Latvia is a small country spanning just 64,589 km2. It is a nation in the Baltic region of Northern Europe that boasts lush green plains and long, warm summer days. Riga, the capital, is home to more than one third of the population, as well as the country’s three largest banks. Whether you are choosing to send money overseas with a bank, or arrange a cross-border cash transfer for pick-up, we want to help ensure your funds are safe and secure every step of the way.
Compared to banks, specialist service providers offer a magnitude of great benefits including faster payment processing times, online and mobile accessibility, a broader range of currencies and far-reaching location coverage. If you need to send money to Latvia, we highly recommend browsing our reviews of money transfer companies, to find out which may be best suited to your international remittance needs.
Latvia adopted the Euro in 2014 replacing Latvia lats (LVL) as the nation’s official currency. Seven years later, the Bank of Latvia will still exchange LVL for EUR and this is due to continue for the foreseeable future. The decision to convert the Latvian economy from LVL to EUR is great news for any customers based within the SEPA zone, as sending Euro transfers is super easy and speedy. Read our guide to SEPA transfers to learn more about how the Single Euro Payments Area works.
Ways to send money to Latvia include:
To send money to Latvia you will need to gather the following information:
There may be limits on the amount of money you can send to a recipient in Latvia, depending on the country you are sending from: check out our guide to transferring large amounts of money abroad.
It has become a whole lot easier to receive money in Latvia since the country converted to Euros. As a high-income advanced country, customers based in Latvia are able to access funds in a manner of different ways including:
The recipient may be required to present the following information when claiming funds transferred from overseas:
Identifying the best exchange rates and lowest transfer fees is definitely an important step in the right direction, but there are additional things to consider before you send funds overseas to Latvia. These include:
Residency status: Whether your recipient is a resident or non-resident of Latvia, all foreign income must be declared; residents of Latvia must report all income including domestic and foreign employment income, as well as personal income. Find out more by SEPA Instant Credit Transfer: Latvia is one of 8 European countries that supports the SEPA Instant Credit Transfer scheme, also known as SEPA Instant Payment. This means Latvian payees can benefit from instant crediting, with Euro transfers taking on average 10 seconds to arrive. However, customers should note a maximum of 15,000 EUR can be transferred using the scheme.
The current exchange rate for the Euro (EUR) is 0.92582 EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of 0.9258 EUR per USD and a low of 0.9081 EUR per USD during the last 90 days. The 90-day average exchange rate for the EUR was 0.9191 EUR per USD.
The average volatility rate of the EUR against the USD was 0.26% for the last 90 days. This is a normal volatility rate, and the EUR has been fairly stable for a long time now. You can reasonably expect moderate fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Latvia is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its Latvian destination in a matter of minutes. Ria Money Transfer also offers a generally well-rounded deal for their fast option. Their fast option is actually cheap relative to much of its slower competition.
The cheapest way to send money to Latvia is through OFX. OFX makes sending money to Latvia cheap by charging you only a tiny percentage of each transaction, without charging any upfront fees. With OFX, the more money you send in a single transaction, the cheaper the service becomes.
The only catch with OFX is that they do carry a minimum transaction size requirement that is far larger than the competition’s. If this rate isn’t agreeable to you, TransferWise offers a similarly cheap deal for smaller transactions.
The easiest way to send money to Latvia is through TransferWise. TransferWise makes it incredibly simple to use their peer-to-peer money transfer service. After you’ve set up your account, all you need to do is follow a few simple steps:
1) Tap in the amount of money you need to send
2) Tap in the destination for the money
3) Pay TransferWise for the transaction
4) Wait one or two days for your money to reach its Latvian destination
TransferWise offers the overall best way to send money to Latvia. TransferWise is best because they offer the best-rounded deal that is good for many different situations. Their waiting times are moderate, but the rates they charge and the platforms they offer are the areas where TransferWise shines. When all factors are considered, TransferWise offers the best way to send money to Latvia.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com