Bank Account in Estonia
How to Open a Bank Account in Estonia
Opening a bank account in Estonia is a crucial step for individuals planning to live, work, study, or run a business in the country.
Having an Estonian bank account is essential for:
Documented Connection to Estonia
Banks in Estonia require proof that you have a legitimate connection to the country. This applies to both residents and non-residents. Valid connections may include:
Step-by-Step Process to Open a Bank Account
1. Submit the Application Form and Pay the Opening Fee
To begin the process, complete the bank’s account opening application and pay the applicable account setup fee.
If you are a citizen of Russia or Belarus, note that additional review procedures may apply. Check the bank's website for specific instructions.
2. Prepare and Submit the Required Documents
Required documents include:
3. Wait for a Response
Once the bank has received your application and documents, they will assess your eligibility. You will be contacted as soon as the review is complete. The decision process can take up to 10 business days.
Identity Verification (KYC)
If your application is approved, you must visit the bank’s office in person for identity verification and to sign the client agreement.
Important: Non-residents cannot complete identity verification electronically. In-person identification is mandatory at the bank’s branch office.
Major Banks in Estonia
Here is a list of major banks where you can open an account. Requirements and services may vary between banks:
Useful Tips Before You Apply
Opening a bank account in Estonia is a crucial step for individuals planning to live, work, study, or run a business in the country.
Having an Estonian bank account is essential for:
- Receiving salary payments or social benefits
- Paying for housing and utility services
- Managing day-to-day personal finances
- Accessing digital public services (e.g., tax, healthcare, education)
- Conducting business activities, especially for e-residents
Documented Connection to Estonia
Banks in Estonia require proof that you have a legitimate connection to the country. This applies to both residents and non-residents. Valid connections may include:
- Legal residence, employment, or studies in Estonia
- Close family ties (e.g., spouse, child, or parent living in Estonia)
- Verified business activities in the country
1. Submit the Application Form and Pay the Opening Fee
To begin the process, complete the bank’s account opening application and pay the applicable account setup fee.
If you are a citizen of Russia or Belarus, note that additional review procedures may apply. Check the bank's website for specific instructions.
2. Prepare and Submit the Required Documents
Required documents include:
- Valid identity document (Estonian ID card or international passport)
- Proof of connection to Estonia, such as:
- Signed rental agreement for housing in Estonia
- Signed employment contract with an Estonian employer
- Official confirmation of studies from an Estonian educational institution
- Documents verifying business ties (e.g., company registration or partnership documentation)
Banks may request translations or additional documents depending on your case.
3. Wait for a Response
Once the bank has received your application and documents, they will assess your eligibility. You will be contacted as soon as the review is complete. The decision process can take up to 10 business days.
Identity Verification (KYC)
If your application is approved, you must visit the bank’s office in person for identity verification and to sign the client agreement.
Important: Non-residents cannot complete identity verification electronically. In-person identification is mandatory at the bank’s branch office.
Major Banks in Estonia
Here is a list of major banks where you can open an account. Requirements and services may vary between banks:
| Bank | Website | Notes |
| Swedbank | swedbank.ee | Largest bank in Estonia. Offers full in-person services. |
| SEB | seb.ee | Widely used by residents and companies. |
| LHV Pank | lhv.ee | Popular among residents and e-residents. |
| Coop Pank | cooppank.ee | Estonian-owned bank with flexible account options. |
| Luminor Bank | luminor.ee | Serves both private and business customers. |
- Check processing times and account opening fees on the bank’s website.
- Make sure your documents are complete and clearly readable.
- Ensure your proof of connection is valid and up to date.
- If you are a non-EU citizen, verify your residence rights in Estonia before applying.
- Confirm if the bank offers services in your preferred language.
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