Currency in Estonia
A Travel Money Guide to Estonia
It might be a small country but Estonia packs plenty into its charming old towns, stunning islands, and sandy beaches.
Of course, you’ll want your money to go far. And it hurts to squander savings on unnecessary fees and poor exchange rates just to pay for things overseas.
What Currency does Estonia use?
The official currency of Estonia is the euro, commonly written as the currency code EUR or with the sign €. One euro is a base unit, made up of 100 cents.
Estonia joins many other European countries in writing its prices with the currency symbol following the price and decimal commas replacing decimal points (as in 10,50€ rather than €10.50).
Interestingly, Estonia was the first former Soviet Union Republic to join the eurozone. It joined adopted the euro in 2011, replacing its old currency, the Estonian kroon (with the currency code EEK or the symbol Kr).
You can exchange Estonian kroon banknotes and coins for euros at any Eesti Pank, free of charge, in unlimited amounts, and for an unlimited time.
The euro is a mighty currency, used by 19 European countries that make up the powerful ‘eurozone’. It’s now the second most traded currency on the foreign exchange market.
Estonian Money
The European Central Bank is responsible for ensuring there are enough euros in circulation, though individual eurozone countries are charged with designing and producing their own coins and bills.
Euros are available in coins and bills in different denominations, with eight coin denominations and a further seven banknotes.
Banknote Denominations
Euro banknotes come in denominations of €5, €10, €20, €100, €200, and €500, although the €500 banknote is rare and being phased out of circulation.
Many retailers will refuse the three largest banknote denominations.
Coin Denominations
Coins come in denominations of one cent, two cents, five cents, ten cents, 20 cents, and 50 cents, as well as €1 and €2.
They all feature a common side (with the numerical value and a map of the European Union) and a national side (which in Estonia is a map of the Baltic country). You can use all coins throughout the eurozone, regardless of where they were issued.
How to Exchange Currency in Estonia
It’s easy, not to mention convenient, to buy your currency once you arrive in Estonia. But where you decide to exchange the currency can affect how much you spend on the foreign exchange.
ATMs in Estonia
If you’re heading to Estonia, chances are you’ll be visiting some of the major towns. Who would want to miss the fairytale Tallinn?
You’ll find plenty of ATMs thanks to an extensive bank network. The ATM provider may charge a fee for you to withdraw cash but this is more common for independent ATMs than for local bank ATMs.
On top of this, you could be hit with a double-whammy paying fees not just to the ATM provider but to your home bank for overseas ATM withdrawals and currency conversions.
Many of these ATMs will give you the option of being charged in your home currency. Although enticing, avoid this at all costs! You’re likely to be ripped off by a terrible exchange rate. Instead, opt for the local currency and let your bank sort out the rate.
If you’re set on exploring the road less travelled, keep some cash on you for remote villages that may not have ATMs.
Currency Exchange Outlets
If you arrive in Estonia by plane or ferry, you can exchange your currency right away. But foreign exchange bureaus in international terminals and airports are notorious for their poor exchange rates and high commissions.
Instead, head to a bank or an official money exchange bureau, preferably in the city. Popular exchange bureaus include Eurex and Tavid.
If you’re exchanging your money anywhere with a lot of tourist traffic (particularly in Tallinn), expect large exchange rate margins and high commissions.
And for those bureaus that advertise ‘zero commissions’? They’re likely to roll their fees into a bad exchange rate. Avoid this by looking up the mid-market exchange rate
Travellers Cheques
Not a particularly popular option these days, not just in Estonia but worldwide. Most businesses and bureaus won’t change them and banks that do will likely apply high rates and fees.
With the rise of more secure bank cards and the proliferation of ATMs, travellers cheques are more hassle than they’re worth.
Buying Euros Before You Go
If you like the reassurance of having the local currency readily available from the moment you step off the plane, you have three options to pick up the cash before you go:
- Buying euros online to be delivered or for you to pick up in-store.
- Swapping AUD for EUR at a currency exchange store.
- Buying euros at the airport.
Online money changers like S Money often have the best exchange rates by offering the real mid-market exchange rates you see on Google or XE.
Travelex and Travel Money Oz also offer foreign exchange services online but it takes between two and five business days before the currency is ready for pick-up or delivery so you need to be organised!
Buying your currency in-store can be a good option but it all depends on where you go. The money changers in the centre of the main cities tend to be more competitive than smaller stores in the suburbs.
Only change money at the airport as a last resort. The exchange rates and fees at Australian airports are among the worst in the world so avoid it at all costs if you want to get the best value.
Using Your Bank Card in Estonia
Chances are you’re going to use your card at some stage during your travels. Even Estonian taxi drivers accept card payments. But the value you get from a bank card varies wildly with the type of card you use.
Some of the best travel money cards include debit, credit and prepaid cards. All the major providers, including Visa, Mastercard, Maestro, Cirrus, and (to a lesser extent) American Express are widely accepted in tourist areas. It’s still a good idea to carry cash if you’re heading out of town.
Debit Cards
Though the most commonly used cards, debit cards tend to have the worst currency conversion rates and fees.
There are a few outstanding exceptions with excellent exchange rates and low fees. These include:
Credit Cards
Visa and Mastercard – and sometimes American Express – are widely accepted in Estonia, especially in hotels, restaurants, and shops.
Pay attention to the fees you may incur by using your credit card overseas. These could include cash advance fees for ATM withdrawals, international transaction fees, and overseas ATM withdrawal charges.
Prepaid Travel Cards
A prepaid travel card is made for international travellers so surely it’s the best option, right?
Unfortunately not.
Though you avoid some fees, you might end up squandering those savings on other charges, such as reload fees and inactivity fees. Travel cards also usually apply ATM withdrawal fees.
Not only that, it’s often expensive and tricky to convert remaining balances on the card back to Australian dollars upon your return.
It can also take days for your currency to actually load onto your card, leaving you potentially cash-strapped.
But don’t fret! There are some good alternatives. The Revolut and TransferWise debit cards allow you to prepay or buy your currency ahead of time. Plus they both use the best online market exchange rate you see on Google or XE.
But if you do want to use either of these cards, plan ahead. It takes 1-2 weeks for delivery.
The Average Cost to Travel Around Estonia
Estonia is known as a relatively affordable destination but it still helps to budget your trip so you know just how much currency to buy.
And to help in your budgeting endeavours, here are some of the average Estonian costs you’re likely to encounter:
€40-80
A double room in a mid-range hotel
€10-35
A two-course meal
€3
A local beer
€1.50
A single journey on public transport
€3-6
Entrance to a museum
