|NORVIK BANKA||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||NO MINIMUM||5/7 DAYS||2.4%||€1.169|
|EUR € - to GBP||NO MINIMUM||5/7 DAYS||2.4%||£0.815|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||From £100||From 1 DAY||From 0.7%||€1.189|
|EUR € - to GBP||From £100||From 1 DAY||From 0.7%||£0.829|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using Norvik Banka services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money or regular payments overseas from your Norvik Banka account in euros, the UK pound and other currencies. Norvik Banka international money transfers to or from Latvia have higher transaction charges, due to a less competitive exchange rate offered by Norvik Banka. Skip to: Latvia Money Transfer Specialists
Typically, sending funds to or from your Norvik Banka account in euros, the UK pound or US dollar overseas bank account will involve a margin rate of 2.4% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Norvik Banka account in Latvia needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 euro (EUR) using Norvik Banka services would have a transaction exchange rate margin of around 2.4% – or 2,400 EUR. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only 700 EUR in total, which is a large saving over the bank service.
International money transfers from Norvik Banka could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Norvik Banka account holder to use their services. Norvik Banka may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of £5000 (or 5,000 EUR).
Unless you pay a premium, Norvik Banka’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Norvik Banka was created in 1992 and today one of the largest banks in Latvia with 80 local banking branches and Latvian 150,000 customers. Norvok Banka has a comprehensive network of branches and sales points in Latvia and is the eighth largest bank in Latvia by assets.