Moving to Estonia? Whether you’re heading there for work, study or personal reasons, you’ll need to find a way to manage your money - especially if you’re staying a while.
It could be useful to open a bank account in Estonia, so you can easily pay bills and get paid if you’re working. But which bank should you choose?
Read on for a helpful list of the top banks in Estonia, including info on the current accounts they offer.
But first, a quick look at what banking is like there.
Banking in Estonia (an overview)
As you might expect with such a small country, Estonia doesn’t have a large banking sector. In recent years, mergers and acquisitions have shrunk the number of banks operating, so that today there are only a small number to choose from. Around half are domestic, with the other half are foreign-owned.
Opening a bank account in Estonia is pretty straightforward. This is the case for new arrivals too, as the country is known for being expat-friendly.
You’ll usually need to produce the following documents to apply for a new account:¹
Proof of ID, such as your passport
Proof of address or Estonian e-residency (if you’re applying from outside the country)
Proof of connection to Estonia for non-citizens or residents. For example, a signed residential lease agreement, employment contract or education enrolment certificate.
Bank accounts in Estonia may have fees, including monthly service charges and fees for using another bank’s ATMs. There is also likely to be a charge for opening an account as a non-resident.¹
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Top 10 banks in Estonia
Now, let’s run through some of the top banks in Estonia, so that you can compare options.
Here’s your at-a-glance look at the biggest and most popular banks in the country:²
| Bank name | Operational HQ |
|---|---|
| Luminor Bank | Tallinn |
| Swedbank | Tallinn |
| SEB Pank | Tallinn |
| LHV Pank | Tallinn |
| Coop Pank | Tallinn |
| Bigbank | Tallinn |
| Inbank | Tallinn |
| OP Corporate Bank | Tallinn |
| Citadele Banka | Tallinn |
| TBB Pank | Tallinn |
Luminor Bank
Formed as a joint venture between DNB Pank and Nordea, Luminor Bank is the largest bank in Estonia in terms of market share. It’s Swedish-owned and serves all customer groups, including individuals, SMEs and private banking clients.
For everyday banking, the Luminor Debit card package is worth a look. It’s a debit card plus everyday banking services, available for a small monthly fee.³
Businesses can take advantage of the following services at Luminor Bank - current accounts, payment PoS terminals, financing, savings and investments.
Swedbank
Part of the Swedish-owned Swedbank Group, Swedbank rivals Luminor for the position of Estonia’s biggest bank. It offers a wide range of financial services, for both personal customers and businesses.
If you open a current account at Swedbank, you’ll get a debit card, online/mobile banking and access to the bank’s payment plan.
For businesses, the bank offers a business account, cards, insurance, e-commerce and payment solutions.
SEB Pank
Another Swedish bank, SEB Pank is a universal bank offering a full range of accounts and services in Estonia.
A popular choice for personal customers is its Current Account, ideal for daily banking. There’s also the option to sign up for a service plan, bundling together services such as cards, payments and more in one package - for a single monthly fee.
SEB also offers business, corporate and private banking. This includes accounts, service plans, financing and insurance for SMEs.
LHV Pank
The first Estonian-owned bank on our list, LHV was founded in 1999 as an investment company. Today, it provides both retail and corporate banking, along with online brokerage services and pension funds.
You can sign up online for LHV’s digital bank account, which offers free European payments and can be linked to a debit card. The account can be managed on the move via mobile banking app.⁴
Services for businesses include a starter account for new companies, plus flexible financing and payment solutions.
Coop Pank
As you might guess from the name, Coop Pank is an Estonian cooperative bank. It focuses on offering straightforward banking products for everyday money management, as well as for SMEs and private banking clients.
If you’re after daily banking services, you can choose from one of three banking plans at Coop Pank. Each comes with a fee and an increasing list of features, including perks like free European payments, free ATM withdrawals, bank cards and shopping discounts.⁵
For businesses, Coop Pank has a range of daily banking solutions to choose from, plus financing, insurance and savings products.
Bigbank
Launched in 1992, Bigbank is Estonian-owned and operates in multiple countries across Europe. It specialises in consumer loans, leasing and deposits. This means it doesn’t have any current accounts, but you can open a savings account if you’re looking to grow your money.
Bigbank also has corporate loans and leasing products available, plus hire purchase services.
Inbank
Inbank started life in 2011, with the launch of Estonian fintech Cofi. Today, Inbank is a commercial bank offering deposit and consumer finance products across Estonia and other parts of Europe.
It doesn’t have any current accounts for everyday banking, but you can open a deposit account for your savings.
Inbank also has small loans (including green energy loans), car leasing, pay later services and solutions for merchants.
OP Corporate Bank
Part of OP Group based in Finland, OP Corporate Bank serves business and institutional clients only. It specialises in banking and insurance for large and medium-sized enterprises.
Solutions include payments, multi-currency accounts, term deposits, group accounts and currency conversion services.
OP Corporate Bank doesn’t have any current accounts for personal customers, unless you’re looking for a business banking solution.
Citadele Banka
A Latvian bank established in 2010, Citadele Banka is a universal bank providing both retail and small business banking.
The bank’s main offer for personal customers is its selection of C Cards packages. Sign up for an C Prime, C Supreme or C Smart plan and you’ll get a card, online transfers, ATM withdrawals. Plus, an increasing number of perks depending which plan you choose. Each plan comes with a monthly fee.⁶
Citadele Banka also has cards, loans, payments, leasing and other financial services available for businesses.
TBB Pank
TBB Pank, formerly known as the Tallinna Äripanga AS, is one of the oldest commercial banks established in Estonia, offering both personal and business banking.
You can open a Current Account if you meet the bank’s income eligibility requirements. If successful, you’ll get a debit card, credit card, free online SEPA payments and interest on EUR deposits.⁷
TBB also has everyday banking products available for business clients, plus loans, leasing, savings, investments and trade finance services.
Best online bank accounts and money management alternatives in Estonia
Estonia, and especially its capital city of Tallinn, is known as a tech hub. So it's no surprise that it has a number of fintechs, money apps and digital bank accounts available. Estonian customers also have access to popular apps used across the EU.
If you’re looking for an alternative way to manage your money in Estonia, here are some of your options:
Revolut - an all-in-one finance app with a debit card and banking services.
Bunq- a mobile-first bank licensed in the Netherlands offering personal and business accounts to customers across the EEA.
Payoro - an Estonian fintech offering an IBAN bank account and app to manage both money and crypto.
Wise – Money for here, there and everywhere
If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.
The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.
You can even get an international debit card for spending in over 150+ countries, including Estonia. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.
This makes it ideal for travellers, expats, overseas students and anyone else living an international life.
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And there you have it - a full list of Estonia’s top banks, including a handful of digital banks and money apps too. After reading this, you should be better equipped to compare options and choose the right account for you. Good luck!
Sources used for this article:
Sources last checked on 02-Apr-2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
