Estonia — Banking: Online Banks

Why this matters

For expats and digital nomads, online banking in Estonia can be an attractive option for its strong security features and ease of use, making it easier to manage finances on the go.

Key facts

• Estonia accepts any EEA business bank account, from a bank or a fintech, including for the share capital contribution.
• For most e-residents the best start is an EEA fintech account, which can generally be opened fully online but is not suited to holding large sums.
• Estonian banks require at least one in-person visit to verify identity and are less likely to open accounts for non-resident companies that are large, in manufacturing or wholesale, or trade only at home or outside the EU.
• LHV is the Estonian bank most commonly used by e-residents.
• Banks generally expect a real connection to Estonia; e-Residency does not guarantee a bank account or payment service, and some providers exclude people from certain countries for AML/CTF reasons.
• The e-Residency site lists payment gateways for e-commerce including Stripe, Paysera and DECTA.

Steps

1. Opening an Online Bank Account in Estonia — It is not clear what specific steps are required to open an online bank account in Estonia, as this process may vary depending on the bank and account type. Additionally, some banks may require a physical presence in Estonia to open an account, while others may allow remote applications.