Banking in Estonia: Overview
Estonian banking is highly digital, efficient, and straightforward. Here's what you need to know:
- All major banks offer English services in Tallinn
- Online banking is excellent — Some of the best in Europe
- Card payments accepted everywhere — Cash is rarely needed
- Fees are low — Free basic accounts common
- ID card integration — Login and sign with your Estonian ID
Major Banks in Estonia
Swedbank
Estonia's largest bank
- Most branches and ATMs
- Excellent English support
- Good mobile app
- Free basic current account
- Website: swedbank.ee
SEB
Swedish-owned, second largest
- Strong business banking
- Modern digital services
- English support available
- Student accounts
- Website: seb.ee
LHV Pank
Estonian-owned, tech-focused
- Popular with startups and tech workers
- Excellent mobile app (LHV is known for it)
- Cryptocurrency-friendly
- Free basic account
- Website: lhv.ee
Luminor
Baltic regional bank (Nordea + DNB)
- Strong Nordic connection
- Good for those with Nordic ties
- Full range of services
- Website: luminor.ee
Coop Pank
Local Estonian bank
- Growing presence
- Competitive rates
- Sometimes more flexible for new arrivals
- Website: cooppank.ee
Digital-Only Options
Wise (formerly TransferWise)
- Multi-currency account
- Excellent for international transfers
- Estonian e-Residency compatible
- Great exchange rates
- Not a full bank account but works for many purposes
Revolut
- Easy to open with Estonian residence
- Good for everyday spending
- Multi-currency
- Limited traditional banking features
What You Need to Open an Account
Requirements
| Document | Notes | |----------|-------| | Valid ID | Passport, EU ID card, or Estonian ID | | Proof of residence | Rental contract, utility bill, or registration | | Estonian residence permit/right | Required for most accounts | | Personal code (isikukood) | Estonian personal ID number | | Tax residency information | FATCA/CRS compliance |
For Different Situations
EU Citizens:
- Register residence first (get personal code)
- Then apply with passport/EU ID + registration proof
Non-EU Citizens:
- Need valid residence permit
- Some banks require permit valid for 6+ months
e-Residents (business only):
- Can open business accounts at LHV, Wise
- Personal accounts usually require physical presence
The Application Process
In-Branch
- Book appointment — Online or by phone
- Bring documents — All originals
- Fill application — With assistance
- Verify identity — Photo, sometimes fingerprint
- Wait for approval — Usually 1-3 business days
- Receive card — Mailed to your address
Online Application
Some banks allow partial or full online applications:
- Start on website — Fill details
- Upload documents — Photos of ID, etc.
- Video verification — Some banks offer this
- Approval — 1-5 days
- Card mailed — Or collect from branch
Tip: Even with online apps, a branch visit may be required for ID verification.
Account Types
Current Account (Arvelduskonto)
Basic everyday account:
- Receive salary
- Pay bills
- Make transfers
- Usually free or low monthly fee
Savings Account (Hoiukonto)
- Higher interest than current account
- Limited withdrawals (sometimes)
- Good for emergency fund
Fixed Deposit (Tähtajaline hoius)
- Lock money for set period
- Higher interest rates
- Penalty for early withdrawal
Business Account (Ärikonto)
- For registered companies
- More features and fees
- e-Residency compatible at some banks
Typical Costs
Current Account (Personal)
| Bank | Monthly Fee | Basic Card | |------|-------------|------------| | Swedbank | Free - €2.50 | Free | | SEB | Free - €2 | Free | | LHV | Free | Free | | Luminor | Free - €2.40 | Free | | Coop | Free | Free |
Common Fees
- ATM withdrawal (own bank): Usually free
- ATM withdrawal (other banks): €0.50 - €1
- International transfers: €3-15 (SEPA) / varies (SWIFT)
- Card replacement: €5-15
Online and Mobile Banking
Estonian banks are digital leaders:
Features You'll Get
- Real-time balance and transactions
- Instant domestic transfers
- Bill payments and standing orders
- Card controls (freeze, limits)
- Digital signatures in-app
- ID-card/Mobile-ID login
- Smart-ID integration
Security
- Two-factor authentication standard
- ID card or Mobile-ID for login
- PIN calculator for some banks
- Transaction notifications
- Suspicious activity alerts
Making the Choice
Best For...
| Need | Recommended | |------|-------------| | Largest ATM network | Swedbank | | Best mobile app | LHV | | International transfers | LHV or Wise | | Business banking | SEB or LHV | | New arrivals (more flexible) | Coop Pank | | Nordic connection | Luminor |
Questions to Ask
- Is there a monthly fee? What does it include?
- What are ATM withdrawal fees?
- How do international transfers work?
- Can I get a credit card? (Requirements?)
- What documents do you need?
- How long until I receive my card?
Common Challenges
Account Opening Refused
Some expats face rejection. Reasons may include:
- Insufficient residence permit validity
- Bank's internal risk assessment
- Incomplete documentation
- No regular income source shown
Solutions:
- Try another bank (LHV and Coop tend to be more flexible)
- Ensure all documents are complete
- Provide proof of income or employment
- Wait until residence is more established
Address Requirements
- Use your registered Estonian address
- If staying with someone, get their confirmation
- Landlord letter can help
- Keep address updated if you move
Tips for New Arrivals
First Month
- Get your personal code first — Register residence at PPA
- Research banks — Compare fees and features online
- Book appointment — Don't just walk in
- Bring everything — Documents listed above
- Consider multiple options — Apply to 2 banks if concerned
Long-Term
- Set up direct debits for utilities
- Use Smart-ID for easy access
- Explore savings options
- Consider multi-currency if you work internationally
- Update address after any move
Useful Banking Vocabulary
| Estonian | English | |----------|---------| | Pank | Bank | | Konto | Account | | Arvelduskonto | Current account | | Kaart | Card | | Ülekanne | Transfer | | Saldo | Balance | | Makse | Payment | | Arve | Invoice/Bill | | Laen | Loan | | Intress | Interest | | Pangaautomaat | ATM | | Kontori | Branch |
Beyond Basic Banking
Once Established
- Credit cards — Usually need 6-12 months history
- Mortgages — Available, need stable income/residency
- Investment accounts — LHV, Swedbank offer these
- Pension pillar II/III — Tax-advantaged savings
Credit in Estonia
Building credit history:
- Pay bills on time
- Use bank consistently
- Avoid overdrafts (if possible)
- Maintain stable income
Estonia doesn't have a traditional credit score system like the US, but payment history matters.
Emergency: Lost/Stolen Card
- Block immediately — Mobile app or call bank
- Report to police — If stolen
- Order replacement — Online or in branch
- Review transactions — Check for fraud
- Update autopayments — When new card arrives
Contact Information
| Bank | Phone (English) | Website | |------|-----------------|---------| | Swedbank | 6 310 310 | swedbank.ee | | SEB | 665 5100 | seb.ee | | LHV | 6 800 400 | lhv.ee | | Luminor | 617 1010 | luminor.ee | | Coop Pank | 669 0966 | cooppank.ee |
Welcome to the world's most digital banking! 💳