Operations

• Fees: Account Maintenance

Accounts Types

Rietumu bank’s customers can open all types of accounts linked to various financial products: multicurrency and card accounts, savings, investment and escrow accounts.

Both private and corporate entities are eligible to open accounts in Rietumu. To start working with the bank, it is necessary to open a currency account.

All accounts have IBAN format numbers in line with an international standard for identifying bank accounts in EU countries.

You can manage your Rietumu accounts:

• using remote systems: Internet bank Rietumu BankWorld or Home Banking system;
• using multichannel telephone communication with our round-the-clock information service +371 67025555.

You can monitor your accounts using M-bank system, allowing to receive email or mobile phone notifications.

Our experienced specialists offer advisory services and assistance in choosing and opening an account. These specialists will also professionally help you in further cooperation with Rietumu.

Multiple currency account

You can use this account for transfers, currency exchange, automatic transfers, residual cash inflow management and other bank operations.

A multiple currency account gives you the following advantages:

• funds are held on your account in a currency, in which they were paid in; you choose a type and time of currency conversion yourself
• you do not have to convert incoming funds in a particular currency
• there is no need to open separate accounts for each currency.

Bank account service implies the following rules:

• almost all currency payments are executed on the same day with no additional charges
• the bank does not charge monthly or annual account maintenance fee from customers (except corporate accounts in case if the account residual or turnover does not comply with the minimum amount set by the bank; accounts, which are not in use for more than 12 months, is also an exception)
• a customers pays for opening an account only once.

Card account

Card account is opened for every credit card in one currency. You can use funds held on a card account to pay for goods and services with a card (in stores and Internet), as well as to withdraw cash in ATMs worldwide.

You can use funds on your card account whether yourself, or you can authorise other individuals to – for this purpose you need to apply for a supplementary card, which will be tied to your account.

Card account allows using direct debit service, i.e. to pay regular invoices automatically; it also allows transferring funds from current to a card account.

Savings account

Savings account is a multicurrency account, where interest is accrued on the residual amount of funds, which exceeds 100 000 EUR / USD or 50 000 LVL. In case you require instant access to the funds on your savings account, you have to inform the bank 14 days before the funds transfer. Customers can also open deposits termed from one month to five years.

Investment account

Investment account for securities transactions. Customers of Rietumu bank can avail of a comprehensive range of investment services, including FOREX deals, electronic trading platforms, purchase/sale of futures, shares, bonds, contracts for difference, securities loans, investment funds and trust asset management.

Escrow account

An escrow account assists with sale/purchase transactions, including real estate deals by reducing the risk between the involved parties to the minimum. The buyer, the seller and the bank sign an agreement in which they mutually agree on the documents necessary and the terms and conditions of a deal to be carried out, whereas the bank controls observance of these terms conditions. The escrow account can be used for the deals financed by Rietumu and in other cases.