Set Up a Private Account Remotely in Latvia

If you are looking for a successful European bank offering highly competitive rates for top quality services linked to a wide range of European financial instruments, we recommend a commercial bank in Latvia. You can open a private account remotely in Latvia with this bank.  

We hope you will find our article and recommendations of this Latvian bank relevant and useful.  For more details, please refer to us at in**@***********rt.com.   The Offshore Pro Group experts are ready to answer your questions and render professional assistance for a fee starting at 2 999 EUR to help you set up a personal account in Latvia effortlessly and quickly.

About the Latvian bank

Latvian banks provide user-friendly services and process domestic and cross-border financial transactions within the EEA zone (European Economic Area) and beyond. 

The banking institution we recommend was incorporated in Riga in 1992 and has grown into one of the largest banks in the Baltics since then. It has been registered in all EU countries and is an OECD member. 

Its clients are corporate clients and individuals from all over the world: nationals of the CIS countries, China, but mostly the EU. It claims that it has been steadily rejecting high-risk clients for years and has chosen to focus on cooperation with owners of manufacturing facilities, distribution networks, retail chains, transport services, and real estate companies, firms that trade internationally.

When going to open a personal account in the recommended Latvian bank, you have three options to choose from:

• to visit the bank or one of its Latvian or foreign offices in person
• to apply remotely by using the electronic signature issued by the bank
• to pass the online customer due diligence procedure.

Please note: Depending on your situation, you can choose the most convenient option, and our experts will guide you through all the application stages. Contact us via email – in**@***********rt.com to discuss details.

Advantages of a non-resident private account in Europe set up with the recommended commercial Latvian bank

Clients of the recommended Latvian bank are entitled to a full range of classic banking services, including the opportunity to receive bank cards and use other modern products. They enjoy the benefits of safekeeping and investing their funds for increasing the family wealth and sustainable management of their capital.

You can open any type of banking accounts – current, savings, investment, bank card, and escrow accounts. 

Let us name the main advantages of an all-purpose multicurrency private account with the recommended Latvian bank, which are particularly appreciated by foreigners:

• round-the-clock remote access to internet banking from a computer, tablet, or smartphone
• alerts and notifications sent to the client’s e-mail or mobile phone 
• safe and fast payments online, remote control of the account 
• online access to all banking services  
• a personal consultant
• European IBAN 
• different options for purpose-specific deposits 
• investment deposits in gold
• brokerage services (for trading in stocks and bonds), including real estate funds
• safety and reliability 
• guaranteed deposits and account balances (up to 100 000 EUR)
• multiple currency transactions, including recurrent payment orders
• a scope of different asset management and investment solutions.

The Bank maintains long-term cooperation with many non-resident clients from CIS countries, the EU, and other parts of the world. The bank staff fluently communicates with international clients in Russian and English.

Terms of holding accounts with the recommended Latvian bank

On opening a private account, a client needs to deposit and thereafter maintain at the end of each working day the balance in the amount of 50,000 EUR. 

The bank’s tariffs are very competitive compared to other European banks’ rates and fees. 

This Latvian bank has a wide network of correspondent accounts, which allows transactions in different currencies, including rubles, Chinese yuan, Polish zloty, etc. The main currency is Euro.

Types of accounts

• current account
• savings account
• investment account
• card account
• escrow account. 

Current accounts – the multicurrency and card accounts – can be opened only in one currency. All accounts have IBAN format numbers according to the international standard for identifying bank accounts in EU countries.

Bank cards

The recommended Latvian Bank offers its customers classic Visa payment cards. You can additionally order cards for your family members: children’s card (for kids from the age of 7 years old – as an additional card to the parent’s card);  youth cards (from the age of 14 – an enterprise card for receiving first fees), and individual cards for your 16-year-old kids.

Internet banking

Internet Banking from your computer, tablet, or smartphone is a perfect account management solution.  On-line access to your private online account is granted immediately after you open your bank account, but it is in the view-only mode unless you apply for the fully functional access to it. Besides, you can customize the mobile banking app and receive alerts and notifications to your e-mail or cell phone.

Please note: Our experts will advise you on how to order and use these services. They will help you draw up and submit the necessary documents in time.

Currencies

The main currency of the accounts is Euro. However, multicurrency accounts can be opened also in any of the following currencies: US dollars, Canadian dollars, Swiss francs, Chinese yuan, Japanese yen, Polish zloty, Russian rubles, Kazakh tenge, Armenian dramas, Belarusian rubles.

Currency exchange services are available for major world currencies. Clients can execute currency transactions on individual terms at a reduced rate if the transaction amount exceeds 5,000 EUR or the equivalent in another currency. The exchange rate for a specific transaction depends on the volume and timing of its execution.

Available options for foreign exchange transactions:

• automated currency exchange
• instant exchange transactions with immediate delivery
• FRW forward transactions
• ORDER Transactions.

