How to open a business account in Estonia: A guide for US companies

Estonia has built a reputation as one of the easiest places in Europe to start and run a business online. Its digital infrastructure and e-Residency program let international founders manage an EU company remotely, without relocating.

If you register a company there, you’ll need a business account to handle payments, taxes, and everyday expenses.

This guide explains how the process works and what to expect. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Can I open a business account in Estonia as a non-resident?

Estonian residency is not required to open a business account, but banks are often more cautious with non-residents due to additional compliance checks.

Having a local connection, such as Estonian e-Residency, can make onboarding easier.¹

If none of your company directors live in Estonia, traditional banks may be harder to access. In these cases, international or EU-based business accounts are often the most practical option.

Your options typically fall into three categories:

• Traditional Estonian banks, which may require in-person visits and stronger local ties
• Online financial institutions and EMIs, which offer EU business accounts with remote onboarding
• Banking through an existing corporate relationship, where global banks may support access through their international networks

For most non-residents, digital providers offer the simplest route, with faster setup and fewer location-based requirements.

Process for opening a business account in Estonia

The process of opening a business account in Estonia varies depending on the provider you choose, but most follow a similar set of steps. Non-resident applications typically involve more checks, so preparing in advance can help avoid delays.²

Step 1. Prepare your documentation

Before applying, gather the required documents for both the company and its owners.

For directors and beneficial owners, providers usually ask for:

• A valid passport
• Proof of residential address, such as a recent utility bill or bank statement
• Estonian e-Residency card details, if applicable

For your business, you’ll typically need:

• Certificate of incorporation
• Articles of association
• Registry extract showing beneficial owners
• A description of your business activities
• Information on expected transaction volumes and the source of funds

If any documents aren’t in English, certified translations may be required.

Step 2. Choose the right provider

Your experience will depend heavily on whether you apply through a traditional bank or a digital provider.

Traditional Estonian banks often require in-person meetings and may have longer approval timelines. Digital providers usually offer remote onboarding, allowing you to apply and verify your identity online.

Step 3. Complete enhanced due diligence

As a non-resident, expect additional questions during the review process. Providers may ask for more details about your business model, how you plan to use the account, and where your payments will come from and go to.

Some providers may also require a video call to verify identities or clarify information.

Step 4. Account approval and setup

Once approved, you’ll receive your account details. Traditional banks often take longer to complete this stage, while digital providers may issue account details within days.

You may need to make an initial deposit or complete final setup steps before the account becomes fully active.

Step 5. Manage your account

After setup, you can access your account online, order business expense cards, and set permissions for team members. Most providers offer tools to help you manage payments, monitor transactions, and stay compliant.

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Can I open a business account in Estonia with a foreign corporate entity?

It’s technically possible for a foreign corporate entity to open a business account in Estonia, but it’s generally more difficult than opening one for an Estonian company.

If your business already banks with a large international institution, they may be able to help you access an EU-based business account through their international network.

For many founders, however, registering an Estonian private limited company is simpler, as it’s more widely accepted by banks and digital business account providers.

Opening a business account in Estonia from abroad

Opening a business account in Estonia from outside the country is possible, but requirements can vary depending on where your business is based.

Some providers apply different verification standards by region, which can affect timelines and documentation.

Opening from the US

Opening a business account in Estonia from the US is possible, but your options may be more limited with traditional banks. Some may require at least one in-person visit to complete identity checks.

Digital providers usually allow remote onboarding, making it possible to apply and manage the account entirely online.

Opening from the EU

Businesses based in the EU often experience a smoother onboarding process. Verification requirements are generally simpler, and fewer supporting documents may be needed.

Opening from other regions

Applicants from outside the US and EU may face additional checks and longer review times. In many cases, digital providers offer the most accessible route, with fewer location-based requirements and remote verification options.

Which business account should I choose in Estonia?

Choosing the right business account in Estonia depends on how your company operates, whether you have a local presence, and how you manage international payments.

LHV Bank

LHV is one of Estonia’s largest local banks and works with both resident and non-resident companies.

• Advantages: Strong local presence, full banking services, familiarity with Estonian companies, and e-Residents
• Requirements: Often requires in-person meetings, enhanced due diligence for non-residents
• Application process: Starts online, but usually requires a branch visit
• Time to open: Several weeks for non-resident businesses
• Cost: €200 for residents of countries outside EU member states³
• Best for: Companies with local operations or a long-term presence in Estonia

SEB Estonia

SEB is a Nordic banking group with operations across the Baltics.

• Advantages: Established international bank, with a broad range of business services
• Requirements: Selective onboarding for non-residents, strong compliance checks
• Application process: Typically requires in-person verification. Video verification requires a Republic of Estonia ID card.⁴
• Time to open: Several weeks
• Best for: Established businesses with EU activity and higher transaction volumes

Banking fees and charges

Before opening a business account in Estonia, it’s important to carefully review the full fee structure.

Common costs include monthly account fees, transaction charges, and international transfer fees. Currency exchange margins may also apply, particularly if your business handles frequent cross-border payments.

Hidden costs to watch for include exchange rate markups, fees for receiving payments, minimum balance requirements, and inactivity charges if the account isn’t used regularly.

Even small fees can add up over time, so comparing the total cost of using an account is just as important as looking at the headline price.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Frequently asked questions: Estonian business banking for non-residents

Can a US citizen open a business account in Estonia?

Yes. US citizens can open a business account for an Estonian company without living in Estonia. Most providers apply additional checks for non-residents, particularly around ownership, business activity, and source of funds.

Do I need an Estonian bank specifically?

No. Your business account doesn’t need to be with an Estonian bank. Estonia allows companies to use accounts with EU-regulated banks and financial institutions that support euro payments and comply with relevant requirements.

How long does it take to open a business account?

Timelines depend on the provider you choose. Traditional banks often take several weeks, while digital providers can approve and activate business accounts within a few business days.

Can I manage everything remotely?

In many cases, yes. Digital providers allow you to open, manage, and monitor your business account online, including making payments, accessing statements, and managing cards, without traveling to Estonia.

What documents are required?

Most providers require identification for directors and beneficial owners, proof of address, company registration documents, ownership details, and a brief description of your business activities and expected transactions.

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**Sources:**

1. E-resident gov – What is e-Residency?
2. Binderr – Documents required to open a business bank account in Estonia
3. LHV – Opening a bank account for a non-resident
4. SEB – Open a business account remotely