Eternity Law International — News — Open a bank account in Estonia

Open a bank account in Estonia

Published:
October 7, 2020

Estonia is one of the most stable countries in the European Union. For the last years the government here introduced some changes into the financial sector regulation. Among them, we should name an electronic system of interaction with the authority.

Also, Estonia is situated near developed European countries and can become a launching pad for business distribution.

In case you plan to set up business here, you have to open an account in the bank. There is no financial or currency control for the bank operations in Estonia, and you are able to carry them worldwide. Personal participation is unnecessary.

Pack of documents

You have to submit:

  1. Passport. Do not forget to check your visa for validation;
  2. A document that certifies your long-time presence in the country (f.e. rental contract or utility bills).

Some banks can request information on your plans for account usage and company founding documents if the account will be link to the company. So, better check the list of requirements of the chosen bank before the submission.

The procedure of documents reception will take about 30 minutes. It also can be held online, in case you are an e-resident.

How to choose a bank in Estonia?

There is a large choice between the local respected banks and cross-regional (Scandinavian) institutions. You have to choose a bank in accordance with plans. For example, an international bank can provide you with a high-trustful guarantee, but local banks are able to propose better percents for deposit accounts or business credits.

Another criterion is the presence of the bank in the country. If you have a real office in Estonia, it is better to choose a bank with the well-established ATM and department network.

Our specialists will help you to choose an appropriate bank and to gather the required documents. Please, feel free to contact us for help or additional information.

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