Tariffs

Services	For Baltic residents	For non-residents
Min balance	0.00 EUR	50 000 EUR
Commission for the face-to-face identification procedure outside the head office	20 EUR	100 EUR
Closing of the multicurrency account (for non-compliance with the bank’s Client policy)	15 (500) EUR	100 (500) EUR
Monthly maintenance fee (not charged during the first 3 months ) if the account balance is less than 20,000 EUR	10 EUR	—
Monthly maintenance fee (not charged during the first 3 months ) if the account balance is less than 250,000 EUR		30 EUR
Expedited consideration of the applicant’s papers	50 EUR	100 EUR
Intrabank transfers between accounts of the same client through Internet-banking	free	free
Intrabank transfers between accounts of different clients in EUR (or other currencies)	0.20 EUR	2 (5) EUR
Internet bank –payment transfer within EEA in EEA currencies (EUR, GBP, NOK, SEK, CZK, CHF).               With OUR charge	40 EUR	40 EUR
Internet bank – payment transfer within EEA  in EUR	0.35 EUR	15 EUR
Internet bank – payment transfer beyond EEA  in EUR	20-30 EUR	30-40 EUR
Internet bank – payment transfer  in other currencies	20-50 EUR	40-60 EUR

Important: As the Tariffs of the bank are subject to occasional revision, please request the updated information by writing to our e-mail address – in**@***********rt.com.

Please note: For customers who have received a residence permit in Latvia, the applicable rates will be the same as for residents of the Baltic States. You can request more information from our experts about the conditions of obtaining and extending a residence permit in Latvia and about different practical matters.  

Other services

The terms and conditions of the bank’s services available to non-resident clients are especially beneficial. Non-nationals are offered an opportunity to invest their money profitably and enjoy the following menu of  products:

• deposits for different purposes, including child savings deposits, can be made in three currencies (U.S. dollars, rubles, euros).
• Investment gold – allocations to gold of 2 to 10% (depending on risk tolerance) of the total portfolio value in gold.
• lending, including a range of mortgages in Latvia, the Baltic states, London.
• brokerage services.

Attention: Classical deposit and  investment services are available upon submission of the Proof of Funds document clearly stating the legal source of the client’s assets.  

Requirements and steps to be taken for opening a non-resident private account in Europe with the recommended commercial Latvian bank

To open a private account with the recommended Latvian bank, a non-resident needs to prepare and submit a set of required documents in-person at the bank office, or remotely – by applying online with one’s own e-signature and video identification or LVRTC e-signature arranged with this bank, or you can have your signature and your portfolio notarized. There are nuances that you should be aware of to avoid unnecessary waste of effort and time. 

The easiest way of opening a non-resident private account in Europe with the recommended Latvian bank

The easiest way of opening your private account is to use the professional assistance of our experts.  There are 3 simple steps involved:

1. Sign an agreement for our consulting services and assistance in your opening of a personal account in Latvia. Send us an application at in**@***********rt.com.

2. Pay our service fee starting at 2 999 EUR. We accept payments by any of the methods: WebMoney, payment card, bank transfer, PayPal, or Western Union.

3. Fill in the bank forms and prepare the documents according to the bank’s requirements and our guidance.

Bank’s requirements

You can open an account either by visiting the bank in person or remotely. 

There are several remote application options. One of the most convenient ways is to notarize a special Electronic Signature agreement, submit it to the bank, get your e-signature, and use it to verify all the necessary documents, and then file your portfolio with the bank.

Important: Some categories of potential clients can qualify for the unique offer – a banker can travel to the applicant’s home country to meet the potential client in person. This option is subject to a special individual agreement.

If it is inconvenient for an applicant to visit the bank in person or to arrange the electronic signature by phone, it is atill possible to use video identification or e-subscription of LVRTC. A notary certifies your signature and copies of the documents in your application portfolio.

For documents certified by a notary in EU countries, no additional notarization is required. Documents certified by a notary outside the EU in the member states of the Hague Convention must be affixed with an apostille. Documents certified by a non-EU notary in the countries which are not members of the Hague Convention must be duly legalized for their acceptance in Latvia.

Portfolio of documents

To open an account through a notary, it is necessary to:

1. fill in the set of application documents for account opening (questionnaires, forms, agreements).
2. to get the signatures verified and notarized on the set of documents and the copy of the personal identity document.
3. Provide the portfolio of notarized copies of the documents to the bank.

The bank requests the following documents:

1. copy of the passport or valid ID
2. proof of address
3. proof of funds
4. background information about service record, occupation, business activities

You are welcome to contact us for more detailed information about the bank’s requirements and our services of helping you compile and submit the portfolio of certified documents. To get started faster, we’ll ask you to fill out a form right away. Please feel free to send us your request for our services as soon as possible to in**@***********rt.com.