Opening a Bank Account in Estonia

Table of contents
How to open a bank account in Estonia
How to open bank account in Estonia Online for non residents
General guide to open an account in Estonia
Best banks in Estonia
You are spending too much sending money out of Estonia
The International Bank Account Number alternative from Monvenience
Online Payroll Prepaid cards for Estonia to anywhere in the world
Frequently Asked Questions (FAQ)

How to open a bank account in Estonia

Estonia has established itself as a technology leader in the European Union, with its unique E residency program, by which people can sign official documents from across the globe, without their physical presence. No wonder many tech companies from India, China or UK have gone ahead and incorporated in Estonia. Estonia is also a great choice for entrepreneurs, investment opportunities and digital, online trade, payments and remittances.

Open a bank account in Estonia

Starting is new company is relatively easy and one can do it remotely as well, with the help of the E Residency program. However, it’s a different story when you want to open a bank account in Estonia or Tallinn. Physical visits are required, the activities and licenses of the business are checked, and frequently, large deposits are required to be made, if the bank perceives the business activity to be risky. Bank charges may also be different for different users. Taking money out of the country may also be expensive.

More important, should the company's intended operations not pertain to Estonia, the option to establish a bank account within the country will be unavailable.

Should you desire to initiate an account with a bank in Estonia, the company must commence its activities, whether partially or entirely, within the geographical boundaries of Estonia.


After establishing a business in Estonia, you have the option to request the opening of an account with a European bank (Estonian companies are not obliged to hold an account with a bank in Estonia). Certified translations of company documents are necessary to initiate the account-opening process with a European bank.

Prepare Documents:

Typically, you will need the following documents:

Copy of the business owner’s passport ( or ID, only for citizens or residents of the EU or the EEA).
Proof of address.
A detailed business description.
Corporate documents.
Supporting documents on clients/suppliers.
Documents with supporting information about initial funding.
Video Verification through the mobile app.

Online Application:

Start the online application process on the website. Fill in the required information and upload the necessary documents. Make sure to provide accurate and complete details. You will find the application form at

Expected Approval Period:

After submitting your application, you'll need to wait for the bank to process it. This can take a few days to a few weeks, depending on the documents and the completeness of your application.

Receive Account Details:

Once your application is approved, the bank will provide you with your account details, including the account number and any other relevant information.

Activate Your Account:

Follow the instructions provided by the bank to activate your account. This may involve making an initial deposit or getting a transfer done to the account.

You Can Open an Off Shore IBAN account VALID ACROSS EU, which will also work as a valid bank account in Estonia

Yes, you can open an IBAN bank account online, with even your local address proof and passport, in your personal or business name. It will be a dedicated, own name account, with unlimited transfers. It might take a couple of weeks for the compliance check though. Interested? Check the following links:

Click Here to open your Estonia Bank Account Online

Click here for the documents that will be required for application

Click here to know the charges for running your off-shore account

You can also get your prepaid card linked to your IBAN account, which you can use at any ATM, POS or online purchase, anywhere in the world. prepaid card have options of physical, virtual, and both.

Estonia is known for its advanced digital infrastructure and offers e-Residency, which allows non-residents to establish an online business presence in the country. However, opening a personal bank account online in Estonia may require physical presence or additional steps, depending on the bank and your residency status.

Click Here to Open Your Bank Account for Ireland

Here's a general guide to open an account in Estonia:

Research Estonian Banks:

Look for banks in Estonia that offer online account opening services. Popular banks in Estonia include Swedbank, SEB, LHV Pank, and Coop Pank.

Check Eligibility and Requirements:

Review the eligibility criteria and documentation requirements for opening an account with your chosen bank. Some banks may allow non-residents to open accounts remotely, while others may require physical presence or additional paperwork.

Apply Online or Initiate Contact:

If the bank allows non-resident account opening online, visit their website and locate the section for account opening. Follow the instructions to begin the application process. Alternatively, you may need to initiate contact with the bank through email or phone to inquire about the process.

Provide Necessary Information:

Fill out the required application form with accurate information. This may include personal details, identification information, and the purpose of the account.

Submit Documentation:

Scan or take clear photos of the necessary documents, which may include:

  • Valid passport or national ID
  • Proof of address (e.g., utility bill, bank statement)
  • Proof of income or employment (e.g., payslips, employment contract)

Verification Process:

The bank will review your application and documentation. They may also conduct a video call or request additional information for verification purposes.

Wait for Approval:

Once your application is approved, the bank will provide you with the necessary details, including your account number and any login credentials for online banking.

Fund Your Account:

Follow the bank's instructions to deposit funds into your new account. You may be able to do this through a bank transfer or other methods offered by the bank.

