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Top 3 Money Transfer Providers for UK to Estonia

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 10,843.09 £0.00 1.0843 1-3 days more...
TorFX TorFX 10,864.99 £0.00 1.0865 1-3 days more...
Currencies Direct Currencies Direct 10,832.13 £0.00 1.0832 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
ESTONIA
Estonia joined the European Union (EU) in May of 2004 and the single-currency eurozone in January of 2011 Read More
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Estonia Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Estonia's money transfer regulations
  • Currency union
  • Foreign Direct Investment in Estonia
  • Estonia's monetary and regulatory authority
  • Property and taxation
  • Currency
  • Summary

    Estonia joined the European Union (EU) in May of 2004 and the single-currency eurozone in January of 2011. As a member of the eurozone, Estonia has adopted liberal economic policies, and created a favorable environment for foreign direct investment and foreign trade. The Estonian government does not impose any restrictions on currency transfers; sending money to Estonia or transferring money internationally from Estonia is not restricted, whether within or outside the EU.

    Estonia's money transfer regulations

    As part of the Schengen Area and eurozone, currency can be freely transferred to Estonia and sent out of Estonia, and there are no restrictions on international money transfers or currency conversions. Estonia freely encourages foreign direct investment and does not impose restrictions or limitations related to investments or international transfers, including loan or lease payments, or remittances on earnings or investment capital. Estonia also seeks to monitor and control money-laundering abuses by maintaining membership in the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures, as well as the financial anti-terrorism task force, Financing of Terrorism (MONEYVAL).

    Currency union

    Because of Estonias membership in the single-currency eurozone, sending money to Estonia from within Europe has been vastly simplified. The introduction of the single currency euro in 1999 created a single payment system for member countries and has made the transfer of money cheap and fast. This single payment system extends to other European countries that have maintained their independent currencies, including Iceland, Liechtenstein, and Norway.

    Foreign Direct Investment in Estonia

    Estonias membership in the eurozone, liberal economic policies, and favorable investment climate have made it one of the leading countries in foreign direct investment in Central and Eastern Europe. Through 2013, Estonia had attracted US$20.7bn of foreign investment, according to the US State Department. Investments were in the financial sector (24%), manufacturing (16%), real estate-related activities (16%), wholesale and retail trade (13%), and professional, scientific and technical activities (9%). Although Estonia is a small country with a limited workforce and concerns about shortages in the labor force, it does offer a number of benefits, including a transparent regulatory environment and business opportunities in a variety of industries ranging from biotechnology to wood processing. Currently, Estonias closest trade ties are with Germany, Sweden, Finland, and Russia.

    Estonia's monetary and regulatory authority

    The creation of the eurozone and its monetary union resulted in the adoption of a single monetary policy established by the European Central Bank (ECB). The Government of Estonia and Estonias central bank, the Bank of Estonia, supervise the domestic banking system and oversee all financial transactions, including the operation of cash and electronic payments, to ensure they meet the guidelines set forth by the ECB.

    The Government of Estonia and the Bank of Estonia maintain an independent Financial Intelligence Unit, under the central banks authority, to monitor suspicious financial transactions, help enforce anti-terrorism measures, and prevent money laundering through international money transfers.

    Property and taxation

    Estonia maintains a simple, flat rate taxation system. All income taxes, personal and corporate, are taxed at a rate of 21%, and corporations income taxes are exempted from the corporate income tax if the companys profits are reinvested. By exempting reinvested corporate profits from income taxation, Estonia hopes to encourage companies to expand their operations in Estonia. Distributed company profits, including dividends, are also taxed at the 21% rate.

    The country treats foreign and domestic capital in the same way, meaning there is no favorable treatment for either. There are no special investment incentives for foreign investors, nor do domestic investors receive preferential treatment. Currently, citizens of the EU, Switzerland, and the United States are exempt from the quota which regulates and limits the number of residence and immigration permits issued by the Estonian government. As Estonia is in the process of updating and refining its immigration policies, please consult the Estonian economic ministry website for regular updates to these conditions.

    Currency

    Estonia entered the euro currency area in January of 2011 and uses the euro, which is based on a system of 100 cents, for all its financial transactions. Euro banknotes are printed in denominations of EUR5, EUR10, EUR20, EUR50, EUR100, EUR200 and EUR500, while coins are widely used and available in values of 1, 2, 5, 10, 20 and 50 cents, and EUR1 and EUR2. eurozone member countries central banks issue banknotes and coins for their own country. Coins have national designs on one side and common designs on the other.

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    Exchange Rates as of 2019-08-16T21:59:55+00:00

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    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.