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Send Money To Estonia

Covering an area of 45,227 square kilometre, Estonia is the world’s 134th largest nation of the world. After gaining an independence from Soviet Union in 1991, Estonia has become one of the most economically successful member of the European Union.

Estonia is a place where land meets sea, while astonishing lakes, rivers makes the place a dream land for travellers. The country has immersed itself in the rich cultural heritage. The true medieval era, the carved stone walls, cafes and 14th century churches showcase the past.

The capital city of Estonia is Tallinn, the country’s official language is Estonian. Estonia is an extraordinarily innovative and digitalized country that has created major success stories like Playtech, Skype and TransferWise, while the major industries are oil shale mining, shipbuilding, phosphates, electric motors cement, and textiles. 

Popular money transfer services that send to

  • WorldRemit
  • XendPay
  • FairFX

Currency Used

After the period of independence, Estonia did not have their own national currency. At that time there were other currencies floating in Estonia including, Russian ruble, Finnish markka and German ostrouble. However, the German currency was the most valuable currency at that time.

In January 2011, the country declare to join hands with the European Union. Estonia become the first ex-soviet country to use Euro as its national currency. Right after the implementation of Euro, the country’s economy experienced a growth of 7.6%.

Relative to most places in Europe, Estonia is an inexpensive place to live, in 2011 Estonia joined Eurozone and replaced Kroon at a fixed conversion rate of €1 = EEK 15.6466. The euro coin series comprises eight different denominations:

€2, €1, and 50, 20, 10, 5, 2, 1 cents, however 5 cents are no longer designed, but are still in circulation.

Notes:  5, 10, 20, 50,100, 200, 500 Euros

One Estonian euro is equivalent to 0.054 British Pound and 0.085 US Dollar. 

Send Money with Bank Deposit

Over the years, Estonia has become a strong player in maintaining the economic growth of EU. Most of the citizens prefer to opt for the money exchanger as it is convenient and easy method for the transference of money.

There are plentiful of banks that can be easily found in Tallinn which are open from 9:00 to 18:00 pm on weekdays. However, each bank have their own defined pre-transfer fee of money, which can be find out on the website or branches of the respective banks. Moreover, The Central Bank of Estonia and all credit institutions operating in Estonia are legally free to accept coins and banknotes without ant limitations, while citizens are legally allowed to accept up 50 coins as per the laws of the Estonian government.

However, if a transaction exceeds €10,000, it has to be declared to the customs. Additionally, according to the rules governed by the European Central Bank, a person can transact €1,000 for one day, without any implication of charges.

As per the financial transactions rules with EU countries, a sender must have to provide bank the information regarding, International Bank Account Number (IBAN), name of the receiver or sender, bank name and bank identifier code. Additionally, if a currency does not include money exchange, for instance euro transfer, then the money would transfer to the receiver’s account by the end of the next working day. 

Send Money Through Cash Pickup

Cash pickup are supposed to be the fastest and convenient way for making transfer in and out of Estonia. Firms like Western Union and MoneyGram serves as a platform which allow user to transfer funds to the Estonian banks. Also, these firms offer cash pick up centres for the collection of money. Moreover, PayPal offer services, which allow users to transfer money by using the online platform.

However, if you are travelling in Estonia, and you run out of money, then you can opt for the following there methods to instantly get the money for survival.

·             Travel insurance: This is the right time to utilise the travel insurance, if you ever get stuck in a scenarios like flight delays, flight cancellation and misplaced luggage.
·             Cash pickup: There are plentiful of cash pickup centres in Estonia that offers immediate transference of money. Let you family and friends know about the scenario, wait for the transference to happen, then collect the cash from the chosen cash pickup centre.
·             Credit card emergency cash advance: If you are a holder of Visa, MasterCard or American Express credit card, you can easily get an emergency cash advance in Estonia.

Moreover, in order to transfer cash in Estonia from pickups, the user need to provide the ID for the verification of identity, desired pick up location, details of an account from where the money should debit and recipient’s name.

Knowing the risk of the increasing crime rate, it is advisable to take precautions against petty crimes and theft. It is better to collect or deposit cash from cash pickups before it gets dark. 

Money Transfer Regulations

As per the cash control regulation, if a cash transference exceeds to €10,000 then it has to be declared to the custom. The rule applies to all the members of the European Union.

With 7 banks registered in the Estonian market, while most of them are doing well in the e-banking sector as Estonia has a highly advanced Internet banking system: the majority of Internet users make their everyday transactions via Internet banking and smart-phone applications.

Cash pickup and e-transactions are turned out to be the most preferred methods among Estonians, firms like Western Union and MoneyGram are widely spread in the country. To collect or send money the user need to provide the suitable ID and the relevant bank account information which plays a vital role in the identification of the person’s account.  However, to collect the huge amount of sum It is advisable to call the firm to ensure the availability of funds.

As far as transactions from are concerned as per the rules governed by the European Central Bank, a person can transact €1,000 for one day, without any implication of charges.