As elsewhere in Europe, various payment methods are available in Latvia, depending on the level of trust and business relationship between buyer and seller: wire transfers as pre-payment or after-payment, letters of credit, or payment by credit card are all commonly used.

Checks are not common as a payment method and are generally not accepted.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems:

The Latvian retail banking sector is dominated by Scandinavian-owned commercial banks, such as Swedbank and SEB, plus Luminor and Citadele – two banks backed by American capital.  There are no state-owned commercial banks or other credit institutions.  Latvia does have a state-owned development finance institution “Altum.”  More on Latvian financial and capital markets is available on the Financial and Capital Market Commission (FKTK) website.

Foreign Exchange Controls:

There are no foreign exchange controls or restrictions on capital repatriation in Latvia.  The supervision and licensing of institutions that provide foreign exchange is carried out by the Bank of Latvia.

U.S. Banks and Local Correspondent Banks:

List of banks operating in Latvia is available on the Financial and Capital Market Commission – Banks site (under banks).