It’s important you understand your range of choices as there will never be a single banking provider best-suited or available for every company. That’s why e-residents use a wide range of payment institutions to meet their business banking needs. What works for you will depend on where you live, what your business needs, and your experience with financial services.
You can use one or a combination of the options listed below. And remember, you’re always free to switch to a different account in the future.
The e-Residency programme is committed to helping e-residents access a broad range of business banking and other financial tools. We’re always working to identify the best banking and financial tools for e-residents and we encourage you to share your feedback with us about what’s working.
Helpful tip
Many e-residents start with a banking provider they can open an account with entirely online. This helps them get their business up and running quickly. Later, when their company is more established or meets additional criteria, they often upgrade to a provider with more functionality.
To see which providers we've identified and established communication with, please visit our Marketplace.
Note, you are not limited to using the services or payment institutions listed on our website.
Payment institutions & fintechs in the EU/EEA
Many e-residents find EU/EEA-based payment institutions and fintech companies to be the most flexible, accessible, and cost-effective solution for running a location-independent business. This is also the most commonly used banking option among e-residents, and you’ll find the widest selection of these service providers in our Marketplace.
These providers typically offer business accounts with many of the same features as traditional banks - including an IBAN (International Bank Account Number) that you can give to your clients for payments. The entire account setup process can usually be completed fully online, without needing to travel.
Depending on your needs, or if you have a bank account in your country of residence, this may be an option for you.
Banks in Estonia
If you’re thinking about opening a bank account in Estonia, here’s what you need to know.
Estonian banks look for two main things:
- A connection to Estonia. This could mean you plan to hire employees in Estonia, work with local partners or suppliers, or actively serve the Estonian market. Make sure to explain this clearly in your company’s business plan or show evidence of existing activity.
- A simple ownership structure. If you’re the sole shareholder of your company, and your income is easy to trace (like many freelancers or consultants), you may be more likely to qualify. Banks often find these types of companies easier to assess - especially when your work is visible online.
Every bank decides on a case-by-case basis. If you're planning a trip to Estonia to open a bank account, it’s a good idea to speak to a business service provider first. They can give you guidance and save you time. You’ll find a selection of trusted providers in our Marketplace.
Please note: e-Residency doesn’t give you the right to open a personal bank account in Estonia. To learn more, read our guide on banks in Estonia. We focus on helping e-residents find secure and compliant business banking options.
Banks in EU/EEA countries
If you're an e-resident who also lives in the EU or EEA and have good relations with a local bank, you may wish to open a business bank account in your own country to manage your Estonian company’s finances.
This option has become more attractive since changes to Estonia’s Commercial Code in 2022 that allow share capital to be paid from any EU/EEA-based business bank account. That means you don’t necessarily need to open an account in Estonia to register and operate your company.
Keep in mind that not all banks will be familiar with e-Residency or the concept of location-independent businesses. If you’re asked for more information, our article on forms of businesses can help explain the structure and nature of your Estonian company.
When opening a business account, it’s also common to be asked for proof of company ownership - so be sure to have your registration documents ready.
If you’re a resident of the EU/EEA, you can learn more in our guide to banks and fintechs in the EU/EEA.
Important information
Banks and other financial institutions are private companies that set their own criteria as to the customers they choose to onboard. These companies must also follow all international regulations regarding the provision of financial products. Learn more by watching the video below.
The vast majority of e-residents are able to access the tools they need to run a location-independent company, but access to these business banking services is not guaranteed.
If you are connected to a country on the FATF list of high risk and other monitored jurisdictions, you will most likely have difficulty accessing any kind of business banking service even with a company registered in Estonia.
If any guidance is needed, business service providers will be able to advise e-residents of the right banking services to meet the needs of their company. For a selection of our business service providers, please visit our Marketplace.