Magnetiq Bank

Pricing

• •Payments involving a high-risk country are not prohibited but are handled by agreement and priced at a minimum of 150 EUR in every price list; the bank's reference for high risk is the EU sanctions map plus the CIS countries and Serbia.
• •The monthly fee falls from 200 to 50 EUR under the bank's 'Premium conditions' when at least one of six criteria is met: an outstanding loan with no missed payments, a term deposit of at least 100,000 EUR, an active e-commerce merchant account, an average balance above 100,000 EUR in the previous month, more than 200 EUR in fees paid to the bank in the previous month, or an active financial instruments account.
• •The account carries a minimum balance requirement of 300 EUR.
• •Personal onlyFor an account holder resident outside Latvia and the European Economic Area, a SEPA transfer sent from the internet bank costs 15 EUR.
• •Personal onlyThe price list records that term deposits for private individuals are no longer offered from 03.11.2025, and that the safe deposit box service is no longer offered from 12.12.2025.
• •Personal onlyResidence sets the pricing, not access: no published document states a residence requirement for opening the account, and the bank's remote identification rules explicitly admit both residents and non-residents.
• •USD transfers are more expensive than on the price list for companies registered in the EEA: 0.3% with a minimum of 100 EUR, against a minimum of 80 EUR.
• •Personal onlyFor an account holder resident in Latvia, a SEPA transfer sent from the internet bank costs 0.40 EUR.
• •Personal onlyThe bank's 'New Clients package' bundle is not offered on the price list for individuals resident in Latvia.
• •The account carries a minimum balance requirement of 200 EUR.
• •The monthly fee on this price list is a flat charge with no Premium conditions that can reduce it.
• •Personal onlyThe price list for individuals resident in the European Economic Area does not cover Latvia, which has its own domestic price list.
• •Personal onlyInstead of paying for account opening on its own, a new customer can take the one-off 'New Clients package' at 350 EUR (Gold), which covers account opening, internet banking, the authentication tools and the first year of a Mastercard Gold.
• •Only the first two ATM withdrawals of the month are free, and only at Citadele banka ATMs in Latvia; after that each withdrawal costs 0.70 EUR, while withdrawals at other banks' ATMs cost 2 EUR plus 1.5%.
• •Personal onlyInternet bank limits for private individuals are 4 500 EUR daily or monthly with the One-Time Security Code and 15 000 EUR with the Magnetiq Bank mobile app or with eParaksts; above those thresholds the bank requires its DigiPass code calculator, which costs 30 EUR.
• •Authorising a payment with the one-time security code is capped at 4 500 EUR per day and 15 000 EUR per month, and at 15 000 EUR with the Magnetiq Bank mobile app; beyond that the bank requires its DigiPass code calculator, which costs 50 EUR. These are authentication thresholds rather than product limits.
• •A card credit limit can be granted against a term deposit held with the bank: 70% of a deposit from 5 000 to 15 000 EUR, 80% from 15 001 to 45 000 EUR and 90% above 45 000 EUR, with annual interest on the credit used of 24% on Mastercard Business, 22% on Business Plus and 20% on Corporate.
• •Business onlyOpening a business account costs 50 EUR with a 5 EUR monthly fee for a company registered in Latvia, while a company registered elsewhere in the EEA pays 350 EUR to open and 200 EUR per month.
• •Business onlyThe 15 EUR standard SEPA fee is the internet bank tariff; the same payment submitted on paper costs 20 EUR.
• •Business onlyFaster euro options cost more: 25 EUR urgent and 55 EUR express, while a euro payment outside SEPA costs 20 EUR with all charges on the sender or 15 EUR with shared charges. These are the fees of the price list for companies registered in the EEA.

