The Estonian kroon (EEK) was the official currency of Estonia from 1928 to 1940, and then from 1992 to 2011. On January 1, 2011, Estonia became the first ex-Soviet state to start using the euro (EUR) as its national currency.
If you wish to send money to an Estonian bank account, you will need to provide the receiving bank’s SWIFT/BIC code. The corresponding table lists SWIFT/BIC codes of some popular Estonian banks.
|Luminor Bank (Formerly Nordea Bank)||Tallinn||NDEAEE2X|
|Eesti Pank (Bank of Estonia)||Tallinn||EPBEEE2X|
Erik had to move to the UK because of work, while his wife and their young son remained in Estonia. Since they were dependant on him financially, he needed to send them money regularly. While he was planning to use the bank he banked with, a coworker suggested that he compare his options first. He did and this is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = EUR 1.0622||GBP 1 = EUR 1.1098|
|Transfer fee||GBP 15||GBP 0|
|Amount received for GBP 2,500||EUR 2,655.50||EUR 2,774.38|
|Transfer time||4 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 118.88|
Using the money transfer company instead of the bank ensured that Erik’s wife would receive some extra money each month. In addition, the company he selected let him schedule transfers and lock in exchange rates in advance.
If sending money to Estonia in a hurry is your top priority, you may consider sending it to a cash pickup location. Western Union and MoneyGram have agent networks in this country.
|WESTERN UNION IN ESTONIA|
|Tallinn Postkontor, Narva Mnt 1, Tallinn||Arsenali Postkontor, Erika 14, Tallinn|
|Tartu Kvartali Keskus Postkontor, Riia 2, Tartu||Eedeni Postkontor, Kalda Tee 1c, Tartu|
|MONEYGRAM IN ESTONIA|
|Tallinn Monex Ou, Viru Valjak 4/6, Tallinn||Changeit - Tallinn Airport, Tartu Mnt 101, Tallinn|
|Tartu Monex Riia 1, Tartu||Parnu Eurex - Kaubamajakas, Papiniidu 8/10, Parnu|
Most visits to Estonia remain trouble-free. However, instances of petty crime are not uncommon, especially in and around Tallinn’s Old Town. Exercise basic caution if you plan to collect money from a physical location.
Instances of mugging and pick-pocketing can take place in nightclubs, pubs, and bars in Tallinn’s Old Town. Do not leave you drink unattended as there have been reports of drink tampering with the motive of robbery. Avoid walking in unlit parks and side streets at night. Use your hotel’s safe to safeguard your valuables when possible.
This depends on the desired transfer method.
Estonia is part of the Eurozone and does not have its own currency exchange restrictions for residents or non-residents. While the European Central Bank (ECB) oversees the region’s the single monetary policy, Eesti Pank (Estonia’s central bank) watches over the country’s payment systems. If you are transferring more than €10,000 to Estonia, it needs to be declared to relevant authorities in the European Union.