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OPENING A BANK ACCOUNT IN ESTONIA
OPENING A BANK ACCOUNT IN ESTONIA
Prykhodko Andrii
OPENING A BANK ACCOUNT IN ESTONIA
Opening a bank account in Estonia is necessary if you plan to live, do business, or work in this country. In addition, the tax and banking system of Estonia is simple, with low taxes and a lack of currency controls, and membership in the European Union establishes additional guarantees of the safety of bank deposits.
Opening a bank account in Estonia: procedure and benefits for Ukrainians
Opening an account in an Estonian bank provides the following opportunities:
Stability of the financial system, ease of opening an account, low service tariffs, the ability to open accounts in different currencies, the availability of internet banking, and much more. Also, Estonia takes a zero position in compliance with the risk of doing business. And that is why the majority choose Estonia as the best jurisdiction for doing business and opening bank accounts. Opening such an account will take about 7-10 days.
What documents are required to open an account in Estonian banks:
Importantly! To open a bank account in Estonia, it is necessary to prove an existing connection with Estonia. For a natural person, it can be the presence of citizenship or residence permit, residential address, or property acquired on the territory of Estonia. For legal entities – the presence of partners, clients, intermediaries in Estonia, the presence of a VAT number, the presence of cash turnover, a functioning website translated into Estonian, and others. In general, the procedure for verifying real presence is not complicated, and most often banks accept all evidence. However, difficulties may still arise, so you should contact professionals.
An individual must provide the following package of documents:
If you have an Estonian passport, ID card, or residence permit, you can open an account online or through the app of your chosen bank. You will be asked to verify your identity using Smart-ID, Mobile ID, or an ID card reader. If you do not have citizenship or a residence permit, you will need to provide some documents that prove your connection to the country. Some banks allow you to do it online, while others ask you to bring the documents to the branch. If you are a non-resident, you may be charged a processing fee of up to €400. If you already live in Estonia, you can go through the whole process in person. Approval of the application by the bank may take up to two weeks. Once approved, you may be asked to come to the branch for personal identification and sign a customer agreement.
The best bank for opening an account in Estonia (simplified procedure and service rates)
- Tallinn Business Bank
- Verso Bank
- Swedbank
- SEB Bank
- LHV
- Luminor Bank AS
Is it possible to open an account online?
Estonia provides an opportunity to open a bank account online. And in the future, the possibility of remote management of your account.
Assistance in opening a bank account in Estonia
Importantly! On the websites of many banks, there are hotlines that you can call and find out all the information yourself, but you may encounter the problem of not understanding the Estonian language or not understanding the banking terminology of Estonia. That is why we recommend that you book a consultation with our lawyers before contacting the banks.
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Lawyer, Doctor of Laws, recognized media expert on legal issues, legal adviser to famous politicians and businessmen.
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