Currency in Estonia
Foreign exchange guide to Estonia and the Euro
What's in this Estonia currency guide?
What currency is used in Estonia?
The official currency of Estonia (country code: EE) is the Euro, with symbol € and currency code EUR.
Things to know about the Euro
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.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel money for Estonia
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Estonia
Estonia is a country located in Northern Europe, bordered by the Baltic Sea to the west, Latvia to the south, and Russia to the east. It is known for its unique culture, advanced technology, and natural beauty. The country's official language is Estonian and its capital and largest city is Tallinn. The official currency is the Euro. Estonia has a parliamentary republic form of government.
The country is known for its unique culture, which is influenced by its history as a former Soviet republic and its location at the crossroads of Northern Europe. Some popular tourist destinations include:
Tallinn: The capital city, known for its well-preserved medieval Old Town, which is a UNESCO World Heritage site.
Saaremaa: The largest of Estonia's islands, known for its natural beauty, including beaches, cliffs, and forests.
Tartu: Estonia's second-largest city, known for its cultural heritage, including its many museums, art galleries, and the University of Tartu.
Lahemaa National Park: A beautiful park located on the northern coast of Estonia, known for its natural beauty and diverse wildlife.
Parnu: A popular seaside resort town, known for its long white sand beaches and lively summer festivals.
Hiiumaa island: Known for its serene and unspoiled nature, with small towns, lighthouses, and some of the best beaches in Estonia
EUR/USD Market Data
The below interactive chart displays the EUR/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Estonia?
The domestic currency in Estonia is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Estonia - Best Rates
To get a good (and fair) exchange rate when sending money to Estonia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Estonia
When sending money to Estonia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Estonia.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Estonia
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Estonia.
Business in Estonia
Estonia is also known for its forward-thinking approach to technology and is often referred as "e-Estonia", it is one of the most technologically advanced countries in the world.
Estonia has a developed market economy with a per capita income similar to that of other European economies such as Finland and Denmark. Services, particularly IT and telecommunications, are a major driver of the economy, with a growing number of start-ups active.
Managing your finances in Estonia
Here we list some key points for expats and businesses to consider when managing financial dealings in Estonia:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Estonia. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Estonia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Estonia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Estonia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
