30 October 2026
Opening a Bank Account in Estonia
The article provides information on how to open a bank account in Estonia. If you want details about the banking system you can contact our Estonian lawyers.
Opening a bank account in Estonia is accessible, but subject to several clear steps. Our lawyers in Estonia can guide you whether you are opening an individual account or a bank account for an Estonian company.
| Quick Facts | |
|---|---|
| Mandatory local bank account for companies (Yes/No) | Yes |
Mandatory residence requirement | Not for corporate bank account opening |
Bank account opening time in Estonia | Approximately 10 business days |
| Online bank account opening | Only for Estonian residents in most cases |
| Bank accounts for foreign nationals | Possible, but e-residency alone does not grant the right to open a bank account in Estonia. Non-residents are required to provide proof of their connection to Estonia |
| Required documents – companies | Filled in application form, board member's identification documents, corporate ownership structure, account statement for the last 12 months (for non-resident companies), proof of corporate registration, other documents |
| Required documents – individuals | Filled in application form, identification document, documents to prove the connection to Estonia – can include a signed employment or residential lease agreement (for non-residents) |
| Special requirements for foreign nationals who open a bank account in Estonia | Proof of connection to Estonia (employment contract, proof of business ownership, proof of enrolment in an educational institution) |
| Bank fees | Monthly fees can start at €10 for EU/EEA residents and €20 for residents of other states Monthly card fees can start at 1,00 € |
| Initial deposit | €100 account opening fee for EU/EEA residents and |
| Types of accounts in Estonia | Current account, savings account, pension account, business/corporate account |
| Online banking | Yes. Features depend on the bank's mobile app |
| Local agent requirements | No |
| Main banks | LHV Swedbank Luminor Coop Pank and others |
| Criteria for choosing the bank when you open a bank account in Estonia | Types of accounts, monthly fees, online banking, cash limits, number of branches and ATMs in Estonia |
Can a foreigner open a bank account in Estonia?
Yes, however, you may only do so if you can prove that you have a purpose connected to Estonia, such as:
- -You will be working or studying in Estonia;
- -You will be living in the country with a close family member who is already a resident or citizen;
- -You will be opening and running a company in Estonia.
Lawful stay for the purposes stated above is possible with a residence permit, a condition which can be described in more detail by our Estonian lawyers.
What documents do I need to open a bank account in Estonia?
Our team lists the generally required documents for those who set up a bank account in Estonia as a natural person:
- -ID (international passport for foreigners or Estonian ID card for residents);
- -Proof of deriving income from the country (employment agreement, your university enrolment letter, etc.);
- -Other documents that may be required on a case-by-case basis. Our team can help you if you are met with additional requirements.
What documents do I need to open a business bank account in Estonia?
In order to open a bank account in Estonia, the following documents must be provided in cases of legal entities:
- Copies of identification documents (ID card or passport) of the company’s shareholders and directors;
- Specimen signatures of the directors of the company;
- Copies of the Articles of Association of the Estonian company;
- Copy of the Certificate of Incorporation of the company obtained from the Estonian Trade Register;
- A certificate of good standing issued by the Trade Register;
- Specific application forms provided by the bank.
Our partners can also help you open a bank account in Mexico.
Must all companies have a bank account in the country?
There is no mandatory requirement for a company doing business in Estonia to have a bank account here or use an Estonian IBAN for business transactions. However, in practice, this is used.
You can read about the opening of a bank account in Estonia in the infographic below:
What types of bank accounts can I open in Estonia?
The main types of accounts are:
- The current account that will allow the client to manage day-to-day finances through any banking channel;
- The start account that must be set up on company incorporation in Estonia;
- The securities account for companies that want to trade their shares on the stock exchange.
How do I choose the bank?
The choice is made according to personal preferences and/or priorities. Estonian banks offer not only many types of bank accounts but also digital tools and solutions for safe and easy online banking.
How fast can I open a bank account in Estonia?
Processing times vary according to the chosen bank; however, you should allow for several business days (up to 10) for the bank’s decision, especially in corporate account opening cases.
If you wish to set up a bank account in another country, for example in the Isle of Man, we recommend our local partners – IsleofManCompanyFormation.com. 1 or 2 days are needed to open a bank account in the Isle of Man and around 7 days to receive the card.
Can I open a bank account online?
Banks have different requirements for in-person verification; however, in general, non-residents are asked to come to the bank in person. Online verifications may not be possible, and our experts suggest that you check these conditions before commencing the bank account opening process.
Can I open a bank account in Estonia if I am an e-resident?
No. E-residency does not grant you the same rights as temporary residency awarded for purposes such as employment, study, or doing business. Estonian banks will require you to provide proof of your connection to the country, as previously stated.
Contact our law firm in Estonia for more information about bank account opening and complete assistance during this process.