Banking

Steps

1. First register your residence and obtain your personal identification code (see EE-SEJOUR-TOUS-001 and EE-NIF-TOUS-001): without it, opening an account is harder and online services are limited.
2. Choose your bank and look on its website at the opening conditions for new residents, the fees and the language (most serve in English).
3. Make an appointment or apply online, with your identity document. Expect a "know your customer" questionnaire: your job, the source of your income, the intended use of the account.
4. If the bank refuses a standard account, expressly ask for a basic payment account. It must conclude the contract or inform you of its refusal within 10 working days (from a compliant application), in writing and free of charge, stating the reason unless this contradicts national security, public order or the anti-money-laundering law.
5. Activate your authentication: Smart-ID (free app), Mobiil-ID or your Estonian identity card. Smart-ID is created with the Estonian card or, otherwise, at a branch of Swedbank, SEB or Luminor (see EE-ADMINISTRATIONS-TOUS-001).
6. Give your IBAN to your employer, your pension fund and your suppliers; euro transfers within the SEPA area work as in your country.
7. In case of a refusal or a disputed closure, first write to the bank. You can then write to the Finantsinspektsioon (the financial supervision authority): it can ask the bank for explanations, but it does not settle the dispute and its explanations are not binding. Only the court decides.

Documents

• Valid passport or national identity card (and, once issued, your Estonian identity card).
• Estonian personal identification code, if you have it.
• Proof of income and of its source: employment contract, payslips, pension certificate, bank statements.
• Address in Estonia (lease or extract from the population register).
• For a mortgage: income for the last few months, tax assessment, preliminary contract or description of the property, personal contribution.

Costs and timelines

• Opening: generally free according to Minuraha.ee; many account-related transactions are charged, according to each bank's tariff.
• Basic payment account: "reasonable" fees, set taking into account the income of Estonian residents; number of transactions not capped; held at least in euros; the bank cannot force you to buy another service. It may limit amounts (per month, per transaction, maximum balance, withdrawals outside the EEA) for anti-money-laundering purposes, without preventing you from living normally.
• Closure of a basic payment account: only on the grounds provided for by law (money laundering, sanctions, illegal use, false information, loss of the right to stay in the EU, 24 months without a transaction…), with 2 months' notice in several of these cases.
• Deposit guarantee (Tagatisfond): €100,000 per depositor per bank, interest included, paid out no later than 7 working days after deposits are suspended. Up to €100,000 more, for 6 months, for certain exceptional sums (sale of your home, retirement, redundancy, marriage or divorce, compensation…). Participating banks (2025 list): Inbank, LHV Pank, SEB Pank, Bigbank, Coop Pank, Holm Bank, Luminor Bank, Swedbank.
• Mortgage (Bank of Estonia rules, in force since 2015, amended in 2024): loan of at most 85% of the value of the property (90% with a State guarantee); monthly repayments at most 50% of your net monthly income, calculated for a variable rate at the contract rate or at 6% a year if that is higher; maximum term 30 years. Each bank may deviate for at most 15% of its new loans per quarter.

Common pitfalls

• Coming without proof of income. In 2019, the Finantsinspektsioon asked banks for increased vigilance towards non-residents who have no link with the Estonian economy. An employment contract or a registered address helps you show your link with Estonia.
• Believing that e-residency opens an account. The e-resident card is a digital identity, not a right to a bank account: each bank decides, case by case.
• Not knowing about the basic payment account. The Finantsinspektsioon points out that a refusal or a closure should only be a last resort: if you are refused an account, cite this right and ask for the reason in writing.
• A foreign branch. Deposits in the Estonian branch of a bank from another EEA country are protected by the fund of its home country, not by the Tagatisfond.
• Exceeding €100,000 in a single bank. Above that, your savings are not protected (except in temporary cases): spread them across several banks.
• Savings and loan associations (hoiu-laenuühistu): their deposits are not covered by the guarantee.

What changes by country of origin

• EU and EEA citizens: right to a basic payment account as soon as you reside legally in the EU; the bank cannot refuse it because of your nationality or residence. You can also keep your account in your country of origin and pay in euros within the SEPA area.
• Swiss citizens: Estonian rules protect any foreigner who has a right of residence in Estonia against a refusal based on nationality; before you settle, your right to a basic account depends on your legal residence in the EU (Directive 2014/92/EU: right of residence under EU or national law); ask the bank.
• British citizens (Scotland included): once you have your residence permit, the same protection against a refusal linked to nationality; before that, the bank applies its own policy.