Business Guide: Transfer Money from Latvia to India for Imports & Payments

Panda AI

September 24, 2025

When a business based in Latvia is required to pay suppliers, manufacturers, or service providers in India, they want the process to be fast, easy, and secure. Given the increasing trade between both countries, companies are always looking for the cheapest way to send money from Latvia to India, while still maintaining speed and reliability. In this report, we will investigate the available options, outline costs, and highlight the key pricing factors businesses should consider before choosing a provider.

Why Businesses Transfer Money from Latvia to India

Importing raw materials and products to Latvia from India.
Outsourcing IT services and outsourcing business processing to India.
Compensate Indian freelancers or consultants.
Cross-border investments and partnerships.

Given the frequency payments would be made, identifying the cheapest way to transfer money from Latvia to India is extremely important for business profitability.

Common Methods to Transfer Money from Latvia to India

Bank Wire Transfers

Latvian banks facilitate direct wire transfers to Indian banks. While a safe option, wire transfers are often expensive, with a combination of high fees and poor exchange rates. Companies who rely on banks for making remittances may not be getting the lowest cost option for sending money from Latvia to India.

Online Money Transfer Services

As online platforms generally provide low fees and expedited service times, they are often considered the cheapest way to send money from Latvia to India for small to medium businesses that need to make frequent payments. Among the trusted providers, Get Panda Money stands out for offering competitive exchange rates, transparent fees, and a simple process designed for both individuals and businesses. Using services like Get Panda Money helps companies reduce costs while ensuring reliable and secure transactions.

Comparing Costs of Different Platforms

Banks: More fees, slower transfer, worse exchange rates.
Online Transfer Apps: Competitive rates, delivered in 1 day or less, low service fees.
Fintech Business Accounts: Best way for regular B2B payments and currency conversion.

If your company regularly makes monthly or bi–weekly payments, these options are the cheapest way to transfer money from Latvia to India quickly.

Factors Businesses Must Consider

Exchange Rates: Minor differences can lead to large discrepancies in costs.
Transfer Fees: Flat fees versus percentage of transfer.
Transfer Speed: Faster transfer times can lead to better relations with suppliers.
Security: Using regulated providers reduce risks associated peace of mind.

By thinking about these factors, businesses can find the cheapest transfer option from Latvia to India with no worries about speed.

Tips for Smooth Business Transactions

Always negotiate exchange rates for larger transactions.
Use trusted digital platforms with business accounts.
Always track payments to ensure financial integrity.
When transactions exceed limits, consider dividing them up.

These activities will help you do not only save you money but also make your company‘s payment process easier.

Conclusion

Cross-border trade between Latvia and India is steadily on the rise in today’s global economy. While traditional bank transfers are an option, they are hardly the most cost-effective method. For businesses seeking the cheapest way to send money from Latvia to India, exploring fintech solutions and comparing exchange rates is essential. By negotiating fees on larger transactions and using trusted providers, companies can ensure the cheapest way to send money from Latvia to India, strengthen supplier relationships, and keep operations more affordable.

FAQ

Q1. What is the cheapest way to send money from Latvia to India for businesses?
A1. Online transfer services and fintech platforms usually offer the lowest fees and best exchange rates.

Q2. How long does it take to transfer money from Latvia to India?
A2. Banks may take 2–5 business days, while online services can deliver within 24 hours.

Q3. Are online transfers safe for business payments?
A3. Yes, if you use licensed and regulated providers, online transfers are both safe and cost-effective.

Q4. Can businesses negotiate rates for bulk transfers?
A4. Absolutely. Many providers offer better rates for higher transfer volumes, making it the cheapest way to send money from Latvia to India for large payments.