Bank account and declaration of income
Opening a bank account
You can open a bank account with a bank (credit institution) operating in Estonia. All licensed banks in Estonia can be found in the register of market participants of the Financial Supervision and Resolution Authority. The register also lists all other regulated financial service providers that are licensed to offer financial services in Estonia. Settlement services (incl. bank account services) are provided in Estonia by AS LHV Pank, AS SEB Pank, AS TBB Pank, Coop Pank AS, Luminor Bank AS, Swedbank AS and AS Citadele Banka Estonian branch. The typical prices of payment services can be viewed on the consumer website of the Financial Supervision and Resolution Authority at minuraha.ee.
Important to know concerning this step
Steps to open a bank account:
- Read about the services offered by banks, their terms and conditions and price lists.
- Select the bank where you wish to start settlements.
- Apply to the bank for a customer contract.
- Submit to the Bank the required information and documents, such as your identity document, information about the origin of funds, the reason for opening the account, a lease or employment contract, a certificate of residence or study in Estonia, etc. More detailed information about the information and documents required for opening an account is available from the bank.
- The bank is required to grant your application or notify you of the refusal of the application within ten working days of the receipt of a proper application. If the bank rejects your application, it must reason the rejection, unless disclosure of the reasons is in conflict with security and public order in Estonia or the Money Laundering and Terrorist Financing Prevention Act.
- If your application is granted, you will be able to use all the basic payment services, including a bank account, a debit card and online banking, make and receive payments and set up standing orders, deposit and withdraw cash into/from your account, visit the bank office and use ATMs.
Contacts
Financial Supervision and Resolution Authority
The Financial Supervision Authority is an institution that carries out state financial supervision. It supervises institutions that have received an operating license from the Authority and the securities market, and its goal is to ensure the stability, reliability and transparency of the financial sector.