Estonia Currency: Euro

The official currency of Estonia is the Euro (€) since January 1, 2011. As part of the Eurozone, Estonia shares a common currency with numerous European Union countries, facilitating cross-border transactions and boosting economic integration.

• The Euro banknotes are €5, €10, €20, €50, €100, €200, and €500.
• Euro coins come in eight denominations: 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2.

Withdrawing money in Estonia

In Estonia, you can also use ATMs to withdraw cash in Euros. Most major bank cards, including Visa and MasterCard, are widely accepted in Estonia, but it’s always a good idea to check with your bank about any potential fees. 

It’s important to note that some ATMs in Estonia might have withdrawal limits, especially in smaller towns.

Exchanging money in Estonia

Currency exchange in Estonia is a straightforward process, thanks to the country’s integration within the Eurozone. Visitors and residents alike can easily exchange their foreign currency for Euros at banks, exchange offices, and even ATMs across the country. 

Exchange bureaus in Estonia typically display their exchange rates prominently outside their premises. If you encounter an exchange bureau that doesn’t display rates, it’s advisable to steer clear. Transparent rates demonstrate the bureau’s commitment to providing fair exchange services.

As a rule of thumb, if you’re unfamiliar with the local exchange rate, it’s wise to exchange a sufficient amount of Euro upon arrival to cover initial expenses. Then, as you explore the city, you can evaluate various bureaus, note the best rates, and be aware of any associated fees.

Cashless and Mobile Payments in Estonia

Estonia has a cashless culture, meaning that many transactions are done through digital payment methods. Mobile payments like Apple Pay and Google Pay are widely used on public transport and in stores.

Contactless payments have gained immense popularity, allowing individuals to make small transactions by simply tapping their smartphones or contactless cards on payment terminals.

Brief History of Estonia Currency

The Estonian kroon (EEK) was introduced in 1928, shortly after Estonia gained independence from Russia in 1918. The kroon replaced the previous currency, the Estonian mark, which had been in use during the time of German occupation. The adoption of the kroon was a significant step towards establishing Estonia’s economic sovereignty as an independent nation.

The Estonian kroon underwent various changes and adjustments over the years, adapting to economic shifts and geopolitical developments. However, the kroon’s existence was interrupted during World War II when Estonia was occupied by the Soviet Union in 1940 and later by Nazi Germany. These occupations led to currency changes enforced by the occupying powers.

After World War II, Estonia fell under Soviet control once again, and the Soviet ruble became the official currency of the region. This marked a period of economic integration with the larger Soviet economy, which lasted until Estonia regained its independence in 1991.

Following independence from the Soviet Union in 1991, the country underwent a period of economic transformation, embracing market reforms and seeking integration with Western Europe. This path eventually led Estonia to join the European Union in 2004, paving the way for the adoption of the Euro as its official currency on January 1, 2011.

If you’re interested in the history of Estonian currency, visit Eesti Pank Museum to uncover Estonia’s financial journey.

FAQs about Estonia Currency