Banking has changed dramatically for Estonian e-residents during the last couple of years. Traditional Estonian banks are now far more selective and usually require a strong local connection or an in-person visit. Because of this, most new e-resident companies in 2024–2025 choose fintech accounts instead. The most common providers today are Revolut Business, Wise, and Paysera, with Revolut becoming the fastest-growing choice thanks to its stronger KYC onboarding and smooth support for Estonian OÜs. This guide explains what has changed, which options work for e-residents in 2025, and what you should consider when opening an account for your Estonian company. It is a must read before registering a company in Estonia through e-Residency.
A short history of Estonian banking
Estonian banking history has been stormy, to say the least. After regaining independence in 1991, there was a boom of banks popping up like mushrooms after a rain. At the peak time, there were 40 banks for 1.5 million people. That period could be summarized by speculation on currency exchanges and notorious parties. And as you can probably guess, the majority of them didn’t last very long. Interestingly, the most expensive Estonian TV series called “The Bank” is based on these times. Bankruptcies and mergers describe the second episode of Estonian banking history. For example, Eesti Ühispank (Estonian Common Bank) was founded when ten smaller ones merged.
Big Scandinavian banks took an interest in Estonian banking wild west after it joined the EU in 2004. Swedish SEB and Swedbank gradually took over the most popular Estonian banks Eesti Ühispank and Hansapank. One of the founders of Hansapank, with his two colleagues, started the investment bank LHV in 1999. Ten years later, they were granted a full banking license. Nordic banks DNB and Nordea merged their Baltic operations in 2017. The new bank Luminor became the third-largest in Estonia. Soon after, in 2019, American private equity fund Blackstone acquired 60% of it.
At the moment, there are nine licensed credit institutions in Estonia:
- AS Inbank (EE)—term deposits, consumer loans, leasing, and hire purchase. Personal payments through an app (currently, only available with an Estonian phone number).
- AS LHV Pank (EE)—Personal, corporate, and private banking, including investment products and loans.
- AS SEB Pank (SE)—Personal, corporate, and private banking, including investment products and loans.
- AS TBB pank (previously Tallinna Äripank) (EE)—Personal and corporate banking, loans, precious metals.
- Bigbank AS (EE)—term deposits, personal and business loans.
- Coop Pank AS (EE)—Personal and corporate banking, loans.
- Holm Bank AS (EE)—term deposits, consumer loans and hire purchase, small business loans.
- Luminor Bank AS (EE)—Personal, corporate, and private banking, including investment products and loans.
- Swedbank AS (SE)—Personal, corporate, and private banking, including investment products and loans.
Most of the banks are tiny (including the bank that calls itself Bigbank). There are really only four big players worth considering. The already mentioned two Swedish “giants” Swedbank and SEB, merged Luminor, and the modern Estonian bank LHV.
Bank accounts for e-residents
The E-residency program was set in motion in 2014 and allows non-residents to access Estonian digital services (company formation, tax reporting, banking, etc).
As an e-resident, there are mainly two types of companies that can get a bank account in Estonia.
The first type is businesses that have a strong connection to Estonia. It could be by having employees, business partners (just an accountant, unfortunately, doesn’t count), suppliers, or production in Estonia.
The second type is the typical one-person online business with easily trackable income. Marketers, bloggers, coaches, influencers, contractors, traveling yoga instructors—they are all usual suspects.
Other types will find it very difficult to have an Estonian bank account. Banks will normally refuse large companies and businesses that operate in a single country or outside the EU. Crypto-related services remain high-risk and are almost always rejected unless the company is licensed under Estonia’s new Virtual Asset Service Provider (VASP) framework. E-commerce is no longer automatically rejected, but companies must provide clear payment flow documentation.
Banks’ willingness to work with the second type, digital entrepreneurs, has dropped remarkably after the Danske Bank money laundering scandal appeared in 2017-2018. Unfortunately for Estonia’s reputation, it came to light that vast amounts of suspicious transactions passed through the country between 2007-2015. As a response, much stricter KYC regulations were set upon banks when dealing with non-residents. Enhanced due diligence measures resulted in a massacre of many e-resident accounts and fees placed on the remaining ones. Obviously, it has also become way more difficult to open new accounts. Since 2024, Estonia has implemented stricter EU Anti-Money Laundering rules under AMLD6. This affects non-resident onboarding significantly and is one of the main reasons traditional banks approve far fewer e-resident applications.
Biggest banks in Estonia
Nowadays, the three biggest banks in Estonia usually only work with businesses with a strong connection to Estonia, or if you personally reside in Estonia.
Traditional banks (Swedbank, SEB, Luminor) continue to limit onboarding of companies with non-resident owners. Over 90 percent of e-resident companies are directed to fintech providers unless they can demonstrate a strong Estonian connection. Due diligence fees now typically range from €400 to €1000 and are non-refundable.
I would really only consider applying for an account in these banks if, for some reason, you cannot get an account with LHV. The fees are generally higher, processing times longer, and they’re not very open to non-residents anymore.
LHV bank
LHV was a launch partner of the e-residency program and still accepts location-independent entrepreneurs as customers without a strong Estonian connection. LHV remains the only major Estonian bank accepting e-resident companies without physical presence in Estonia, but the approval rate is lower than in previous years. Applicants must describe expected transaction partners, geographic areas, and provide full documentation on all beneficial owners.
Favorite among non-residents and many locals, it offers a simple, nice, and modern banking experience. LHV fees are the lowest in Estonia, customer service is voted the best, and they offer solid products. It has always aimed to do things a little differently. Be it the client service team wearing Estonian designer clothes, handing out gingerbreads at Christmas time, or setting up beehives on the roof.
