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Best Ways to Send Money to Latvia

Ensure fast send times, low fees, the best exchange rates, and helpful customer support on money transfers to Latvia.

Continue reading for reviews, expert advice, and essentials for transfers to Latvia.

Jonathan Merry
Author 
Jonathan Merry
4 minutes
November 22nd, 2023
Disclosure
Best Overall
8.9
TorFx

TorFX is the top rated money transfer provider that usually appears in our search results to Latvia.

Fastest Option
9.2
Wise

Wise tends to be the fastest way to send money to Latvia for many origin countries and send amounts.

Cheapest Option
8.6
XE

Users who searched to send money to Latvia usually find XE had the lowest rates and fees.

Compare rates and fees for sending money to Latvia

There are multiple ways to easily send and receive money in Latvia but these will largely depend on the provider you decide to use.

Benefits of Using Money Transfer Services

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.

Things to Consider When Sending Money to Latvia

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.

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.

Current Exchange Rates for Latvia

The current exchange rate for the Euro (EUR) is [EXCHANGE_RATE base="USD" symbol="EUR"] EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of [EXCHANGE_RATE_HIGH base="USD" symbol="EUR"] EUR per USD and a low of [EXCHANGE_RATE_LOW base="USD" symbol="EUR"] EUR per USD during the last 90 days. The 90-day average exchange rate for the EUR was [EXCHANGE_RATE_AVG base="USD" symbol="EUR"] 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.

What’s the Fastest Way to Send Money to Latvia?

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.

What’s the Cheapest Way to Send Money to Latvia?

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, Wise offers a similarly cheap deal for smaller transactions.

What’s the Easiest Way to Send Money to Latvia?

The easiest way to send money to Latvia is through Wise. Wise 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 Wise for the transaction

4) Wait one or two days for your money to reach its Latvian destination

What’s the Overall Best Way to Send Money to Latvia?

Wise offers the overall best way to send money to Latvia. Wise 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 Wise shines. When all factors are considered, Wise offers the best way to send money to Latvia.

The USD to EUR exchange rate

Mid-market Rate
1
= 0.917125 EUR
Mid-market rate at: 12:47 UTC
USD/EUR Median: 0.916868 Low: 0.912950 High: 0.918920
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Contributors

Jonathan Merry
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