Rietumu Bank Latvia




About the Bank

Please note that this Bank will NOT open accounts for American Companies, American Nationals or anyone dealing with the USA.

Rietumu Bank is one of the largest banks in the Baltics States, specialized in corporate banking and affluent individuals. It offers a full range of banking and financial services to both domestic and international customers. Customers support is available in English, French, Russian and Latvian.

The bank was established in 1992. It has branches in Latvia, France, Russia, Kazakhstan, Belarus, Romania, Ukraine, Armenia, Azerbaijan and China.

Currently the bank has over €1.6 billion in assets.

Required Corporate Documents

We will prepare and submit all required corporate documents to the bank upon application. Please note that if the company is more than a year old, additional documents may be required at further cost.

Required Personal Documents

The bank requires the following personal documents from each account signatory:

  • Original hard copy of passport
  • Evidence of residential address (an original utility bill, bank statement or credit card statement less than 3 months old with individual’s name and residential address).
  • Up-to-date CV

Personal Visit

A face-to-face meeting is required either with us in our London offices, or with a representative of Rietumu bank in any of their branches. 

Initial Deposit

Initial deposit is required of €250 after the bank account is opened.

Minimum Balance

No minimum balance is required.

Online Banking

The bank offers advanced online banking including:

  • Access to account balances and account transactions
  • Transfer money between accounts in the same bank
  • International wire transfer payments.

Certain transaction limits can be set as an additional security element when performing transactions via Internet-banking. By default, unless noted otherwise when logging in, the following limits are set out:

  • Maximum transaction amount €50,000 or equivalent
  • Maximum daily transaction volume – €300,000 or equivalent

Clients may also work with their accounts on the go. The bank offers applications for iPhone, iPad and iPod, which allow clients to see history of transactions and make some limited payments in a secure way.

Clients have access to their accounts 24/7.

Debit and Credit Cards

The bank offers debit cards Visa and MasterCard. Debit card account is linked to the clients’ bank account. As a result, clients have the following advantages:

  • 24/7 access to funds in any place of the world
  • worldwide acceptance for any online or in store purchases
  • worldwide cash withdraw up to €4,500 per day

There are no credit limit and security deposit for debit cards. As soon as a client has a positive balance on his credit card account, he may use the card.

The bank also provides credit cards Visa, MasterCard and American Express. Security deposit is required.

The credit cards come without credit limit, meaning that client can only spend amount transferred to the card account. Client can request a credit limit against an extra deposit placed with the bank.

Time Required

The bank usually opens accounts within 7 to 10 business days.


The bank opens multi-currency accounts, which allow operating in all major currencies through one bank account.

A multiple currency account gives you the following advantages:

  • funds are held on your account in a currency, in which they were paid in; you choose a type and time of currency conversion yourself
  • you do not have to convert incoming funds in a particular currency
  • there is no need to open separate accounts for each currency

Bank account service implies the following rules:

  • almost all currency payments are executed on the same day with no additional charges
  • a customer pays for opening an account only once

Bank Fees

Bank Account Fees:

  • Maintenance fee payable monthly: €20. If after the first 12 months average account balance of account is less than €50,000 or a number of external transfers (SWIFT, SEPA) per month are less than 3, the maintenance fee is €50.
  • International wire transfer fee
    • Inward payments: free of charge
    • Outward payments (Economy service):
      • payment in USD: €50
      • payment in EUR (within the EEA): €20
      • payment in EUR (outside the EEA): €25
      • payment in GBP: €40
      • payment in other major currencies: €10
  • Internet banking monthly fee – Free of Charge
  • Bank’s one-time fee for opening a current account and initiation of Internet Banking:
    • €150 – when a client visits the main bank office in Latvia
    • €250 – when a client visits a bank office outside of Latvia.

Debit Card Fees:

  • Issue fee: 0.5%
  • Annual fee: €35
  • Cash withdrawal: First 5 withdrawals during the month is 2%, Starting from the 6th withdrawal during the month is 3%
  • ATM daily limit: €2,500

Other Bank Services

The bank offers deposit accounts with interest rate up to 5% for Euro deposits and up to 4% for US Dollar deposits; all types of Asset Management and Brokerage products.

The bank works and accepts all types of Letters of Credit and Bank Guarantees.

Download our Free guide to forming offshore

Looking for any expert offshore advice?

Speak with a consultant now

+44(0)208 371 2440

Send Us Message


A1 Global Formations | Your number one choice for global offshore formations

A1 Global Formations


+44 0208 371 2440


Looking to renew services?

© Copyright 2020. A1 Global Formations All Rights Reserved.

A1 Global Formations is a trading name of EMFORD GLOBAL DMCC a Company incorporated in Dubai Multi Commodity Centre.

EMFORD GLOBAL DMCC No: 0122 is an approved Registered Agent licenced by the RAK International Corporate Centre, Government of Ras Al Khaimah United Arab Emirates