Swedbank Everyday Account Swedbank Latvija
€0 /month
- Monthly Fee: €0/month
- Interest Rate: 0.00%
- ATM Fee: Free at Swedbank ATMs
Compare Bank Accounts in Latvia
Live offers across tracked providers in Latvia — updated daily from the Giraffy database.
Live offers
5 live offers compared from 5 providers, from €0 /month. Updated daily.
SEB Current Account SEB Latvia
€0 /month
- Monthly Fee: €0/month
- Interest Rate: 0.00%
- ATM Fee: Free at SEB ATMs
Citadele Current Account Citadele Bank
€0 /month
- Monthly Fee: €0/month
- Interest Rate: 0.00%
- ATM Fee: Free at Citadele ATMs
Luminor Daily Account Luminor Latvia
€0 /month
- Monthly Fee: €0/month
- Interest Rate: 0.00%
- ATM Fee: Free at Luminor ATMs
Revolut Standard Revolut
€0 /month
- Monthly Fee: €0/month
- Interest Rate: Savings vault rate
- ATM Fee: €200/mo free
What is a bank account in Latvia?
A bank account in Latvia is your everyday current account (norēķinu konts) for receiving salary, paying bills, and using a debit card and online banking. Accounts are held in euro and come with a payment card, internet and mobile banking, and access to instant SEPA transfers. Authentication and document signing rely heavily on Smart-ID, which is widely used across Latvian banking and public e-services. Both traditional banks and app-based providers offer accounts to residents.
How the Latvian market works
Retail banking in Latvia is led by the Nordic-owned majors and domestic banks, complemented by pan-European fintechs. Opening an account is straightforward for residents, usually online with identity verification and Smart-ID. Latvia has a highly digital banking culture, with cashless payments, mobile banking and e-signatures the norm. Many everyday accounts carry no or low monthly fees, and instant SEPA payments let you move euro between banks in seconds. Basic payment accounts are available to ensure access for all.
Benefits
Everyday payments — Receive salary, pay bills and use a debit card for daily spending in euro.
Digital-first banking — Manage money through mobile and internet banking with Smart-ID sign-in.
Instant SEPA transfers — Move euro between accounts across the eurozone in seconds.
Deposit protection — Balances are covered up to €100,000 per depositor under the guarantee scheme.
How to choose
Compare any monthly account fee, card fees and charges for ATM withdrawals and transfers. Check the quality of the mobile app, Smart-ID integration and support for Apple Pay and Google Pay. If you travel or send money abroad, look at currency-conversion terms; fintech accounts often add low-margin exchange. Consider whether you want a full-service bank with branches and lending, or an app-based account for everyday spending. Confirm deposit-guarantee coverage.
Leading providers in Latvia
Swedbank Latvija — One of the largest retail banks with a widely used mobile app.
SEB Latvia — A major Nordic-owned bank offering full current-account services.
Citadele Bank — A domestically rooted bank with competitive everyday accounts.
Luminor Latvia — A Baltic-focused bank formed from Nordic operations.
Revolut — A pan-European fintech offering app-based accounts and multi-currency features.
What it costs
Many everyday accounts in Latvia have no or low monthly fees, with charges instead on specific services such as ATM withdrawals beyond a free allowance, cash handling or non-euro conversion. Fintech accounts may offer free basic tiers and paid tiers with added features. Compare the monthly fee, card and transfer charges, and any foreign-exchange margin. A basic payment account with essential features is available at low cost to ensure access.
Protections and regulation
Banks in Latvia are supervised by Latvijas Banka, which absorbed the former FKTK regulator. Eligible deposits are protected up to €100,000 per depositor per bank under the national deposit guarantee scheme, in line with EU rules. Fintech e-money accounts safeguard funds separately rather than under that scheme, so protection differs. Strong-customer-authentication rules and EU consumer-payment protections apply.
Common questions
How do I sign in and authorise payments? Smart-ID is the standard tool for login and signing across Latvian banking.
Are my deposits protected? Yes, up to €100,000 per depositor per bank at licensed banks under the guarantee scheme.
Bank or fintech? Banks offer full services and deposit protection; fintechs suit everyday spending and multi-currency use.
The cheapest Bank Accounts in Latvia is €0 /month from Swedbank Latvija.
Bank Accounts in Latvia — FAQ
What documents do I need to open a bank account in Latvia?
Typical requirements are a government-issued photo ID (passport or national ID card) and proof of address (utility bill or bank statement dated within 3 months). Some banks in Latvia also require a proof of income or an employment letter. Digital-only banks often verify identity entirely via an app — no branch visit needed.
Can I open a bank account online without visiting a branch?
Many banks in Latvia now offer fully digital account opening via their app or website, completed in minutes. You'll upload your ID documents and in some cases do a short video verification. Traditional high-street banks may still require an in-person appointment for certain account types.
Are my deposits protected if a bank fails?
Yes — deposits may be protected by your country's deposit guarantee scheme. Check that your chosen bank is regulated by the local financial authority before depositing. If you hold more than the limit, spread balances across separate banking licences to keep everything covered.
What is the difference between a current account and a savings account?
A current account is for everyday spending — it comes with a debit card, direct debits, and a local bank identifier (sort code, IBAN, or BSB depending on your market). A savings account is designed to hold money you don't need immediately and usually pays a higher interest rate, but may limit the number of monthly withdrawals.
What is a challenger bank and is it safe?
Challenger banks are digital-first institutions — examples include Monzo, Revolut, and N26 across Europe, Chime and SoFi in the US, and neobanks like STC Pay in the Gulf. They're generally safe — most are regulated by the local financial authority and offer the same deposit protection as traditional banks — but check the specific licence before depositing large sums.
How long does it take to open a bank account?
Digital accounts typically open within 10–30 minutes once your identity is verified. Traditional bank accounts may take 1–5 working days after in-branch verification. International or business accounts sometimes take longer due to enhanced due diligence requirements.
Do bank accounts charge monthly fees?
Giraffy tracks 5 current account options across Swedbank Latvija,SEB Latvia,Citadele Bank,Luminor Latvia,Revolut banks in Latvia. Many accounts are free; premium or packaged accounts charge a monthly fee and include benefits like travel insurance or breakdown cover. Filter by 'No Monthly Fee' to find free options.