The main founder of LHV bank, Rain Lõhmus, is the most colorful figure in the Estonian banking industry. He was among the originators of the biggest Baltic bank Hansapank in the early years. In 1999 he decided with a few colleagues to start the investment bank LHV. The name actually comes from their initials Lõhmus, Haavel, and Viisemann. After rapid growth in customer numbers and offered products, it is now the fourth largest bank in Estonia and the first among domestic banks. Since 2016, it is also listed on the Baltic stock exchange, and the share price has increased by 125% so far.
Rain Lõhmus loves to play rap music at company Christmas galas, and the management of LHV is just as bold when making business decisions. They were the first to offer payment infrastructure to fintech companies (Wise, Coinbase, Trustly, etc.). They also pioneered digital identification and bought the private loans portfolio from scandalous Danske bank—just to name a few. There is a whole book about LHV named “Pangasaladus” (Banking Secret), but let’s get back to the account opening.
Banks still prefer companies with a genuine Estonian link — such as a local management board, employees, or contracts. Fully remote, one-person digital businesses can be accepted by LHV but must present a clear business model, income sources, UBO documents, and a credible reason for banking in Estonia.
Be mindful that you need to send documents and apply online—don’t just show up in the office. You need approval first. There is a page for non-residents with all the necessary steps, documents, and prices. Usually, it takes about two weeks to receive a decision. After that, you can book a visit to the bank office. You only need to show up once for identification—subsequently, everything else can be done online. If you also want a bank card, make sure you preorder it so that you can pick it up during your visit.
If you still did it the other way and went to Estonia without approval first, you can go to the bank office and ask them to identify you. After that, you can submit an application online and email the required documents. In case of a positive decision, you can sign your agreements digitally with your e-residency card and do not have to go to the bank in person anymore.
Don’t think that you will be handed a personal account on a silver platter when you successfully got a business account. With no connection to Estonia, you will have to bank with your company for at least six months before you will be considered for a private account. You will likely need to explain the need for that too. But the good thing is, you can invest in Baltic equities also as a private person.
LHV does not handle share capital confirmation for all fintech incoming payments. Many e-residents now prefer paying share capital through Revolut, which has predictable processing and smoother confirmations.
Only LHV still actively onboards companies without a strong Estonian connection, and even there approval depends heavily on business rationale, risk profile, and beneficial owner documentation. For most new e-residents, opening a traditional Estonian bank account is no longer the default path. Fintech solutions — especially Revolut Business — provide faster onboarding, fewer restrictions, and full compatibility with Estonian company requirements.
Highlights
- Decent online banking and app
- After the first meeting, absolutely no need to show up in person ever
- Estonians can open a personal account fully digitally
- Free SEPA transfers
- Wise integration (for some currencies)
- Relatively reasonably priced investment options and widest choice of equities. Free trading on Baltic markets.
- Growth Account option for automatic investing in ETFs with smaller amounts. You can also tie your LHV bank card with it, so with every payment, some cents will go into the Growth Account.
- LHV Trader (uses Interactive Brokers platform) for more active traders
- Thanks to W-8BEN, it’s 15% tax rate on US dividends instead of 30%
- API (for integration with accounting, etc.). If you use LHV + Xolo they will prepare your tax payments every month, so you just have to approve them in the LHV app, which saves a bit of time every month
- Low-cost credit card processing through EveryPay
- Apple pay, Google pay, Garmin pay, Fitbit pay
Things to note
- Account opening and monthly fees for non-residents. For companies registered in Estonia, Norway, and the EU (excluding Cyprus, Luxembourg, Malta), pay €200 for opening and a €20 monthly fee. For others, it’s €500 and €50.
- Bank card fees internationally (some FX markup, ATM fees)
- They don’t send bank cards to foreign countries. If you lose your card or it expires, you can have it sent to a friend (if you have one) or accountant in Estonia, and they can post it for you.
- Cash-free offices. Depositing and withdrawing cash is only possible through ATMs.
- Sending and receiving transfers in USD is only accessible for Estonian residents (both private people and companies registered in Estonia)
Fintech alternatives
The good news is that from the beginning of 2019, you no longer need an Estonian bank account to pay the share capital of your Estonian company. That means, as an e-resident, you can use any bank or digital bank in the EU/EEA if you don’t want to make a trip to Estonia to open a bank account there. One international business account is particularly suitable for Estonian e-residents: Revolut.
Revolut
Revolut Business has become one of the most popular banking solutions for Estonian e-residents thanks to fast onboarding, strong KYC support, and multi-currency features suited for remote founders.
Highlights
- Fully online onboarding
- Supports Estonian companies with non-resident owners
- Multi-currency accounts
- Virtual and physical cards
- Easy share capital payment
- Integrations with accounting tools
Things to note
- Company documentation and a clear business description are required
- Additional verification steps may apply to higher-risk industries
- The business address must be valid and consistent with company registration data
Why many e-residents prefer Revolut in 2025
Revolut offers the best balance between fast onboarding, low fees, and everyday usability for location-independent founders. Based on Unicount’s experience, Revolut also has the most consistent approval rates for new Estonian OÜs without an Estonian physical presence.
Things to note
- SEPA and instant SEPA transfers cost €0.20
- International transfers are not the cheapest
- Approximately 1-3% exchange rate markup for most major currencies
- Debit cards are only delivered to EEA countries
- €5 for issuing the card, fees for withdrawals in EUR and other currencies, and paying with the card (other than EUR)
