latvia helps you prepare questions.
What traps should you avoid?
- Arriving without proof of income. Gather translated documents before the appointment.
- Opening two basic accounts. A bank may refuse if you already have one elsewhere in Latvia.
- Assuming the euro rule covers conversion. The same-price rule does not cover converting from pounds or Swiss francs.
- Treating the bank as your identity provider by default. Bank login to latvija.gov.lv ended on 1 January 2025; see digital ID in Latvia.
- For British and Swiss readers: the basic account law targets residents of the EU, so ask the bank how it treats your case; British residents with a permit can request it, and transfers from the UK pass through SEPA but outside the EU price rules, often with a currency conversion.
Can you open a bank account in Latvia before arriving?
It depends on the bank. The basic account rules say the bank must answer within 10 working days of a complete file, but they do not oblige a bank to run a remote identification procedure. Some banks accept an online application from a new arrival with a Latvian personal code, and others require a visit. If you can, book an appointment during your first week. A bank account in Latvia opened early also gives you the IBAN your employer needs for the first payslip.
Until then, use the account from your home country. Within the euro area, payments cost the same as domestic ones, and an employer who pays domestic accounts must accept yours.
What does a bank account in Latvia cost?
For the basic account the price is capped: free or reasonable, no more than the bank's standard tariff and no more than 25% above the average of Latvian banks. Other accounts are priced by each bank, so compare the monthly fee, the card fee and the cost of cash withdrawals. A transfer in euros inside the EU should cost the same as a domestic one. Deposits are covered up to 100,000 euros per person per bank by the guarantee scheme.
What should you say when the bank asks about your income?
Be precise and consistent. If you are an employee, bring the contract and payslips. If you are a pensioner, bring pension statements. If you are self-employed, show registration with the VID and invoices. If you have savings from the sale of a home, bring the sale contract. Translate documents into English or Latvian. Anything that does not fit a simple story, such as cash gifts or crypto income, needs a written explanation and evidence. Latvia's banks are strict because anti-money-laundering rules are strict, and a calm, documented answer does more than any argument.
Should you keep your home account?
Usually yes, at least at first. A home account helps with the deposit and with bills in your old country, and it keeps a fallback if a Latvian account is slow to open. Just remember that fees for converting currencies apply if your home currency is not the euro. For British and Swiss readers, that cost is real.