Fact checked! This material is written by an expert

5 min read 09.11.2021 65

Banks In Estonia - Digital Banking And E-Wallets

If you have spent any amount of time researching or looking for electronic money companies or mobile banks in Estonia. However, despite the fact that Estonia has its own mobile banks it doesn’t mean you need to apply for an Estonian bank account. Since the country is part of the European Union, you can use European banks in Estonia as well.

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert

5 min read 09.11.2021 65

Digital bank accounts or the so called fintech solutions are used more often.  Mainly because a digital bank account, as the name indicates, is set-up fully online and doesn’t require your business to have a connection to Estonia. So if you are planning an holiday trip to estonia or going on a business trip, Here is a list of payment systems and mobile banks that you can use without an estonian bank account: 

Wise (Formerly TransferWise)

Wise is the top peer-to-peer online foreign currency money transfer business in the United Kingdom. The service's website is available in ten different languages. Users may simply send money to over 59 countries while paying the least amount of money compared to a few big banks and PayPal. The transfer charges are determined by the exchange rate, the amount sent, and the payment method utilized. You see what you get with Wise, while other banking institutions will charge you for currency conversion..

A multi-currency account (previously known as a "Transferwise Borderless account") is free to open and accepts a variety of currencies. It differs from a traditional bank account in that customers do not get interest or have the ability to overdraw their accounts. You may send, receive, and swap money all from the same account.

Wise Services 

  • Personal IBAN
  • Affiliate program
  • Cashback
  • SEPA
  • Loyalty program
  • Travel Insurance
  • Multi Currency account
  • SWIFT
  • Virtual and Physical Cards

N26 - Mobile Bank 

N26 provides key banking services such as savings accounts, payment transfers, direct debit, and travel-related features such as an account with a debit card, insurance, and free foreign currency ATM withdrawals globally. Its Transferwise function allows you to send money in 19 different currencies. Following Brexit, N26 ceased operations in the United Kingdom and is currently focusing on expansion in Europe and the United States.

N26 business account lets you sign up and take control of your businesses finances all from  your smartphone. Get registered in minutes and start using n26 business accounts. Who is N26 business account for?  Freelancers, and small and medium business owners. However, the features will be appreciated by business owners who have to travel frequently. 

With the mobile bank, you can get a bank account and make payments in any country in the European Union including Estonia. 

Features of N26

  • Travel Insurance
  • Instant notifications of expenses
  • Expenses distribution
  • Geolocate ATMs
  • N26 bank card
  • 5 Free ATM Withdrawals 

Revolut - One app for business and personal accounts

Revolut is a bank that is not like the large banks. Instant spending notifications, built-in budgeting, and the option to spend and transfer money internationally using the real exchange rate are all available in a single app. From regular spending and budgeting to international currency conversion and easy-access stock trading, we've got you covered.

Revolut Services 

  • Personal IBAN
  • Affiliate program
  • Cashback
  • SEPA
  • Loyalty program
  • Insurance
  • Multi Currency account
  • SWIFT
  • Card
  • Budget planner for each expense category;
  • Real-time budget monitoring;
  • Google Pay and Apple Pay to simplify and secure payments;

 

 Bunq - Bank of the Free

Bunq is a full-fledged contemporary neobank known as the "Bank of the Free." Aiming for a new vision for the banking sector, this Amsterdam-based start-up seeks to contribute to climate change by giving consumers the option to reduce CO2 emissions while conducting their daily expenditures.

Bunq is also a pretty cost-effective alternative in terms of fees and prices, with its travel credit card offering low-cost domestic and international use.

Bunq Features

  • Start accepting quick payments.
  • Choose where Bunq will invest your money (Green companies are preferred)
  • Transfer money internationally.
  • With extensive budgeting options and quick bill splitting possibilities, you'll have complete control over your money.
  • Round up your transactions to the closest euro and put the difference in a savings account.
  • From the app, you may disable or enable your card.
  • Connect one card to two sub accounts (separate pins for each account)
  • Share your sub-account with your friends and family.
  • Apple Pay and Google Pay both support contactless payments.
  • Voice-activated banking on the Apple Watch
  • With disposable virtual cards, you may shop with confidence.
  • Earn money on all of your subaccounts and receive monthly interest payments (no minimum balance to earn interest; interest payout for balances up to €10,000).
Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.