Latvia Currency: Banking in Latvia 101

The Latvia currency is the euro and has been since 2014. Prior to the euro, the official currency of Latvia was the Latvian lats, which started circulation in 1993.

In this article, we’ll answer your most pressing questions about currency in Latvia and help you navigate your options for exchanging money.

This article is part of our free series on opening abroad and accessing international currencies, which you can access here.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Latvia Currency
  2. How Can I Send Money to Latvia?
  3. Frequently Asked Questions
  4. Do You Want Help Opening Bank Accounts?

Latvia Currency

The Latvia currency is the euro with the currency symbol € and the ISO 4217 Code EUR. The euro has been the official currency of Latvia since 2014 when it replaced the Latvian lats (LVL).

The lats started circulating in Latvia in 1993. Not surprisingly, the lats replaced the Soviet ruble (SUR) following the collapse of the Soviet Union and Latvia’s independence in 1991.

During the period between 1991 (independence) and the introduction of the lats in 1993, Latvia allowed certain money from other countries to be used freely in the country. This included United States Dollars (USD), Deutsche Mark (DM), British Pounds (GBP), and French francs (FRF). However, the most commonly used foreign currency was the USD and DM.

Of course, during this two-year transition period, the former Soviet ruble was also used. Then, in 1993, the Latvian lats became the official currency of the country.

How Can I Send Money to Latvia?

In order to send money to Latvia, individuals, and businesses can choose from a wide range of options, including conventional transfers and more obscure options.

Not surprisingly, the first option that most people consider is sending a bank transfer. If you are sending funds from outside of the Single Euro Payments Area (SEPA), bank transfers involve sending a transfer through the SWIFT network.

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a network of international banks that facilitate international transfers across the globe.

Alternatively, if you are sending funds from within the Single Euro Payments Area, you will likely be sending a SEPA transfer.

The main difference between a SWIFT transfer and a SEPA transfer is the cost of sending, SWIFT is often an expensive transfer option when compared to the low-cost option of sending SEPA transfers. However, SEPA transfers are only available between banks within SEPA countries.

That said, there is a wide range of alternative transfer methods to choose from when sending money to Latvia, including the following.

Options for Sending Money to Latvia

  • International transfer services
  • Money order services
  • Paypal or other peer-to-peer transfer services
  • Cryptocurrency transfers
  • Sending physical checks

Here is a closer look at a few of the most popular options in great detail.

International Transfer Services

There is a wide range of international transfer services to choose from when sending money to Latvia. In most cases, these services are delivered through digital platforms and mobile applications.

In addition to offering convenience, international transfer services are also one of the lowest-cost options available. Additionally, if you choose to use one of the larger transfer services, your transfers will be secure with large licensed financial institutions.

Money Order Services

International money orders are available in most countries. However, it’s important to note that they are often more expensive than some of the other options available.

That said, money orders are secure and offer an immediate solution to sending funds. When using a large money order service provider, you can also arrange for money to be picked up in cash or to have it deposited directly into a bank account.

Peer-to-Peer Transfer Services

Peer-to-peer transfer services are another option for sending money to Latvia. In fact, they are one of the fastest and most affordable ways to transfer funds.

However, peer-to-peer transfer services do require both parties to have accounts with the same platform. Additionally, they can often be more challenging to fund and withdraw funds from than traditional bank accounts.

How to Choose a Method for Sending Money to Latvia?

As you can see, each of the options above has different pros and cons. So, it’s important to consider your specific objectives and situation when selecting a method to send money to Latvia.

Additionally, you should consider all of the options available. When doing so, consider the security, cost, and delay in your funds arriving at the intended recipient.

Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into Latvia currency. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

Can I Use Foreign Currency in Latvia?

Yes, you can use foreign currency in Latvia. However, foreign currency will most commonly be accepted by tourism operators, hotels, and in destinations that cater to foreigners. With this in mind, it is usually best to convert your foreign currency prior to entering the country. Alternatively, if you have an international credit card with no foreign currency fees, this can be another affordable option.

What Is the Currency of Latvia Called?

The currency of Latvia is called the euro. The euro has been the official currency of Latvia since 2014 when it replaced the Latvian lats. The lats was the post-independence currency that Latvia adopted in 1993, following a two-year transition period after the fall of the Soviet Union.

How Much Is 100 Euro in Latvia?

In Latvia, 100 euro is equal to 100 euro. This is because the euro is the official currency of Latvia. So there is no exchange rate of foreign currency fees that will be applied to using euros in the country.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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