Your Estonian OÜ is registered. Now you need somewhere for the money to go. This should be straightforward, but banking is one of the most frustrating steps for new Estonian company owners — especially e-residents. Banks have their own rules, fintechs have limitations, and nobody explains the full picture clearly.
Here's how it actually works.
You don't need an Estonian bank account
This is the most important thing to understand upfront. Estonian law does not require your OÜ to have a bank account in Estonia. Your company can use any bank or payment institution licensed in the EEA (European Economic Area). That means a Lithuanian IBAN from Revolut or a Belgian IBAN from Wise is perfectly valid for your Estonian company.
You can use a non-Estonian account to receive client payments, pay salaries, pay taxes, and submit your annual report. EMTA (the Estonian Tax and Customs Board) accepts SEPA payments from any EEA-licensed institution.
The only exception: a small number of platforms still require an Estonian IBAN specifically. Apple's App Store and Google Play have been reported to insist on local IBANs in some cases. If your business relies on these platforms, check their current requirements before choosing a provider.
Traditional Estonian banks vs fintech providers
There are two categories of account you can open for your OÜ: a traditional bank account or a fintech/EMI (Electronic Money Institution) account.
Traditional banks
Estonia has four major banks: Swedbank, SEB, Luminor, and LHV. Of these, LHV is by far the most commonly used by e-residents and startup founders. It was a launch partner of the e-Residency programme and has historically been more open to serving location-independent businesses.
What traditional banks offer that fintechs don't: deposit protection up to EUR 100,000 under the EU guarantee scheme, access to credit facilities and loans, and an Estonian IBAN. For businesses that need local banking credibility or plan to apply for financing, a traditional bank account is worth the effort.
The catch: traditional Estonian banks require an in-person visit to Estonia to open a business account as a non-resident. No exceptions. You cannot open a Swedbank, SEB, Luminor, or LHV business account fully online as an e-resident.
Banks also apply their own risk assessment. They'll evaluate your ownership structure, where your business actually operates, your source of funds, and whether you have a genuine connection to Estonia — such as employees, customers, suppliers, or partners in the country. E-residency alone is not enough to guarantee approval.
Fintech / EMI providers
Fintech providers — Wise, Revolut, and others — are licensed payment institutions, not banks. The practical difference: they can hold your money and process payments, but they cannot lend money or offer overdrafts. Your funds are safeguarded (held separately from the company's own money) but not covered by the EUR 100,000 deposit guarantee that applies to bank deposits.
For most solo OÜ owners, this distinction doesn't matter day-to-day. You need to send and receive SEPA payments, hold euros, get a business debit card, and export bank statements for your accountant. Fintechs do all of this, often with lower fees and better online interfaces than traditional banks.
The key advantage: fully remote onboarding. You can open a Wise or Revolut business account from anywhere in the world without visiting Estonia.
The main options for your Estonian OÜ
Wise Business
Wise (founded by two Estonians, incidentally) is one of the most popular choices for Estonian companies, particularly those with international clients.
What it does well: Multi-currency accounts — hold, send, and receive in 40+ currencies. Local account details in 10+ countries (including EUR, USD, GBP), so your clients can pay you as if you were a local business in their country. Transparent fees based on the mid-market exchange rate with no markup. Good accounting integrations (Xero, QuickBooks). No monthly fee.
What to know: Wise is not a bank — it's an EMI regulated by the National Bank of Belgium (for EU business accounts). Your IBAN will typically be a Belgian IBAN, not Estonian. There's a one-time setup fee (check their website for current pricing). Wise periodically restricts new business onboarding in certain regions, so availability can vary. It does not offer loans, overdrafts, or credit.
Best for: Solo consultants and freelancers who invoice international clients in multiple currencies.
Revolut Business
Revolut offers business accounts for Estonian companies and has become a popular choice among e-residents, partly because several service providers have direct partnerships with them.
What it does well: Fast onboarding (often 1-3 business days). Access to 36+ currencies. Virtual and physical debit cards. Spend analytics and basic accounting tools built in. Team member access with different permission levels.
What to know: Revolut holds a banking license from Lithuania — your IBAN will be Lithuanian, not Estonian. The person applying must reside in the EEA, Switzerland, or the UK (check their eligibility list for your specific country). Revolut offers tiered pricing — the free plan is limited, and you may need a paid plan for features like multi-currency accounts and higher transaction limits.
Best for: E-residents who want a quick, app-based setup and don't need multi-currency local account details.
