Upon registering a company in Estonia, you can apply for opening a bank account in Estonia, if you have partners in Estonia/employees living in Estonia/carry out activities in Estonia. If the intended activity of the company is not related to Estonia, you will not be able to open a bank account in Estonia. If you want to open an account with an Estonian bank, the company has to start its activities, in full or in part, on the territory of Estonia, and we will be happy to assist you. We advise you to contact the bank after your company has evidence of activities in Estonia (a Board member of the company shall be present in order to open an account with an Estonian bank).
Assistance in opening a corporate account with an Estonian bank
After opening a company in Estonia, the specialists of Company in Estonia OÜ provide their clients with detailed advice on opening an account with an Estonian bank. If you have already established a company with the help of another law firm, the cost of a detailed consultation on opening an account with an Estonian bank will be 400 EUR. Order the consultation here.
Bank account in European bank or PSP
Upon setting up a company in Estonia, you can apply for opening an account with a European bank (Estonian companies are not required to have an account with an Estonian bank). The certified translations of company documents are required in order to open an account with a European bank. We provide all our customers with a list of European banks that can be contacted and where you can apply for opening an account for your Estonian company. All information will be provided free of charge.
When looking for a suitable payment institution for opening a corporate account, it is important to remember that there is no ideal banking service provider that suits every and each company, and the team of Company in Estonia OÜ individually approach each client and is ready to offer payment solutions that suit your company needs. Despite modern financial technologies, it is currently impossible to open a bank account in Estonia remotely. We will try to help you explore the range of options available when opening a bank account as a non-resident of Estonia.
Account opening process in Estonia
1. Filling out the form
2. Submission of documents
3. Processing of the application by the bank
(up to 10 working days)
4. Conclusion of a contract
5. Opening a bank account
6. Receiving a bank card, a PIN calculator
When applying for a bank account, you must prove your company’s connection to Estonia. To do this, you may need to have:
After opening an account for your company, you can apply for a personal account.
If you wish to open a corporate account in an Estonian bank for your business in Estonia, the obligatory criterion for starting a business, which is likely to contribute to becoming a bank client, will be the fact that your business takes place in Estonia.
When applying for opening a bank account in Estonia, a proof of connection with Estonia is mandatory. Banks require a clear explanation of your company’s future plans or a demonstration based on current business activities related to Estonia. This includes having Estonian employees, connections with partners or service providers, or serving the actual Estonian market (detailed list below).
Companies outside the EU
Estonian banks are less likely to open business accounts for non-residents (including e-Residents), if their companies are involved in manufacturing or wholesale, act as intermediaries for the sale of services of others, doing business exclusively in their own country or outside the EU.
Peculiarity of banks’ work
Banks assess compliance with the criteria on an individual basis. The attitude towards the client and the willingness to cooperate often differ, since each bank has its own business model of working with non-residents on the issue of opening an account. It is important to understand how open the bank is for dialogue and what full powers are granted to the front office. Company in Estonia OÜ can advise you on the process of opening a corporate account in Estonian banks.
Banking institutions have the same legal regulation, and their requirements/requested documents are similar. The main obligatory requirement of Estonian banks is the presence of a confirmed connection of the company’s activities with Estonia:
Partners in Estonia (service/product providers, clients)
Company turnover in Estonia
Payment of taxes in Estonia (salary, VAT number, payment of dividends)
Residence permit in Estonia for beneficiaries and members of the company’s Management Board
Rent of a real office in Estonia
Rent of a warehouse in Estonia
Cargo logistics through Estonia
Estonian partner companies
The final word always rests with the bank, therefore, the fulfillment of one or several requirements from the list does not give a 100% guarantee of opening a bank account.
Due to the KYC policy (Know Your Customer) in effect in Estonian banks, in order to apply for a corporate account in an Estonian bank, a personal visit to their representative office in Estonia is required. Banks generally want to see a close connection with Estonia and do not want to open accounts for non-residents. It is important to add that e-Residency does not grant any rights to open a personal bank account in Estonia. Opening a business account in Europe.
Estonian banks store the personal data of their customers in accordance with the General Data Protection Regulation (GDPR). The Regulation determines which principles the banks undertake to comply with when processing your personal data, including during their storage and deletion. According to Estonian legislation, financial institutions guarantee complete confidentiality and protection of personal information of individuals.
Range of banking services
International, domestic settlements
Letters of credit
One of the largest banking networks in Estonia and Scandinavia. Based on Swedish capital, Swedbank offers accounts to individuals and legal entities (residents of Estonia) without additional fees. Swedbank also issues debit and credit cards, provides services in mortgage and private loans, and opens accounts for companies controlled by Estonian non-residents.
The bank offers its customers a mobile app, internet banking, service in multiple languages and multicurrency accounts. On the positive side, there are inexpensive banking services and a quick customer support service.
Opening an account takes 2 personal visits to the bank. During the first visit, the member of the Management Board is personally obliged to fill in the form, pay 200 EUR, provide documents proving the connection of the activity with Estonia, and submit an application. Processing of an application for opening an account takes up to 10 business days.
