Compare exchange rates, transfer fees and transaction speeds when you need to send money to Latvia.
Located on the shores of the Baltic Sea, Latvia boasts a diverse culture, world-renowned architecture and a beautiful Old Town that dates to medieval times. If you ever need to send money from Australia to Latvia or vice versa, there’s no shortage of banks and other money transfer providers who can manage the transaction for you. But with low exchange rates and high transaction fees a common risk with such transfers, it pays to shop around to find value for money.
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Banks versus money transfer companies
Many people just go to their bank when they need to send money overseas and don’t bother doing a little bit of research to see if there might be a better deal around. The problem with this approach is that banks are a long way down the list of the most affordable money transfer providers. The dismal exchange rates and typically high fees offered by banks mean that your transaction can end up being a whole lot more costly than you might expect. That’s why it’s an excellent idea to shop around for better value for money, and there’s a fair chance you’ll find it from a specialist money transfer company. These providers are experts when it comes to sending money around the world, offering safe and convenient transfers that are also affordable. Their exchange rates are higher and their fees lower than those you will get from the banks, so even a quick comparison between transfer providers can save you a heap of cash.
Lukas wants to send a $1,000 gift from Australia to his parents in his home country of Latvia. He wants them to spoil themselves for their anniversary, but he doesn’t want the transaction to cost him any more than it has to. Instead of using his bank, which charges a $25 transfer fee, he contacts two specialist transfer companies to check out whether they offer value for money. As the table below shows, Lukas can save AUD $10 in transfer fees by using the second company and he can also send an extra 9 LVL to his parents.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 0.3471||1 AUD = 0.3561|
|Transfer method||Online transfer||Online transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in LVL)||347.10 LVL||356.10 LVL|
How do I compare transfer companies when transferring and receiving money via Latvia?
- Exchange rates. Even a seemingly minor difference in the exchange rate can equate to a much larger amount of money arriving to your beneficiary. Shop around for the transfer provider that regularly has the best exchange rates.
- Transfer fees. Compare how much each company will charge you when you need to send a transfer. Also, check to see whether there are any hidden fees you should be aware of.
- Transfer methods. Do your research to find out whether the company offers convenient transfer methods for you. Can you place transfers online or in branch, and does it offer phone and smartphone app transfers?
- Flexible options. Does the company offer flexible transfer options such as forward contracts, market orders, and the ability to set up a recurring payment plan?
- Turnaround time. Transaction processing times range from a few minutes to multiple business days, so make sure the turnaround time available suits your needs.
- Transfer limits. Some companies impose minimum and maximum limits on the amount you can send, which can be restricting if you need to send small or large amounts.
- Pickup options. Some providers offer bank account transfers while others offer cash pickup transfers.
- Customer service. If you ever have a problem or a question, how will you be able to access customer service? Is it available during convenient hours?
How do I send money to Latvia from Australia?
- Specialist transfer companies. TorFX and World First are two companies that offer this service.
- Cash pickup transfer providers. Western Union and MoneyGram are the two largest cash pickup transfer companies in the world.
- PayPal. Did you know that PayPal also operates a handy international money transfer service?
- Bank transfers. Banks can help you send transfers all around the world, but they usually don’t offer great value for money.
- International guaranteed cheques. Speak to your bank about the cost involved in obtaining an international cheque and posting it to Latvia.
How do I receive money from Latvia in Australia?
- Specialist transfer companies. Start researching now to find out which companies offer transfers from Latvia to Australia.
- Cash pickup transfer providers. Start the search for the Western Union or MoneyGram location closest to you.
- PayPal. Check out the fees and features of PayPal international transfers to see if this service is right for you.
- Bank transfers. Another option is to receive a transfer from a Latvian bank account to your Australian bank account.
- International guaranteed cheques. Make sure you’re aware how much your bank will charge in fees when you cash an international cheque.
Emergency cash transfers in Latvia
If you need to send cash to Latvia in an emergency, there are some companies who can get the money to your recipient in as little as 10 minutes. Be warned, however, that urgent transactions generally hurt your hip pocket more. They attract higher transfer fees and lower exchange rates than normal, so it’s essential that you double check all the details of the transaction before you hand over your cash.
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Tips for picking up cash in Latvia
Although Latvia is classified as a safe country for Australian travellers to visit, you should still take a few basic steps to ensure your safety when picking up cash:
- Take one or more friends along with you to deter thieves
- Keep your money hidden and avoid displaying it in public
- Don’t pick up cash anywhere you feel unsafe
- Avoid high-crime areas
- Don’t carry the money around with you for any longer than is completely necessary
What are the steps to send money to Latvia?
- Register for an account. Most companies offer free online accounts that you can sign up for within minutes. You’ll need to provide your name, contact details and bank account information.
- Provide full transaction details. The next step is to provide information such as how much money you’re sending, in what currency and where to. You’ll also need to provide your recipient’s name and contact details.
- Pay for your transfer. Once you’ve reviewed the cost of your transaction you can pay for your transfer. You’ll usually be given a reference number that you can use to monitor the progress of your funds.