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Looking for the best way to send money from Canada to family, friends or businesses in Latvia (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better EUR exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more euros.
Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Latvia within minutes.
Bank transfers are typically the cheapest way to get your money to Latvia. Xe Money Transfers and Remitly have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to Latvia, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many euros your recipient will end up with.
Many online providers can offer transfers to Latvia within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Latvia:
Actual transfer times from Canada to Latvia can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Latvia is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Latvia.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Latvia, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Latvia, you'll need the necessary documentation, your recipient's details and a way to pay.
Marta is working in Canada as a doctor and she stays in regular contact with her elderly parents back home in Latvia. Her parents need some funds to help pay off a mortgage, so Marta plans to send them $2,000 from Canada.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 0.67 EUR||1 CAD = 0.68 EUR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||1,337.83 EUR||1,360.65 EUR|
The money transfer company enables Marta to send an extra €22.82, which is transferred straight to her parents' Swedbank Latvia account.
When choosing a money transfer provider to send money from Canada to Latvia, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
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