Opening a Bank Account in Estonia

Natural and legal persons can open a bank account in Estonia and enjoy a straightforward process.

Investors who open a company in Estonia will need a corporate Estonian bank account and so will foreign nationals who come to the country for employment or self-employment purposes.

Our team of lawyers in Estonia lists the main requirements for bank account opening, both for companies and for individuals.

In some situations, our team can represent those who start the process of bank account opening, by means of a power of attorney used to handle the bank account opening process on behalf of a company or individual.

If this solution is suitable for you, do not hesitate to contact us. We assist investors throughout all of the relevant company formation phases.

Foreign nationals who relocate to Estonia and open a bank account as part of the procedures related to obtaining residency can also reach out to us for assistance or if they have questions.

For investors wanting to open a company in Estonia it is necessary to know they must have an Estonian bank account as well. Opening a bank account in Estonia is a straight forward process that will offer multiple benefits to its owner. 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

Our team also assists investors with other matters related to business management, taxes and tax consultancy. In order to make sure that your company remains fully compliant with the accounting and reporting rules, we recommend reaching out to an accountant in Estonia from our team. We will answer all questions about the due taxes, the reporting and filing, as well as provide complete services for this purpose.

Documents required for opening a bank account in Estonia in 2026

Opening a bank account is more complex in case of legal persons, compared with natural persons.

Understandably, in case of companies, the applicant will need to submit documents that relate both to the legal entity and to the company’s administrator or the individual who will be empowered to use the bank account.

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 Commercial Register (e-Business Register registry card);
• A current registry card/extract issued by the Commercial Register;
• Specific application forms provided by the bank.

It is also important to know that Estonian banks will ask the reason for opening the bank account for those who open one in 2026.

Individuals are also allowed to open bank accounts in Estonia through a very simple online procedure. In order to open an Estonian bank account a person must provide a valid identification document, the invoice numbers after paying the fee for setting up the bank account, a telephone number, a valid address where mail can be sent to and an e-mail address.

If you are interested in immigration to Estonia, our team of lawyers specializing in immigration matters can answer your questions about how you can apply for the right of permanent residence. The first condition that applies is for the applicant to have lived in the country for 5 successive years at the time of the application, based on a temporary residence permit.

You can read about the opening of a bank account in Estonia in the infographic below:

Advantages of opening a bank account in Estonia

According to the Estonian banking law, banks will provide secrecy to their clients.

Of course, the maintenance fees for the chosen account, as well as any extra fees imposed by the bank are an important criterion when choosing the financial institution. 

The Estonian bank system provides modern internet services that can be used for bill payments, money transfers or to check the account balance. Estonian banks also emit credit or debit cards to their clients.

One important advantage of the Estonian banking system is that it allows clients to open an account in foreign currencies. Our lawyers can definitely help you open a bank account in Estonia.

Opening a bank account is an essential step for all foreign nationals who are interested in immigration to Estonia.

If you are a foreign national who wants to open a bank account our lawyers can also give you information about residency in Estonia. We can give you details about the D-visa, the requirements for the first short-term employment, as well as the conditions under which you can also bring your spouse or your children to the country. Contact us for more details.

Types of bank accounts in Estonia

Businessmen who want to open a bank account in Estonia in 2026 should know that there are several types of bank accounts individuals and legal entities can open in this country. The main types of accounts are:

• The current account that will allow the client to manage day-to-day finance through any banking channel;
• The start (capital) account that may be used to pay in share capital on incorporation (not mandatory: since 2023 an OÜ can have €0.01 capital and contributions can be deferred);
• The securities account for companies that want to trade their shares on the stock exchange;

Our immigration lawyers in Estonia can answer questions about the specific requirements for expats who open a bank account.

What commissions you must pay in order to open a bank account in Estonia?

In order to open a bank account in Estonia, the owners of a company must pay the following types of commissions: 

• commission-fee for setting up the Estonian bank account (only in some cases);
• maintenance / administration fee – usually charged yearly or monthly; 
• commission-fees for every money deposit or withdrawal 
• commission-fee for closing the account.

The prices below are examples of the fees imposed by an Estonian bank. Please note that these can should be used for reference purposes only:

• Account opening: free of charge;
• European payment: 5€ for an outgoing payment in office and €22 for an in office express outgoing payment;
• Intra-bank payment: €5 for an in office payment and free of charge when performed via internet banking;
• The correction or cancellation of a foreign payment, an inquiry of a foreign payment: €10;
• Foreign payment confirmation issuance: €5.

