Currency in Latvia: EUR Send & Spend FX Guide
Resources for Expats, Travelers and Entrepreneurs Navigating Life and Trade in Latvia with the Euro.
What's in this Latvia currency guide?
What currency is used in Latvia?
The official currency of Latvia (country code: LV) is the Euro, with symbol € and currency code EUR.
What is a good Euro exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Euro
As of June 16, 2025, the Euro (EUR) has experienced notable developments affecting travelers, expats, and business owners:
- Interest Rate Adjustments: The European Central Bank (ECB) has reduced its key interest rates multiple times since April 2025, with the deposit rate now at 2%. This easing cycle aims to stimulate economic growth amid global uncertainties. (ft.com)
- Inflation Trends: Eurozone inflation has moderated, with the latest data showing a decrease to 2.4% in November 2024, bringing it closer to the ECB's 2% target. (nbcdfw.com)
- Eurozone Expansion: Bulgaria is on track to adopt the euro on January 1, 2026, following successful convergence assessments. This expansion may influence currency dynamics and economic interactions within the euro area. (en.wikipedia.org)
These developments are crucial for individuals and businesses engaged in international transactions, as they can impact exchange rates, purchasing power, and overall economic conditions.
For more EUR information check out our selection of Euro news and guides.
Frequently Asked Questions
What currency should I use in Latvia?
The domestic currency in Latvia is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
What does the Euro look like?
Here is an example Euro banknote:
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of CZK and EUR?
Here are some popular conversion amounts for CZK to EUR (Czech Republic horuna to Euro)*.
*Converted at the current CZKEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Latvia
Using Wise for Euro 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 Euro otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Euro cash before departure, you can save money by ordering online. You generally get better rates and can pick up the EUR 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.
Everyday Costs in in Latvia
How much does it really cost to live, work, or travel in Latvia? Here's what to expect for daily expenses and expat living.
Currency Guide for Latvia (ISO Code: LV)
For a traveler heading to Latvia for a one-week mid-range stay, you should budget around €800 to €1,200 (approximately $865 to $1,300) depending on your spending habits. This estimate allows for comfortable accommodations, dining at local restaurants, and activities. Here’s a look at some typical daily expenses in the local currency (Euro – €):
- 🍽️ Meal at a local restaurant: €10–€15
- ☕ Coffee: €2–€3
- 🚍 Public transport fare: €1–€2
- 📱 Prepaid SIM card: €10–€20
- 🛌 Budget hotel or Airbnb: €50–€100 per night
Overall, Latvia is considered to be an average destination in terms of cost. When compared to the United States, expenses such as dining out and transportation are generally more affordable; however, in contrast to a higher cost-of-living country like Australia, Latvia’s pricing remains enticingly budget-friendly, making it a great option for travelers looking to immerse themselves in European culture without breaking the bank.
Living in Latvia as an Expat
For expatriates considering a move to Latvia, typical monthly living costs can range between €800 to €1,500 depending on lifestyle choices and location. This may include expenses such as rent, utilities, internet, and groceries. When it comes to managing finances, it’s advisable to set up a local bank account to facilitate everyday transactions and salary deposits. Local banks are generally reliable, and card usage is widely accepted, although it’s always prudent to carry some cash, particularly for smaller establishments.
When sending or receiving money, using services like Wise or OFX can provide better exchange rates and lower fees compared to traditional banks, especially for larger transfers. However, for everyday purchases, exchanging a small amount of cash at local exchange offices may also be convenient. Weighing your options based on travel frequency and transaction sizes should help maximize your savings while enjoying your time in Latvia.
USD/EUR Market Data
The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Euro Market News
August 22, 2025
Key Developments Affecting the Euro (EUR):
1. Economic Activity Surges in August 2025: The HCOB Eurozone Purchasing Managers' Index rose to 51.1, marking its eighth consecutive monthly increase and indicating robust growth across manufacturing and services sectors. (ft.com)
2. Inflation Stabilizes at ECB Target: In July 2025, eurozone inflation held steady at 2%, aligning with the European Central Bank's (ECB) target and supporting the current interest rate stance. (reuters.com)
3. ECB Concerns Over Euro's Strength: ECB officials expressed worries about the euro's rapid appreciation, which has risen 14% against the U.S. dollar in 2025, potentially impacting export competitiveness. (ft.com)
4. Bulgaria's Euro Adoption Approved: On July 8, 2025, the European Parliament endorsed Bulgaria's plan to adopt the euro on January 1, 2026, making it the 21st member state of the eurozone. (en.wikipedia.org)
5. IMF's Outlook on Euro Area Growth: The International Monetary Fund projects moderate growth for the euro area over 2025-2027, citing trade tensions and geopolitical uncertainties as potential risks. (imf.org)
Recent Developments Impacting the Euro (EUR):
For more EUR information read our News and guides to the Euro.
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 Euro 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 EUR 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 Euro 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 Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR 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 Euro bank account: A local EUR 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 EUR 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.
