Latvia (LV)
Latvia is a parliamentary republic and EU member state on the eastern shore of the Baltic Sea, bordered by Estonia, Lithuania, Russia, and Belarus.
Currency & Money
Practical money tips for living in Latvia.
Denominations
Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2. Notes: €5, €10, €20, €50, €100, €200, €500. Latvia has been in the Eurozone since 1 January 2014.
Payment Culture
Latvia is increasingly cashless. Card payments (Visa, Mastercard) are accepted in most shops, restaurants, and services in Riga. Contactless payment is standard. However, smaller towns, markets, and some rural services may still prefer cash. Mobile payments via Revolut and local apps are growing. The previous currency, the Lats (LVL), was replaced by the Euro in 2014. Always carry some cash for smaller vendors, markets, and rural areas.
ATM Tips
ATMs (bankomāts) are widely available in Riga, shopping centres, and town centres. Swedbank and SEB ATMs are most prevalent and free for their customers. Foreign cards may incur fees of €2–4 per withdrawal. Avoid independent (non-bank) ATMs which charge high fees.
Exchange Tips
Latvia uses the Euro so no exchange is needed from most EU countries. For non-EUR transfers, use Wise or Revolut for best rates. Airport exchange booths have poor rates. Most Latvian banks charge significant fees for non-EU international transfers.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents