Understanding Banking Options for E-Residents

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2 min readSep 11, 2023

When it comes to banking, there isn’t a one-size-fits-all solution for every company or every e-resident.

The choice of banking provider depends on various factors, including location, business needs, and prior experience with payment institution services. E-residents have a range of options to choose from and can even switch accounts as their business grows or requirements change. The e-Residency program is dedicated to facilitating access to diverse business banking and financial tools, actively seeking the best solutions in the private sector.

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Choosing the Right Banking Solution

E-residents have the flexibility to select a combination of banking options or make changes in the future based on their evolving needs. Some start with a banking provider that offers an easily accessible online account to get their business up and running quickly. Later, they may transition to an account with enhanced functionality once their company warrants the investment or meets specific criteria. The e-Residency program encourages e-residents to provide feedback on services that work well for them, ensuring ongoing improvement in the available options.

Exploring Payment Institutions

Many e-residents find EU/EEA-based payment institutions or fintech companies to be the most convenient for their location-independent businesses. These institutions can offer accounts similar to traditional banks, including features like IBAN, entirely online. Depending on individual needs and existing bank accounts in their country of residence, this can be a viable choice.

EU/EEA Banks

Some e-residents who are also residents of the EU/EEA have successfully opened business bank accounts in their respective countries for their Estonian companies. Changes to Estonia’s Commercial Code allow share capital to be paid from any business banking account in the EU/EEA, making this option more attractive. While these banks may not be familiar with e-Residency, there may be other favorable factors to consider.

Estonian Banks

Opening a bank account with an Estonian bank is possible under certain criteria. The first criterion is having a clear “connection to Estonia,” which can be demonstrated…

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