How to open a company bank account in Latvia in 2026 — an honest guide
If registering an SIA today takes just a few days, opening a bank account for the same company can drag on for several weeks. In recent years, the situation has become significantly stricter — not only for foreigners but also for local entrepreneurs. This guide gathers everything you need to know in 2026 to make the process run smoothly: from a bank comparison to the document checklist and what to do if you are refused.
Why is it harder than it sounds?
Following several money laundering cases and stricter EU regulation enforcement, Latvian banks have significantly raised the bar. Even in 2026:
Full KYC (Know Your Customer) verification is mandatory for every new company, regardless of whether the owner is a Latvian citizen or a foreigner.
Proof of source of funds is required before opening the account, not only when suspicious transactions occur.
Banks want to understand your business model — "selling things online" is not enough; they need a description, partners, planned 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 complex cases — even 6–8 weeks.
Bank comparison in 2026
Not all banks are equally friendly to new companies. The table below is based on our clients' experience and banks' official offers in early 2026.
Bank | Client profile | Opening time | Monthly / one‑off fee | Digital experience | Notes |
|---|---|---|---|---|---|
Swedbank | Local SIAs, stable history | 2–4 weeks | 0–10€/month | Very good | Can apply for a temporary account before SIA registration. Requires clear business plan, reluctant to take startups without turnover |
SEB | Medium to large companies, exporters | 3–5 weeks | 5–25€/month | Good | Stricter KYC requirements, less suitable for startups |
Citadele | Flexible approach, local SIAs, startups | 2–4 weeks | 0–12€/month | Excellent | Offers remote account opening. For companies established in the last 12 months — first 12 months free |
LPB Bank | Non-residents, international companies | 3–6 weeks | 25–50€/month | Average | Specialises in non-resident servicing, but high fees and strict transaction monitoring |
Revolut Business | Digital companies, small local and international SIAs | 2–10 days | 0–25€/month | Excellent | No physical branches in Latvia, offers LT IBAN (Lithuanian). Fast opening, great user experience. Limited cash support |
Paysera | Digital companies, e‑commerce, small SIAs | 1–2 weeks (fully remote) | 5€/month (includes 30 free transfers) | Very good | Fully remote registration using e‑signature, eID or Smart‑ID. No in‑person visit required. Free account opening |
Wise Business | International companies, e‑commerce, digital businesses making cross‑border payments | A few days to 2 weeks | 50€ one‑off registration fee | Excellent | Digital payment account, not a traditional bank. Ideally suited for international payments. Availability in Latvia may be limited — check before applying |
Luminor | Small and medium local companies | 2–3 weeks | 0–12€/month | Good | Less popular for now, but offers competitive fees |
Source: banks' public fees (April 2026), Citadele, Paysera, Wise Business, and client experience.
Swedbank
Still the most popular choice for local companies. You can also apply for a temporary account before SIA registration. The biggest challenge: the bank wants to see that the company has real economic activity. If you have just registered an SIA and have no clients yet, prepare a detailed business description.
A small nuance about Swedbank: many companies use the "salary project" for VSAOI and PIT calculation and payment, which can simplify accounting. However, the minimum wage in 2026 is €780, and this figure is important for the salary project. Keep this in mind when planning salary payments.
SEB
More suitable for companies that already have at least a few months of operating history. SEB is stricter with newly formed SIAs without turnover. Advantage — strong international payment support and good internet banking.
Citadele
One of the most flexible banks for new companies. Offers the possibility to open an account fully remotely with video identification — a great advantage if you are not in Riga or are abroad.
Free offer for start-ups: For companies established in the last 12 months, Citadele offers the first 12 months free! This offer includes the C Business card free in the first year and unlimited free intra‑bank transfers.
How to open an account remotely? Fill in the application online, use Smart‑ID, eID or e‑signature for identification, and the card will be delivered by post.
LPB Bank
If you are a non-resident and other banks have refused you, LPB may be a solution. However, expect higher monthly fees (€25–50) and detailed scrutiny of every transaction. LPB requires that the company has a real connection to Latvia — for example, an office, employees, or at least an accountant in Latvia.
Revolut Business
Revolut Business has become a serious alternative to traditional banks, especially for digital companies, e‑commerce, and startups. For an SIA registered in Latvia, Revolut assigns an LT (Lithuanian) IBAN, which works fully within the SEPA zone. Advantages: fast opening (often 2–10 days), low costs, excellent app. Disadvantages: no cash deposits/withdrawals, no possibility to receive loans, not always accepting "traditional" businesses.
Important: Revolut Business carefully reviews the business model and may request additional documents, especially if the company is involved in cryptocurrencies or high‑risk industries.
