If you wish to open an account with an acquiring bank in Europe, this article is your guide to the right acquirer in Latvia. It is one of the top 20 Latvian banks offering advanced instruments for e-commerce and payment processing.
Our experts’ assistance is available for the reasonable fee of 2 999 EUR. It includes help in filling out the forms, filing the required set of documents, and their preliminary revision before you submit them to the bankers.
Latvia banks’ compliance and customer satisfaction
Over recent years, Latvian bankers have prioritized and enhanced their rigorous Customer due diligence and transparency.
Therewith, they’ve learned how to ensure compliance without sacrificing the market share and customer needs. Thus, their restrictions on the customer’s country of origin are minimal compared to most of the European banks.
Many young professionals (especially IT experts and freelancers), retirees, high-net-worth individuals, and families from the Baltics, Russia, other CIS states, Ukraine, and the EU have opened their personal accounts in Latvia.
They know they can rely on Latvian accounts in different life situations, whenever they need to do the following:
- pay for their foreign study, rent, medical treatment, and other bills in Europe,
- receive a salary, pension, social benefits, scholarships,
- safely deposit or withdraw cash, wherever they are.
Our experts recommend one of the most advanced banks in Latvia which offers a choice of personal and business accounts, payment cards, acquiring services, many other benefits of remote banking.
The focus of this article is to provide details of this bank’s competitive offers to individuals interested in accounts with reliable acquiring services.
Benefits of holding a personal account with the recommended acquirer in Latvia
The advocated bank was founded 12 years ago and is recognized as one of the most customer-friendly, innovative, and reputable financial institutions in the jurisdiction.
Advantages of the recommended bank:
- It serves local customers and non-residents, including citizens of the European Union, and other nationals.
- It provides a mix of top-notch IT solutions and banking tools.
- Clients can open personal and business accounts, including current, deposit, payment card, investment, and escrow accounts, as well as apply for loans and brokerage services.
- They can bank remotely via the internet or telephone from anywhere in the world.
- Accounts are set up as multi-currency ones, with EUR as the main currency, and sub-accounts in USD, GBP, RUB. The conversion rates are quite rewarding.
- The bank provides internet acquiring of payments with Visa and Mastercard cards on the clients’ websites.
A personal account with this bank is a tool for growing personal success and family wealth.
Advantages of personal accounts with the recommended bank:
- remote account opening
- reasonable fees and rates
- remote account management via the internet and telephone banking
- individual account manager
- remote access to accounts and transactions is available 24/7
- attractive deposit terms
- guarantee of deposits up to EUR 100 000, plus in some cases an additional guarantee of deposits up to EUR 200 000
- multi-currency current accounts (32 processing currencies)
- issuance of payment cards
- significantly reduced tariffs for residents of Latvia
- customized package of e-commerce services
- safe-deposit boxes
- anti-fraud system
- brokerage services
- investment in different financial instruments
- financial Escrow services
- website and services in English and Russian
- individual approach to each client.
Restrictions and special provisions to be aware of
The Latvian Bank applies the EU rules, including the principles of “Know Your Client” policy, stipulated for European banks. This guarantees the safety of your personal data and private wealth.
In the process of account opening, the bank asks every applicant to do the following:
- explain the purpose of account opening
- submit detailed information about economic activity
- provide data about the beneficiaries/owners.
Some additional information and/or documents related to the account and the planned business activities can also be requested.
Some restrictions and special provisions are set for:
- US residents and citizens;
- Politically exposed persons (PEPs), their family members, or persons closely associated with them either at work or socially.
The proof of the applicant’s citizenship and residence is requested for compliance.
Besides, different service plans and tariffs are designed for different categories of clients, depending on the jurisdiction in which the clients reside or receive income:
- Latvia
- EEA
- The rest of the world.
An outline of the client’s business activities is also important, especially in case of self-employment or entrepreneurship in the following areas:
- trade in weapons and ammunition
- mining of gold and other minerals
- trade in precious metals and stones
- marketing and advertising services
- accounting outsourcing services
- insurance/reinsurance services
- mediation in real estate transactions
- gambling
- public administration and security
- investment services
- collection and/or security services
- monetary brokerage (loans)
- oil and gas industry; currency exchange operations
- legal, accounting, and consulting services.
Account opening terms and rules
To open a personal account in the recommended bank in Latvia, the client needs to present an ID and copies of some other documents according to the bank’s rules and procedures.
As soon as the required set of the applicant’s documents is submitted, a multi-currency current account is immediately set up remotely, and a preliminary IBAN account number is issued.
After the bank approves the application, this account number is retained by the client, and the access to all banking services is allowed.
The bank does not require a minimum deposit amount in the account.
There is a minimum account balance requirement, but the sums are very small.
Types of personal accounts
- multi-currency current account
- deposit account
- payment cards account;
- investment account
- merchant account.
