How do you open a bank account?

Answers:

  • The best solution I found was to use TransferWise. Use them till u get your residency permit, then you don’t have to pay the bank to open an account. There is also a commercial bank that charges €80 with minimum deposit of €50 so that makes €130. Still wasn’t for me. Next month my resident permit comes, been waiting since January, will only open account then.
  • Without 5-years residency permit Swedbank charges around 200 EUR for the opening of the bank account. I think SEB or Nordea wanted €250, LHV wanted €200 too. If you have 5-years residency permit or permanent residency permit, then it is free.
  • With a temporary residence permit it’s free. For a basic account you don’t pay anything monthly, you only pay a mothly fee if you have an account with more features.
  • LHV usually has the lowest fees for everything while Swedbank has quite high fees. When doing a transaction from LHV to any other bank in Europe, it is completely free while with Swedbank you have to pay if you do a transaction to any other bank except Swedbank. Also in Swedbank you pay every month just for having the account, it is free in LHV. Overall, I’d say that LHV is the best bank in Estonia but I have their stocks so I’m not impartial.
  • If you have Estonian ID-card its free, otherwise you have deposit 200 € into the account for open.
  • Try N26, it is a german online bank and they started to extend and available in Estonia too now. All processes are easy and painless. Check online about their fees but I believe that there is none.

One Reply to “How do you open a bank account?”

  1. Business bank account
    I was told by a accountant “oh very difficult “ – – but is that correct ? I have a business in UK over a long period and had to open a business and account to live in Sweden ( that was very easy ) and want to make EE my new EU base. I have acceptance of my e residency . Which one should I go for ?

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