Exchanging kroons for euro

Updated: 05.05.2011

Cash exchange

Cash exchange took place through the following official channels:bank branches, automated teller machines, retailing and offices of Eesti Post. Kroon cash was removed from circulation from bank branches. From 2012, kroons will be exchanged for euro by Eesti Pank only.

Retailing: Kroon payments could be made within two weeks as of the €-day (until 14 January 2011). During the period of dual circulation, cash payments could be made in both the kroon and the euro at all sales and service points. As a rule, change was given in euro.

Banks: Banks exchanged kroons into euro in all branches that provide cash services at the official exchange rate of Eesti Pank and without a service fee for a month prior to the €-day and continue to do so until 1 July 2011. When the credit institutions no longer exchange kroons, Eesti Pank will continue to do so at the central exchange rate and without a service fee for an unlimited period of time. The exchange of kroons for euro at the central rate in December 2010 was only for private persons wishing to exchange kroon cash for euro (and not the other way around). Companies were able to exchange cash in the course of sub-frontloading.

Central banks of other euro-area countries. The central banks of other countries that have adopted the euro exchanged Estonian kroons at the central parity and without a fee from 1 January to 28 February 2011. The daily limit per transaction and per person was 1,000 euro.

Automated teller machines (ATMs). ATMs play an important role in releasing euro into circulation. They were converted following the principle that all ATMs would issue kroons within 48 hours from the €-day. During the dual circulation period, banks were free to decide whether to use 5, 10, 20 or 50-euro banknotes in ATMs.

A separate campaign was organised to collect kroon coins. The campaign lasted from October to November 2010 and its purpose was to provide people the opportunity to bring their kroon coins to commercial banks before the €-day under a simplified procedure.

Offices of Eesti Post. In smaller places with no bank branches it was possible, in cooperation with the post bank, to exchange kroons for euro at the offices of Eesti Pank. The cash exchange lasted until the end of the dual circulation period. Kroons were exchanged for euro at the official exchange rate and without a service fee. The daily transaction limit was 1,000 euro per person.

All bank accounts were converted according to the official exchange rate

The adoption of the euro did not bring along any additional obligations for bank customers. Kroon accounts were fully and simultaneously converted into euro at the official exchange rate and without service fees.

Accounts were converted according to the exchange rate approved by the Council of the European Union on 13 July 2010 (1 euro = 15.6466 kroons).

Deposits in foreign exchange

The adoption of the euro does not affect foreign-exchange deposits. Estonian-kroon deposits were converted into euro. The conversion of foreign-exchange deposits would have been pointless, since except for the kroon, other currencies remained valid.

Automatic coin machines

No special regulations regarding parking metres, casino machines and other machines accepting coins were adopted in relation with the changeover to the euro. Since the euro became the only legal tender after the end of the dual circulation period, all coin machines should by now accept euro coins.