Paysera
Paysera is a digital payment institution offering a business account with several advantages. Account opening is done remotely using the mobile app — completely without an in‑person visit. Key features:
Low costs: no account opening fee. The monthly account administration fee is €5 (SEPA zone), which includes 30 free transfers per month.
Fully remote registration: you can use e‑signature, eID or Smart‑ID for identification in the app. After creating a personal account, you can apply for a business account.
Suitable for: digital companies, e‑commerce and small SIAs.
Potential drawbacks: not always accepting high‑risk industries, and the verification process may ask additional questions, but this happens remotely.
Wise Business
Wise Business is an international payment account suitable for Latvian SIAs, especially those making cross‑border transactions. It is not a traditional bank account but a digital payment service.
Important: Wise Business is not available to all Latvian-registered companies. Before registering, check the Wise website (wise.com/business) for availability, and only register if support is offered.
Advantages:
Low and transparent costs: no monthly fee, only a 50€ one‑off registration fee. This must be paid to receive local account details and start making transfers.
International payments: Wise Business is particularly beneficial for companies making cross‑border payments and currency exchange transactions.
Registration: may be possible remotely using company documents and identification.
Potential drawbacks:
Not a traditional bank: Wise Business does not offer traditional banking services such as loans, deposits or credit lines.
Limited availability in Latvia: be sure to check the Wise website before registering whether your documents and company type will be supported. There is no guarantee that a Latvian-registered SIA will be accepted.
Luminor
Less popular for now, but offers competitive fees. Luminor business packages offer unlimited free intra‑bank payments. It is recommended to consult with the bank for specific terms.
Temporary account requirements
Before SIA registration, the share capital must be deposited into a temporary account. Important nuance: The Enterprise Register only accepts statements from banks registered in Latvia. Therefore, you cannot open a temporary account in a foreign bank (for example, Revolut or Wise). You must use a Latvian bank or a payment institution such as Paysera that has a licence to operate in Latvia.
After company registration, the temporary account can be converted into a permanent current account, but this process may take additional time.
Documents you will need (KYC checklist)
Whichever bank you choose, the set of documents is similar. Prepare everything in advance — it will speed up the process.
Basic documents (for all banks)
Company registration certificate (extract from the Enterprise Register)
Articles of association (or a copy)
Board member's identification document (passport or ID card)
Ultimate Beneficial Owner (UBO) declaration — some banks require a separate UBO form
Company activity description (business model, partners, planned turnover)
Proof of source of funds (for example, a personal bank account statement)
Additional documents for non-residents
Certificate from your country's tax administration regarding tax liabilities
International passport (if ID card is not valid outside the EU)
Proof of connection to Latvia — agreement with an accountant or office lease agreement
Detailed business plan with financial projections
Additional documents if the company is already operating
Previous year's annual report (if available)
Agreements with clients/suppliers (samples)
Invoices proving economic activity
Realistic timelines — how long to wait
Typical experience:
Submitting the application — fill out online form (1 day)
Initial assessment — document review (3–10 working days)
Video call or in‑person meeting — if required (1–5 days)
Decision — (1–10 working days)
Account activation — (1–3 working days)
Total time: 2–4 weeks (standard case), for non‑residents — up to 6–8 weeks.
Tip: Start the process immediately after SIA registration, not when clients are already waiting for an invoice.
Most common reasons for refusal and how to avoid them
Unclear or suspicious business model
How to avoid: Prepare a detailed description, attach contracts and a website link.
Source of funds cannot be proven
How to avoid: Submit a bank statement from your personal account.
No connection to Latvia (for non-residents)
How to avoid: Sign an agreement with a Latvian accountant.
Industry is high‑risk (cryptocurrencies, gambling)
How to avoid: Ask the bank in advance whether it serves such companies.
Incomplete or outdated documents
How to avoid: Check the Enterprise Register data before applying.
What to do if a bank refuses you
Understand the reason (unofficially, by asking the bank)
Address the cause and improve your documents
Apply to another bank (recommended order: Revolut Business → Citadele → Swedbank → LPB Bank)
Use an accountant as intermediary — this increases your chances
Do not rush to submit multiple applications at once — banks can see this and it may look suspicious.
Opening a company bank account in 2026 is a process that requires patience and preparation — but it is not insurmountable. The key is to prepare high‑quality documentation in good time and choose a bank whose profile matches your company. Our team helps new entrepreneurs every day to prepare applications and successfully open accounts — even when the first attempt ends in a refusal.
Last updated: April 2026. Information is based on current bank requirements and client experience.
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