ENP Newswire - 06 January 2014 Release date- 02012014 - Since the implementation of the euro at the turn of the year, Citadele Bank has been calling on local residents to use their payment cards for everyday purposes, as opposed to exchanging cash. The bank reminds its clients that commercial banks will exchange lats for euros on the basis of the official exchange rate until the end of June, while the Bank of Latvia will do so without any time limitations at all. The euro became Latvia's official currency on January 1 , and there is still plenty of time to exchange lats for euros in a comrotable and unhurried manner. This can be done without any greater hurry and with much comfort in terms of seeing that as an everday process. Here are some advices - the most appropriate and convenient way of exchanging cash. If you still have a small sum of lats You can use lats to pay for goods and services until January 14 , because during the first two weeks of the year, both currencies will be in circulation. Although you can pay for things with the former currency, change will only be issued in euros. The only exception is the public transportation system, in which change will be offered in lats. If you wish to deposit your cash in a bank account Until January 14 , you can deposit lats at all of Citadele ATMs which accept deposits, doing so with no commission fee. The lats that you deposit will automatically be converted to euros in accordance with the official exchange rate and with no commission fee. If you feel that it is more convenient to deposit your cash at a bank branch, you can do so as part of your everyday activities, and you have until June 30 to visit a branch for that purpose. Please remember that the free deposit of cash into an account at a branch with no commission fee is only possible in those towns where Citadele has no ATMs that accept deposits. The deposit of banknotes into savings or deposit accounts, however, is always free at all branches. If you have coins You can spend your coins until January 14 , donate them, or visit a bank branch to exchange them for euros. Because of great activity in terms of people who are interested in depositing their cash into an account, Citadele has extended its Maxi savings account offer until January 31 . This offers double interest rates and the ability to deposit coins into an account with no commission fee. Maxi savings account holders can freely access the resources at any time, because a payment card is linked to each account. This means that the money in the account earns interest, but is also freely available for purchases. If you wish to exchange cash in lats for cash in euros We would recommend that you postpone this process until after January 14 , when there will be shorter queues at bank branches. There is no hurry in terms of exchanging the currency, and you can make that a part of your everyday activities. Commercial banks will continue to exchange the lats for the euro on the basis of the official exchange rate and with no commission fee until June 30 , while the Bank of Latvia will continue to do so for time eternal. Should you wish to exchange large sums of money - 5,000 euros or more - then please fill out an application form to visit the bank. This can be found on the Citadele homepage under 'Introduction of the Euro,' and we ask you to register so that we can ensure the necessary amount of euros when you visit the bank. [Editorial queries for this story should be sent to email@example.com ] ((Comments on this story may be sent to firstname.lastname@example.org ))
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