Latvia adopted the euro on January 1, 2014, becoming the eighteenth member of the eurozone. The country abandoned the Latvian lats (LVL), which had been pegged to the euro at 0.702804 lats per euro since January 2005. Euro banknotes and coins now circulate in denominations of 5, 10, 20, 50, 100, 200, and 500 euro notes, and 1, 2, 5, 10, 20, and 50 cent coins plus 1 and 2 euro coins. Latvian euro coins feature the Milda coat of arms on the 1, 2, and 5 cent pieces, the national coat of arms on the 10, 20, and 50 cent pieces, and a folk maiden's head on the 1 and 2 euro coins. All euro coins issued anywhere in the eurozone function identically in Latvia.
Automated teller machines (ATMs) appear throughout Riga, Daugavpils, Liepāja, Jelgava, and Jūrmala, with major banks including Swedbank, SEB banka, Luminor Bank, and Citadele banka maintaining extensive networks. ATMs in smaller cities like Ventspils, Rēzekne, Valmiera, and Cēsis cluster near central squares and shopping areas. Machines accept Visa, Mastercard, Maestro, and Cirrus cards and dispense euros in denominations of 10, 20, and 50 euro notes. Withdrawal limits typically range from 200 to 1,000 euros per transaction depending on the issuing bank. ATMs operated by Latvian banks charge minimal or zero fees to customers of other eurozone banks, while non-eurozone cards incur fees ranging from 1.5 to 3.5 percent per transaction plus fixed charges set by the card-issuing bank. Rural areas including parts of Latgale and Kurzeme may have limited ATM availability, particularly in villages with populations below 1,000.
Credit cards see widespread acceptance in Riga, where hotels, restaurants with table service, museums, and shops with physical premises process Visa and Mastercard without minimum purchase requirements. The Riga Art Nouveau District shops, restaurants near the Freedom Monument, and establishments in the House of the Blackheads vicinity accept cards routinely. Acceptance decreases outside the capital. In Daugavpils, Liepāja, and Jelgava, chain supermarkets and hotels accept cards, but family-run restaurants and market vendors require cash. The Latvian Ethnographic Open-Air Museum near Riga accepts cards at the main entrance but not at internal kiosks. Markets in Cēsis, Sigulda, and Bauska operate on cash. American Express receives limited acceptance even in Riga, appearing primarily at international hotel chains and car rental agencies. Contactless payment operates at most card-accepting terminals with a 50 euro limit per transaction before PIN entry becomes mandatory.
Debit cards function identically to credit cards at point-of-sale terminals. Cards issued within the Single Euro Payments Area (SEPA) incur no additional fees beyond those charged by the cardholder's own bank. Non-SEPA cards face foreign transaction fees typically between 1 and 3 percent. PIN-and-chip technology dominates in Latvia, with magnetic stripe fallback available but less reliable. Retailers in Riga's central market (Centrāltirgus) and the outdoor market in Liepāja prefer cash, though some permanent stalls accept cards. The Motor Museum in Riga, Rundale Palace, and Turaida Castle accept cards for admission tickets.
Cash remains necessary for transactions below 5 euros, purchases at roadside farm stands along routes to Gauja National Park, entries to Gutmanis Cave parking areas, and services at small guesthouses in Latgale. Taxi drivers in Riga increasingly accept card payments through integrated terminal systems, but those operating in Ventspils, Rēzekne, and rural areas prefer cash. Public toilets charge between 0.30 and 0.70 euros and accept only coins. The Jūrmala Beach area features parking meters that accept both coins and cards, while meters in smaller coastal areas require coins exclusively.
Latvia maintains no capital controls for euro transactions within the eurozone. Transfers between Latvian banks and banks in other euro-using countries process through SEPA at costs ranging from zero to 0.50 euros per transaction. Latvian banks charge between 0.15 and 0.25 percent for currency exchange involving non-euro currencies, with minimum fees of 3 to 5 euros. Exchange bureaus cluster near Riga Central Station, the Old Town, and along Brīvības iela, with rates posted in windows. Exchange rates at Riga International Airport run approximately 3 to 5 percent less favorable than city-center bureaus. Banks in Daugavpils, Liepāja, and Jelgava exchange major currencies including US dollars, British pounds, Russian rubles, and Swiss francs during standard business hours, typically 9:00 to 17:00 on weekdays.
Mobile payment systems operate through smartphones in Latvia, with the dominant platform being bank-operated applications rather than international services. Swedbank's mobile app allows peer-to-peer transfers and bill payments, with similar functionality offered by SEB, Luminor, and Citadele applications. Apple Pay launched in Latvia in 2019, followed by Google Pay, both requiring cards issued by participating Latvian banks. Merchants displaying contactless payment symbols accept mobile payments. Rural shops and markets outside major cities rarely have the infrastructure to process mobile payments. The Occupation Museum of Latvia and Latvian National Museum of Art accept mobile payments at ticket counters installed after 2020.
Internet connectivity in Latvia operates through fiber-optic, cable, and mobile networks. The country ranked eleventh globally in average fixed broadband speed at 109.37 megabits per second in Ookla's Speedtest Global Index for February 2023. Fiber-to-the-home (FTTH) coverage reaches 63.4 percent of households according to the FTTH Council Europe's September 2022 market panorama. Providers include Tet (owned by Latvijas Mobilais Telefons), Baltcom, and Bite Latvija. Download speeds advertised in Riga range from 100 megabits per second for approximately 15 euros per month to 1 gigabit per second for approximately 30 euros per month. Fiber availability in Daugavpils, Liepāja, Jelgava, and Jūrmala approaches that of the capital, while Latgale's rural areas rely more heavily on 4G mobile connections.
Latvia's three mobile network operators—LMT (Latvijas Mobilais Telefons), Tele2, and Bite Latvija—provide 4G LTE coverage to 99.5 percent of the population according to data from the Electronic Communications Office (Elektronisko sakaru birojs) published in 2022. 5G networks launched in Riga in 2020 and expanded to Daugavpils, Liepāja, Jelgava, Jūrmala, and Ventspils by 2023. Coverage maps show 5G availability concentrated in city centers, with 4G remaining dominant in areas like Gauja National Park, Slītere National Park, and Ķemeri National Park. Mobile data costs in Latvia rank among the lowest in the European Union. Prepaid plans offering 10 gigabytes of data cost between 10 and 15 euros per month, while unlimited data plans range from 20 to 25 euros. Prepaid SIM cards sell at LMT, Tele2, and Bite stores in shopping centers, kiosks marked with carrier branding, and some supermarkets. Activation requires identification, typically a passport for non-residents.
Roaming within the European Union incurs no additional charges under the "Roam Like at Home" regulation implemented in June 2017. A Latvian SIM card used in other EU member states accesses data, calls, and texts at domestic rates. Non-EU visitors face roaming charges determined by bilateral agreements between their home carrier and Latvian operators. Purchasing a local SIM eliminates these costs. Providers sell tourist-oriented prepaid packages at Riga International Airport arrival halls, with prices around 15 euros for 15 gigabytes valid for 30 days.