What is the main currency used in Latvia?

The official currency in Latvia is the Euro.

If you’re in a store or restaurant you’ll probably see the Euro symbol listed: €.

Online and in currency exchange stores you’re more likely to see the three-letter ISO code: EUR.

Each Euro is broken down into 100 cents.

Latvia adopted the Euro on 1st January, 2014, 15 years after the foundation of the Eurozone. Before that date, the Latvian currency had been the Latvian Lats.

The Euro is issued by the European Central Bank, and used by 20 countries within Europe in total. The collection of countries using the Euro is commonly referred to as the 'Eurozone'.

What does currency in Latvia look like?

Euros have a distinctive design and colour scheme. The notes are a mix of greens, reds, blues and yellows.

The larger notes in monetary terms are also larger in size: a €500 note is 25% wider than a €5 note.

The notes depict different windows and doorways that you would typically find in different periods of Europe's history, such as the Gothic, Renaissance and Baroque periods.

What do things cost in Latvia?

The cost of travelling in Latvia will vary widely depending on where you’re headed - and the sorts of things you like to do. Naturally, big cities tend to have higher costs overall, while more rural areas may come with a lower price tag for day to day life. Here’s a brief example of some costs for common consumer and traveller purchases in Latvia:

• Meal at an inexpensive restaurant - €10.00 (AU$15.40)
• Pint of beer - €3.00 (AU$4.62)
• Cup of coffee - €2.48 (AU$3.82)
• Bottle of water - €1.12 (AU$1.72)

Data is from Numbeo's cost of living index.

Exchanging money in Latvia

Let’s look at some of the different places where you can exchange AUD for EUR in Latvia.

The main options are:

• Exchange kiosks, stores and desks - look for the Bureau de change sign
• Airports, train stations and hotel currency exchange desks
• Use ATMs to withdraw cash direct from your bank

Don’t forget - you may get a better exchange rate and lower overall costs if you take a prepaid card or a travel debit card instead.

Exchange kiosks - particularly those at places with a captive market like a hotel or airport - can have poor exchange rates which hide lots of extra costs.

And using your normal bank card at an ATM can mean paying your own bank’s foreign transaction fee - often in the region of 3%.

Travel money tips for Latvia

Here are a few final tips to make your money go further when you’re travelling in Latvia:

Take a prepaid card -  choose a provider like Wise to top up your card in AUD and convert to EUR using the Google exchange rate. That saves you money, and helps you budget too

Don’t change money at the airport - airports often offer some of the poorest exchange rates out there, because customers are in a hurry and may not check over the full costs of currency conversion

Have different payment methods available to you - having a Plan B never hurts. Carry a small amount of cash, a prepaid card and a debit or credit card on a different card network, so you’ll have alternatives no matter where you are

Always pay in the local currency - merchants and ATMs may offer you the option to pay in AUD instead of Euros. Don’t. Pay in the local currency, or you’ll get hit with high fees and a bad exchange rate

Watch how many ATM withdrawals you make - it’s common to find ATM fees kick in with prepaid cards after a certain number of withdrawals, so double check your own card’s fee structure

Avoid taking out cash with a credit card - credit cards almost always charge a cash advance fee, foreign transaction fee, and immediate interest when you withdraw cash, making this a costly option

Don’t keep too much cash on you - opportunist theft is an issue the world over, and can be particularly problematic when you’re disorientated, in a new place, and too busy having fun to keep an eye on your wallet

Can I use Euros issued in Latvia in other countries?

Yes, you can use Euros from Latvia in the rest of the Eurozone, and vice versa.