Bank accounts and loans are automatically converted into euros

Updated: 24.07.2010

All bank services will be euro-based from the €-Day. Amendment of existing contracts is not necessary, as the kroon amounts will be automatically converted into euros by the bank, applying the official exchange rate. The banks will also convert the Estonian kroons on the bank accounts automatically and without service fees into euros and the account numbers will remain the same.

The final balance of the kroon account, the exchange rate and the initial balance of the euro account will be shown on the account statement. Starting from the €-Day, all transactions will be recorded in euros.

If a loan was taken in kroons, the bank will change the amounts in kroons automatically into euros. The future loan repayments will be made in euros.


Kroons deposited on savings accounts or term deposits will be converted into euros free of charge.

New savings payments can be made in euros. The terms and conditions of the savings and investment products will not change, e.g., the interest rate of the term deposits in kroons will be valid until the end of the deposit term.

Naturally, the parties may amend the terms and conditions of the contracts subject to mutual agreement. Please contact your bank if you have any questions.


Card is the best means of payment for purchases.

Starting from the €-Day, card payments will be based on euros and ATMs will dispense euro banknotes. ATMs are set up so that, as of the €-Day, all ATMs will dispense only euro banknotes.

There are approximately 900 ATMs in Estonia and, therefore, it is impossible to ensure readiness of all ATMs for dispensing cash during the first hours of the €-Day. If cash has not been loaded to an ATM, the machine will temporarily not dispense cash.


Domestic payments in euros

Starting from the €-Day, all non-cash invoices and other payments will be made in euros.

Starting from the €-Day, standard payments in euros to the European Economic Area countries shall be executed for the same service fee as domestic payments.

Advance and contractual payments will be converted into euros by each individual commercial bank on the basis of the official exchange rate before execution. Amounts and limits of direct debit orders and fixed payments will be changed automatically by the banks.

Kroon payments initiated before the €-Day in an internet bank and other payment channels will be executed in kroons by the banks.

Both domestic account numbers and international account numbers or IBAN can be used in domestic euro payments starting from the €-Day.

Starting from the €-Day, euros will be issued against cheques in Estonian kroons.