Changeover to the euro in Estonia

Updated: 10.02.2011

  • From 1 July 2010, all the traders are obliged to show prices both in Estonian kroons and euros. The prices will be presented in two currencies until 30 June 2011 in order to give people more time to get used to the new currency.
  • On 13 July 2010, the European Union's Ministers of Finance approved the official rate for the changeover from kroon to euro, which will be 15,6466 EEK for 1 euro.
  • In October 2010 the commercial bank started a campaign during which everybody will have the possibility to bring cents and 1-kroon coins to the bank and put the cents and 1-kroon coins on the bank account without a service fee.
  • In November, the European Commission in cooperation with the Ministry of Finance and the Bank of Estonia in cooperation with the European Central Bank have sent each household thorough materials regarding changeover to euro and for introduction of euro. The materials include conversion card and an euro calculator.
  • From 15 November 2010, preliminary distribution of euro banknotes to the commercial banks by the Bank of Estonia has started.
  • From 1 December 2010, all the private persons have the possibility to exchange kroon banknotes for euros, without any service fee, according to the official exchange rate of 1 EUR = 15,6466 EEK in all the bank offices working with cash. .
  • From 1 January 2011, all ATM's are issuing euro banknotes. All deposits in Estonian kroons have  changed over to euro deposits.. In cash payments has been until 14 January possible use both euros and kroons.  
  • From 15 January 2011, the only official means of payment in Estonia is euro.
  • Until 30 June 2011, the companies must show their prices both in kroons and euros.
  • Until 31 December 2011, banknotes and cents will be exchanged for euros in the bank offices.
  • The Bank of Estonia will exchange kroons and cents for euros without a specified term, service fee and according to the official exchange rate.