If you wish to recall a payment, submit a bank notice to this effect including the date on which the payment was executed, the recipient and the amount. A payment issued by the bank can only be recalled with the recipient’s consent. If they don’t grant it, the payment can’t be recalled. The fee for recalling a payment is €20 and requires the recipient’s consent. We recommend getting in touch with the recipient first and asking them to return the payment. If you’d rather instigate the recalling of the payment via the bank, confirm in your bank notice that you agree to pay the fee.
Instant payments reach your account in a matter of seconds. European payments usually take between three hours and one business day to reach your account. If you can’t see a payment that’s been made to you, we recommend checking with the other bank whether they’ve issued the payment.
In view of Coop Bank’s risk appetite, as well as wide-ranging sanctions and legal requirements, the bank doesn’t perform transactions with the countries listed here. Those marked with an asterisk are countries with which no transactions can be performed.
Yes. In this case, all payments without reference numbers are revoked.
These can be generated for a company’s invoices using the reference number calculator on the Estonian Banking Association website.
No, because the banks operating in Estonia don’t offer direct debit services and therefore aren’t obliged to be part of the system. The direct debit service for payments within Estonia was terminated on 1 February 2014 upon the introduction of standing orders initiated on the basis of e-invoices.
Your company will need to enter into an agreement with an operator on the forwarding of e-invoices. This service is offered by Unifiedpost (Fitek AS, +372 651 9519, teenindus@unifiedpost.com) and Finbite OÜ (Omniva, +372 656 5400, sales.et@finbite.eu). You can also use other operators who forward e-invoices via Unifiedpost.
Current accounts can be opened and payments made in Coop Pank in EUR, DKK, NOK, SEK and USD*.
*Note that current accounts in USD are no longer being opened and that only intrabank payments have been able to be made in existing USD accounts since 5 May 2017.
Yes – confidential salary and pension payments can be made quickly and easily in our Internet bank. Consolidated payments are debited from your account as a single row, and only those with the right to view individual payments may do so. For the total amount of payments in a single payment file transmitted in ISO XML format to be debited, the ‘Batch Booking’ (pain.001.001.03 index 2.3) field must be set to ‘True’ and the ‘Category Purpose Code’ (pain.001.001.03 index 2.15) field must be set to ‘SALA’, ‘SSBE’ or ‘PENS’. Watch explanatory video.
How the explanation is displayed in the payer’s account field depends on the values in the fields in the XML file:
1. If you enter the value ‘True’ in the ‘Batch Booking’ field in the ISO format payment order but don’t fill in the ‘Category Purpose Code’ field, the words ‘Consolidated Payment’ will be displayed in the explanation field.
2. If you enter SALA, SSBE or PENS in the ‘Category Purpose Code’ field, the explanation field will display either ‘Salary payment’, ‘Social insurance contribution’ or ‘Pension contribution’, respectively.
Banknotes in euros or other currencies in use in Member States of the European Union may only be taken into Russia or Belarus for personal use. This restriction does not extend to the currencies of third countries.
In travelling to or returning from Russia or Belarus, cash in excess of 10,000 euros must be declared at Customs. More information about the declaration of cash can be found on the website of the Estonian Tax and Customs Board.
Banks are prohibited from accepting deposits of more than €100,000 from Russian and Belarusian citizens and residents. In terms of existing clients, this means that the account balance and value of deposits of such a client in the bank may not exceed €100,000 and that the bank may not pay the client interest on their current account balance and deposit if this means that the client’s assets in the bank would exceed €100,000.
This prohibition is not applied to citizens and residents of Russia and Belarus who hold the citizenship of a European Union Member State, a country belonging to the European Economic Area or Switzerland, or who hold a temporary or permanent residence permit in a European Union Member State, a country belonging to the European Economic Area or Switzerland.
Coop Pank AS suspended all payments to Russian and Belarusian banks on 8 April 2022. This restriction extends to all subsidiaries of Russian and Belarusian banks that may be registered or operate outside of Russia and Belarus.
Starting from 19 August 2022 Coop Pank AS no longer accepts payments linked to Russia or Belarus. This means that starting from 19 August 2022 it is no longer possible to receive payments in an account opened in Coop Pank AS initiated by:
Coop Pank AS may also decline to perform a transaction if it identifies a Russian or Belarusian party in the goods supply chain or otherwise involved in the transaction or if the final beneficiary of the goods or service is Russian or Belarusian.
As an exception, payments linked to Russia or Belarus will be accepted if they pertain to the national interests of Estonia or humanitarian reasons, such as benefits or pensions. We will also allow our clients, as an exception and for valid reasons, to accept payments related to exiting businesses linked to Russia or Belarus.
Citizens and residents of and companies registered in the European Union who have decided to continue pursuing business relations with Russia or Belarus must bear in mind that they are obliged to follow and comply with all of the sanctions imposed by the European Union. The most up-to-date overview of sanctions can be found on the European Union sanctions map.
Countries, for which settlements are limited.
Mastercard suspended its operations in Russia on 10 March 2022, as a result of which Coop Pank cards can no longer be used for transactions in Russia. Coop Pank cards can be used for all outside Russia transactions as usual.
If a Ukrainian citizen starts a new company in Estonia (from 24 February 2022) and wants to open an account in Coop Pank, the account opening fee will be waived. Other services will be charged according to the ordinary price list, and whether we agree to open the account depends on the bank’s risk appetite.
Private and company deposits in Estonian banks are guaranteed up to the value of €100,000 per depositor per bank via the Guarantee Fund.
For example, if someone deposits €1 million in a bank operating in Estonia and another million in another bank operating in the country, the amount they are guaranteed is €200,000.
Estonian banks and bank services are functioning as normal, and the availability of cash is ensured. That said, everyone should have a small amount of cash to hand at any given time. A sensible amount would be enough to cover ordinary needs for a few days. We don’t recommend holding on to larger amounts of money in cash. The money that clients and companies hold in bank accounts is guaranteed, and there are specific plans in place in local banks to ensure their continued operation and the availability of money in various crisis scenarios. We also recommend familiarising yourself with the state’s guidelines on the website www.kriis.ee.
Banks keep a constant and very close watch on economic, geopolitical and security developments in the countries they operate in. For banks here in Estonia that now involves keeping an even closer eye on things, but nothing all that different to our everyday work has arisen so far.
Take a look at this press release issued by the Bank of Estonia: "How does the war in Ukraine affect banking in Estonia?".
Given the ongoing situation, we call on everyone to apply critical thinking to information they read online and to put their trust in reliable sources. Remember that scammers make the most of any situation – they play on people’s emotions to get them to make rash decisions and cheat them out of money. They might play up the risk of a cyberattack to scare you, or exploit your good side by pretending to represent a charity. Be on your guard, and think critically! More information about how to recognise scams can be found on the website of the Banking Association.