Account opening online in Latvia

Getting an online account in Latvia is now hassle-free.

You have two options: traditional banks or neobanks / EMIs, such as Satchel. The accounts provided by either of these choices offer the same features, including a European IBAN for essential financial activities for your company, such as payments and transfers. The most significant distinction between them is in terms of convenience, ease, and speed of account opening.

With an EMI, the whole process can be completed online: filing the form, scanning / uploading documents, and going through onboarding. At Satchel, corporate and private account options are accessible to both EU and non-EU residents. So you do not need to travel overseas to open the account in person.

Each payment account from Satchel has a unique European IBAN, allowing our customers to access the European and global financial ecosystem 24/7. All financial operations are done online through the mobile app or desktop client office. Customers can also order a physical or virtual Mastercard for convenient daily payments.

In practice, the most popular products and services offered by Satchel are the following:

• SEPA payments in Euro;
• SWIFT transactions worldwide;
• Mastercard payment cards;
• The transfer of cryptocurrencies to Euro and vice versa.

This means that, in addition to Europe, Satchel’s financial services can be used in countries where SWIFT transfers are available, or where Mastercard cards are accepted.

The list of documents for account opening at Satchel differs for personal and corporate accounts.

For a corporate account, you must provide:

1. The online application form.
2. Copy of the business owner’s passport or ID (only for citizens or residents of the EU or the EEA).
3. Proof of address.
4. A detailed business description.
5. Corporate documents.
6. Supporting documents on clients/suppliers.
7. Documents with supporting information about initial funding.
8. Verification through the Ondato solution.

For more information, please visit this link.

The list of documents for a personal account:

1. Your passport or national ID.
2. Proof of address or bank statement translated into English or Lithuanian.
3. Verification is carried out through the Ondato solution.

For more details, please refer to this link.

We provide the opportunity to open four different types of accounts:

• Business accounts that meet all corporate needs;
• Merchant accounts for e-commerce;
• Private accounts for daily personal needs;
• Freelancer accounts for self-employed individuals working remotely.

These accounts can be divided into two categories based on the procedures and documents required. Both business and merchant accounts require the same list of documents. Private and freelance accounts also have the same requirements when it comes to account opening.

The procedure for opening a payment account at Satchel is the same for everyone. All clients must submit an online form and provide the required list of documents for corporate and personal accounts.

There is no difference in the number of documents required to open an account for citizens of Europe, the UK, or other non-European countries.

However, there is a list of countries that we do not onboard clients from. You should check our Blacklisted jurisdictions page for complete certainty.