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Estonian banks in 2020

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Opening an account with Estonian banks in 2020

Advantages of opening an account with financial institutions of this jurisdiction:

  • A high level of economic development;
  • A modern banking system;
  • A high level of asset protection;
  • A relatively fast account opening process.
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Estonia is an attractive jurisdiction for those, who wish to start a business in the Baltic countries. A tax system plays an important role in the desire of entrepreneurs to register an Estonian company or open an account in Estonia.

This material is fact-finding and was written for a general understanding of the nuances of the work of banking institutions in this territory.

Benefits

Private Limited Company is a most common type of company in Estonia. In fact, this company can be compared with LLC.

In order to understand exactly, what advantages await you after opening a company in Estonia, we want to pay attention to the following information:

  • a company pays a tax on dividends already distributed in this jurisdiction (investments or profits will be taxed only after the money will be deposited to your Estonian bank account).
Estonian banks

Entrepreneurs, who want to open an account with a bank in Estonia should familiarize themselves with the options available. IQD Consulting offers you two banks, that share 90% of a banking sector among themselves:

  • SEB Pank AS.

Having decided to open a corporate account with SEB Pank, you can count on the following services:

  • the account maintenance;
  • a cash withdrawal/deposit;
  • the issuance of a debit/credit card;
  • gaining the access to use online banking.
Bank rates:
  • to open an account for a resident in Estonia is free of charge;
  • monthly payment for a current account is 0,30 EUR;
  • a commission for the balance of 1 million EUR is 0,4 per year;
  • a transfer (the intra-bank and in the EU) is 2,3 EUR.

  • Swedbank

By opening an account with Swedbank, a new client will be able to take advantage of the following benefits:

  • a free use of a debit card;
  • a free intra-bank payments/EUR payments.

We emphasize, that these benefits are valid only in the first year of work with the bank.

Read also:
Bank rates:
  • a transaction within the bank is 0,16 EUR;
  • a domestic transaction is 0,38 EUR;
  • the express transfer in Europe is 0,38 EUR;
  • the international express transfer (outside Europe) is 29,85 EUR.

A remaining 10% is accounted for by five banks and several branches of foreign financial institutions. In a short form we will introduce you to those banks, in which there is a service in Russian and there is a fairly wide range of financial services:

  1. Tallinn Äripank. Both an individual and a legal entity can open an account with Tallinn Aripank. The institution has been working with small and medium-sized businesses for over 20 years. It opens accounts, issues bank cards, allows for various types of payments, and provides registration services in online banking.
  2. Sampo Pank. This bank is a part of the Danske Bank Group (the largest financial company in Scandinavia). It provides a wide range of services. Not everyone can open an account with Sampo Pank, a bank reserves the right to refuse cooperation after evaluating the benefit for itself (on the principle of profitability: how many services you will use, and what income a bank will ultimately receive).
  3. Marfin Pank. It is a well-known bank. It has representative offices in many jurisdictions. Opening an account with Marfin Pank, you will be available with a wide range of financial services.

You can learn more about opening accounts with Estonian banks by asking for advice from IQD Consulting specialists.

About the work of banks

For those, who would like to open an account for a company with an Estonian bank, we want to note, that all banks in this jurisdiction guarantee a protection of personal data of the client. According to the law, a bank must save a personal data of the client, however, it does not have a right to provide the information about its account to third parties.

As a rule, a staff in Estonian banks communicate in Russian and English.

We also draw the attention of entrepreneurs, that opening an account in Estonia is possible only with a personal presence of the beneficiary, and the documents must be translated into English.

Recently, Estonian banks do not open accounts for non-residents

Our experts recommend you registering a company in Estonia. We can assist you in opening an account for an Estonian company with banks of other countries, which include: Slovakia, Portugal, Poland and Romania, or in the payment systems of Europe.

To order personal advice on opening a bank account in Estonia, contact us in any way convenient for you.

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