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)
Frequently Asked Questions
How can I send money to the Philippines from Latvia?
You can send money home to the Philippines from Latvia through licensed remittance providers such as Western Union, MoneyGram, Ria, Wise, Remitly, and PNB Remittance. Major Philippine banks (BDO, BPI, Metrobank, Landbank) accept inbound transfers via SWIFT and partner corridors, and digital wallets like GCash and Maya support direct cash-in from many providers in Latvia.
How long does a remittance from Latvia to the Philippines take?
Most digital transfers from Latvia to the Philippines arrive within minutes for cash pickup and 1–2 business days for bank deposit to BDO, BPI, Metrobank, Landbank and other Philippine banks. Bank-to-bank SWIFT wires can take 2–4 business days. Weekend transfers usually post on the next Philippine banking day.
What ID does my family in the Philippines need to receive the money?
Recipients in the Philippines must present a valid government-issued photo ID (PhilSys/National ID, passport, driver's licence, UMID, or PRC ID), the sender's full name in Latvia, the exact amount, and the reference/MTCN number. Some providers also require the recipient's mobile number for OTP verification.
Which providers offer the best exchange rate from Latvia to the Philippines?
Rates change daily, but Wise, Remitly, and Ria typically post mid-market or near-mid-market PHP rates from Latvia, while Western Union and MoneyGram trade rate for wider Philippine cash-pickup networks. Always compare the all-in cost (fee + FX margin) on each provider's quote before sending — savings of 2–4% are common on OFW corridors.
Is it safe to send remittances from Latvia to the Philippines in 2026?
Yes — sending money from Latvia to the Philippines is safe when you use a provider licensed in Latvia on the sending side and a BSP-registered receiving agent in the Philippines. Verify your recipient's full legal name as printed on their ID, share the reference number privately, and avoid social-media middlemen. Report any issues to your local financial regulator in Latvia and to the BSP Consumer Affairs Group for the Philippine end.