By Gruv Editorial Team
You did it. You navigated the e-Residency paperwork, got your digital ID, and officially registered your company. That's a huge step, and you should feel proud. But right as you’re about to send that very first invoice, a new, slightly daunting question pops into your head: How do I actually get paid?
Suddenly, the process of opening a business bank account can feel like the final, confusing hurdle standing between your brilliant new company and its first euro.
Look, take a breath. This is a challenge every single e-resident faces, and there’s a clear path forward. You are not alone in this. The choice boils down to two main roads: the modern, flexible world of fintech or the established, traditional Estonian banks. We're going to walk you through exactly what you need to know to get your business finances set up and running smoothly, without the headache.
Think of this as your roadmap. By the end, you'll know exactly which path is right for you.
Imagine you’re standing at a crossroads for your business journey. Path one is a sleek, modern monorail. It zips between international cities, you can board it from anywhere with just your laptop, and it gets you where you need to go, fast. Path two is a classic, powerful locomotive. It’s built like a tank, deeply connected to the local railway network, but to get a ticket, you might need to show up at the station in person.
This is the choice you face when picking a bank for your new Estonian company. It’s not about good versus bad; it's about finding the right fit for your business model.
Your two primary options are modern Financial Technology (Fintech) companies and traditional Estonian banks.
For most of us running digital businesses—freelancers, consultants, e-commerce store owners—that monorail is the clear winner. We’re talking about services like Wise or Revolut Business. They were practically built for location-independent e-residents. They offer incredible speed, a fully remote setup process you can complete from your couch, and multi-currency accounts that make getting paid by international clients a breeze. This is the default path for a reason.
But what if your business isn’t entirely in the cloud? What if you plan to hire an employee in Tallinn, or you’ve landed a big contract with an Estonian partner? This is where the locomotive—a traditional bank like LHV Pank—pulls into the station. They require a much stronger, demonstrable connection to Estonia, but in return, they offer deeper integration with local government services, loans, and other financial products you can't get from a fintech.
Now, here’s the part that should make you breathe a huge sigh of relief. A few years ago, this choice was much harder because you had to have a traditional Estonian bank account to pay in your company's share capital. It was a massive bottleneck for so many e-residents.
That all changed in 2019. The requirement is gone. You now have complete freedom to choose the path that makes sense for you, without being forced down one track.
Here’s the bottom line:
Ever tried to build one of those sleek, minimalist pieces of flat-pack furniture without the instructions? Or worse, without that one specific Allen key they give you? It’s a special kind of hell. You have all the big pieces, but you can’t connect anything.
That’s exactly what it feels like to approach a bank without the right paperwork. It's frustrating, it's a waste of time, and it’s a surefire way to get rejected. So before you even think about filling out an application, let’s get your toolkit ready.
Look, this isn't just bureaucratic red tape for the sake of it. Every financial institution on the planet, from the newest fintech to the oldest traditional bank, is bound by strict anti-money laundering (AML) and Know Your Customer (KYC) laws. They have a legal duty to verify who you are and what your business does. Walking in with everything prepared doesn't just speed things up; it sends a powerful signal. It says, "I'm a serious professional, and this is a legitimate business."
Here’s the essential checklist—the stuff you absolutely need to have scanned and ready in a dedicated folder on your computer.
What if I told you that you could open a fully functional, multi-currency business account for your new Estonian company without leaving your home office? Whether you’re in Lisbon, Bali, or Buenos Aires, this isn't a fantasy. It’s the reality of fintech, and it's about to become your new best friend.
Let's be direct: for the vast majority of us running location-independent businesses through e-Residency, fintech is the answer. Full stop.
Companies like Wise, Revolut Business, and Paysera weren't built for a world of brick-and-mortar branches and stuffy appointments. They were designed from the ground up for people like us—global entrepreneurs who need to move money across borders without the friction and absurd fees of the old system.
I remember the old days. Trying to prove a "strong connection" to a country you've never visited felt like a bad joke. You'd send documents into a black hole and just hope for the best. Fintech flipped the script entirely. They don't ask you to prove you belong in Estonia; they just ask you to prove you're a legitimate business. It’s a fundamental, and frankly, refreshing shift in mindset.
Here’s why this is your clearest path forward:
Let’s talk about a crossroad many successful e-residents eventually face. Your business is humming along. You’ve hired a contractor in Tallinn, or maybe you just landed a major partnership with an Estonian company. Your fintech account works, sure, but a little voice in your head wonders if a “real” local bank account would add a layer of legitimacy and make things like local payroll smoother. Is it worth the notoriously difficult process?
The short answer is: maybe, but you need to go in with your eyes wide open.
Think of it like this: fintechs are the modern, open-door cafés where anyone can grab a great coffee. Traditional banks are the old, exclusive members' clubs. They have deep local roots, but they are extremely particular about who they let in the door. You can’t just show up and expect a seat. You need a compelling reason to be there.
