Currency in Latvia: LVL Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Latvia with 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.
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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.
What doe the LVL look like?
Here is an example LVL banknote:
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?
Here are some popular conversion amounts for USD to EUR (US dollar to Euro)*.
*Converted at the current USDEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
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
Using Wise for LVL travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in LVL otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want LVL cash before departure, you can save money by ordering online. You generally get better rates and can pick up the LVL cash locally or even on travel day at the airport.
Latvia: Travel Guide
Traveling to Latvia requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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 change and UP📈 DOWN📉 trends over the past 1 Year.
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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.