Since Estonia regained independence in 1991, a number of the country’s citizens have chosen to work overseas in countries such as Finland, Germany, the UK, Sweden, Belgium, the Netherlands, and Luxembourg. There’s also a significant population of Estonians in Canada. As a result, instances of people wanting to send money to Estonia are not uncommon. While most prominent banks let their customers transfer money to Estonia, so do several overseas money transfer companies.
Transfer Money to Estonia
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Estonian kroon (EEK) was the official currency of Estonia from 1928 to 1940, and then from 1992 to 2011. On January 1, 2011, Estonia became the first ex-Soviet state to start using the euro (EUR) as its national currency.
If you wish to send money to an Estonian bank account, you will need to provide the receiving bank’s SWIFT/BIC code. The corresponding table lists SWIFT/BIC codes of some popular Estonian banks.
|Luminor Bank (Formerly Nordea Bank)||Tallinn||NDEAEE2X|
|Eesti Pank (Bank of Estonia)||Tallinn||EPBEEE2X|
Popular Currency Corridors
Close to U.S. $480 million was sent as remittances to Estonia in 2016. In the same year, U.S. 174 billion made its way out of the country as remittances. The corresponding tables give you an indication of the popular incoming and outgoing currency corridors, and the amounts mentioned are for 2016.
How Do I Compare Companies When Transferring Money to Estonia?
Whether you wish to send money to Estonia from Russia, Finland, the U.S., or any other country, or if you want to convert Estonian currency to USD, GBP, RUB, or any other currency, the following factors require your attention.
- Cost effectiveness. When carrying out a money transfer to Estonia from outside of the Eurozone, you will have to deal with currency exchange rates. You may also have to pay a transfer fee. In such a scenario, simply look at how much money the recipient stands to receive to select the most cost effective alternative.
- Speed. Transfers to bank accounts within the Single Euro Payments Area (SEPA) tend to go through within one to two working days. If you initiate you transfer from elsewhere, it may take four to six working days. Money transfers to cash pickup locations, on the other hand, may process immediately.
- Acceptable payment methods. The most commonly accepted payment method is bank account transfers. Not all companies accept payments via debit and credit cards, although some let you pay through region-specific methods such as iDEAL, SOFORT, and POLi.
- Customer support. The kind of customer service a company provides plays an important role, especially if you plan to carry out transfers regularly. You may get over the phone support depending on the company you work with, although online support is more easily available. You can find out what previous customers have say about companies you shortlist by turning to websites such as Trustpilot and Feefo.
How to Send Money to Estonia?
When sending money to Estonia, you can get started in one of three ways.
- Online. While your bank may let you send money to Estonia using its online platform, you may be better off turning to a specialist money transfer company. The top players also provide apps for mobile devices.
- Over the phone. Some overseas companies let you initiate your transfer over the phone, with some even giving their customers access to personal dealers.
- In-person. One way to make an in-person transfer is to visit a bank. Alternatively, you may use the services of money transfer companies that have agent networks operating out of physical locations.
Erik had to move to the UK because of work, while his wife and their young son remained in Estonia. Since they were dependant on him financially, he needed to send them money regularly. While he was planning to use the bank he banked with, a coworker suggested that he compare his options first. He did and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = EUR 1.0622||GBP 1 = EUR 1.1098|
|Transfer fee||GBP 15||GBP 0|
|Amount received for GBP 2,500||EUR 2,655.50||EUR 2,774.38|
|Transfer time||4 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 118.88|
Using the money transfer company instead of the bank ensured that Erik’s wife would receive some extra money each month. In addition, the company he selected let him schedule transfers and lock in exchange rates in advance.
Cash Pickup Locations in Estonia
If sending money to Estonia in a hurry is your top priority, you may consider sending it to a cash pickup location. Western Union and MoneyGram have agent networks in this country.
|Western Union in Estonia|
|Tallinn Postkontor, Narva Mnt 1, Tallinn||Arsenali Postkontor, Erika 14, Tallinn|
|Tartu Kvartali Keskus Postkontor, Riia 2, Tartu||Eedeni Postkontor, Kalda Tee 1c, Tartu|
|MoneyGram in Estonia|
|Tallinn Monex Ou, Viru Valjak 4/6, Tallinn||Changeit - Tallinn Airport, Tartu Mnt 101, Tallinn|
|Tartu Monex Riia 1, Tartu||Parnu Eurex - Kaubamajakas, Papiniidu 8/10, Parnu|
Safety Tips for Picking up Cash in Estonia
Most visits to Estonia remain trouble-free. However, instances of petty crime are not uncommon, especially in and around Tallinn’s Old Town. Exercise basic caution if you plan to collect money from a physical location.
Instances of mugging and pick-pocketing can take place in nightclubs, pubs, and bars in Tallinn’s Old Town. Do not leave you drink unattended as there have been reports of drink tampering with the motive of robbery. Avoid walking in unlit parks and side streets at night. Use your hotel’s safe to safeguard your valuables when possible.
What Information Do I Need to Transfer Money to Estonia?
This depends on the desired transfer method.
- Bank account transfer. Provide the recipient’s complete name, a bank account number, the bank’s name, and the bank’s SWIFT/BIC code.
- Transfer to cash pickup center. You will need to provide the recipient’s name and select a preferred cash pickup location. The recipient will need to provide a reference number and an acceptable form of ID to collect the transferred money.
Regulations When Transferring Money To and From Estonia
Estonia is part of the Eurozone and does not have its own currency exchange restrictions for residents or non-residents. While the European Central Bank (ECB) oversees the region’s the single monetary policy, Eesti Pank (Estonia’s central bank) watches over the country’s payment systems. If you are transferring more than €10,000 to Estonia, it needs to be declared to relevant authorities in the European Union.
When you want to transfer money to Estonia the next time around, make sure you compare your options well. Look for promotional coupons too as they may lead to added savings.
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