SWIFT/BIC codes in Estonia

Estonia: banks and their SWIFT/BIC codes

For Estonia we have 44 SWIFT/BIC codes. Each code points to an institution or one of its branches, so a payment from abroad reaches the right place.

Each bank has its own page showing the head office code and if there are any, branch codes. Below the list we explain how a code from Estonia is put together, how to send money to Estonia without overpaying and what to check before you pay.

Verifying a SWIFT code from Estonia

The most reliable place for the correct BIC remains a document from the bank itself. A wrong code can cause delays, a payment being sent back or additional charges – compare it with the code in our list.

This list draws on publicly available sources. Even so, banks merge, rename themselves or retire codes and our data may lag behind. Use our data as a reference, not as the final word; the recipient’s bank details are leading. GoldexPay is an independent comparison site and has no link to the banks in this list.

Fraudsters often send payment requests carrying changed bank details that look completely genuine. A real SWIFT code says nothing about whether a request is genuine – scammers use the codes of real banks.

Bank or transfer service for Estonia?

An international bank payment to Estonia often costs rather more than the fee suggests. There is a transfer fee, sometimes charges from intermediary banks along the way and, above all, the margin on the exchange rate if the money is converted.

The real cost is often in the rate, rather than in the fee: banks convert at a rate with a margin built in. An easy check: set the offered rate against the mid-market rate and look at the difference.

Money transfer services frequently offer rates closer to the mid-market rate. Before you send money to Estonia, it is worth comparing what arrives on GoldexPay.

Transfer times to Estonia

A SWIFT payment to Estonia usually needs one to a few business days. Payments made after the cut-off time or on weekends and holidays often go out a business day later.

A growing number of banks use SWIFT gpi for faster and traceable payments. Each gpi transfer carries a unique reference, the UETR. Money transfer services usually provide a status in their app, which makes it easier to see where the money is.

The structure of a Estonia SWIFT/BIC code

Each SWIFT/BIC code has eight or eleven characters, always in the same order. The first four letters stand for the bank, characters five and six are the country code and the next two give the location.

You can spot a code from Estonia by the fifth and sixth characters – those always form the country code of Estonia. If the country letters do not match Estonia, the code belongs to a bank somewhere else.

When a code ends in XXX, it refers to the main office and the short version works just as well. In most cases the head office code is what you need.

The Euro (EUR) and conversion costs

The currency in Estonia is the Euro (EUR). When you pay money in a different currency, it gets converted somewhere along the way – by your bank, a bank in between or the recipient’s bank.

Who does the conversion has an effect on the final amount, as rates and margins differ per bank. Often it is cheaper to send EUR straight away through a provider with a good rate rather than letting the receiving bank convert. With bigger transfers, a seemingly small gap in the rate adds up quickly.

Paying in euros to Estonia

Within the SEPA zone, euro payments to Estonia follow the same rules. The BIC field is usually optional for those payments.

You will still need the BIC when sending payments in other currencies or money from outside the SEPA area. Euro payments within SEPA normally land within one business day or faster with instant payments. Costs stay low as long as no currency is converted.

The largest SWIFT network in Estonia: Eesti Pank (Bank of Estonia)

Eesti Pank (Bank of Estonia) tops the list for Estonia in the number of SWIFT/BIC codes. Its main office has EPBEEE2XXXX; that is usually the right code for a transfer.

Practice differs in how many codes they register – a high count is not a measure of size. Paying someone at Eesti Pank (Bank of Estonia)? Go with EPBEEE2XXXX except when the recipient gives you a branch code.

Receiving money in Estonia from abroad

If you expect a payment from another country in Estonia, give the sender a complete set of details. Give them the account holder’s name, the IBAN or account number, your bank’s SWIFT code and your address, which some banks require.

Find the bank in the list above, but take the code from your own bank details when in doubt. It helps to add the name and city of your bank as well, since some payment forms ask for it.

The amount you receive is often lower than what was sent. Charges on incoming payments vary from bank to bank – your bank’s price list tells you what applies. Make clear with the sender who pays which costs before the money is sent.