For setting up Corporate Bank Accounts with other correspondent banks in Latvia, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up .
* Time frames for setting up accounts with banks other than our primary correspondent bank may take longer due to additional documentation that may be required.
There are approximately 20 international banks in Latvia. We have relationships with a variety of international banks in Latvia through which we open corporate accounts for our clients. However, we mainly open corporate accounts for our clients through our primary correspondent bank, with whom we have an excellent working relationship.
Our primary correspondent bank is a 10 year old medium sized international bank with seven branches spread throughout Latvia and three representative offices in Russia, Ukraine, and Kazakhstan. The bank as a whole administers over US$500 million in deposits, making it the third largest bank in Latvia in terms of assets, and the 6th largest bank in the Baltic Region. The main offices of the bank are located in Riga, Latvia.
Our primary correspondent bank has an excellent reputation and it is very advanced technologically for internet banking transactions. All accounts are multi-currency accounts which can receive or send funds in any currency through the banks online banking service.
All of our clients are handled by the Private Banking Department of our primary correspondent bank. An English speaking customer service staff is available 24 hours a day to attend to clients via telephone or email.
Secured credit cards require that the client place a security deposit in the amount of the credit limit chosen. The security deposit is frozen in the bank account until the card is closed, yet earns interest at the same time. As the credit card is used, the bank will debit the entire monthly balance of the credit card charges from the remaining corporate bank account balance automatically at the end of the month. If there are not enough funds in the account to cover the entire balance of credit card charges, then annual interest will be charged.
Fees for secured credit cards:
*Note: Courier fees to send the card and pin are separate charges.
Through our primary correspondent bank, debit cards are available for individual or corporate bank accounts in Latvia. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide.
The bank does not impose any daily ATM cash withdrawal limit restrictions, so you can withdraw as much money as your account has in it at any time. For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal from savings, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple!
There are two types of debit cards available:
Maestro/Cirrus International Debit Card: This type of debit card can be issued for a person (individual) or corporate entity (corporation, foundation, trust, etc.). It can be used for purchases, or for ATM withdrawals at all Maestro / Cirrus participating ATM's around the globe.
Fees for Maestro/Cirrus International Debit Cards:
EDC / Maestro / Cirrus Salary Debit Cards: This type of debit card is useful for companies who wish to pay their employees, commissioned agents, or any third party via an international debit card. Through the EDC / Maestro / Cirrus salary debit card, the card holder can access their funds via any Cirrus participating ATM around the globe.
This debit card system works as follows: Your company opens a corporate bank account. Each employee (or commissioned agent, etc.) is provided with a debit card that is linked to your company's account. Through the banks internet banking system, you can electronically transfer any specified amount of funds from your company's account to each employee's debit card account.
Fees for EDC / Maestro / Cirrus Salary Debit Cards:
Our primary correspondent bank offers up to 2% annual interest on savings accounts, and up to 4% annual interest on USD time deposits (Certificates of Deposit).
Our primary correspondent bank currently offers the following rates for time deposits:
US$1000.00 Savings Deposit (with ability to add funds in increments above US$200.00):
6 months = 3.4% annual interest.
US$2000.00 Time Deposit (interest paid annually):
1 month = 3.0% annual interest.
US$2000.00 Time Deposit (interest paid monthly, quarterly, or semi-annually):
6 month = 3.4% annual interest.
*Interest rates published on this site are subject to change without notice. We do not guarantee the accuracy of these rates as the bank may change rates without notification. Quoted rates may vary depending on the LIBOR (London InterBank Offering Rate) and may be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD's.
Our primary correspondent bank offers savings accounts with the following features:
* Interest payment qualification may be subject to a minimum balance requirement.
* Fees are subject to change without prior notice. P-WOS, Inc. does not guarantee the accuracy of the above published fees.
** Acceptable deposits are cash, checks (personal or bank certified checks), international money orders, travelers checks, or wire transfers in any currency. Unacceptable deposits are double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.
For set up of Corporate Bank Accounts in Latvia, we require that the client provide us with the following documentation:
A. Photocopy of passport for each signatory. The photocopy of passport should have the photo of the person, signature, personal details, should be clear and legible, and MUST BE NOTARIZED.
One (1) Financial Reference Letter. The financial reference letter
can be from any bank, brokerage firm, or credit union. The letter should
be on the financial institutions letterhead, and should include the signature
of an official, and the contact information (address, telephone, fax,
email, etc.). There is no specific format that the reference letter must
be written in, however, we have provided an example for your reference.
C. Signed Account Applications. If you wish to be the signatory on the account, then you must sign the bank account applications. As account signatory, you will have the power to execute all types of banking functions with your corporate bank account.
Documentation requirements are subject to change without notice.
For those clients that prefer to remain 100% anonymous without revealing their personal names to the bank, we offer nominee signatory services for additional confidentiality. In this case, we will provide one of the nominee directors as signatory for your corporate account. We will provide you with the online access codes so you can operate your account by yourself. We charge a US$1000 (or 1%, which ever is higher) annual administration fee for nominee signatory services.
Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks):
A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit".
B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order.
C. Receive Documents - Once we receive payment, we will forward you the corporate documents and account applications for your signature (account applications are only included if you wish to be signatory on the account). You should sign the account applications where indicated, and forward them back to us along with the required documentation.
D. Account is Set Up - When we receive the signed applications and required documentation, the account applications will be completed with the corporate information, and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank.
E. Begin Using Account - Once the bank issues the account number, you will receive the complete account protocol for making deposits, executing wire transfers, contact information of the bank, online access codes, etc.
Note: If calling to Panama from the US or Canada, you must dial "011" prior to the country code (507).