Overview
Magnetiq Bank, at a glance.
Magnetiq Bank is a bank headquartered in Latvia, regulated by Latvijas Banka. Business accounts cost from €5 a month. Opening an account takes 3–5 days.
AS Magnetiq Bank is a licensed bank in Latvia, supervised by Latvijas Banka.
Why businesses pick Magnetiq Bank
- A licensed EU bank that works with fintechs, payment and e-money institutions and crypto companies
- Low prices for Latvian companies: €50 to open, €5 a month and SEPA transfers at €0.40
- Safeguarding accounts, card acquiring and lending alongside the current account
- Mastercard Business cards, physical and virtual
- Currency exchange with no commission
- Payments by internet bank or API
Watch out for
- Companies registered outside Latvia pay €350 to open and €200 a month
- SEPA transfers cost €15 each for companies outside Latvia
- US dollar payments cost 0.3% to 0.4%, with a minimum of €70 to €90
- A minimum balance of €200 to €300 must be kept on the account
- The opening fee is paid with the application and is not returned if the bank refuses
- Shell companies, unlicensed financial institutions and companies with unclear ownership are not accepted
Business fit
Will Magnetiq Bank accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Magnetiq Bank's published rules
Needs review
Magnetiq Bank works with Fintech and payment companies, but does not publish the countries it accepts companies from.
Magnetiq Bank does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Magnetiq Bank publishes about the businesses it takes on.
Who Magnetiq Bank serves
- Financial institutions
- E-commerce
- Crypto
All 4 industries on Magnetiq Bank's accepted list
- Fintech and payment companies
- E-commerce and digital businesses
- Payment and electronic money institutions
- Crypto companies
Not supported
Industries and countries Magnetiq Bank does not accept, from its own published lists.
Industries
- Entities and individuals subject to international or national sanctions
- Companies offering goods or services subject to sanctions
- Shell entities and their cooperation partners
- Shell banks or entities that demonstrate characteristics of shell banks
- Anonymous persons or companies with unclear ownership structures
- Unlicensed financial institutions conducting actual business operations
- Clients who fail to provide complete or truthful information or attempt to mislead the bank
- Persons or companies with known links to fraudulent activity, money laundering, terrorist financing (ML/TF), or reputational risks
- Clients or key partners who are residents of countries listed on the FATF blacklist, or jurisdictions with high political or security risks
- Payments made to or from countries and territories included in the FATF blacklist or located in regions affected by armed conflict
Countries
- Not published
Coverage
Where can you use Magnetiq Bank?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
EUR, USD and other currencies
Payment reach
Not published
Who can apply
Company incorporation countries30 countries · show list
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czechia
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Ireland
- Italy
- Latvia
- Lithuania
- Luxembourg
- Malta
- Netherlands
- Poland
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
- Iceland
- Liechtenstein
- Norway
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Legal entities
Pricing
What does Magnetiq Bank cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
From €50
depends on plan
Monthly fee
€5–200
depends on plan
Companies registered in Latvia
Lowest cost€5 per month
€50 setup · €110 in year one
Companies registered in the EEA or elsewhere
€200 per month
€350 setup · €2,750 in year one
Transaction fees
| Cost | Companies registered in Latvia | Companies registered in the EEA or elsewhere | How it is charged |
|---|---|---|---|
| Incoming | |||
| SEPA | Free | Free | No charge |
| Outgoing | |||
| SEPA | €0.4 | €15 | Fixed fee · Standard payment; urgent and express payments cost more |
| SWIFT / international | €15–50 | €15–50 | Fixed fee; varies by plan · Euro outside SEPA €15 to €20, other currencies €40 to €50; US dollars 0.3% to 0.4%, at least €70 to €90 |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Free | No charge · No commission; converted at the bank's own exchange rate |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Physical card issue | €20 | Fixed fee · A year, Mastercard Business; each additional card €7 a year |
| Card FX | 2% | Percentage of the amount |
| ATM withdrawal | 1.5% + €2 | Percentage plus a fixed fee · At other banks' ATMs |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is Magnetiq Bank a bank?
Yes. AS Magnetiq Bank is a licensed bank in Latvia, supervised by Latvijas Banka.
How much does a Magnetiq Bank business account cost?
A company registered in Latvia pays €50 to open and €5 a month, with SEPA transfers at €0.40. A company registered in another EEA country or elsewhere pays €350 to open and €200 a month, with SEPA transfers at €15.
Who does Magnetiq Bank work with?
Its target clients are legal entities registered in Latvia or the EEA: fintech and payment companies, payment and e-money institutions, e-commerce and digital businesses, and crypto companies.
Who does Magnetiq Bank not accept?
Shell companies and shell banks, companies with unclear ownership, unlicensed financial institutions, anyone under sanctions, and clients or key partners resident in countries on the FATF blacklist.
Alternatives
How Magnetiq Bank compares.
If Magnetiq Bank is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 Magnetiq BankThis pageBank |  | Fintech bankingCrypto-friendly |
 ConnectPayE-money institution |  | 80+ currenciesOnline businesses |
 BilderlingsE-money institution |   | Direct IBANHigh-risk industries |
 NexpayE-money institution | | Dedicated IBANCrypto and gaming |
 PayseraE-money institution |  | Low fees16 support languages |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.