FREQUENTLY ASKED QUESTIONS

How long can Estonian kroon cash be exchanged for euro?
Kroons can be exchanged for euros for an unlimited time.

From the beginning of 2012 the shop of the Eesti Pank Museum exchanges kroons for euros at the central exchange rate (1 euro = 15.6466 Estonian kroons) and without any service fee, in unlimited amounts and for an unlimited period of time. The museum of the central bank is open from 12 to 17 from Tuesday to Friday and from 11 to 16 on Saturdays.

During the first half of 2012 the offices of Swedbank and of SEB all over Estonia will also continue to exchange kroons for euros under the same conditions. In addition, kroons can be exchanged in certain offices of Sampo Pank and Krediidipank. For more information call the banks' customer service.

It will be decided in six months whether the commercial banks will continue to exchange kroons or not.

How secure are euro banknotes?
The euro banknotes feature several high-technology security elements that render their reproduction extremely difficult. The security elements also enable people themselves to verify the authenticity of banknotes.

How do I recognise counterfeit money?
The euro banknotes have a number of security features which render counterfeiting very complicated. For the recognition of counterfeits you should examine as many known security features as possible. A certain way is to compare a suspicious note with the one you are sure of. You should also see if the source of the note is sufficiently reliable. For example, you can always be sure that you withdraw genuine money from a cash dispenser. In case of doubt approach an office of a commercial bank for assistance.
Read more about the security features of the euro banknotes on the web site of the European Central Bank.

What should be done if you suspect you are in possession of counterfeit cash?
If you think a banknote or coin you have may be counterfeit, turn to the police. If you turn to a professional money handler (e.g., a bank, foreign exchange bureau) to replace or check suspicious cash, they are obliged to notify the police. A person who was not aware he had been using counterfeit money will not be punished. However, the necessary procedural acts may take some time.

Where is the euro valid as legal tender?
The euro was introduced as account money on 1 January 1999 in eleven European Union Member States. Euro cash is in use since 1 January 2002. The euro is legal tender in seventeen EU Member States, six other European countries, and territories and islands that belong to EU Member States or are otherwise related to them.

EU Member States that belong to the euro area: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Cyprus, Malta, Slovenia, Slovakia and Estonia.

European countries where the euro is legal tender: Monaco, San Marino, Vatican City, Andorra, Montenegro and Kosovo.

Why have not all the European Union countries adopted the euro?
In order to adopt the euro, countries first have to join the exchange rate mechanism ERM2 and participate in it for two years. Thereafter, the compliance of the countries’ economic and legal environment to the requirements of the euro area will be assessed. In addition to the sixteen euro area countries, another four European Union countries, including Estonia, are members of the ERM2. Several countries are also planning to join the ERM2. Thus, the euro area may expand by a number of countries within the nearest five years. Great Britain and Denmark are entitled not to adopt the euro, but other EU Member States are obligated to perform the changeover.

Is it currently possible to change German marks, Finnish marks or French francs in Estonia?
With the adoption of the euro in the member states of the European Economic and Monetary Union (EMU) at the beginning of 2002, the national currencies of these countries were removed from circulation. Eesti Pank does not have comprehensive information on which currencies are changed by commercial banks or currency exchange offices. For more precise or up-to-date information we recommend you to address a specific bank or a currency exchange office.
In the case banks or currency exchange offices do not change former currencies of the EMU member states, you could always address the central bank of the country whose currency you wish to exchange. The following table shows closing dates across countries of the former national currencies of the EMU member states:

Exchange of former national currencies

* Dutch gulden (banknotes and coins) are changed by the Central Bank of the Netherlands on the condition they have not been acquired in the course of business activities after 27/10/2002. Additional information on the website of the Central Bank of the Netherlands.