Rietumu Banka are a large bank based in Latvia (part of the EU) the bank offer full online banking services and card services.
In order to set up a bank account with this bank you would need to meet One Offshore Company or Visit the bank in Latvia or at one of its representative branches
The bank will only accept companies registered in regulated countries like Gibraltar
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 is required of €250 after the bank account is opened.
No minimum balance is required.
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.
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 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