How to Open a Business Bank Account in Latvia in 2026 — an Honest Guide

How to Open a Business Bank Account in Latvia in 2026 — an Honest Guide

If SIA registration these days takes just a few days, opening a bank account for that same company can drag on for weeks. In recent years the process has gotten noticeably stricter — not only for foreigners, but for local founders too. This guide rounds up everything you need to know in 2026 to get through it smoothly: from a bank comparison to the document checklist and what to do if you're refused.

Key takeaways

• Opening the bank account is the real bottleneck in company formation — budget 2–4 weeks in the standard case, up to 6–8 weeks for non-residents.

• The temporary account used to pay in share capital can only be opened at a bank or payment institution licensed in Latvia (e.g. Paysera) — foreign platforms (Revolut, Wise) won't work for this specific purpose.

• Citadele offers the first 12 months free for newly formed companies — this is an ongoing offer, not a time-limited promotion.

• Revolut Business and Paysera open fastest (days to a couple of weeks), but neither works as the temporary share-capital account.

• Start the bank application right after SIA registration, not once clients are already waiting for an invoice.

Why it's harder than it sounds

After several money-laundering cases and tighter EU regulation, Latvian banks have raised the bar considerably. As of 2026:

• Full KYC (know-your-customer) verification is mandatory for every new company, regardless of whether the owner is a Latvian citizen or a foreign national.

• Source of funds has to be documented before the account opens, not only once suspicious transactions occur.

• Banks want to understand the business model — "I'll sell online" isn't enough; you need a description, partners, and projected turnover.

• Remote opening is still limited — most banks require at least one in-person or video-call meeting.

As a result, a typical account-opening process, from application to full access, takes 2–4 weeks, and in more complex cases, up to 6–8 weeks.

Bank comparison 2026

Not every bank is equally friendly to new companies. The table below is based on banks' public pricing and our clients' experience.

Source: banks' public pricing (checked September 2026) and client experience.

Swedbank

Still the most popular choice for local companies. You can apply for the account as a temporary account even before SIA registration. The biggest challenge: the bank wants to see that the company has real economic activity. If you've just registered and don't have a client yet, prepare a detailed business description.

A small nuance about Swedbank: many companies use its "payroll project" service to calculate and pay VSAOI and IIN, which can simplify bookkeeping. The 2026 minimum wage is €780, and that figure is relevant to the payroll project — factor it in when planning salary payments; run the numbers with our payroll calculator.

SEB

Better suited to companies that already have at least a few months of operating history. SEB is stricter with freshly registered SIAs with no turnover. Its strength: strong international payment support and a solid online bank.

Citadele

One of the most flexible banks when it comes to new companies. Offers fully remote account opening with video identification — a real advantage if you're not in Riga or you're abroad.

Offer for newly formed companies: companies formed in the last 12 months get the first 12 months free from Citadele — this applies to the chosen service plan and also includes free POS terminal rental for the first year. This is an ongoing offer for newly formed companies, not a time-limited promotion — separate from whatever short-term interest-rate or other promotions the bank may run in a given month. Always check the exact, current terms directly on Citadele's website before applying.

How do you open an account remotely? You fill in the application online, identify yourself with Smart-ID, eID, or an e-signature, and the card is mailed to you.

LPB Bank

If you're a non-resident and other banks have turned you down, LPB can be a solution. But expect higher monthly fees and close scrutiny of every transaction. LPB wants to see a real connection to Latvia — for example, an office, employees, or at least an accountant based in Latvia. Check the bank's website directly for exact current fees, as they can vary by account type.

Revolut Business

Revolut Business has become a serious alternative to traditional banks, especially for digital companies, e-commerce, and startups. For a Latvian-registered SIA, Revolut issues a Lithuanian (LT) IBAN that works fully within SEPA. Advantages: fast opening (often 2–10 days), low costs, a great app. Drawbacks: no cash deposits/withdrawals, no access to loans, and not every "traditional" business is accepted.

Important: Revolut Business scrutinizes the business model closely and may request additional documents, especially if the company is connected to crypto or other high-risk industries.

Paysera

Paysera is a digital payment institution offering a business account with several advantages. Opening happens remotely through the mobile app — no branch visit required. Key features:

• Low costs: no account-opening fee. The monthly account maintenance fee is €5 (within SEPA countries), which includes 30 free transfers a month.

• Fully remote registration: you can identify yourself in the app with an e-signature, eID, or Smart-ID. Once your personal account is set up, you can apply for a business account.

• Best suited to: digital companies, e-commerce, and small SIAs.

Possible drawbacks: not every high-risk industry is accepted, and the review process can involve extra questions, though it all happens remotely.

Wise Business

Wise Business is an international payment account well suited to Latvian SIAs, especially those handling cross-border transactions. It isn't a traditional bank account, but a digital payment service.

Registration fee: Wise itself confirms that companies registered in the EEA (Latvia included) pay a one-time fee when signing up — checking Wise's own pricing page directly, that fee is currently (as of September 2026) €60. This amount changes from time to time, so check Wise's pricing page directly before applying.

Advantages:

• Transparent costs: no monthly fee — just the one-time registration fee, after which you get local account details and can start making transfers.

