Estonia is one of the European leaders in the sector of IT and digital infrastructure development. The opportunity to acquire e-residence (electronic residence) in Estonia is a confirmation of this fact. E-residence allows acquiring state services in Estonia online. Moreover, it allows doing business in the country remotely.
Banks in Estonia have been digitizing at a fast pace too. Both e-residents and expats, both private individuals and corporate entities have to open bank accounts in Estonia if they have some of their vital interests in the country. This is why we are bringing this little guide to your attention. It will let you understand where a non-resident of Estonia can open a bank account, what application documents are required, what actions have to be taken in order to succeed, and so on.
Can non-residents open bank accounts in Estonia?
Yes, they can. Many EU countries are harsh on non-EU residents trying to open bank accounts there but Estonia is prepared to help you regardless of your nationality.
Please bear in mind though that you will have to demonstrate certain ties with Estonia. For example, you will have to show that you have real property in the country, you have a job, or you are launching a company in Estonia. The information below is irrelevant for citizens of EU countries as they are going to encounter no problems whatsoever when opening bank accounts in Estonia. The text below is aimed at non-EU residents exclusively.
The e-resident status can help you open a bank account in Estonia but it does not guarantee that you will certainly succeed in the endeavor. When you log onto the platform to set up e-residence in the country, you see a warning there that says that opening a corporate bank account in Estonia is going to be problematic if the applicant company does not work in Estonia or at least in some other EU countries. If yours is an intermediary company or a large wholesale company working outside Estonia, setting up a corporate bank account in the country may prove too demanding a task.
How to open a bank account in Estonia
Almost all Estonian banks provide an opportunity to open bank accounts remotely, without paying a personal visit to the bank office. At the same time, Swedbank, for example, will open accounts remotely only for Estonian citizens. Some other banks (such as SEB, for example) will open accounts remotely for residence permit holders. Non-residents, however, have to pay personal visits to the bank offices if they want to set up bank accounts in Estonia. The procedure of account opening will depend on your status in Estonia.
If you would like to set up an account with Swedbank, for instance, and you are not an Estonian citizen, you will have to bring your residence permit, your home country’s passport, a residence card issued in another EU country, or some other personal identification documents. In any case, you will have to open a bank account in person.
The same is true for SEB with only one exception: citizens and legal residents can open bank accounts with SEB remotely. Others also have to pay personal visits to the bank to set up accounts there.
What documents should a foreigner bring to open a bank account in Estonia?
You will have to do the following to set up a bank account in Estonia:
- Prove your ties with the country. The ties can be of different types: study, job, property ownership, close relatives in Estonia, and so on. What is important is that you have to submit verifiable documents that can confirm your ties with Estonia. For example, it can be a marriage certificate (backed by an Estonian passport of your spouse) or a property ownership certificate (issued by the Estonian Registrar
- Bring an identification document that can confirm that you are the person that you pretend to be. Basically, you have to bring your passport or an identical document.
Can an e-resident of Estonia open a bank account in the country remotely?
Currently, only citizens of Estonia (and legal residents in the country) can open a bank account online or with the help of a video call. E-residents of Estonia have to pay a personal visit to the bank. Moreover, e-residence in the country does not guarantee that the bank account will be opened for you. You have to supply all the necessary application documents and prove your ties with Estonia.
How much does it cost to open a bank account in Estonia?
Account opening fees and bank commissions can vary. Let’s see how much it is going to cost you to set up an account with the two banks that we have mentioned above – Swedbank and SEB.
| Service | Swedbank | SEB |
| Open an account | Free | Free |
| Application processing fee for non-EU citizens and non-residents in any of the EU countries | 200 euros | 250 euros |
| Intra-bank transfer, euros | 5 euros at the cashier’s, 0.16 euros online, free of charge for customers under 25 and over 65 years of age | 2.3 euros at the cashier’s, 0.16 euros online |
| Intra-bank transfer, other currency | 5 euros at the cashier’s, 2 euros online | 3 euros at the cashier’s, 2 euros online |
| SEPA transfer inside EU | 5 euros at the cashier’s, 0.38 euros online | 5 euros at the cashier’s, 0.38 euros online |
| International bank transfer | If the costs are paid by the sender, 35 euros at the cashier’s, 25 euros online | If the costs are paid by the sender, 35 euros at the cashier’s, 25 euros online |
Please also note that if you are making a money transfer in a currency other than the euro, the bank will charge an additional currency exchange commission.
What Estonian bank should you choose?
According to the Estonian Banking Association, Swedbank, SEB, LVH, and Luminor are the major players in the banking market in Estonia. LVH and CoopBank are popular with e-residents of Estonia because these two banks seem a bit friendlier to people holding this status.
Whichever Estonian bank you choose, you should realize that setting up a bank account in the country is an opportunity unavailable for some people depending on their country of origin. If you are a foreigner in Estonia, you would benefit greatly from asking for expert advice before filing an application for banking services. Sadly, applications filed by foreign nationals are sometimes rejected in Estonia.