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Money Exchange

Manchester
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374 posts
30 reviews
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Money Exchange

Hi,

Are there any reputable places in the old town to exchange money?

If so are the rates OK, in the UK it is currently 0.77 LAT to the pound with no commission.

Many thanks

Ogre, Latvia
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80 posts
14 reviews
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1. Re: Money Exchange

old town is full of banks :)Actually, it is easy to use cash machine to take a cash.

Fuerteventura
Destination Expert
for Fuerteventura, Paros, Sifnos
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3,631 posts
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2. Re: Money Exchange

I agree an ATM is much more convenient. Nationwide debit cards should be fee free and you will get a good rate.

Manchester
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374 posts
30 reviews
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3. Re: Money Exchange

Thanks. I am with the NatWest who charge high fees for ATM transactions outside of the UK.

Dont really want to open a Nationwide account just for foriegn transcations. I love the Natwest online banking.

Riga
Destination Expert
for Riga, Jurmala
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1,206 posts
47 reviews
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4. Re: Money Exchange

Then bring cash and exchange it either in the banks - as it was said before, there are plenty in Old Town or is currency exchange point - check rates before exchanging, they are clearly stated outside the point and on a sheet by the cashier.

Panama City, Panama
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741 posts
56 reviews
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5. Re: Money Exchange

Definitely forget about using a Natwest card to withdraw. A few years ago, when the rate was 87 lats for 100 pounds in currency exchanges, natwest gave me a rate of 78 lats for 100 pounds and even had the nerve to take 3 lats commission on top of that!!! So I lost 12 lats for every hundred I exchanged.

Currency exchanges in the old town are absolutely fine and you'll get a much better rate there compared to changing them in UK. Yesterday the rate in the currency exchanges along Merkela Iela, near the central station was 83.30 lats for every 100 pounds. I've always found the currency exchanges to have better rates than the banks. The only thing to be aware of though is that at on Saturdays and Sundays, the ones in the Old Town itself give lower rates, so make sure you change it before then.

Fuerteventura
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for Fuerteventura, Paros, Sifnos
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3,631 posts
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6. Re: Money Exchange

I appreciate why you would want to stay with your current bank, however if you travel a lot then an additional Nationwide card or one of the few others that are fee free will potentially save you a lot of money

Edited: 24 July 2010, 13:25
Wigan
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112 posts
83 reviews
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7. Re: Money Exchange

i would advise to take cash with you and exchange there. at the moment the post office in UK is offering 0.7731 lat to the pound. Latvijas Krājbanka is offering 0.8374. if you do decide to take cash to exchange make sure the note are in good condition with no tears or pen marks or they will refuse them. as mentioned by LatvianTraveller in another thread the reason for this is that for every too worn out or fake banknote, cashiers in the banks have to pay from their own wallet.

Panama City, Panama
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741 posts
56 reviews
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8. Re: Money Exchange

A couple of other things on the currency exchange thing. May be obvious but they're worth repeating, make sure you have bank of England notes, coins and Scottish/Northern Irish bank notes won't be accepted. Also change over any unused currency in Latvia before you fly back. You either won't be able to change it in the UK or you'll get a rubbish exchange rate compared to Latvia.

Manchester
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374 posts
30 reviews
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9. Re: Money Exchange

Thanks. I will take GBP and exchange whilst I am in Riga. Is there any place which is know for having the best rate or they all virtually the same?

Riga
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for Riga, Jurmala
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1,206 posts
47 reviews
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10. Re: Money Exchange

I usually exchange currency in a bank, but their rates are not the best and, for example, Swedbank now charge 1,50 lats for currency exchange transaction. I know people, who use only a currency exchange place situated neat Sakta post office in the beginning of Brivibas street very close to the monument of freedom. But since I've never used them, I don't know for sure.

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