In Latvian e-commerce, bank transfer is less a supplementary method than close to the default choice. This guide organizes the acceptance structure spanning the banklink method, where consumers pick their bank at checkout and approve the transfer, and ordinary SEPA transfers, as well as how settlement works for Korean merchants.
Latvia is a country where internet banking is a part of everyday life, and the banklink method — listing bank logos on the online store's checkout page and sending the consumer to their own bank to approve the transfer — has long been used almost as a standard. On top of this, the instant payment infrastructure (Zibmaksājumi) operated by the Bank of Latvia (Latvijas Banka) supports account transfers completed within seconds, around the clock, so account-based payments now feel no slower than card payments.
For Korean merchants selling high-value categories prone to hitting card limits, such as appliances, furniture, or travel, or for those looking to reduce the burden of card fees, bank transfer is a practical complementary channel. Rather than contracting individually with each Latvian bank's banklink, you can consider securing an account transfer route through a single integration with Hecto Financial.
When a consumer selects their bank at checkout, they are taken to that bank's internet banking service or app, log in, and approve the transfer. Between banks that support instant payments (Zibmaksājumi), the deposit is confirmed within seconds; for an ordinary SEPA transfer, it is typically confirmed within 1 business day. The confirmed euro (EUR) funds are received by Hecto Financial and, after conversion, settled to the Korean merchant in whichever currency among USD, KRW, or JPY was selected under the contract.
With Hecto Financial integration, a Korean corporate entity can consider adopting Bank transfer payments without a separate local contract in Latvia. Actual support availability and terms (settlement cycle, fees, currency options) vary depending on the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team is needed before signing a contract.
※ This section describes the general support process and does not guarantee that integration is actually possible for a specific merchant. Please confirm the exact scope of support and fees through consultation.
Confirm contract eligibility as a Korea-registered business
The integration method and priority differ depending on your online sales channel mix, such as your own store, open markets, or a mobile app
Advance confirmation is needed as to whether your category falls under a restricted business type under Bank transfer's merchant policy
Confirmation is needed that you comply with EU payment regulations such as PSD2 and SEPA (see official sources below)
Euros (EUR) transferred by a Latvian consumer are received by Hecto Financial and then go through a currency conversion process. The Korean merchant's deposit currency is chosen under the contract from among USD, KRW, and JPY, with the settlement cycle following the contract terms. Because a bank transfer refund works by returning previously received funds to the consumer's account, it is a good idea to design your refund account information collection and processing procedure in advance to be ready for return requests within the EU's 14-day withdrawal period.
The Hecto Financial team will work with you to review the right combination of payment methods for the Latvia market.
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