Estonia (since 1 January 2011)

Stages of the cash changeover

Eesti pank

On 13 July 2010 the Council of the European Union approved Estonia’s request to join the euro area on 1 January 2011. Estonia duly joined the euro area on that date and the euro replaced the kroon at a fixed conversion rate of €1 = EEK 15.6466. There will be a two-week period when both currencies are in circulation, with change normally provided in euro.

The kroon will cease to be legal tender from 15 January 2011.

From December 2010 at the latest customers can exchange kroon banknotes for euro free of charge at banks. From 1 January 2011 until 30 June 2011 kroon banknotes and coins can be exchanged at all banks that provide cash services, and until 31 December 2011 at a limited number of branches.

Eesti Pank will exchange kroon banknotes and coins for euro in unlimited amounts and for an unlimited time.

Since 1 July 2010, prices in shops and other businesses have been displayed in both kroons and euro. TV spots, leaflets, posters and other material provided practical information about euro banknotes and coins to the Estonian population.

Exchanging Estonian kroon banknotes at national central banks

You can exchange Estonian kroon banknotes for euro at the following locations:

At Eesti Pank

Eesti Pank will exchange Estonian kroon banknotes and coins against euro at par value in unlimited amounts for an unlimited time. This service is free of charge.

At other euro area national central banks

The national central banks of the EU Member States that have adopted the euro (listed below) will exchange Estonian kroon banknotes against euro at par value from 1 January to 28 February 2011.

The amount is limited to €1,000 for any given party/transaction on any one day. This service is free of charge.

Key changeover dates at a glance

15 September 2010
Frontloading of coins
15 September 2010
Sub-frontloading of coins
15 November 2010
Frontloading of banknotes
1 December 2010
Sub-frontloading of banknotes
1 December 2010
Kroons can be exchanged for euro banknotes at credit institutions without paying a fee
1 January 2011
Conversion of accounts into euro
14 January 2011
End of the dual circulation period
15 January 2011
Euro banknotes and coins become the sole legal tender
31 December 2011
Deadline for exchanging kroon coins at banks
31 December 2011
Deadline for exchanging kroon banknotes at banks
No time limit
Deadline for exchanging kroon banknotes and coins at Eesti Pank