A practical foreign exchange and currency guide to Estonia
What’s in this Estonia currency guide:
The official currency of Estonia is the euro, with symbol € and currency code EUR.
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
As the tragic Ukraine war continues USD/EUR is near 0.95, a 5 year high.
Due to the Eurozone’s reliance on gas from Russia, the euro is very vulnerable to the events in Ukraine with EUR/USD dropping to around 1.06 by the end of April whereas it had been approaching 1.15 in early February.
At the start of the tragic Russian invasion of Ukraine the euro sank to parity against the safe-haven Swiss franc hitting 0.9985 francs per euro on March 7th, the lowest since January 2015.
By the end of April the euro fell to a 5-Year low around 1.05 against the US dollar and the short term news for the single currency is all negative. Global bans against Russian oil and gas and uncertainty over ECB interest rate plans have prompted predictions in the currency markets for parity for the euro against the greenback this year.
05 May 2022
18 Feb 2022
19 May 2021
20 May 2017
21 May 2012
24 May 2002
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Euro.
Travelling to the coastal country of Estonia in North Eastern Europe is simple and quick as its well connected by air, ferry, coach and rail with Scandinavia, Russia, Eastern and Central Europe. it’s also a member of the Schengen area which means you do not need an additional visa if you are travelling from a fellow Schengen member country. In addition, Australians, Canadians, Americans, EU and and EEA nationals amongst more countries do not require visas. The official language is Estonian, with English also being widely spoken. There is free wifi everywhere in this tech savvy country including on buses and trains so staying connected and arranging your travel itinerary should be a breeze. Since joining the eurozone in 2004, the local currency has been the Euro and ATMs and credit cards are widely available and accepted. There are many little known cool facts about Estonia which make it a wonderful place to visit such as: Estonia’s capital, Tallinn, is a UNESCO world heritage capital city and considered to be the best preserved medieval city in Northern Europe; 50% of Estonia is forest inhabited by lynxes, brown bears, wolves, foxes, rabbits and deer; it’s also one of the least densely populated countries in Europe, making it a great option for a city break destination if you’re looking for some good quality solitude, rest and relaxation.