How to open a Bank Account for an Estonian Company

Generally, local banks open accounts for companies that operate at least partially in Estonia. It means the company sells or buys goods or services, has employees, and pays them salaries. 

To open a bank account, KYC purposes require a somewhat time-consuming and bureaucratic process.

Estonian banks require at least one in-person visit for compliance reasons. Even if the bank is visited in person, opening a bank account is not guaranteed. This especially concerns companies with foreign shareholders and board members. At the same time, if all the conditions for opening an account by the bank are met and the bank opens the account, future banking operations will be very smooth, customer-friendly and fast. 

Main banks in Estonia are: SEB BANK, LHV Bank, Swedbank, COOP Bank, Luminor Bank.

If the company has no activities in Estonia, banks typically refuse to open an account.

Almost all companies are accepted as clients, and accounts have been opened with fintech companies like Wise, Payoneer, Revolut, Paysera.

There are many more fintech companies that offer their services. However, even though their KYC procedures are less burdensome, it might still take at least a few days (sometimes even weeks) to receive a positive answer, which is not guaranteed.

As a rule, by opening the account, banks and fintech companies want to communicate with at least one of the company board members personally. Buying the account opening service from a service provider might sometimes even complicate the process and raise additional questions.

Opening accounts with multiple fintech companies or banks is a good idea to consider. If one service provider blocks an account, which sometimes happens, you can use the account with another fintech company/bank..