According to the regulation established by the Bank of Estonia, all outgoing and incoming international payments in the amount equal to or above 782, 330 kroons (50 000 EUR or equivalent in a foreign currency) must be declared.
Declaration of outgoing international payments
- All outgoing international payments equal to or above 50 000 EUR or equivalent in a foreign currency must be declared.
- To declare, you must add the transaction code characterising the content of the transaction to the payment order form.
- You must also declare the payment beneficiary's country.
- If you doubt the suitability of the selected code or if several codes apply to the payment, select the code 900 (Other payment) and write the purpose of the payment in the description field in your own words.
Declaration of incoming international payments
- All incoming international payments equal to or above 50 000 EUR or equivalent in a foreign currency must be declared.
- To declare an incoming international payment, you must enter the transaction code (the code describes the content of the transaction) on the incoming payment order form by selecting a code from the provided list.
- If you doubt the suitability of the selected code, select the code 900 (Other payment) and write the purpose of the payment in the description field in your own words.
- You must also declare the payer's country.
- If the international payment has been received on the account between the 1st and the 15th date, it must be declared by the last day of the current month (incl.)
- If the international payment has been received on the account between the 16th and the 31st date, it must be declared by the 15th date of the following month (incl.).