Converting markka banknotes and coins into euro
Where can I convert markka banknotes and coins into euro? Until when can I do so?
The markka redemption period ends on 29 February 2012. We recommend you to contact your own bank first. Banks accept markka notes and coins from their regular customers, at their own discretion. Forex is another place to turn to for conversion of markka notes and coins into euro.
Markka banknotes and coins can also be returned to the Bank of Finland by post. The sender is then responsible for postage. The address is:
BANK OF FINLAND
Customer Service Office
PO Box 160
00101 HELSINKI
Details of the sender's name, address and telephone number should be provided, together with the bank account number (IBAN) and contact details for the bank (BIC). You are also advised to record the amount of money remitted.
The Bank of Finland has one Customer Service Office at Rauhankatu 19 in Helsinki, where you can present markka notes and coins for conversion into euro. The Customer Service Office is open on weekdays from 10 am to 15 pm. There are no customer service offices at the Bank of Finland's regional offices, which do not accept markka notes and coins for conversion.
How much time does converting markka banknotes and coins into euro take, at the Bank of Finland? What does it cost?
To avoid the rush, we recommend that you contact your own bank first. Banks accept markka notes and coins from their regular customers, at their own discretion. Forex is another place to turn to for conversion of markka notes and coins into euro.
How quickly the conversion is performed depends on the amount of cash presented for redemption. Small amounts are exchanged at the cash desk as you wait, but large amounts of coins, for instance, will be sent on for counting. The equivalent euro amount will then be credited to the customer's bank account in a few days. The conversion may take longer as the redemption period draws to its close. In both cases the conversion is free of charge.
If the amount has to be credited to an account abroad, the prcoess will take about one week, depending on the foreign bank involved. For the costs incurred by the customer, see below.
Markka banknotes and coins can also be returned to the Bank of Finland by post. The sender is then responsible for postage. A covering note must be filled in, including the sender's name, address and telephone number, together with the bank account number (IBAN) and contact details for the bank (BIC). You are also advised to record the amount of money remitted.
Markka banknotes and coins returned by post in Finland will be converted and credited to the customer's account, free of charge. If they are returned by post from abroad, the costs will be higher as, in addition to postage, the customer must pay the fees charged by the Bank of Finland and intermediary banks. When money is remitted to a bank in the euro area, the postage charged to the customer amounts to EUR 0.15. For banks outside the euro area, postage is EUR 5.00. The foreign bank may charge additional fees. If some of the recipient's details are missing, the costs may be higher. In addition, the Bank of Finland charges a fee of EUR 12 for remittances of markka banknotes and coins in excess of EUR 50. These cost calculations are only indicative, as the fees charged by commercial banks may vary case by case.
Is the Customer Service Office in Helsinki the only place where the Bank of Finland accepts markka banknotes and coins for conversion?
Unfortunately this is the case, but markka banknotes and coins can also be returned to the Bank of Finland by post. The sender is then responsible for postage.
The postal address of the Customer Service Office is:
BANK OF FINLAND
Customer Service Office
PO Box 160
00101 HELSINKI
A covering note must be filled in, including the sender's name, address and telephone number, together with the bank account number (IBAN) and the bank's contact details (BIC). You are also advised to record the amount of money remitted.
Markka banknotes and coins returned by post in Finland will be converted and credited to the customer's account, free of charge. If they are returned by post from abroad, the costs will be higher as, in addition to postage, the customer must pay the fees charged by the Bank of Finland and intermediary banks. When money is remitted to a bank in the euro area, the postage charged to the customer amounts to EUR 0.15. For banks outside the euro area, postage is EUR 5.00. The foreign bank may charge additional fees. If some of the recipient's details are missing, the costs may be higher. In addition, the Bank of Finland charges a fee of EUR 12 for remittances of markka banknotes and coins in excess of EUR 50. These cost calculations are only indicative, as the fees charged by commercial banks may vary case by case.
What services are provided by the Bank of Finland's Customer Service Office?
The Customer Service Office is only responsible for converting markka banknotes and coins. These are redeemed at their face value (€1 = FIM 5.94573). Commemorative coins are also redeemed at their face value. The collectable value of commemorative and other old coins may be higher than their face value, and therefore exchanging them at the Bank of Finland may not be the best option. Estimates of the values of such coins can be obtained from coin dealers and numismatic coin clubs, for instance.
As the Customer Service Office does not provide ordinary banking services, it does not sell euro or markka banknotes or coins, or one and two cent coins; nor does it exchange other countries' currencies or accept remittances in euro.
What will happen after 29 February 2012 to unredeemed markka banknotes and coins?
The Bank of Finland's obligation to redeem markka banknotes and coins will expire on 29 February 2012. Markka banknotes and coins that have not been converted by that date will lose their face value, while retaining their numismatic value. These unconverted items will lose their book value and be written off the books. Until 2012, the Bank of Finland will continue to compile full statistics on markka banknotes and coins still in circulation.