International Banking Account in Latvia for Foreigners10 min read

International Banking Account in Latvia for Foreigners10 min read

If you’re looking to do international banking or need an offshore bank account, opening an account in Latvia is worth considering. As a financially and technologically progressive member of both the European Union and NATO, Latvia offers residents and non-residents alike access to modern banking services in a politically stable country.

In this article, we’ll explore how foreigners can open an international bank account in Latvia, the requirements and documentation needed, benefits of doing so, and recommended online banks for international banking in Latvia such as The Kingdom Bank. By the end, you’ll have a solid understanding of getting started with banking in Latvia from abroad.

How to Do International Banking in Latvia?

The good news is that opening an international bank account in Latvia has become quite straightforward in recent years, even for non-residents, thanks to digital banking options. Here are the basic steps:

• Choose an online bank licensed in Latvia. Check they allow non-resident accounts. Well-regarded options include The Kingdom Bank.
• Gather identification documents. You’ll need a valid passport or national ID card and proof of address like a utility bill from your home country.
• Complete the online application on the bank’s website. This includes providing personal details and uploading scanned IDs/documents.
• Get verified digitally. The bank will verify your identity online using facial recognition or other technology.
• Receive your account details by email. This includes account/IBAN numbers, online banking access, and any debit cards ordered.
• Start using your international Latvian bank account! You’ll have access to features like multi-currency accounts, IBAN, payments, transfers and more.

The entire process typically takes 1-3 business days once identification is verified. You can now manage your international banking needs remotely from anywhere in the world.

How to Open an International Banking Account in Latvia?

Opening an international bank account in Latvia as a foreigner generally just requires a few key documents:

• Valid passport or ID card – This serves as your primary identification document.
• Proof of address – A utility bill, bank statement etc. from your home country dated within the last 3 months.
• Declaration of origin of funds – A form or letter explaining the source of deposits, e.g. salary, savings, business income etc.

That’s the bare minimum identification-wise. For current residents of other countries, no Latvian residency or address is needed. Some online banks may also accept address proofs from a relative or associate in Latvia to simplify the process.

With the above documents scanned and ready, just apply for an account online through any bank licensed to operate internationally in Latvia. As mentioned earlier, expect the application and verification process to typically take 1-3 business days once submitted.

What are the Requirements to Open an International Bank Account in Latvia?

To summarize the key requirements:

• You must be over 18 years old to open an account.
• Have a valid government-issued photo ID such as a passport.
• Provide proof of address from your home country dated within 3 months.
• Give details on your source of funds/wealth through a declaration form.
• Bank KYC/AML checks involve verifying your identity online via facial recognition etc.
• Non-residents of Latvia can open accounts, no local residency needed.
• Accounts can be opened entirely online from abroad.
• Minimum deposits or balances are not required to open most accounts.

Following these basic identification and verification procedures allows access to international banking services while living anywhere globally. Most of the legwork is done digitally without needing to visit Latvia in person.

What are the Advantages of Opening an International Banking Account in Latvia?

Aside from convenient online access, there are several benefits to opening an international bank account in politically and economically stable Latvia:

• Stable Eurozone country with highly developed financial infrastructure and EU/NATO membership.
• No taxation on interest/capital gains earned from accounts for non-residents by Latvian law.
• Competitive banking fees charged by online banks compared to traditional financial institutions.
• Hassle-free account opening completed fully remotely without the need for Latvian residency.
• IBAN and SWIFT/BIC accounts give you internationally recognized bank details.
• EU PSD2 security protects accounts while allowing online/mobile banking from anywhere.
• Foreign currency accounts are available in USD, EUR, GBP and more. Great for internationally diverse clients.
• Robust online/mobile banking apps offer smooth money management on-the-go from any device.

Once set up, a Latvian international bank account removes borders for your financial transactions worldwide.

Which Online Bank is the Best to Do International Banking in Latvia?

When considering online banks for international banking needs in Latvia specifically, The Kingdom Bank stands out as an excellent choice. Here’s a quick overview:

• Founded in 2015 in the Commonwealth of Dominica and EU licensed. Ensures stability and security.
• No monthly or annual account fees. Great for clients looking to avoid hidden costs long-term.
• Digital account opening completed fully online in a short timeframe. No need to postal-mail documentation.
• Offers private, corporate and crypto banking services. Catering to individual and business clients globally.
• Multi-currency accounts available in 50+ major currencies including EUR, USD, GBP, stablecoins etc.
• Leading security and encryption protocols keep your money and data protected at all times.
• Excellent live support by phone and email handles queries professionally in multiple languages.
• Robust online and mobile platforms offer smooth banking on any device from anywhere.

For those keen for an intuitive, secure and affordable option for international banking in Latvia, The Kingdom Bank represents a top choice thanks to its digital-first approach and valuable suite of services.

Opening an international bank account in Latvia allows foreigners to benefit from the nation’s stable financial ecosystem, competitive costs, and modern online/mobile banking experience – all without needing a local presence.

Qualifying is simple when working with a reliable licensed online bank like The Kingdom Bank. Just prepare your identification materials, complete an easy application process remotely, and in 1-3 days you’ll have Latvian IBAN bank details at your disposal globally.

Once set up, take advantage of multi-currency accounts, swift transfers, robust security features, and around-the-clock support. Doing international banking through Latvia has never been more straightforward or affordable. Sign up for a The Kingdom Bank account today by visiting our website.