Banking comparison

For a complete overview of the options for consideration when choosing a banking or fintech service for your company, please first visit our e-Residency Banking Basics overview

The e-Residency programme is committed to helping e-residents access a broad range of business banking and other financial tools. We are constantly gathering feedback from the e-Residency community and working with the private sector to identify the best solutions. Below you'll find a reference guide for the current list of services we've identified and established communication with in our Marketplace. As always, be sure to visit their individual websites directly for the latest information.

 

Holvi

Payoneer

LHV

Link

 Visit Holvi

 Visit Payoneer

 Visit LHV

Institution Type 

Authorized Payment Institution

Authorized Payment Institution/Licensed e-money issuer

Credit institution

Main Office(s)

Finland

United States; also licensed in Gibraltar (EU), Hong Kong, Japan, Canada, Australia

Estonia

IBAN

Finnish

Local receiving bank details in USD, GBP, EUR, CAD, AUD, MXP, JPY

Estonian

Supported currencies

EUR only, recommended using Transferwise for other currencies

150+currencies

AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RUB, SEK

Availability

 

 

 

To be eligible

  • Holder of e-Residency digital ID
  • A Private Limited Company (OÜ) registered in Estonia
  • You must have an existing bank to verify your account and sign up. The bank account can be personal or corporate, and be located in more than 200 jurisdictions
  • Holder of e-Residency digital ID
  • A Private Limited Company (OÜ) registered in Estonia
  • Strong business plan and proven experience in entrepreneurship

Restrictions to applicant

  • FATF countries
  • American citizens/people subject to FATCA reporting requirements 
  • FATF countries
  • American citizens/people subject to FATCA reporting requirements 

 

Restrictions to business activity

Refer to Acceptable Use Policy for restrictions.

Ownership structures that involve one or more legal entities with 25% or more shares/investments

According to Payoneer Terms and Conditions

According to General Conditions of AS LHV Pank

Personal account with business account

NO, business accounts only

YES

YES

Application process

 

 

 

Online

YES

YES

  • Travel to Estonia required
  • Strong connection to Estonia required 
  • Speak to a service provider for assistance

Processing time

2-3 business days

2 hours to 2 days

10-14 days

Services

 

 

 

BIC/SWIFT

YES

YES

YES

SEPA payments

Depending on plan, unlimited free transfers or 0.25€

Free

Free

International payments

NO (Recommend using Transferwise) 

YES

YES

Multiple user accounts

YES

NO

YES

Credit/debit card/pre-paid

Business Debit Mastercard

Prepaid Mastercard

Business Debit Mastercard

Mobile application

YES

YES

YES

Share capital contribution

YES

Contact your account manager at Payoneer

YES

Regulated or supervised by

Finnish Financial Supervisory Authority (FIN-FSA). Subject to applicable Finnish, EU and international anti-money laundering (AML) laws and regulations. 

Read more

EU: Licensed e-money issuer and authorized payment institution with the Financial Services Commission of Gibraltar

United States: Registered Money Service Business with U.S. Department of the Treasury FinCEN and licensed money transmitter in 49 U.S. states

Hong Kong: Licensed Money Service Operator with Hong Kong Customs and Excise Department

Canada: Registered Money Service Business with FinTRAC

Australia: Licensed by the Australian Securities & Investment Commission

Estonian Financial Supervision Authority

Customer funds protection

As per the EU Payment Services Directive (2007/64/EC) and the Finnish Payment Institutions Act, Holvi customer funds are kept segregated from Holvi company funds.

Government-sponsored guarantees or insurance do not apply to funds held in connection with the Payoneer services.

However, Payoneer strictly adheres to applicable safeguarding requirements which are designed to ensure the safety and liquidity of funds held on behalf of customers.

Customer assets held by LHV Bank are comprehensively protected via three measures: LHV Bank internal control system, LHV Bank equity capital and the Estonian state system for the protection of investors and depositors.

Guarantee on deposits

Deposits are not covered by any guarantee fund or compensation scheme because customer funds are segregated from Holvi funds. 

Read more

Government-sponsored guarantees or insurance do not apply to funds held in connection with the Payoneer services. However, Payoneer strictly adheres to applicable safeguarding requirements which are designed to ensure the safety and liquidity of funds held on behalf of customers.

Estonian state-backed guarantee of 100,000€ on all deposits. 

Read more

Fees

 

 

 

Account opening fee

Free

Free

See website

Monthly subscription

9 - 98€
Review plans

No monthly fee

20€

Transactions

See website

See website

See website

Currency conversion inside the account

N/A

0.5% of transaction amount

1% of transaction amount (bank card transactions only)

ATM withdrawal

Yes; See website

Up to 3.5%

See website

Support for payment gateways & integration with other platforms

YES

Payoneer can be used to withdraw funds from platforms like Stripe, 2Checkout and many others

YES

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