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Declaration of foreign payments

According to the decree issued by Bank of Estonia (Bank of Estonia Decree No 21), the resident originating customer or the resident beneficiary is obliged to declare all international payments above 50 000 EUR (or ~782 330 EEK).

Declaration is defined as assigning of a transaction code and determination of the residency of the party of the transaction.

Transaction codes used in the case of payments originated by clients of credit institutions

Outgoing payments are declared on international transaction payment order or in an electronic payment channel when originating the payment.

Incoming payments are declared within the term specified below as of the date of receipt:

Payments received between 1-15^th of the month by the last day of the current month;
Payments received between 16-31^st of the month by the 15^th of the following month.