Limits

• •The card limits shown are those of the Mastercard Business, the entry tier at 20 EUR per year; Business Plus raises purchases and withdrawals to 7500 EUR per day and 45 000 EUR per month, Corporate to 15 000 EUR per day and 65 000 EUR per month, and Business Virtual covers purchases only.
• •Authorising a payment with the one-time security code is capped at 4500 EUR per day and 15000 EUR per month, and at 15000 EUR with the mobile app; above those thresholds the DigiPass code calculator is required, so they are authentication thresholds and not payment caps.
• •No per-transaction or monthly limits on SEPA, SWIFT or local transfers are published in this price list.
• •Personal onlyThe card limits shown are those of the Mastercard Standard: Mastercard Gold raises purchases and cash withdrawals to 7 500 EUR per day and 45 000 EUR per month, Mastercard Platinum to 15 000 EUR per day and 65 000 EUR per month, and Mastercard Virtual covers purchases only, up to 3 000 EUR per day and 30 000 EUR per month with no cash withdrawal.
• •Personal onlyThe price list does not state any per-transaction or monthly limit on incoming or outgoing SEPA, SWIFT or local transfers; the only related threshold is a 10 000 EUR floor for agreeing an individual exchange rate.
• •The card limits shown are those of the entry Mastercard Business; Mastercard Business Plus raises purchases and cash withdrawals to 7 500 EUR per day and 45 000 EUR per month, Mastercard Corporate to 15 000 EUR per day and 65 000 EUR per month, and Mastercard Business Virtual covers purchases only, up to 3 000 EUR per day and 30 000 EUR per month.
• •Contactless payments are capped at 50 EUR per transaction.
• •The price list for companies registered in the EEA states no per-transaction or monthly limits on SEPA, SWIFT or internal transfers.
• •The card limits shown are those of the entry-level Mastercard Business; Mastercard Business Plus raises purchases and cash withdrawals to 7 500 EUR per day and 45 000 EUR per month, Mastercard Corporate to 15 000 EUR per day and 65 000 EUR per month, and Mastercard Business Virtual covers purchases only.
• •Authorising a payment with the one-time security code is capped at 4500 EUR per day and 15000 EUR per month, and at 15000 EUR daily or monthly with the Magnetiq Bank mobile app; above those thresholds the DigiPass code calculator is required. These are authorisation thresholds, not limits on the account's payments.
• •No per-transaction or monthly limit is stated for incoming or outgoing SEPA, SWIFT or local payments.
• •Personal onlyThe card limits shown are those of the entry Mastercard Standard: Gold raises purchases and cash withdrawals to 7 500 EUR per day and 45 000 EUR per month, Platinum to 15 000 EUR per day and 65 000 EUR per month, and Virtual covers purchases only, up to 3000 EUR per day and 30000 EUR per month.
• •Personal onlyThe internet bank limits are daily or monthly rather than per transaction: 4500 EUR with the One-Time Security Code and 15 000 EUR with the Magnetiq Bank mobile app or with eParaksts, beyond which the DigiPass code calculator is required.
• •Personal onlyThe price list does not state any per-transaction or monthly limit on incoming transfers, whether SEPA or SWIFT.
• •Personal onlyThe card limits shown are those of the Mastercard Standard: Gold raises purchases and cash withdrawals to 7 500 EUR per day and 45 000 EUR per month, Platinum to 15 000 EUR per day and 65 000 EUR per month, and Virtual covers purchases only, up to 3000 EUR per day and 30000 EUR per month.
• •Personal onlyThe internet bank limits apply to outgoing transfers as a whole rather than to a single channel: 4500 EUR daily or monthly with the One-Time Security Code, 15 000 EUR with the Magnetiq Bank app or with eParaksts, and above that the DigiPass code calculator is required.
• •Personal onlyThe price list does not state any per-transaction or monthly limit on SEPA, SWIFT or local transfers.

Payments & transfers

• •The bank states that it does not process payments to or from countries on the FATF blacklist, nor towards regions in armed conflict, without publishing the country list itself.
• •Business onlyIncoming or outgoing payments involving business partners connected to 21 countries listed by the bank require an additional business partner due diligence questionnaire.
• •The euro is the only genuinely local currency: the account has a Latvian IBAN reachable on SEPA, SEPA Instant and TARGET2, while every additional currency sits in a sub-account that settles through SWIFT and correspondent banks.

Crypto

• •The bank's crypto position concerns the clients it takes on, not the account: it banks crypto-asset and virtual asset service providers licensed in Latvia or the EEA, and offers them safeguarding, payment processing and acquiring for their on-ramp and off-ramp flows.
• •The account itself has no crypto functionality for the holder: the general terms and the business price list never mention crypto, virtual currency, wallets or coins.
• •Personal onlyThe bank's crypto activity concerns the companies it takes on, not the personal account: it serves crypto-asset and virtual asset service providers, including safeguarding under MiCA, while the account itself carries no crypto feature for the holder, with no wallet, crypto conversion or coin named in the bank's published documents.

Opening an account

• •The bank excludes as clients residents of FATF blacklist countries and of jurisdictions with a high political or security risk, and its contact form asks whether the company holds an EU or UK licence.
• •The bank's target clients page describes companies registered and licensed in Latvia or the European Economic Area, while its general terms state that it also serves companies registered in other countries, it publishes a dedicated price list for foreign companies and its remote identification rules list the documents required from a foreign merchant.

Licence & regulation

• •Deposits are covered by the Latvian deposit guarantee scheme up to EUR 100,000 per depositor.
• •The privacy policy defines the bank group as Signet Bank AS and all of its subsidiaries, so Magnetiq Bank is part of the Signet Bank group rather than a standalone institution.