In case of an affirmative decision, it is necessary to come a second time to sign a service agreement, get a PIN calculator, and access to Internet banking.
In case of refusal, the money will not be refunded.
SEB is a universal bank focused on the Estonian market. The bank offers a full range of financial services to large, small, and medium-sized companies, the public sector, and individuals. It is the second largest bank in Estonia with 22 branches and over 230 ATMs.
Customers are given an opportunity to open a current or savings account, as well as a business account. SEB allows customers to make electronic payments, receive domestic and international transfers. The bank also offers various banking plans at low monthly costs.
The bank offers its customers a mobile app, internet banking, service in multiple languages and multicurrency accounts. Banking services are offered at affordable prices and are backed by quick feedback. The limits for outgoing payments via Internet banking are set by the client.
SEB opens business accounts for non-residents of Estonia but is critical of the place of business of the Estonian company. If the business, according to the bank, is not sufficiently connected with Estonia, then there is a high probability of refusal to cooperate with the bank. SEB requires you to immediately submit the contract/s with the Estonian partners.
Opening an account takes 2 personal visits to the bank. During the first visit, the member of the Management Board is personally obliged to fill in the form, pay 500 EUR, provide documents proving the connection of the activity with Estonia, and submit an application. Processing of an application for opening an account takes up to 10 business days.
In case of a positive decision, it is necessary to come a second time to sign a service agreement, get a PIN calculator, and access to Internet banking.
In case of refusal, the money will not be refunded.
is a commercial bank with headquarters in Tallinn and branches in Latvia and Lithuania. It is the third largest bank in the Baltic States: Luminor has a 16% share of the deposit market and 22% of the lending market.
The bank provides services in the field of housing insurance, offers leasing, mortgage and consumer loans. The Luminor Investor platform deals with investments including stocks, bonds, exchange traded funds (ETFs) and mutual funds.
The bank offers its customers a mobile app, Internet banking, service in multiple languages, and issues private banking credit cards. Luminor is promoting a new business client program for aspiring entrepreneurs.
Processing of an application for opening an account for residents outside the EEA states or non-residents of Estonia (who do not have an Estonian ID card or residence permit) will amount to 250 EUR. In the meantime, opening an account for EEA residents is free. In case of refusal to open a bank account, themoney will not be refunded.
Processing of an application for opening an account takes up to 10 business days. Estonian residents do not need to visit a branch office, as dialogue and identification are possible through a video call.
LHV Pank (originally Lõhmus, Haavel & Viisemann) is an Estonian banking and financial services company headquartered in Tallinn. The bank’s clients are individuals, small and medium-sized companies, as well as institutional investors. It is the fourth largest bank in Estonia.
LHV was completely cashless until August 2015 when the first 10 ATMs opened. LHV has been recognised as a partner of the Estonian virtual e-Residency program, which allows e-Residents to open a bank account in Estonia. The bank is relatively willing to open corporate accounts for companies operating in the IT field.
LHV is the only Estonian bank that provides free EUR transfers in Estonia and Europe. The bank also offers investment advice, convenient trading platforms and a wide range of financial products. Moreover, the bank offers its clients mortgage and consumer loans, as well as leasing.
Dialogue with the bank about opening an account can be started remotely. The commission for joining the bank is 200 EUR. In case of a positive decision, you will need to come in person to sign the documents. Processing of the application will take up to 30 days.
Since November 2018, LHV has been charging a commission from all non-residents (including e-Residents and their companies): 10 EUR per month for EU/EEA residents and 20 EUR per month for other persons, citing the need for additional funds to fight against money laundering. The bank does not work with dollar payments. In case of refusal to open a bank account, the money will not be returned.
AS Citadele banka is a Latvian financial and asset management bank offering banking and financial services, as well as private wealth management services in the domestic market and through its international presence. The main market for Citadele Group activities is the Baltic region.
Citadele provides customers with a mobile app, Internet banking in multiple languages and multicurrency accounts. Among the positive aspects, low-cost banking services are distinguished. Customer support via email may take some time.
The bank offers its customers free transfers in euros across Estonia and Europe by using the X SMART card. The limits for outgoing payments via Internet banking are set by the client. Citadele also serves mortgage and private loans with flexible lending terms for businesses and individuals.
In addition, the bank opens accounts for companies where the participants are non-residents of Estonia, but may refuse companies operating in the IT sector, providing other services online or operating mainly in dollars. Unlike its competitors, the bank does not so categorically demand commercial ties with Estonia.
The application for opening an account is submitted by e-mail. When submitting an application for a review to the bank, you must pay 500 EUR. Processing of an application for opening an account takes up to 10 business days, but in practice it might take 15-30 business days.
In case of an affirmative decision, an additional fee of 70 EUR must be paid. In addition, a commission of 50 EUR is charged for obtaining a PIN calculator for logging into Internet banking.
In case of refusal, the money will not be returned.
Estonian limited liability companies (OÜ) can easily open a corporate bank account in any bank or payment system in Europe. Company in Estonia OÜ is happy to provide guidance and assist in applying for a bank account for your company.