LHV Bank
LHV is the go-to traditional bank for e-residents who can make the trip to Estonia. It offers the most startup-friendly experience among Estonian banks and provides a full Estonian IBAN.
What it does well: Full Estonian IBAN. Deposit protection up to EUR 100,000. Multi-currency accounts (EUR, USD, GBP, and more). Good online banking platform accessible via e-Residency digital ID. Lowest fees among Estonian banks. Potential access to loans and credit down the line.
What to know: You must visit an LHV branch in person to open a business account as a non-resident (offices in Tallinn, Tartu, Riga, and Vilnius). There's a non-refundable application fee for companies with non-resident beneficial owners (check LHV's current pricing). Approval is not guaranteed — LHV assesses each application individually and may decline without detailed explanation. Processing takes roughly 1-4 weeks depending on your business complexity.
Best for: Companies that need an Estonian IBAN, plan to stay in Estonia long-term, or want access to traditional banking services like credit.
Other options worth knowing about
Narvi — a newer EMI focused specifically on European companies, including those run by e-residents. SEPA account with online onboarding. Straightforward for simple European payment flows.
Paysera — a Lithuanian EMI offering business accounts with IBAN. Lower profile than Wise or Revolut but functional for basic euro payments. Sometimes easier to open when other providers have restrictions.
Payoneer — primarily useful if you receive payments from large marketplaces (Amazon, Upwork, Fiverr). Less useful as a general business account.
What you'll need to open an account
Requirements vary by provider, but most will ask for some combination of the following:
- Company registration certificate from the Estonian Business Register
- Passport or ID for all directors and beneficial owners (anyone holding 25%+)
- Proof of residential address for directors and beneficial owners
- Description of your business activity — what you sell, to whom, and where
- Expected monthly transaction volumes and typical transaction sizes
- Website, LinkedIn profile, or other evidence your business is real and active
- Source of funds documentation (contracts, invoices, or prior bank statements)
For traditional banks, add: a clear explanation of your connection to Estonia, and be prepared for follow-up questions about your ownership structure and business model.
A practical tip: have your documents ready before you start the application. Incomplete applications are the most common reason for delays and rejections. If you can clearly explain in one paragraph what your company does, who pays you, and why you have an Estonian company, you'll pass most due diligence reviews without trouble.
The most common setup for solo OÜ owners
Most solo e-residents running a consulting or freelancing business end up with one of two configurations:
Option A: Wise only. You invoice clients in their local currency using Wise's local account details, hold euros for tax payments and business expenses, and export statements for your accountant. This is the simplest setup and works well if your business is entirely service-based with international clients.
Option B: Wise + LHV. Wise handles international payments and multi-currency work. LHV provides an Estonian IBAN for situations that require one, local credibility, and access to traditional banking services. This dual setup is common among e-residents who've been operating for a year or more and want the security of a proper bank alongside the flexibility of a fintech.
If you're just getting started and have never visited Estonia, start with Wise or Revolut. You can always add a traditional bank account later when your business is more established and you have a clearer picture of your needs.
What to watch out for
Account closures. Both banks and fintechs can close your account with relatively short notice (typically 60 days) if your business activity changes or if they decide your risk profile no longer fits their criteria. This is rare for straightforward consulting businesses but does happen. The best protection is to maintain a second account with a different provider — having banking redundancy costs nothing and avoids a crisis if your primary account is ever disrupted.
IBAN discrimination. EU law prohibits businesses from refusing a valid SEPA payment because the IBAN isn't from a specific country. In practice, some platforms and counterparties still prefer or require local IBANs. If you encounter this, you can report it — but having an Estonian IBAN as a backup solves the problem faster than a complaint.
Share capital payment. You need to deposit your share capital into a bank account that belongs to your company. The payment typically comes from the shareholder (you), and any EEA-licensed account in your company's name can receive it — Wise and Revolut included.
Accounting integration. Whatever account you choose, make sure you can export bank statements in a format your accountant (or accounting software) can work with. Most providers support CSV or MT940 exports. If you're using Arvello, we support bank connections with major Estonian and European providers, so your transactions can be imported automatically.
Summary
You don't need an Estonian bank to run an Estonian company. For most solo OÜ owners, a fintech account like Wise or Revolut is the fastest, cheapest, and most practical starting point. If you need an Estonian IBAN or traditional banking services, LHV is the strongest option — but requires an in-person visit and isn't guaranteed.
Start simple. Choose the provider that matches your current needs. Add a second account later for redundancy. And keep your documents organised — the smoother your application, the faster you'll be up and running.
