Latvian Currency Exchange Tips
The currency used in Latvia is the Lat. I can be written as Lats, LVL or Ls. The currency comes in coins of 1 Santims (about 1.4 Euro Cents), 2 Santimi, 5 Santimi, 10 Santimi, 20 Santimi, 50 Santimi, 1 Lat and 2 Lats (about 3 Euro). Paper currency denominations go from 5 Lats, 10 Lats, 50 Lats, 100 Lats and up.
Hotels, nightclubs, restaurants and shops in Riga will usually not accept any currency besides Lats so you will need to exchange your Euros, Pounds, Dollars, etc. Always exchange your currency at an established bank like Parex Banka, Hansabanka, Nordea Bank, etc.! Do NOT use the small currency exchange booths (valūtas maiņa) which are all over town!!! The rates given at the small currency exchange windows are usually very bad. The rates they post on their signs are usually the rates they will sell the listed currency for……. not what they will buy it for! Be very careful about this as this is one of the easiest ways to lose a large amount of money in Riga! Make sure you have exchanged all your Euros, Pounds, Dollars, etc. into Lats before you go out for the evening as you are likely to get a VERY bad exchange rate when you try to change money at 2AM after a few drinks!
Never exchange money with someone you meet off the street! That is a good way to get robbed or end up with some very low value currency like Russian Rubles or Estonian Kroons. Also if you try to exchange in a bar or nightclub you are likely to get a terrible exchange rate as well. Make sure you exchange all of your currency at established banks!
