To enforce the Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, amendments have been adopted to the Law on Payment Services and Electronic Money in the Republic of Latvia, coming into effect on 28 March 2017.

According to these amendments, a consumer who is a resident of the Republic of Latvia (a citizen of Latvia, a non-citizen of Latvia, or a citizen of a citizen of another European Union Member State, state of the European Economic Area or the Swiss Confederation, and also a person who has the right to stay in Latvia in accordance with the laws and regulations of the Republic of Latvia), also a person who does not have a residence permit, however, whose removal from Latvia in accordance with the laws and regulations of the Republic of Latvia is not possible, has the right to open and use a basic account (hereinafter — basic account) in credit institutions which conduct and offer commercial activity in Latvia.

In compliance with the requirement on availability of a basic account for residents of the European Union, Luminor Bank AS Latvian branch offers a service Basic Package*, which comprises the following services in EUR currency:

  • Opening, maintaining and closing a current account;;
  • Making and service of a Luminor debit card;
  • Cash withdrawal from Luminor ATMs in compliance with cash withdrawal limits as per the Bank’s price-list.
  • Provision and servicing of Internet bank;
  • Receiving payments, as well as making payments on the Customer’s Internet bank (SEPA payments within the EEA countries), or by using a Visa Debit card;
  • Execution of regular payments;
  • Execution of regular payments of bills.

*To open a basic account, additional services do not have to be connected.

To open a basic account, a consumer must submit a signed application for the opening of the basic account to the Luminor Bank AS Latvian branch, a signed statement that he/she has not opened a payment account that would provide the aforementioned services in any other credit institution that provides payment services in Latvia as well as other information for the opening of basic account as required by Luminor Bank AS Latvian branch.

Opening of a basic account can be declined, and a basic account can be closed only in such cases as prescribed by law.