How can I open a bank account for my company?

Estonia has become a hotspot for entrepreneurs and digital nomads with its e-Residency program. This program allows non-residents to establish and manage an Estonian company online, offering numerous benefits, including access to the European Union market.

One crucial aspect of running a business is having a reliable and efficient banking solution. In this article, we will dive into the various banking options available for Estonian e-resident-owned and managed companies.

Some e-resident founders inquire about opening a bank account in Estonia before deciding whether to set up a company in Estonia, specifically if Unicount can assist with opening a bank account in Estonia. Unicount does not participate in the bank or fintech account opening process in any way, and cannot guarantee that any application will be approved. Every bank and fintech provider sets and applies its own onboarding policy for non-resident clients such as e-residents, and that decision is made entirely by the institution itself. e-Residency will not help you to open a personal or a business bank account in Estonia either.

However, there are numerous options available, not only from banks in Estonia but also from fintech companies across the world. You may even be able to use a bank in your own country. The KYC (Know Your Client) process is a tough regulatory burden for any EU bank, so you can get your business going with a more flexible fintech that has your basic needs covered. Later on, you may be able to use the company business account statements and any other business documentation to validate your company with a better-suiting bank.

To start with the naked truth, currently, none of the banks operating in Estonia offer business accounts to e-resident companies without a personal visit to Estonia. You can find a full list of Estonian banks here.

The most prominent banks with a large market share are subsidiaries of Swedish Swedbank and SEB. Right on their heels is the local Tallinn stock exchange listed LHV Bank, and then comes Luminor which is a US investment fund-owned merger of local DNB and Nordea branches. Coop Bank is a newcomer on the Tallinn stock exchange having more focus on rural areas with some connection to the Estonian consumer unions.

Most of these banks have good online banking platforms, making it convenient to manage your company finances remotely. They offer a range of services, including multicurrency accounts, payment processing, debit and credit card options, and financing solutions.

However, the account setup and ongoing maintenance might involve substantial paperwork and strict compliance requirements. You may have to show what are your “connections to Estonia” besides the fact of having an Estonian limited company on a virtual office address. This means that any employees, board members, clients, suppliers and partners located in Estonia will be beneficial to get a positive result for your application. Banks also tend to charge a non-refundable fee for processing non-resident account opening applications even if it is an Estonian limited company run by an e-resident. Some of them may also have monthly fees for the accounts linked to non-resident beneficiaries.

The easier it is for the bank to understand your company’s source of income the higher the chance that they will accept your business account if you are an EEA resident and citizen. This means that solo companies selling apps, coding or design are easier to monitor than businesses with a wide list of activities and clients across the globe but not in Estonia.

If you can visit Estonia we would suggest applying for an account with LHV Bank online here. You can apply only after you have registered your company. If your online application is approved you can book your travel to Estonia to finalise the account opening process.

EEA-licensed Fintechs have gained significant popularity in recent years among e-residents due to their user-friendly online dashboards, and well, for accepting e-resident managed companies. Popular options include Wise (formerly TransferWise), Revolut, Paysera and Payoneer. Many more fintechs have been identified by the e-Residency team as prone to accepting Estonian limited companies. Wise has recently paused accepting new EU companies for unknown reasons.

Unlike banks that are by the way called “credit institutions” in Estonian legal jargon, fintechs are not authorised to lend out client deposits. The legal term for a fintech is “payment institution” as the primary service they provide is payment service. For many e-residents, this may be fine as long as you can receive and make fast SEPA payments and get a company debit card.

EMIs are not part of the national deposit insurance schemes for banks (which protect up to €100,000 in licensed banks), but the partner bank that safeguards an EMI's client funds typically keeps those funds separate from its own, so that if the EMI becomes insolvent, your money should be unaffected and refunded to you in full.

Wise Business is currently one of the most straightforward options for e-resident founders: fully remote onboarding, an EU IBAN, SEPA access and multi-currency accounts, and it's used by millions of businesses across Europe.

Revolut Business is registered as a bank in Lithuania and offers Lithuanian IBAN euro accounts, which will work for your Estonian company unless a particular service specifically requires an Estonian IBAN. There should be no IBAN discrimination in Europe, and it should be reported if you encounter it.

Wamo is another business account option worth considering. It offers EU IBAN accounts covering multiple currencies, virtual and physical Visa debit cards, and payment tools aimed primarily at SMEs and international founders. Applications are handled fully online. As with any provider, eligibility depends on your company's founder residency, industry and overall profile, and Wamo applies its own KYC and compliance checks.

Please note that some Fintech companies may reject business clients not physically located in Estonia or EEA. Additionally, restrictions may apply based on the residency of the company owner and director, as well as eligible industries. Being an e-resident does not change your residency. Be sure to review their terms of service before applying.

If you are a resident or a citizen of a FATF black or grey list jurisdiction, you will most likely not be able to access any business banking service even with a company registered in Estonia. Fintechs also have their own accepted citizenship policies which may be stricter than FATF countries lists.

It is also important to know what are the policies for the maximum allowed volumes and other restrictions that may affect your business.

If you are asked for proof of address for your company, you may be able to use an electronic registration certificate or a certificate showing shareholder information. You can generate these for free through the Estonian Business Register. Unicount cannot help you with proof of address documents when you are using our virtual office service.

If you are seeking online payment acquisition through a merchant account, please refer to this article about payment gateways.

A note on Unicount's role: We cannot open a bank or fintech account for you, we do not take part in any provider's application or KYC process, and we cannot guarantee approval from any institution. What we can help with is making sure your company is well-prepared before you apply: clean accounting records, properly filed annual reports, and a transparent company structure. For a more detailed breakdown of banking options and what actually affects approval odds, see our full guide to banking for Estonian OÜs.

Last verified: July 2026 by Unicount team

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