Currency in Latvia LVL - Things to know
Foreign exchange guide to Latvia and the LVL
What's in this Latvia currency guide?
What currency is used in Latvia?
The official currency of Latvia (country code: LV) is the LVL, with symbol Ls and currency code LVL.
Things to know about the LVL
The Latvian Lats (LVL) was the official currency of Latvia until 2014, when it was replaced by the Euro (EUR). The Latvian Lats was abbreviated as LVL and was made up of 100 santīmi. The Bank of Latvia issued the currency and was responsible for managing the country's monetary policy.
The Latvian Lats was introduced in 1922, after Latvia gained independence from the Russian Empire. It was replaced by the Euro on January 1, 2014, as part of Latvia's efforts to join the Eurozone.
Travel money for Latvia
Save money and time by Ordering your LVL online from Travelex, you get better rates and can pick up the LVL cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in LVL otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Latvia
Latvia has the Baltic Sea to the West and is sandwiched between Estonia in the North and Lithuania to the South. The landscape is characterised by wide beaches and dense forest. Riga, is the medieval capital of Latvia, famous for the medieval old town St Peter's church as well as its more recent art nouveau architecture.
Money can be exchanged at banks or bureau de changes. ATMs are widely available in the major cities and towns, but always carry cash when venturing further out.
USD/LVL Market Data
The below interactive chart displays the USD/LVL trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Latvia?
The domestic currency in Latvia is the LVL.
What is the LVL currency code and symbol?
The three letter currency code for the LVL is LVL — symbol is Ls.
Which countries use the LVL?
It is the domestic currency in Latvia.
Is the LVL a closed currency?
No, the LVL is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Latvia - Best Rates
To get a good (and fair) exchange rate when sending money to Latvia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Latvia
When sending money to Latvia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or LVL amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted LVL amount will be transfered to the recipient account you specify in Latvia.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more LVL deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Latvia
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Latvia.
How stable is the Latvian economy?
The past decade has been a turbulent period for the Latvian economy. From acquiring double digit growth figures before 2008, the country has first experienced a double digit drop in GDP before rebounding to a healthier economy and more focus on socio economic challenges.
Managing your finances in Latvia
Here we list some key points for expats and businesses to consider when managing financial dealings in Latvia:
Understand LVL currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the LVL exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local LVL bank account: A local LVL bank account can make it easier for you to manage your finances and pay bills while you are in Latvia. It may also be more convenient to use a local LVL bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Latvia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Latvia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Latvia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
