El Diario

I needed a banking account to keep my scholarship, in Euros, only for certain amount of time. In the end I decided for Swedbank and I know I did not do a mistake.

At the beginning a lot of friends told me there is no reason to open a bank account in Latvia since all shops, major cafés and pubs accept cards. However, you still need some coins and/or banknotes for bus tickets or magazines (soon to be changed as well). I got an information that my scholarship will be given only in EUR which automatically took my Czech accounts out of play – they are in CZK and comission is imbursed for transfer from EUR.

I wanted to put my money into one of international banks (Latvian private bank Parex was taken over by state two weeks ago due to possibility of insolvency) so I went to local Swedbank branch. It took me 14 minutes to wait in queue and 16 minutes to have my account open. Altogether 7 signatures were needed (including a 3-page survey because I am considered non-resident). And what did I get?

• multi-currency account
• internet banking working immediately
• debit card, in 2 days (!), first year for free, then for 14 EUR
• possibility to have ISIC card with chip to serve as payment card also
• withdrawals in local currency for free even if I don’t have LVL
• same with payment in shops

I was very positively surprised by the speed of the card issuing and short time needed for opening the account itself, even without any online registration in advance. I can fully support choosing this bank for local keeping your money during stay in Latvia.

UPDATE 29.11.08: I got my payment card today, it’s embossed and obviously it is possible to pay through internet. Easy..

There is a lot of information you might have heard or read about this country, but some of them are worth mentioning.

1. Economy: Before addition of Romania and Bulgaria, Latvia had the lowest average salary in the EU despite its increase around 20-30% every year over past 3 years and is a member of EMR II. However, the average salary is still only 490 LVL (=700 EUR) and inflation rate is rising to some 16%. EDIT: (link)
2. Demography: The population density in Latvia is 36 inhabitants per square km, which makes it at about the same level as Cameroon, Colombia or South Africa. EU-27 average is 112. (link)
3. History: Just like Czech Republic and Slovakia celebrating independence of country that no longer exists, Latvia celebrates its independence from the year 1918, even though they were occupied by Germany and Soviet Union and became a separate country again in 1991. (link)
4. History: Since Soviets invaded Latvia in 1941, groups of Latvians were fighting them together with Nazis and even built several monuments. Even though there was one of death camps built in Salaspils, near Riga, which is obviously not appreciated both by those who survived them and the EU. (link)
5. Sports: Latvia has gained 17 olympic medals including two golds even though its short existence as independent state. The most recent is from newly introduced men’s BMX cycling race won by Maris Štrombergs. (link)
6. Demography: In the years 2004 to 2007, about 25.000 Latvian working-age inhabitants left for Ireland and 35.000 for UK. That leaves Latvia with second highest emigration rate among countries that joined EU in 2004, around 2,5%. EDIT: (link)
7. Economy: Latvian currency lat is one of the strongest in the world, since its exchange rate is 1 EUR = 0,705 LVL. (link)

Právě tolik času uplynulo od mého příjezdu do Lotyšska a to je už celkem dlouho na to, abych konečně taky něco napsal sem. Číst dále »