Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

Send money to Latvia

Send money to Latvia without the hassle and stress.

Transferring money between the US and Latvia isn’t difficult, but if you’re not sure what service to use, it can be more expensive that it has to be. Our guide will cover how to get the most euros out of your dollar and how you can reduce the large fees charged by banks.

Send money to Latvia with WorldRemit

WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.

  • No minimum transfers.
  • Wide range of destinations.
  • Competitive exchange rate.
Promoted

Compare money transfer services to Latvia

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE
Within minutes
$3

View details
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit
Within an hour
From $1.99

View details
New customers send USD 20 to Lebanon and use code ADD10 for a USD 10 discount. Valid till 7 November 2021. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
loading

Compare up to 4 providers

Best ways to send money to Latvia

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Latvia. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.

1. Digital money transfer services

Companies like PayPal and Wise specialize in foreign currencies, making them some of the most cost-effective ways to send money to Latvia. Most offer transfers directly to your recipient's bank account in Latvia, often in as little as a day or two.
  • Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.

2. Cash transfers

Services like WorldRemit and Remitly allow you to transfer cash for pickup at a local branch in Latvia— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
  • Why? Picking up cash is more expensive because more people are involved.

3. Banks

The euro may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Latvia.
  • Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.

Let's crunch the numbers: Sending $1,000 to Latvia

Let's say you need to send $1,000 to family in Latvia. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 0.859 EUR.
Digital money transfer service Cash transfer Bank transfer
Fee $0 $8 $25 + additional correspondent bank fees
Exchange rate 1 USD = 0.856 EUR 1 USD = 0.854 EUR 1 USD = 0.816 EUR
Transfer speed 1-2 days Minutes 2-5 days
Amount received EUR€856 EUR€848 EUR€795
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Latvia. A digital transfer sends the most, which is EUR€61 more than the bank. For speed, a cash transfer can typically have your transfer to Latvia in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.

How to send money to Latvia online

Sign up and send money to Latvia with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in Latvia.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Latvia. Some money transfer providers send a text or email when your transfer is complete.

Get the most out of your money transfer to Latvia

Weigh costs and fees against convenience to best compare money transfer providers that send to Latvia. Consider:

  • Exchange rates. The USD–EUR relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the euro rises against the US dollar.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–EUR exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of euros you're sending to Latvia.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Latvia.
  • Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
  • Transfer methods. Whether you want money sent to a bank account in Latvia or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

How to send money to Latvia without a bank account

If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up euros without a bank account.

Emergency cash transfer

When urgency trumps cost to get your money to Latvia quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

Latvia's exchange rates explained

Banks and money transfer companies use exchange rate to calculate how much Latvia's currency is worth when converted to USD. The USD-EUR relationship can change daily based on global economic stability, interest rates, inflation and more.

Today's exchange rate USD to EUR

1
0
Updated: 22 Oct 2021 15:21:36 UTC

What to watch out for

Sending money to relatives or family members in Latvia may be subject to taxes on the money transfer and certain documents may be required.

Taxes on transfers to Latvia

In general, any large transfers being sent from the US to Latvia should be filed with the IRS to avoid any penalties.

Required information

Receiving money in Latvia:

  • Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
  • Sender's information. Take along your sender's full name, the sending country and their address, if known.

Sending to Latvia from the US:

  • Proof of identification like a government-issued ID or your SSN number.
  • Recipient information like their name, address and bank account information in Latvia.

Bottom line

Sending your hard-earned money to Latvia shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site