Latvia is a dynamic Baltic economy and a member of the Eurozone, characterized by its rapid digital transformation and strategic position as a logistical gateway between Northern and Eastern Europe. Its capital, Riga, is the financial heart of the Baltics, while Daugavpils, Liepāja, and Jelgava are key industrial and cultural centers. In 2026, the Latvian economy is seeing a robust pickup, with GDP growth projected to reach 2.6%, driven by strong public investment and a recovery in private consumption. Inflation has moderated significantly to approximately 2.2% to 2.9%. With a population of roughly 1.86 million, Latvia boasts one of the highest non-cash payment ratios in the EU (79%), with smartphone-based payments now used daily by nearly a third of the population.
Money Transfer Locations
Western Union
Western Union maintains a widespread presence in Latvia through Latvijas Pasts (the national postal service) and various retail exchange partners.
- Western Union Riga (Central Station & Old Town)
- Western Union Daugavpils (Rīgas iela)
- Western Union Liepāja (Lielā iela)
- Western Union Jelgava
- Western Union Jūrmala
- Western Union Ventspils
- Western Union Rēzekne
- Western Union Valmiera
- Western Union Jēkabpils
- Western Union Ogre
MoneyGram
MoneyGram services are available through specialized financial outlets and bureaus such as Tavex and Eurex, primarily located in major shopping centers.
- MoneyGram Riga (Alfa & Akropole Centers)
- MoneyGram Daugavpils
- MoneyGram Liepāja
Ria Money Transfer
Ria is accessible through Latvijas Pasts and a growing network of independent currency exchange houses in urban areas.
- Ria Riga (Elizabetes Street)
- Ria Daugavpils
- Ria Salaspils
Digital Payouts & Mobile Wallets (The 2026 Standard)
In 2026, Latvia is a leader in “account-to-account” instant payments. Most residents use these digital tools for real-time fund management:
- Revolut – The most popular neobanking choice in Latvia for instant P2P transfers and low-fee international currency exchange.
- Wise – Widely used for receiving and sending high-value transfers with transparent mid-market rates.
- Citadele Mobile App – Renowned for its innovation, offering seamless contactless payments and instant transfers across the Baltic states.
- Apple Pay / Google Wallet – Used by over 32% of Latvians daily in 2026, integrated with almost all domestic bank accounts.
- Mobilly – A versatile local app used for parking, transport, and increasingly for micro-payments and small-scale transfers.
Major Bank & Financial Partners
Latvia’s banking sector is highly stable and concentrated, dominated by Nordic-owned institutions and a strong domestic fintech presence:
- Swedbank (The largest bank in Latvia by assets and customer base)
- SEB Banka (A major Swedish-owned pillar of the financial system)
- Citadele Banka (The leading locally headquartered digital-first bank)
- Luminor Bank (The primary Baltic-wide banking group)
- BluOr Bank (Focused on entrepreneurs and small-to-medium enterprises)
- Indexo Bank (A new, fast-growing digital-only challenger bank in 2026)
- Latvijas Banka (The Central Bank – Overseeing the Euro and the ‘Payment Radar’ infrastructure)