1. What is the official currency of Estonia?

The official currency of Estonia is the Euro.

2. Are there any restrictions on foreign currency transactions in Estonia?

There are no restrictions on foreign currency transactions in Estonia. The country has a liberal economy and follows free-market principles, allowing for easy movement of capital and goods across borders. Foreign investors can freely transfer funds in and out of the country without any limitations. However, reporting requirements may apply for large or suspicious transactions to prevent money laundering and terrorist financing.

3. What is the current exchange rate for local currency to US dollar in Estonia?

As of November 2021, the current exchange rate for Estonian kroon (EEK) to US dollar (USD) is approximately 10 EEK = 0.59 USD. However, Estonia has switched to using the euro as its currency since January 2011, so the current exchange rate for Euro (EUR) to USD is approximately 1 EUR = 1.12 USD.

4. Is it better to use cash or credit cards for purchases in Estonia?

As a general rule, it is better to use credit cards for purchases in Estonia. This is because credit cards offer additional consumer protections, such as fraud protection and the ability to dispute charges, that cash does not provide.

Additionally, many businesses in Estonia, especially those in larger cities and tourist areas, accept credit cards as payment. Using a credit card can also be more convenient, as you do not need to worry about carrying large amounts of cash or exchanging currency.

However, there are still some smaller establishments and markets that may only accept cash. In these situations, it is recommended to withdraw local currency from an ATM with your credit or debit card rather than exchanging money at a currency exchange bureau, as ATMs typically offer better exchange rates.

Ultimately, the decision between cash and credit card usage will depend on personal preferences and individual circumstances. It is always advisable to have a mix of both cash and credit cards while traveling to Estonia.

5. Do businesses in Estonia typically accept US dollars or do they prefer local currency?

It is preferred for businesses in Estonia to accept the local currency, the Euro. Some tourist establishments or larger businesses may also accept US dollars, but it is always best to have the local currency on hand.

6. Are there any hidden fees or charges when exchanging money in Estonia?

There may be hidden fees or charges when exchanging money in Estonia, particularly if you are exchanging currency at a touristy location or using a less reputable exchange service. It is always best to compare rates and read the fine print before exchanging money. Some potential hidden fees or charges to watch out for include: commission fees, handling fees, conversion fees, and inflated exchange rates. Additionally, some banks may charge an ATM withdrawal fee for using a non-affiliated bank’s ATM machine to withdraw cash in a foreign currency.

7. Can I use ATMs from my home country bank in Estonia to withdraw money?

It depends on your bank and the ATM network they are a part of. Some banks may have partnerships with international ATM networks that allow their customers to withdraw money from ATMs in other countries, including Estonia. You should check with your home country bank to see if they have any partnerships or fees associated with using ATMs in Estonia. Additionally, make sure to inform your bank of your travel plans beforehand to avoid potential issues with accessing your funds while abroad.

8. Is it necessary to tip service workers and what is the customary amount in Estonia?

It is not necessary to tip service workers in Estonia as service charges are usually included in the bill. However, if you are satisfied with the service, a small tip of 5-10% is appreciated. It is not customary to leave large tips or round up the bill. In general, it is more common to tip in restaurants and bars than in other types of establishments such as taxis or hair salons.

9. Can I purchase traveler’s checks before traveling to Estonia, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Estonia. However, they may not be widely accepted as a form of payment. It is recommended to have a combination of cash and credit/debit cards for your trip to ensure you have multiple ways to pay for expenses. Some banks in Estonia may also offer the option to exchange traveler’s checks for local currency.

10. Are there any restrictions or limits on bringing foreign currency into or out of Estonia?

There are no limits or restrictions on bringing foreign currency into or out of Estonia. However, if you are carrying more than 10,000 euros (or equivalent in another currency) in cash, you must declare it at customs upon arrival or departure. Failure to do so may result in confiscation of the funds.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Most major hotels and restaurants in developed countries accept credit cards. American Express, Visa, and Mastercard are the most commonly accepted types of credit cards. Some places may also accept Discover or Diners Club. It is always a good idea to check with the specific hotel or restaurant beforehand to see which types of credit cards they accept.

12. Are there any unique features of the currency used in Estonia, such as coins with different values or special designs?

Yes, the currency used in Estonia is the Euro, which has unique designs on its coins and banknotes. The coins feature designs representing Estonian culture and history, such as the first Estonian flag, a map of Estonia, and symbols related to the country’s flora and fauna. There are eight different denominations of euro coins used in Estonia: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1 and €2.

One interesting feature of Estonian euro coins is that they have a special security element embedded in their design – “Eesti”, which can only be seen under ultraviolet light. This helps to prevent counterfeiting.