• International payments: Wise Business is particularly good value for companies making cross-border payments and currency exchanges.

• Registration: remote sign-up may be possible using your company documents and ID.

Possible drawbacks:

• Not a traditional bank: Wise Business doesn't offer traditional banking services such as loans, deposits, or credit lines.

• Availability can vary: check on Wise's website before registering whether your company type is supported.

Luminor

Still less popular, but offers competitive pricing. Luminor's business plans include unlimited free internal transfers. Worth confirming the exact terms with the bank directly.

Temporary account requirements

Before SIA registration, the share capital has to be paid into a temporary account (except for a micro-capital SIA, where the founder's personal account can be used — see our SIA registration guide). An important nuance: the Enterprise Register only accepts certificates from institutions licensed to operate in Latvia. That means the temporary account cannot be opened at a foreign bank or payment institution without a Latvian license (Revolut or Wise, for example). You need a Latvian bank or a payment institution such as Paysera that holds a license to operate in Latvia.

After the company is registered, the temporary account can be converted into a permanent current account, though that process can take extra time.

Documents you'll need (the KYC checklist)

Whichever bank you choose, the document set is similar. Prepare everything in advance — it speeds things up.

Basic documents (all banks)

• Company registration certificate (extract from the Enterprise Register)

• Articles of association (or a copy)

• Board member's ID document (passport or ID card)

• Ultimate beneficial owner (UBO) declaration — some banks require a separate UBO form

• Description of the company's activity (business model, partners, projected turnover)

• Proof of source of funds (e.g. a personal bank statement)

Additional documents for non-residents

• A certificate from your home country's tax authority regarding your tax obligations

• International passport (if your ID card isn't valid outside the EU)

• Proof of connection to Latvia — a contract with an accountant or an office lease

• A detailed business plan with financial projections

Additional documents if the company is already operating

• Last year's annual report (if available)

• Contracts with clients/suppliers (samples)

• Invoices proving economic activity

Realistic timelines — how long you'll actually wait

A typical experience:

1. Submitting the application — fill in the online form (1 day)

2. Initial review — document checks (3–10 business days)

3. Video call or in-person meeting — if required (1–5 days)

4. Decision — (1–10 business days)

5. Account activation — (1–3 business days)

Total time: 2–4 weeks in the standard case, up to 6–8 weeks for non-residents.

Tip: start the process right after SIA registration, not once clients are already waiting for an invoice.

Common reasons for refusal, and how to avoid them

1. An unclear business model

Prepare a detailed description, and attach contracts and your website link.

2. Source of funds can't be proven

Submit a statement from your personal bank account.

3. No connection to Latvia (for non-residents)

Sign a contract with a Latvian accountant.

4. A high-risk industry (crypto, gambling)

Ask the bank before applying whether it serves companies like yours.

5. Incomplete or outdated documents

Double-check your Enterprise Register data before applying.

What to do if a bank refuses you

1. Understand the reason (ask the bank informally)

2. Fix the cause and improve your documents

3. Apply at a different bank (the right order depends on your profile — for a digital business, Revolut Business or Paysera; for a local SIA, Citadele or Swedbank)

4. Use an accountant as an intermediary — it improves your odds. See what we offer under services

5. Don't rush to apply at several banks at once — banks notice this

Frequently asked questions

Can I open a bank account before registering my SIA?

Yes — that's exactly what the temporary account is for, used to pay in the share capital. After registration, it's converted into a permanent current account.

Do Revolut Business or Wise Business work for paying in share capital?

No. The Enterprise Register only accepts certificates from institutions licensed in Latvia. These platforms are, however, a great fit for the company's day-to-day operations after registration.

Why does my bank ask for so many documents if the company isn't operating yet?

Banks have a legal obligation to carry out KYC and anti-money-laundering checks before an account is opened — it isn't a decision aimed specifically at you, it's standard practice for every new SIA.

How long can I use the temporary account?

The temporary account is meant only for paying in the share capital during registration. After registration it needs to be converted into a permanent account or closed — it isn't intended for ongoing company operations.

Does it make sense to apply at several banks at once?

No — banks notice simultaneous applications at multiple institutions, and it can raise extra questions. Better to pick one bank that fits your profile, and only apply elsewhere if that one turns you down.

Is the process different for a foreign founder?

The process is the same, but review is usually more thorough and can require additional documents (such as proof of a connection to Latvia). Expect a longer timeline — up to 6–8 weeks.

How much does an accountant cost who can help with the bank application?

You can get a precise estimate for your situation on our pricing page or FAQ.

Conclusion

Opening a bank account in 2026 is a process that takes patience and preparation — but it's not insurmountable. The key is preparing solid documentation early and choosing a bank whose profile matches your company. Our team helps new founders prepare applications and open accounts successfully every day — including after a first attempt ends in refusal. Get in touch.

See also: legal address in Latvia and how to register an SIA in Latvia.

Sources and references

• Wise Business pricing

• Citadele — offer for newly formed companies

Want someone else to handle the bank application and document preparation? Get in touch with the Balansis team — we'll help you avoid a refusal the first time around.

Last updated: September 2026. This information is based on banks' current, publicly available pricing and client experience — fees can change, so always check directly with the relevant institution before making a decision.