How to send money to Latvia from India with the best INR-EUR rate

The exchange rate determines the price you’ll pay for Euro when you send Indian Rupee to Latvia.

The current exchange rate between the Indian Rupee and Euro is 0.0094. Currencies Direct offers the best exchange.

The INR-EUR exchange rate is always moving.

It’s possible that waiting a day or two can help you get more EUR for the same amount of Indian Rupee. But, the best way to lock in a price between India and Latvia is by using a forward contract.

A bank transfer is the our recommended option for money transfers between India and Latvia. Currencies Direct offers the best price on a bank transfer.

A bank transfer to Latvia through Currencies Direct is 0.49% cheaper than the second-best option in the market.

Always choose providers that are regulated by financial authorities in both India and Latvia to ensure funds are protected.

Please refer to our directory of financial regulators worldwide for key regulatory bodies for money transfers between India and Latvia.

Some services have minimum or maximum thresholds on how much you can transfer from India to Latvia.

Companies will offer different rates and fees for different transfer amounts. Some companies will become more expensive after certain thresholds are hit.

We’d recommend using Wise if you need to send large amounts of INR to Latvia. The combination of rates and fees when sending to Latvia is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving India, or entering Latvia. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive money in Latvia. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account. It’s likely not all providers serving transfers from India to Latvia will offer every method, so it’s best to check ahead of time.

A direct transfer to a bank account is one of the more common ways to transfer from India into Euro. Wise is the best company for bank transfers between India and Latvia.

And if you need cash right away, check if cash pickup is an option for transfers between India and Latvia.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Currencies Direct.

When signing up to a money transfer company to send between India and Latvia, you will need to verify your ID.

The exact documents you need might vary and in some cases you will need more than one.

For the most part, in India this will be a government ID like a passport or driver's license. In Latvia it will be a similar set of documents, although this should only be needed if you are opening a new account in Latvia, or collecting in cash.

Big transactions between India and Latvia, are subject to additional checks. A provider may ask you for proof of address or may want to know where the money comes from.

We recommend Wise in part due to their easy sign up process in India.

When sending large amounts of money between India and Latvia there will be tax implications to consider.

Some transfers into Euro may need to be reported to tax authorities in Latvia, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances differ in Latvia based on age, income and a few other elements. When in doubt, please contact a tax professional in India or Latvia to discuss your personal circumstances.