More Documents needed to open a bank account in Estonia

These are the absolute must documents required by the document. Additionally, the Estonian bank may ask for licenses for the business, proof of your physical office, employees records etc. And 1 or more interviews will be required.

  • Passport with a valid residence permit or visa
  • A rental contract or mortgage papers, or documents proving the reason for you extended stay in Estonia
  • Any other document that gives you legitimacy such as bank statements from your home country

Click Here to Open your IBAN Bank Account Online from Monvenience

Documents you must have ready in your computer to open the account:

Personal IBAN account Corporate IBAN account Check IBAN Rates

Best banks in Estonia

There are quite a few good banks in Estonia, and all of them work with E Residency as well. Check some of them below:

Swedbank: with convenient mobile and web banking and also the country's leading wide reaching ATM and branch network, Swedbank may be a really convenient choice for you. they need a gift system on their accounts, debit card is free and you get that free card delivery service.

S|E|B: SEB Bank provides a current account that may be opened by anyone over eighteen for performing regular bank operations along with contactless identification. As an e-resident they even have the choice for you to open a traditional account with them and if you have got queries they have a telephone helpline in English.

Nordea: Nordea features a commanding presence in the Baltic States due to its international presence because it is one of Europe's most prestigious and safe banks. However, its presence is strong in Baltic States and in Japan. Their basic current account grants you access to any or their entire network. Account linked debit card is a part of their account package.

All of the aforementioned banks have modern online banking platforms.

You are spending too much sending money out of Estonia

When you transfer funds out of Europe through a bank, you stand to loose quite a bit. This is due to the old systems used by banks, and the overhead burden they carry in terms of properties, systems and human resource. They also charge above mid market exchange rate for the same reasons.

For example, if you send 1000 Euros to a bank account in, say, India, you will get close to 900 Euros worth of INR in your bank after conversion and deduction of all charges. The situation is pretty much the same for any countries or currencies outside Europe, example, Malaysia or Canada or Thailand.

The International Bank Account Number alternative from Monvenience

The alternative to all the hassles is opening an International IBAN account with Monvenience, where you can signup and operate your account online, can transfer in SWIFT and SEPA in different currencies, and get the best transfer and exchange rates.

Moreover, residents and companies of any non grey listed and non sanctioned countries can open their International European IBAN account for banking operations. Thus individual and corporate residents across Europe, Canada, India, Malaysia, Malta, Gibraltar, Mexico, Cyprus, Thailand, Indonesia etc can remotely open their account using their own country credentials. No physical interviews, no exorbitant charges.

Online Payroll Prepaid cards for Estonia to anywhere in the world

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Frequently Asked Questions (FAQ)

1. Can I open a bank account in Estonia as a non-resident?

Yes, but you will be subjected to rigorous banking checking, interviews and charges based on nature of your business.

Monvenience also offers you own name, dedicated SWIFT enabled IBAN account in multiple currencies. Which means you can receive and send money from or to all over the world! And all in the comfort of your laptop or mobile phone, with no visits to the bank required! Add the convenience of a prepaid card linked to your account, which you can use online, at any PoS, or withdraw money from any local ATM, anywhere in the world.

Click Here to Open your IBAN Bank Account Online from Monvenience

Documents you must have ready in your computer to open the account:

Personal IBAN account Corporate IBAN account Check IBAN Rates

Know the documents you will need to keep ready before you apply:

Documents for Personal Current Account Documents for Corporate IBAN account

Once you have the documents ready, click on the following to open your account:

Click here to open a personal account Click here to open an account for your company

2. Resident vs. Non-Resident?

This significantly impacts the process. Estonian ID, residence permit, or passport holders can often open accounts online. Non-residents may need a branch visit and proof of Estonian connection.

3. What documents do I need?

  • ID proof: Passport or EU national ID card.
  • Proof of address: Utility bill or lease agreement (often for non-residents).
  • Estonian connection (non-residents only): Employment contract, signed lease, or school enrollment proof (requirements may vary by bank).

4. Can I open an account online?

  • Residents: Yes, with Estonian ID, Mobile-ID, Smart-ID, or ID card reader.
  • Non-residents: Depends on the bank. Some allow online applications with document uploads, but a branch visit for finalization might be required.

5. Are there any fees?

Account opening fees might exist, especially for non-residents (up to €400 reported).

Check the bank's website for detailed fee structures.

6. What else to consider?

  • Research banks: Compare features, fees, and online banking options.
  • Understand limitations: Non-resident accounts might have restrictions.
  • E-residency vs. residency: E-residency doesn't guarantee bank account eligibility.
Disclaimer: The views presented in the page are personal views by a reporter of Monvenience Ltd and may not be Monvenience’s own view.

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