SWIFT/BIC codes in Latvia

SWIFT/BIC codes in Latvia

On this page you find codes for 65 banks in Latvia – 68 codes altogether. You will need a SWIFT/BIC code mostly for payments across borders, and especially for payments in foreign currencies.

Pick the bank below to see its head office code and any branch codes. The rest of this page covers the structure of the codes, the cost of transfers and how to avoid mistakes before you send money.

Tracking a payment to Latvia

A SWIFT payment to Latvia usually takes anywhere from one to several business days, depending on the currency, the route and the banks involved. Payments made after the cut-off time or on a weekend or public holiday usually start the next business day.

Many banks use SWIFT gpi, which lets them follow a payment from bank to bank. Each gpi transfer carries a unique reference, the UETR. Specialist transfer services often show a status in their app, which makes it easier to see where the money is.

Sending money to Latvia for less

A bank transfer to Latvia can cost rather more than the fee suggests. You pay the transfer fee, sometimes fees from correspondent banks along the way and, most importantly, the margin on the exchange rate when currencies differ.

That exchange rate margin tends to be the biggest part of the cost. Check the rate you are offered against the mid-market rate.

For a lot of currency pairs, a specialist provider turns out to be less expensive than a traditional bank transfer, mainly because of the rate. GoldexPay lists transfer services next to each other, showing the amount that reaches the recipient.

Most SWIFT codes in Latvia: Bank of Latvia

Bank of Latvia tops our list for Latvia in SWIFT/BIC codes. Its head office code is LACBLV2XXXX.

The number of codes says something about how it registers branches and services than about its size. Paying someone at Bank of Latvia? Go with LACBLV2XXXX except when a specific branch code is requested.

Incoming international payments in Latvia

For a transfer from abroad in Latvia, the person paying you needs more than the SWIFT code. Share your name as registered with the bank, the IBAN or account number, your bank’s SWIFT code and your address.

The code of your bank is in the list on this page but always compare it with your own bank details. Certain sending banks may also want your bank’s address; it does no harm to include it.

What lands in your account can be less than what was sent. Charges on incoming payments vary per bank – your bank’s price list tells you what applies. On invoices, state how the fees are split.

Paying in EUR: what conversion costs you

The currency in Latvia is the Euro (EUR). Money sent in a different currency is exchanged into EUR on its way to the recipient.

Which bank converts the payment matters. Often you pay less to send EUR directly via a provider that converts near the mid-market rate rather than letting the receiving bank convert. Rates for EUR move all the time, so a quote is usually valid only briefly.

The structure of a Latvia SWIFT/BIC code

A BIC is either 8 or 11 characters long. Characters one to four identify the bank, the fifth and sixth characters are the country code and the next two give the location.

In every code from Latvia, letters five and six are the two-letter ISO code of Latvia. If those two letters do not match Latvia, you are looking at a bank somewhere else.

If the last three are XXX, it refers to the main office and the short version works just as well. Use a branch code just when the recipient’s bank asks for it.

SEPA transfers to Latvia

Because Latvia is part of SEPA, a euro transfer to an account in Latvia usually only needs the IBAN. Many banks no longer ask for the BIC in that case.

You will still need a SWIFT code when sending payments in other currencies or money from outside the SEPA area. Instant payments in euros have become increasingly supported within SEPA, though not every bank offers them for every account. Fees are generally low as long as no currency is converted – conversion is what costs money.

Verifying a SWIFT code from Latvia

Ask the recipient to send you the account details straight from their online banking. An incorrect BIC can cause delays, a payment being sent back or extra fees – compare it with the code in our list.

The directory on GoldexPay is based on publicly available sources. Still, banks merge, rename themselves or change codes. Use our data as a reference, not as the final word; the recipient’s bank details are leading. GoldexPay is a comparison service, not a bank.

Scammers regularly send payment requests carrying changed bank details from what looks like a familiar address. Always confirm changed details by phone on a number you know.