Banks in Estonia

To get started, it is important to remember that there will never be a single banking provider that is best suited for every company or available to every e-resident and company. We highly encourage you to read the other articles in this section about payment institutions (including fintechs) and other banks in the EEA to understand the full range of options available to you as an e-resident. 

If you do want to open an account in an Estonian bank for your company in Estonia, there are two criteria that banks will likely consider important to meet their criteria and policies:

Type 1: Connection to Estonia

The first is a company that has a strong connection to Estonia. This should be clearly explained in your company's plans for the future and/or demonstrated based on your existing activities. This can include employees situated in Estonia, as well as relationships with partners and suppliers, as well as serving the Estonian market. 

Type 2: Single Shareholder

The second is a company run by a single shareholder with easily traceable income. This covers many freelancers, contractors, digital nomads and others around the world who fit under a broad group of digital entrepreneurs. It is simpler for banks to monitor risks associated with these companies, especially when they have a strong online presence. You will also benefit from being able to explain to your prospective bank why you have chosen an Estonian bank account in order to benefit from Estonia’s location-independent business environment.

Other types of companies

Estonian banks are less likely to open business accounts for non-residents of Estonia (including e-residents) if their companies are large, involved in manufacturing or wholesale, acting as an intermediary to sell the services of others, only doing business in their home country or outside of the EU. Additionally, not being visible online or not being able to explain clear business goals will have a negative impact on your ability to open new business accounts. 

How to apply

• The criteria to open new accounts are set and assessed by the banks on a case-by-case basis. If you have determined that an Estonian bank account is the best solution for your business, we strongly recommend first speaking to a business services provider who can advise you on this process and may be able to help you further.
• In order to apply for a business bank account with an Estonian bank, a personal visit to their office in Estonia is most likely required. We strongly recommend consulting a business service provider prior to scheduling your trip to Estonia to ensure you have all the necessary documentation with you for the visit.  A list of business service providers is available on our Marketplace. Many service providers can also get you a pre-decision, so there might be no need to travel to Estonia in vain.  
• We can not speak on behalf of banks or provide business advice on this that you can obtain for your company from a business services provider. However, we can point out that LHV is the most commonly used Estonian bank by e-residents (primarily because they have been open to serving single-shareholder companies with easily traceable income, particularly those working with a reputable service provider). Coop Pank is also a member of our Marketplace, extending its services to e-residents. 
• In some cases, you may need to submit a business plan along with your application. Check out our article on how to write a business plan.

Personal bank account

E-Residency does not grant any rights to open a personal bank account in Estonia. Estonian banks generally want their prospective clients to have a strong connection to Estonia. They will likely be reluctant to open personal accounts for non-residents. You will need to demonstrate your connection to Estonia and complete any additional verification and KYC processes your chosen bank requires. Overall, we advise contacting the bank you are interested in opening an account with directly, especially before making any travel plans to Estonia.