How to open a bank account in Estonia

How to open a bank account in Estonia

Estonia has made fame in recent years with its e-resident system and innovations in the tech factor. Because of these factors, and let’s not forget its growing economy and friendly locals most of them living in cities such as the capital Tallinn, Estonia is a great choice for students and workers and those seeking investment opportunities.

If you want to move to Estonia or just landed there, perhaps this is the time to start thinking about opening a bank account in the country. Here is our guide on how to open a bank account in Estonia.

Documents needed to open a bank account in Estonia

There are few documentation requirements but your case will be analysed individually. There are usually English workers ready to help. The process should take about 30 minutes.

  • 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

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

Yes, Estonia has a system in place that enables you to open a bank account as a non-resident and as an e-resident, including the ability to start the process online. Generally speaking it is possible to open an account with only your passport depending on where you come from and the bank you choose. It will also depend on other factors and some banks will do a thorough analysis of your case and get back to you via email or phone within 5 business days.

Best banks in Estonia

There is a large presence of international banks in the country as these take care of the majority of the international businesses located within the borders of Estonia. However, these also serve its citizens as well as expats with a large selection of accounts, and combined the major banks have hundreds of branches and ATMs around the country with the capital being especially well served.  

  • Swedbank: with convenient mobile and internet banking and the country's more wide reaching ATM and branch network, Swedbank could be a very convenient option for you. They have a reward system on their accounts, debit card is free and you get that free card at home.  
  • S|E|B: SEB Bank has a current account offer that can be opened by anyone over 18 and with it you can do all traditional operations including purchases with a contactless debit card. As as e-resident they also have the option for you to open a normal account with them and if you have questions they have a phone line in English. See their network here.
  • Nordea: Nordea has a significant presence in Estonia but its strongest point is its international presence as it is one of Europe's most prestigious and safe banks. As such it has a wide reaching network of branches and ATMs mostly present in the Nordic states and in Eastern Europe. Their basic current account grants you access to all of their network and you get a debit card included in the package.
  • Danske Bank (Sampo): WARNING: due to recent Anti-money laundering case against Danske bank this might not be a good option it is free to open a basic current account with Danske, also labeled as Sampo in Estonia. There are various types of accounts available for foreigners including accounts in multiple currencies. Interest rates are low and opening an account should be easy. There is a phone line available to you if you have questions. See their network of ATMs here.

Opening a bank account should be easy provided you have all the necessary documentation which does not have to necessarily include the e-resident registration. Opening an account should be free and monthly fees will be low so there is nothing to worry. Fees needs to be verified on each bank as these may vary greatly especially when dealing with out-of-network ATMs. All of the aforementioned banks have modern online banking platforms.

The virtual bank account alternative

You are spending too much sending money out of Estonia

If you are sending money outside of Europe, you are probably doing this with your bank and the reality of this is that you are losing money. Say you sent 10 thousand euros to India. You aren’t getting nearly close to 10 thousand euros worth of rupees back home. You are in fact getting close to 9000 euros worth. The reason is simple: banks use old systems which require a lot of people and maintenance and therefore it is impossible for them to charge a rate close to the mid market and still make a profit.

The alternative is a virtual bank account with B2B Pay which gives you a European IBAN and because of its 1% flat fee, the same 10 thousand euro transfer will save you up to 900 euros depending on the market you send the money to: We are able to achieve this thanks to technology and simply better deals with our partners.

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How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

  • Barclays
  • Techstars
  • Nestholma
  • Nordea
  • Tekes
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