Some Estonian banks can impose different fees for non-residents. Our immigration lawyers in Estonia highlight the following ones that can be used as an example:

• Account opening and monthly fees: free of charge for Estonian citizens and residents;
• Account opening for residents of EU member states, Liechtenstein, Switzerland, Norway and Iceland: €100; for these residents monthly account management fees apply;
• Account opening fee for residents of other countries: €200 and a monthly fee;
• Bank account got a legal entity registered in Estonia with non-resident owners: €200 for the bank account opening and a monthly fee;
• Bank account for a legal entity registered in another jurisdiction: €500.

Bank account opening is free of charge for Estonian companies and resident companies are not subject to a monthly bank account management fee.

Please keep in mind that the fees for non-residents above are only examples. Banks impose different fee policies and can make temporary derogation to their fees for non-residents, such as in the case of Ukrainian citizens who have opened their accounts after 24 February 2022.

Banking Law in Estonia

Estonia’s banking system is mainly based on the Banking Law that comprises several regulations in order to ensure the correct functioning of the country.  Investors who would like to open a bank account in Estonia should know that the most important law on banking in this country is the Credit Institutions Act (the Eesti Pank Act governs the central bank).

Eesti Pank or the Bank of Estonia is the central bank of the country. Estonia has been part of the euro area since 1 January 2011, so the main role of the Estonian Central Bank is to regulate and enforce the monetary policy of the European Central Bank.

 Eesti Pank must also keep and manage foreign exchange and ensure economic stability of the country.  Estonia's currency board ended when the euro was adopted on 1 January 2011.

The Estonian kroon was replaced by the euro in 2011, and capital moves freely within the EU. Monetary policy is now set by the European Central Bank for the whole euro area.

The most important monetary policies enforced in order to ensure the financial stability of the country are the Eurosystem's monetary policy instruments, such as the minimum reserve requirement for commercial banks to always have a reserve of money.

Financial institutions in Estonia

All banks provide the same financial services for local and foreign individuals or Estonian companies.

One of the strongest points in Estonia’s banking system is the electronic transaction network, as the number of financial transactions done online is rapidly increasing. International banks also work together with other financial institutions or mobile operators in order to provide new modern solution for their customers.

Commercial banks in Estonia play a key role in providing leasing and factoring services, as during the last years, interests have decreased in order to attract more clients. The factoring services offer domestic, export, invoice services, and for foreign companies they even include managing the accounts receivable registers for their local businesses.

Investment institutions in Estonia offer different types of investment funds, contractual funds and pension funds being among the most popular, while the Estonian Central Register of Securities (operated by Nasdaq CSD) offers public limited companies the possibility to register their securities.

Some of the most important banks in Estonia are the following:

• Eesti Pank
• Swedbank AS
• Luminor Bank AS
• AS SEB Pank
• AS LHV Pank

When choosing the bank account with which to open a corporate or individual account, users can think of the following:

1. The type of account: this is a current account for most users (or a savings account), however, some banks also offer special bank accounts for students;
2. Fees: as seen above, Estonian banks can charge separate fees for residents and non-residents; users should make sure that they verify the bank’s fee policy beforehand;
3. Bank branches: it may be more convenient to open a bank account in Estonia with a financial institution that has branches throughout the country;
4. Digital features: mobile and online banking is important for the majority of users; one should verify the bank’s digital services both for corporate and individual accounts.

Financial services market statistics

Estonia’s Financial Supervisory Authority issues yearly reports on the services provided by companies under its supervision. Some of the most important data from the report for the first half of the year 2025 is briefly summarized below by our team:

• The total deposits stocks increased by 2% (0.7 billion euros) during the first half of the mentioned year;
• Private individuals were the ones who contributed most to the deposit growth. The private deposit stock increased by 4% (the equivalent of 619 million euros) during the first six months of 2025;
• As far as banks are concerned, the largest market share of deposits was held by Swedbank (with 39%), followed by SEB and LHV, each bank with 20%.

You can also reach out to us if you are interested in immigration to Estonia.

Bank account matters are also relevant for foreign investors who wish to relocate to Estonia. Once they decide to relocate, they will need to open an Estonian bank account. Our team of immigration lawyers can answer questions about temporary and permanent residency. For foreign nationals who have been living in the country for a minimum number of years, we can also answer questions about Estonian citizenship.

If you want to set up a business in the country in 2026 and need details on how to open a bank account in Estonia please feel free to contact our Estonian lawyers. Our team can also help you set up a company in Estonia.