A practical currency and money guide to travel, living and doing business in Estonia and the Euro (EUR).
What's in this Estonia currency guide:
The official currency of Estonia (country code: EE) 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.
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.
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
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.
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.
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.
The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.
10 Mar 2023
|1% ▲||2 Week|
24 Dec 2022
|0.9% ▲||3 Month|
24 Mar 2022
|2.2% ▼||1 Year|
25 Mar 2018
|12.9% ▼||5 Year|
26 Mar 2013
|16.3% ▼||10 Year|
29 Mar 2003
|0.1% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Estonia or planning a trip or maybe living there, so will need to exchange and spend Euro.
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It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.