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Offshore bank account in Estonia

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Bank account in Estonia

Estonia has secure and user-friendly online banking. Internet banking and multi-lingual call centre services allow you 24/7 access to your accounts and investments, including the ability to make international money transfers.

What is offshore banking?

Offshore banking simply means you have a bank account in a location outside your country of residence – usually in an international financial centre, but not necessarily. Offshore bank account offers you a secure home for your money, an easy way to manage international finances and potential tax benefits.

Banks in Estonia

In total, there are 9 licensed banks and 7 branches of foreign credit institutions in Estonia. More than 90% of the Estonian banking sector is owned by four Nordic banks – Swedbank, SEB, Nordea and Danske Bank. Such ownership structure has provided stability throughout the financial crisis and contributed to the technological development of services.

Banks in Estonia offer the possibility to hold funds in different currencies in the same account. Estonian cash dispensing machines accept all major debit and credit cards for cash withdrawal.

Estonia has world class internet banking

Estonia’s world class internet banking services are a showcase for country’s well-developed IT infrastructure. Almost every banking service is offered digitally and customers have via intuitive user interfaces a complete overview of every aspect of their business with the bank. Even contracts can be digitally signed with an Estonian resident or e-resident ID card. Estonian banking services are also of low cost if compared to other offshore jurisdictions. For example, payments in euros within the Euro zone cost no more than 0.5 euros if performed via internet banking.

Opening a bank account in Estonia

In general, it is relatively easy to open an account at any of the Estonian commercial banks. Individual requirements may differ between the various banks, particularly for non-EU nationals. 

Since 2015, Estonia’s e-Residents can open bank accounts from abroad. The amendment was made to simplify the activities related to e-Residency and concluding agreements with credit institutions.

Although some banks in Estonia still require one face-to-face meeting to open a bank account, there are still other options. If you wish to open a bank account without coming to Estonia, we can prepare a special Power of Attorney for you for that purpose and everything can be arranged remotely.

If you would like assistance with opening a bank account in Estonia, then please email us at info@incorporate.ee or contact us here.

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