Bank recommendations in Latvia

Hi Alex,

I invite you to go through topics the Latvia forum, Bank section, where you may find some useful hints.

Thank you,

David.

Banking in LV is the standard European free market model.

There are a small number of domestic banks, none if which is wholly Latvian.  The domestic banks are secure for small volumes of currency (millionaires be concerned.)  There has been some instability in domestic banks, but really it was just one bank that ended up defaulting, and lost lot's of investor money.  Depositors were only guaranteed for some nominal amount of their balance (I think maybe up to 50,000 LVL.)

Basically, if you're rich, then be careful, but otherwise it's nothing of note

Overally, there are at least 10 European banks here in Latvia, with the Scandinavian reprasentatives leading the pack.  All of the banks offer full featured service, including investment services, loans and mortgages, online tools (althought they all seem to use this very frustrating code booklet system.)

There is not any many reason for chosing one over the others.  They are all happy to take your money.

I have not applied for any credit or loans in LV, but considering the credit fault crisis in the early 2000s, and the general state of European banking, I would assume that you have some decent credit worthiness checks.
Interest rates in LV seem decent, with rates that are stable and well priced.  The LVL and the Euro have fluctuated so little over the last 1.5 years, that I assume that they are pegged (fixed rate exchange.)

Note that there is still some expense in converting foreign currency to domestic currency.  If you're planning on moving any significant volume of Euros to LVLs, consider waiting until next year.  There is a plan for the LVL to be replaced with the Euro, so it doesn't make sense to switch twice.

I got wrapped up my amateur economics theory that I ignored a few of your questions:

- all of the major banks have office all over the place.
- all of the major downtown offices have staff that speak English (at least well enough to handlle account services)
- most of the banks have telephone services in English (I think that they may be oustourced international services)
- charges are standard European charges (buy lots, use their own atms, try not to use other atms.)

I recommend that you choose a bank with a large office close to either your office, or your home.

Thanks mate! Lots of useful info there.

I'll give you a shout next time I'm in town too. This weekend I'm in Cesis, but I'll be over near the end of June for a week, so we can surely find some time then.

Cheers!
Alex.

Another thing to note is that typically your current account in the Latvian bank will be multi-currency, which is helpful to move money around in euros and only convert to lats as required. I would recommend the Scandinavian banks (e.g. Swedbank) as they accomodate english speakers better.

Scott

I just love your comment sir , i am coming to Liatvia to Riga Technical University from  September and i will be there for about 2 to 3 years .As a visitor and a student what is expected of me ?
Can i get something to do that will take care of my little little
expenses ? My main problem now has to do with accommodation , i will be able to transfer money for living expenses but looking at the rent pattern there my money may not take me very far , but man has to survive .should anybody feel like helping me get a relatively low rent like 30lts which will compel me to do other duties like cleaning , washing and any other domestic duties ,i could do this in return should the person accommodate me .
Please, do foreign students also get access to finnacial  support in the form of loan and credit ?
Thank you all
Peter

Alex, I would reccomend the following..

1) Keep a UK postal address, for your UK bank and SKY viewing card etc

2) Keep a UK credit card, as in LV you have no credit history. You need a Credit Card for Car Hire when you travel home, holiday etc (most other payments cn be hndled with  UK or LV debit card)

3) I use Swedebank, they seem to have branches in many supermarkets and shopping malls. They also have a lot of ATMs and can use SEB bank and some other banks ATMs without fees. Swedebank are also active in Estonia and Lithuania for when you start exploring.. Swedebank have a good internet bank in English (better than HSBC in the UK)

4) I personally keep the bulk of my cash in my UK bank and top up my LV account as needed in 2000GBP transfers (cost 17 GBP and less than 1 day to arrive).

5) LV banks have multicurrency accounts, so in my case I keep the transfers in GBP and only convert to Lats for my week to week needs..

6) I have yet to find any bank cashier who cannot speak good English (unlike most LV government depts)

7) No matter when and what exchange rate you get, within a week you could have got better.. murphy' law! .. the same will happen when you transfer back better to make sure the fridge is kept stocked with cold beers..

Excellent advice PizzaJazz - believe it or not, I went with Swedbank recetly, and I even wrote about the process for the Life In Riga blog - http://lifeinriga.com/opening-bank-account-latvia/

I even wrote a couple of blog articles about opening a bank account in Riga...
http://rigaratings.wordpress.com/banking-services/

Enjoy.
Jon

I opened a bank account in Privat Bank in Riga. It is fine, convenient, simple entrance and did not ask too much unnecessary questions. I should not worry about language barrier in any bank in the world.