For e-residents, one bank has consistently held the door open a crack: LHV Pank. They were an early partner of the e-Residency program and fundamentally understand the model. They get it. Their competitors, like Swedbank and SEB, are a much tougher sell. For them, a lack of physical presence is often an immediate deal-breaker.
So, if you decide this is the right move for your business, here’s what you’re up against. First, be prepared for a more intense application process than you’ve ever seen from a fintech. Second, expect to pay for the privilege of being reviewed. LHV charges a non-refundable due diligence fee—often starting around €300—just to look at your paperwork. That money is gone whether you’re approved or not. Finally, you may still need to book a flight to Tallinn for an in-person meeting.
This path isn’t for everyone. It’s for the business owner who can point to a signed contract, an employee agreement, or a rental lease and say, “Here. This is why I need to be here.”
Here’s the bottom line:
Let's clear the air. When you're in the thick of launching a new venture, a hundred questions can swirl around in your head. It’s completely normal. Here are the straight-up answers to the most common questions we hear from entrepreneurs just like you.
No. This is probably the biggest myth we need to bust. While it used to be a requirement, that changed back in 2019. Now, a modern business account from a fintech provider like Wise or Revolut is perfectly acceptable for all your company’s needs. That includes the big one: paying in your initial share capital. So breathe easy. You don't have to jump through hoops with a traditional bank unless you have a very specific reason to.
Yes, and honestly, this is one of the best parts of the whole setup. If you go the fintech route, the entire process is 100% online. You can get it done from your desk, your couch, or a cafe on the other side of the world. It’s built for digital nomads and location-independent founders.
Traditional banks are a different story. Even the most e-resident-friendly ones, like LHV, will likely require at least one in-person visit to their office in Estonia. One path requires a good internet connection; the other might require a plane ticket.
We all wish it were a golden ticket, don’t we? A key that just opens every door. But it's not quite that simple. Think of your e-Residency card as a highly secure digital pen, not a VIP pass. It gives you the incredible power to sign documents and access government portals legally and securely from anywhere.
However, it doesn't exempt you from the bank's own due diligence. They are still legally required to conduct their own "Know Your Customer" (KYC) and anti-money laundering checks. You'll still need to prove who you are and what your business does. The card gets you in the door to apply, but your documentation gets your account approved.
This one hurts because it's so avoidable. The single biggest mistake is applying to a traditional Estonian bank without having clear, documented proof of a strong connection to Estonia. We've seen it happen time and again. An entrepreneur gets excited, fills out the long application for a traditional bank, pays the hefty due diligence fee, and then… gets a polite but firm rejection. Why? Because their business had no Estonian clients, suppliers, or employees. That application fee is gone forever. Don't make that mistake. Be realistic about your ties to the country before you even think about applying to a traditional bank.
This really depends on the path you choose. The two models are completely different.
Alright, you've absorbed a lot of information. The fog of confusion has lifted, and the path to a functioning business account is right there in front of you. Think of it like this: you've studied the map, you know the route, and the car is gassed up. Now, you just have to turn the key and start driving.
Let's be clear. This isn't another mountain of research. Your journey from here boils down to one simple decision based on how your business actually works, followed by a straightforward checklist. It’s time to take action.
Here’s the game plan.
No. This is probably the biggest myth we need to bust. While it used to be a requirement, that changed back in 2019. Now, a modern business account from a fintech provider like Wise or Revolut is perfectly acceptable for all your company’s needs. That includes the big one: paying in your initial share capital. So breathe easy. You don't have to jump through hoops with a traditional bank unless you have a very specific reason to.
Yes, and honestly, this is one of the best parts of the whole setup. If you go the fintech route, the entire process is 100% online. You can get it done from your desk, your couch, or a cafe on the other side of the world. It’s built for digital nomads and location-independent founders.
Traditional banks are a different story. Even the most e-resident-friendly ones, like LHV, will likely require at least one in-person visit to their office in Estonia. One path requires a good internet connection; the other might require a plane ticket.
We all wish it were a golden ticket, don’t we? A key that just opens every door. But it's not quite that simple. Think of your e-Residency card as a highly secure digital pen, not a VIP pass. It gives you the incredible power to sign documents and access government portals legally and securely from anywhere.
However, it doesn't exempt you from the bank's own due diligence. They are still legally required to conduct their own "Know Your Customer" (KYC) and anti-money laundering checks. You'll still need to prove who you are and what your business does. The card gets you in the door to apply, but your documentation gets your account approved.
This one hurts because it's so avoidable. The single biggest mistake is applying to a traditional Estonian bank without having clear, documented proof of a strong connection to Estonia. We've seen it happen time and again. An entrepreneur gets excited, fills out the long application for a traditional bank, pays the hefty due diligence fee, and then… gets a polite but firm rejection. Why? Because their business had no Estonian clients, suppliers, or employees. That application fee is gone forever. Don't make that mistake. Be realistic about your ties to the country before you even think about applying to a traditional bank.
This really depends on the path you choose. The two models are completely different.