Practical information

Updated: 17.03.2011

  • Estonia is a member of euro area as of January 1, 2011
  • Kroons will be exchanged for euros at an exchange rate of 1 euro = 15.6466 kroons.
  • Bank accounts will be converted with an accuracy of one euro cent, and final sums will be rounded off to the third digit after the decimal point.
  • After €-day, bank transfers cannot be made in Estonian kroons and card payments will be in euros.
  • When a bank account is converted into euros, the account statement will display the final balance of the kroon account, the exchange rate and the opening balance of the euro account.
  • For money on bank accounts, the switch to the euro on €-day will be abrupt, meaning there is no period of parallel use. Account money in kroons will be converted into euros at one time and in full.
  • Pre-sent and contractual payments are converted into euros by all the commercial banks themselves.
  • Contractual terms are not affected by the euro: all obligations shall prevail and contracts are still changeable only by agreement of the parties.
  • After €-day, there is a two-week period of parallel circulation when the kroon and the euro are equally valid means of payment.
  • Payments in shops can be made in kroons and euros, but change is usually returned in euros.
  • After the period of parallel circulation, the only legal means of payment in Estonia is the euro.