Currency in Latvia: what to use and how to exchange

Latvia joined the eurozone on 1 January 2014, replacing the lats. Prices are quoted in euros everywhere, and the coins you get back are standard euro coins, so any euro cash left from Germany, Estonia or Greece spends the same. You do not need to change money on arrival if you already hold euros.

For everyone else, the practical setup is simple: pay by card for hotels, transport, restaurants and supermarkets, and keep a small amount of cash for markets, small rural shops and anywhere the card terminal is out of action. Contactless is standard in Riga and the bigger towns; a Visa or Mastercard works almost everywhere, and mobile wallets are accepted at most terminals.

Cash comes most cheaply from a bank ATM. Use machines attached to a bank branch (Swedbank, SEB, Luminor, Citadele and others) rather than standalone machines in bars or shops, which can charge more. When the machine offers to convert your withdrawal into your home currency, decline and let your own bank do the conversion — the rate is normally better.

If you arrive with cash to change, use a bank branch or a currency exchange bureau that displays its buy and sell rates. Rates vary by a few percent between offices, so compare two or three before handing over money. Kiosks that show no rate, or that advertise 'no commission' without a visible rate, are the ones to walk past. Hotels and the airport are convenient but usually the worst rate.

Latvian lats notes and coins are no longer legal tender and are not exchanged at par; if you find old lats, treat them as souvenirs. Counterfeit euro notes exist as anywhere in Europe, so avoid accepting large notes from informal sellers.

Prices in Latvia are moderate by Western European standards: a coffee in Riga is a few euros, a museum ticket is usually under 10 €, and a supermarket lunch costs less than a restaurant one. See the budget and cost pages for daily figures.