Converting markka banknotes and coins into euro
The Customer Service Office of the Bank of Finland will convert all markka banknotes printed after the Second Word War into euro until 29 February 2012. Coins included in the last markka coin series will also be accepted for conversion until 29 February 2012. However, the deadline for the redemption of silver coloured 1 markka coins and 5 markka coins with the icebreaker motif will be 31 December 2007. Coins older than these will not be accepted for conversion.
The address of the Bank of Finland's Customer Service Office is Rauhankatu 19, Helsinki, and its opening hours are Monday to Friday 10.00−12.00 a.m. and 1.00−3.00 p.m.
Besides the Bank of Finland, branches of commercial banks (Nordea and Sampo), co-operative banks, independent local co-operative banks and savings banks, and bureaux de change may accept markka banknotes for conversion at their discretion. They may, however, charge fees for exchange services or provide these services only to regular customers.
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 quantities 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. In both cases the conversion is free of charge.
If the amount has to be credited to an account abroad, the process 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, indicating the sender's name, address, telephone number and bank account number; it is also advisable to record the amount of money remitted. In the case of a foreign bank account, bank details, including IBAN and SWIFT codes, must be given in the covering note.
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. Remittances of markka banknotes and coins in excess of €50 are normally liable to a charge of €16.20 in Finland (comprising €12 charged by Bank of Finland plus €4.20 charged by Sampo Bank). The foreign bank involved will charge fees of its own. Remittances of less than €50 are only liable to the €4.20 charge from Sampo Bank plus the foreign bank's fees. These cost calculations are only indicative, as tariffs applied by commercial banks may vary case by case.
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
FI-00101 HELSINKI
A covering note must be filled in, indicating the sender's name, address, telephone number and bank account number; it is also advisable to record the amount of money remitted. In the case of a foreign bank account, bank details, including IBAN and SWIFT codes, must be given in the covering note.
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. Remittances of markka banknotes and coins in excess of €50 are normally liable to a charge of €16.20 in Finland (comprising €12 charged by Bank of Finland plus €4.20 charged by Sampo Bank). The foreign bank involved will charge fees of its own. Remittances of less than €50 are only liable to the €4.20 charge from Sampo Bank plus the foreign bank's fees. These cost calculations are only indicative, as tariffs applied by commercial banks may vary case by case.
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.
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.