Which banking options can an Estonian company use?

The three kinds of account

An OÜ can bank anywhere in the European Economic Area (EEA), so the choice is wider than Estonian banks alone. The e-Residency programme groups the options into three kinds.

Whichever you choose, the account belongs to the company, not to you personally. Keep company and personal money separate from the start. It makes bookkeeping and the annual report simpler.

Payment and e-money institutions

Payment and e-money institutions are the route that needs no travel, because the whole process is online. The e-Residency programme describes them as a good option for early-stage businesses and for frequent international payments, and notes that they offer the widest choice of providers.

Two differences from a bank are worth knowing. First, the e-Residency programme notes that they don’t offer business loans or credit. Second, a payment or e-money institution protects client money by safeguarding, meaning it must keep that money separate from its own funds, rather than through a bank deposit guarantee scheme. Some providers often called fintechs hold a banking licence, so the protection depends on the licence of the company you sign up with. Check how your provider describes it.

Estonian banks

Estonian banks offer an Estonian IBAN and business loans and credit, and you manage the account online with your e-Residency card. The trade-off is access. The e-Residency programme says Estonian banks usually need an in-person visit and look for a connection to Estonia, such as Estonian clients, partners or staff. If you plan to visit anyway, see do I need to travel to Estonia? for the other in-person steps.

What the accounts cost

Fees differ in structure as much as in amount: some providers charge to open the account, some charge monthly, and most charge for currency conversion and certain transfers. The providers’ own published figures are below.

These are headline fees for the plans named in each row. LHV’s figures are the ones its price list gives for companies with non-resident owners. Your real cost depends on how you use the account. The cost calculator adds your chosen account to the company’s yearly costs, and the guide on yearly costs shows where banking fits in the total.

Steps to open a business account

The steps are similar across providers, though the order and detail vary.

1. Register the company first. Business accounts are opened for an existing company, so providers usually ask for its registry code.
2. Prepare information about the business: what it does, who its clients are, and where they are.
3. Prepare information about the owners and board members, including identity documents and sometimes proof of address.
4. Be ready to explain the expected flow of money: typical amounts, currencies and countries.
5. Apply, answer any follow-up questions, and wait for the provider’s decision.

Opening times vary by provider. Typical times, with their sources, are in the setup timeline tool and in the guide on how long setup takes.

What to check before you choose

Match the account to how your company will actually work. Ask whether the provider accepts owners who live in your country, which currencies you will be paid in, whether clients need an Estonian IBAN, and whether your service provider can connect its accounting to the account automatically. Being an e-resident doesn’t guarantee an account. The e-Residency programme is clear that each provider makes its own risk assessment.