An Estonian bank account is the key that unlocks daily life: your salary, your lease payment, your Smart-ID. Estonian banks are good at online services and tough on identity checks. The quickest way is to arrive with the right papers and to know what the law says if someone tells you no.
This guide to opening a bank account in Estonia covers the banks, the documents and your rights.
Which banks operate in Estonia?
The big retail banks are Swedbank, SEB, LHV, Luminor and Coop Pank. Others, such as Inbank, Bigbank and Holm Bank, exist as well. Most serve you in English, and most let you apply online or in a branch.
For comparison, read each bank's page for new residents, its monthly fees and its language options. Opening an account is generally free, according to the consumer site Minuraha.ee; what costs money is the services attached: cards, transfers beyond the basics and so on.
What do you need to open a bank account in Estonia?
Ideally:
- a valid passport or national ID card (and your Estonian ID card once you have it);
- your Estonian personal identification code (how to get it);
- proof of address, such as a lease or an extract from the population register;
- proof of income, such as an employment contract, payslips or a pension statement.
Expect a "know your customer" questionnaire about your job, where your money comes from and what you will use the account for. Estonian supervisors expect banks to apply extra care to non-residents with no link to the Estonian economy, which is why a work contract or a registered address helps a lot.
Does your right to a basic payment account help?
Yes. If you legally reside in the EU, the law gives you the right to a basic payment account (põhimakseteenus). A bank may refuse only in exceptional cases, and must reply within 10 working days. If you are refused an ordinary account, ask for the basic one explicitly, cite the right, and ask for the reason in writing.
The fees must be "reasonable", set with the incomes of Estonian residents in mind. The number of operations is not capped, and the account is held in euros at least. The bank may limit amounts for anti-money-laundering reasons, such as per month or per transaction. Closing such an account is possible only on grounds set by law, for example money laundering, sanctions or false information, with two months' notice in several cases.
If you are still refused, write to the bank first, then to the financial supervisor Finantsinspektsioon or the court.
Refused at the counter, or worried about the questionnaire? Moovy can help you prepare the proof of income and draft a clear message to the bank, in English with an Estonian version.
How do you switch on Smart-ID or Mobile-ID?
Once you have an account, activate your authentication tool, which makes everything else possible online. Smart-ID can be created with your Estonian ID card or, if you do not have it yet, at a Swedbank, SEB or Luminor branch in Estonia with a valid ID document. See Estonian ID card, Smart-ID and Mobile-ID.
Give your IBAN to your employer, your pension fund and your landlord. Euro transfers inside SEPA work as at home, so you can also keep your old account.
How safe are your deposits in Estonia?
Deposits are guaranteed up to €100,000 per depositor and per bank, interest included, and paid out no later than seven working days after deposits are suspended. For certain exceptional amounts, such as the sale of your home, retirement, redundancy, marriage or divorce, there can be up to €100,000 more for six months. The participating banks listed in 2025 include Inbank, LHV, SEB, Bigbank, Coop Pank, Holm Bank, Luminor and Swedbank.
Two points of care: deposits in an Estonian branch of a bank from another EEA country are covered by the fund of that bank's home country, and savings and loan associations (hoiu-laenuühistu) are not covered. If you hold more than €100,000, spread it.
How do mortgage rules work in Estonia?
The Bank of Estonia sets prudential limits: a loan of at most 85% of the property value (90% with a state guarantee), monthly repayments of at most 50% of income (calculated at the contract rate or 6% a year if higher for a variable rate) and a term of 30 years at most. Banks may depart from these for up to 15% of new loans each quarter. See buying property in Estonia.
How do you open a bank account in Estonia, step by step?
- Register your address first and obtain your personal code (the personal identification code). Without it, opening a bank account in Estonia is harder and the online services are limited.
- Choose your bank. Compare the conditions for new residents, the tariff and the language of service on each bank's site.
- Book an appointment or apply online, with your identity document. Expect the "know your customer" questionnaire: your job, the origin of your income and what the account is for.
- If the bank refuses an ordinary account, ask expressly for the basic payment account. The answer must be written, within 10 working days, with reasons for any refusal.
- Activate Smart-ID, Mobile-ID or your ID card (Estonian digital ID).
- Give your IBAN to your employer, pension fund and suppliers.
- If you are refused or the account is closed unfairly, write to the bank, then to the supervisor Finantsinspektsioon or the court.
What does a bank account in Estonia cost, and when can it be closed?
Opening is generally free, according to the consumer site Minuraha.ee. Many operations linked to the account are charged, according to each bank's tariff, so compare cards, transfers and any monthly fee before you choose.
The basic payment account has "reasonable" fees, fixed with the incomes of Estonian residents in mind. It is held in euros at least, with no cap on the number of operations, and the bank cannot make you buy another service with it. It may limit amounts, such as per month, per operation, maximum balance or withdrawals outside the EEA, for anti-money-laundering reasons.
Closing a basic account is allowed only on grounds set by law: money laundering, sanctions, illegal use, false information, loss of the right of residence in the EU or 24 months without operations. In several of these cases the bank must give two months' notice. The supervisor reminds banks that refusing or closing an account should be a last resort. If you are told no, cite your right and ask for the reason in writing.
What mistakes should you avoid?
- Coming without proof of income. It is the single biggest help.
- Assuming e-Residency opens an account. It does not; each bank decides (Estonia e-Residency explained).
- Not knowing about the basic account. Cite it if refused.
- Keeping over €100,000 in one bank.
- Using a link in an email. Log in to your bank only from its official site or app.
What changes by nationality?
EU and EEA citizens have the right to a basic account once they legally reside in the EU, and the bank cannot refuse because of your nationality or residence. Swiss citizens are protected from a refusal based on nationality once they have a right of residence in Estonia; before that, ask the bank. British citizens get the same protection once they hold a permit; before, the bank applies its own policy (moving to Estonia from the UK).
The bank is where Estonia's bureaucracy and its digital life meet, so do it in the first fortnight.