If you are planning to conduct payments in currencies other than the EUR ( the main currency), it should be clearly specified straight away in your application for the account opening. We will explain where and how it should be indicated.
A separate sub-account will be opened for each currency you deal in. Payments can be made both within the European Union and around the world at very attractive conversion rates.
Payment cards issued by the recommended acquiring bank
For individuals:
- Masterсard Standard
- Masterсard Gold
- Masterсard Platinum
- Virtual Payment card
For business clients:
- Masterсard Business
- Masterсard Business Plus
- Masterсard Corporate
- Mastercard Business Virtual
The main currency for cards is EUR, other processing currencies are USD, RUB, GBP, CHF.
Currencies
The main currency for accounts is the EUR. The 32 processing currencies include the USD, RUB, GBP, CHF, NOK, SEK, JPY, AUD, PLN, CNY, HUF, CZK, etc.
Tariffs:
EEA and Foreign tariffs:
| Current account opening (the price includes the opening of an Account and the first set of the Identification and Authorization Tools) | 300 EUR | |
| Additional Current account opening | 50 EUR | |
| Account maintenance (monthly) | 20 EUR | |
| Minimum balance in the account (monthly) | 85 EUR | |
| Deposit of funds in USD currency in client’s current accounts and payments cards accounts (monthly) | 0.1%, min. 100 EUR | |
| Standard SEPA transfer within the EEA in EUR | 0.40 EUR | |
| urgent | 10 EUR | |
| express | 50 EUR | |
| Standard SEPA transfer outside the EEA (OUR/ SHA) in EUR | 20 EUR | 15 EUR |
| urgent | 25 EUR | 20 EUR |
| express | 50 EUR | 50 EUR |
| Standard transfer in RUB | 11 EUR | |
| urgent | 15 EUR | |
| express | 45 EUR | |
| Closing of the account | 65 EUR |
Please note: the tariffs are subject to revision. Please refer to our experts for updates.
E-commerce package
Self-employed clients, such as owners of online stores, will appreciate the e-commerce offer.
The recommended bank provides acquiring services for payments made with Visa and Mastercard payment cards. The rates are benign, as the bank is a member of the corresponding payment systems, and there are no intermediaries involved.
Advantages of e-commerce:
- individual account manager
- 24/7 online transaction control, analysis, and reports
- 32 processing currencies with no conversion
- customized design of the payment form to match your website style.
Steps to open a merchant account with the recommended acquiring bank
Applicants need to submit the application form and some required personal documents for verification.
Please note:
- Non-residents need to submit their valid international passport issued by their country of citizenship.
- EEA and the Swiss Confederation nationals need to submit their valid national passport issued by their country of citizenship.
- The bank will verify and compare the signature in the application form with the signature in the ID/passport Authentication.
Who can assist in setting up a personal bank account in Latvia?
1. Our Offshore Pro Group experts would be happy to guide you in a step-by-step manner and provide professional assistance in your application for the personal bank account. Your request should be sent to info@offshore-pro.info.
2. The fee for such expert services starts at EUR 2 999 EUR. You can choose any form of payment: SWIFT, SEPA, payment card, WebMoney, PayPal, Western Union.
3. The experts will help you fill out the form, compile and check the portfolio of the required documents.
How long does it take to set a current bank account with the Latvian acquiring bank remotely?
After receiving a full package of application documents, the bank reviews them for five days, so the decision usually is available within one week, but sometimes it can take up to 30 working days.
We are ready to provide more details about banking in Latvia and offer our expedient services to help you avoid unnecessary waste of time and mistakes in your application for an account. Please do not hesitate to contact us for assistance: info@offshore-pro.info.
Can foreigners open personal bank accounts in Latvia?
Yes, we can recommend a reliable Latvian bank that remotely opens and maintains personal accounts not only for Latvian and EU citizens, but also for other nationals.
Which payment cards are issued for individuals by the recommended Latvian bank?
Masterсard Standard
Masterсard Gold
Masterсard Platinum
Virtual Payment card
The main currency is the EUR, other currencies are USD, RUB, GBP, CHF.
Do the bank’s tariffs and the rates for personal accounts differ for locals and foreigners?
Yes, the recommended Latvian bank offers three tariff plans for different categories of clients:
the Domestic rates,
the EEA rates,
the Foreign rates.
The Domestic rates are designed for private individuals, who are citizens or non-citizens of the Republic of Latvia, or stateless persons, or persons, to whom the alternative or refugee status has been granted in the Republic of Latvia
The EEA tariff is available to the European Economic Area nationals.
Other international clients are eligible for the Foreign tariff plan.
The Domestic rates are slightly lower than others.
May we assure you that our experts are ready to consider your specific expectations, share more information related to this acquiring bank, recommend appropriate alternatives if needed, and provide their practical guidance based on years of insight, analysis, and experience.