Additionally, Estonia is known for issuing commemorative or collector coins with unique designs and themes. These can have a higher value than regular circulation coins and are often collected by numismatists.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Haggling is generally acceptable in markets and smaller shops where prices are not fixed. It is considered a common practice in many cultures and can be seen as a way to negotiate for a better price. However, it may not be appropriate in larger chain stores or when purchasing from street vendors who may have set prices. It is important to be respectful when haggling and to only engage in it if you are genuinely interested in making a purchase.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

Yes, in some cases businesses may accept a mix of both local currency and US dollars as payment for goods and services. However, this is not standard practice and it would depend on the individual business’s policies. It is best to check with the business beforehand to see what payment methods they accept.

15. What is the most convenient way to exchange money while traveling through different regions of Estonia?

The most convenient way to exchange money while traveling through different regions of Estonia is by using ATMs or exchanging currency at a major bank or currency exchange office. It is advisable to carry some cash in the local currency for smaller purchases and to have a credit or debit card that can be used internationally. It is important to check with your bank beforehand about any international transaction fees.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Estonia?

Yes, Estonia is considered an advanced digital society and there are alternative forms of payment available such as mobile payments and digital wallets. Some popular options include:

1. MobilePay – This app allows users to link their bank account or credit card and make payments directly from their phone.

2. SEB Pank e-wallet – This is a digital wallet offered by SEB bank that allows users to make payments using their mobile phone.

3. Swedbank mobile payment – With this service, users can add their bank card to the Swedbank app and use it for contactless payments.

4. PayPal – Many merchants in Estonia accept PayPal as a form of payment, making online shopping easier.

5. Revolut – This app allows users to top up their account with money and make payments using a virtual card or a physical prepaid Visa card.

6. Coop Pank mobile payment – Customers of Coop Pank can use the Coop mobile app to make payments at selected merchants.

7. Bolt (formerly Taxify) – The popular ride-sharing app allows customers to pay for rides using the app, eliminating the need for cash or cards.

It should be noted that not all merchants may accept these forms of payment, so it is advisable to carry some cash or a credit/debit card as backup. Additionally, users may need to set up these services with their respective banks before being able to use them for payments.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Estonia?

Tipping is generally not expected in Estonia, as service charges are included in the bill at most establishments. However, if you receive exceptional service, it is considered polite to round up your bill or leave a small tip of 5-10% at restaurants, cafes, and bars. Tipping is also appreciated for services like haircuts and spa treatments. As for taxi rides, rounding up the fare is customary, but not required.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Estonia?

Yes, tourists can receive a tax refund on their purchases at certain stores in Estonia through the VAT refund scheme. The tax refund is for VAT (Value Added Tax) which is included in the price of goods purchased by visitors from non-EU countries. To be eligible for a VAT refund, the purchase must be made at a store that participates in the VAT refund scheme and the total amount spent must be above a minimum threshold (usually 38 euros). Tourists can request a tax-free shopping form (typically called “Tax Free Form”) from the participating store and get it stamped by customs when leaving Estonia. They can then claim their refund at designated locations or online once they have left the EU. Some popular stores that accept tax-free shopping forms in Estonia include Kaubamaja, Stockmann, and Tallinn Airport Tax Free Lounge.

19..How should I handle my leftover foreign currency when departing from Estonia, including coins and smaller bills?

1. Exchange at the airport: The easiest and most convenient option is to exchange your leftover foreign currency at the airport before your departure. Most international airports will have currency exchange offices or kiosks that can convert your foreign coins and bills into local currency.

2. Use it for purchases: Another option is to use up your remaining foreign currency for any last-minute purchases, such as snacks or souvenirs at the airport. This is a good way to avoid exchanging or losing money on fees.

3. Keep it for future travel: If you plan on traveling to another country that uses the same currency, you can keep your foreign coins and bills for your next trip. This will save you time and money on exchanging currency again.

4. Donate it: If you have small amounts of coins and bills that you are unable to exchange or use, consider donating them to a charity before leaving Estonia. Many airports have donation boxes where you can deposit your extra currency, which will then be used for charitable causes.

5. Sell it online: There are websites and apps that allow travelers to buy and sell leftover foreign currency. You can list your coins and smaller bills for sale and potentially get some of your money back.

6. Convert it at a bank: If you are not able to exchange your coins and smaller bills at the airport, you can visit a bank in Estonia to convert them into local currency once again. However, keep in mind that banks may charge higher fees for this service compared to airports or exchange offices.

7. Hold onto it as a souvenir: Some people like to keep their leftover foreign currency as a souvenir from their trip abroad. If this is the case for you, make sure to check with customs regulations of your home country regarding bringing back foreign coins and bills before departing from Estonia.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Estonia each day?

Yes, the maximum daily withdrawal limit varies depending on the bank and type of account you have. Some banks may allow you to withdraw up to 500 euros per day, while others may have a lower limit of around 300 euros. It is best to check with your own bank for their specific limits. Additionally, some ATMs may also have their own daily withdrawal limits, which may be lower than your bank’s limit.