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.
The most popular fintech solutions to use in Estonia
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 a 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 business's finances all from your smartphone. Get registered in minutes and start using n26 business accounts. Who is the 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 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).
What do I get with an Estonian bank account?
Your Estonian bank account comes with an International Bank Account Number (IBAN) that allows you to send money for free to any EU member state without incurring charges. However, opening a bank account can be quite expensive - traditional banks often charge €100-€400 just to process applicant documents plus ongoing monthly fees and ATM withdrawal charges. Fortunately, all payments in Estonia are cashless; so before opening up your new account, check if the issuer offers a debit card compatible with either Mastercard or Visa and can connect it with Apple Pay or Google Pay.
Am I eligible to open a bank account in Estonia?
When it comes to banking services, Estonia is one of the most welcoming countries for expats in Europe. If you are 18 years old or older, have a valid passport, and can prove you have connections with this country - then there's no problem getting an account. Many banks require proof before they'll set up an account for someone who has never lived in their home county before - so it helps if they know they're willing to move here permanently.
What do I need to open a bank account in Estonia?
To open a bank account in Estonia, you will need to have a valid form of identification, such as a passport or ID card. You will also need to provide your address and contact information. Some banks may require additional documentation, such as proof of income or employment. Once you have gathered the required documents, you can begin the application process online or in person at a local branch. Banks typically ask for a minimum deposit of 10 euros when opening an account. It is not necessary to visit a branch when opening an account. Many banks offer services through mobile applications, allowing you to manage your accounts on the go!
FAQ
Yes, Estonia has a system that allows people to open bank accounts without being citizens. As an Estonian e-residents who starts the process online, it is usually possible to open an account with only your passport - depending on where you are from and what kind of bank you want.
Yes, n26 is available in Estonia. You can sign up for an account on the n26 website and choose from their Standard (free) or premium account of choice with additional benefits such as premium rewards, travel insurance, and spaces.
e-Residency in Estonia is still worth it even if you're already a European Union (EU) citizen. The digital advancements of Estonia's business community make many necessary tasks much easier to accomplish online. This means you can freely move out of the country without affecting your day-to-day operations at all.
