Do I need to visit Estonia to open a bank account?
To open account with Estonian bank, the answer is Yes. To open account with bank outside Estonia, the answer is No. You do not have to visit Estonia to open a bank account, though many Estonian banks do prefer to provide services when the commercial activity, trading, employment or management is at least partially based in Estonia. If your main business activities will take place in other countries, we would encourage you to apply for banking services in one of these countries where the activity will mostly take place. Also, your current bank may be good solution for your Estonian company.
Does FinTech companies or payment service providers work for my e-Resiency company?
FinTech institutions or payment providers, or often also called as 'online banks', such as PayPal, Payoneer, Transferwise, Holvi, Revolut and Stripe, among others, may be feasible solutions for small businesses, or at the beginning, later on you may want to work with traditional banking institutions.
Please note, that fintech institutions have fewer regulations compared to traditional banks, and client funds deposited there may not be guaranteed by goverments.
Can you help me with opening the account at fintech service providers?
Fintech companies, like most of traditional banks, want to be sure that the beneficial owner of the company itself is fully aware of its business details. Their account applications also ask for different personalized information. That is why the application should be filed only by yourself as enterpreneur.
Can estonian company have bank account in a country other than Estonia?
Yes. In fact it even makes very much sense when trading or the business actually is made in other countries. You may want to open company account at your 'home' bank, where you personally are already known to the bank.
How do I get company documents for account application at my bank or fintech service provider?
Opening of bank account with banks or fintech service providers requires some paperwork about your company. Required documents are purely at discretion of each bank, but most commonly the company certificate with shareholders and management members outlined, translated copy of company articles/MoA and tax residency certificate in a certifyed form are required. Check with your bank or fintech service provider, which documents exactly are required, and we will get the right set of paperwork across to you. The certification and collection of documents has some service charges, depending on the specific documents, if apostil is needed, and on translation service. Total fees for the right set of documents usually ranges between €40 and €140.
We support your on-boarding with following banking and payment services:
An recommended, innovative and customer friendly Estonian bank. Based on your detailed business information, your profile of business and background, we introduce you to LHV bank. We provide you with application form to be filled in and signed by youreslf. If we think your application needs more focus or input, we will advise you accordingly. The bank will do their due diligence and inform you on their decision in about 10-15 days. Your meeting in bank office is required only after positive decision. Multicurrency bank account, Mastercard, secure online banking. USD payments supported only in partnership with Transferwise. Account opening fee is payable only after successful opening of the account. Visit LHV website for their fees.
Your meeting with the bank is required for initial application. E-residents are required to attend pre-booked meeting with Swedbank. Account opening fee is payable only after successful opening of the account. Visit Swedbank Estonia website for their fees. Second meeting is required upon positive decision by the bank. Multicurrency bank account, Mastercard, secure online banking. All major currencies.
Your meeting with the bank is required for initial application. Second meeting is required upon positive decision by the bank. Multicurrency bank account, Mastercard, secure online banking. All major currencies. E-residents are required to pay application fee on submitting the application. Visit SEB Estonia website for their fees.
a fintech service provider with Finnish IBAN number, banking account and Mastercard. Payments within SEPA area. Account can be opened online and no travelling or bank meeting is required. UPDATE: Holvi will stop opening of new accounts to e-residents as of January 1st 2020.
a fintech payment service provider with German IBAN number, banking account and Mastercard. Worldwide payments. Supports Amazon FBA accounts. Account can be opened online and no travelling or bank meeting is required.
a fintech payment service provider with IBAN number, banking account and Mastercard. Worldwide payments. Supports Amazon FBA accounts. Account can be opened online and no travelling or bank meeting is required.
a fintech payment service provider, no IBAN account. Account can be opened online and no travelling or bank meeting is required.
a payment platform with merchant account for online businesses.
Read also article on Business Banking for e-residents here at Medium