Articles on: Banking
This article is also available in:

Why Do I Need a Corporate Bank Account and What Is the Best Option?

Once your business is registered in Estonia, you need to open a bank account to invoice your customers, pay suppliers and distribute profits.

Unless you have a good reason to opt for a traditional bank account, online solutions such as Wise or Revolut Business are perfectly valid alternatives for your business, and they have many advantages, such as:

You save money and time since everything is online so you don't have to visit offices.
You can transfer money for free to other countries that are in the SEPA (Single Euro Payment Area).

However, if you decide to choose a traditional bank keep this in mind:
You will have to travel to Tallinn, the capital of Estonia. This is because traditional banks have a KYC (Know Your Customer) policy, which requires them to meet their customers face to face to open a bank account for them.

Most Estonian banks will ask you to prove a certain link with Estonia, in addition to proving that you are an e-resident. This is quite subjective, and proving it may not be that easy.

In this article we explain to you what are the advantages and disadvantages of digital solutions and traditional banks, and in this one which are the digital solutions that we recommend.

Updated on: 18/01/2023

Was this article helpful?

Share your feedback


Thank you!