Top payment methods in Latvia: A guide on best ways to pay
Wondering what the most popular ways to pay are in Latvia? Explore the top payment options and choose wisely.
Latvia, with a population of around 1.87 million people, has a GDP of approximately 45.54 billion making it the 99th largest economy in the world. The official currency of Latvia is the Euro (EUR)
The economy is driven by services, wood processing, and manufacturing. As a member of the European Union and the Eurozone, it is fully integrated with the European single market, with Lithuania and Estonia as key regional partners.
| Country | Latvia |
|---|---|
| Population | 1.87 million |
| GDP (USD) | 45.54 billion |
| Global Ranking | 99th |
| Currency | Euro (EUR) |
Spend abroad with the mid-market exchange rate - no markups, and no sneaky transaction fees.
What is the main payment method in Latvia?
The most common payment method for both retail and online purchases in Latvia is the debit or credit card. For e-commerce, "bank links" are a popular option, allowing users to securely authorize payments by logging into their online banking portal. While declining, the use of physical cash in Euros is still present for smaller purchases and at open-air markets.
How to pay in Latvia
Each country has its own way of moving money, and choosing the right method can sometimes be difficult. That’s why we have curated the most popular and best payment options for you to use in Latvia.
| Payment Method | Description | Type |
|---|---|---|
| Wise | Wise provides international money transfer services. It is known for offering transparent, low-cost currency exchange rates and fast transfers. Wise uses the mid-market exchange rate and charges a small, upfront fee, making it a cost-effective alternative to traditional banks for sending money abroad. The platform also offers multi-currency accounts, allowing users to hold and manage money in multiple currencies. | Online/In-person |
| Cards (Debit/Credit) | As a modern Eurozone economy, debit and credit cards are the primary payment method for the majority of online and in-person transactions. | Online/In-person |
| Bank Links & Transfers | Bank links are a very popular e-commerce payment method where users pay by authenticating directly and securely through their online banking portal. | Online |
| Digital Wallets (Apple Pay, Google Pay) | Mobile wallets are available and widely used, linked to users' bank cards for convenient contactless payments. | Online/In-person |
| Cash (Euro) | While digital payments are dominant, cash is still readily available and accepted everywhere for all types of purchases. | In-person |
Traveling beyond Latvia? Explore payment methods by country.
Is PayPal available in Latvia?
Yes, PayPal is accepted in Latvia.
Cover all your international travel expenses with the Wise Multi-Currency Card
Whatever you need to buy during your trip, whether it’s a travel adapter, train ticket or an extra bottle of sunscreen, the Wise Multi-Currency Card has you covered.
You can spend like a local in 150+ countries, as this clever contactless card automatically converts currency at the mid-market exchange rate whenever you spend - for just a small conversion fee.
And for extra convenience, you can add your Wise Multi-Currency Card to your Google Wallet or Apple Wallet. Then you can travel even lighter and pay using just your phone, with no need to pack the physical card.
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.