As banking in Estonia has advanced, it’s become easier and more accessible for businesses to open a bank account in Estonia. Estonia is a small country in the Baltic region of Northern Europe. It has a population of 1.3 million people, and is one of the most technologically advanced countries in the world. It was one of the first countries to introduce electronic voting, online public services, Skype video chat and ValiTallinn — an online portal where you can arrange everything from flights to accommodation using your mobile phone or laptop. These innovations have helped make life easier for Estonians, who are now recognised as some of Europe's most productive citizens (the average Estonian worker puts in about 42 hours per week).
Estonian business bank accounts have become a great option
As a result of all these advancements and advantages, Estonian business bank accounts have become a great option for businesses of all kinds — including international companies.
Estonia is one of Europe's most important technology hubs and is home to some of the world's most innovative startups. Its tech sector has developed into an export industry that contributes more than 10% of its GDP. The country also boasts one of the highest rates of e-residency in the world: it currently issues more than 1 million personal digital identities per year!
Advantages of having a business bank account in Estonia
Estonian business bank accounts are a great way to get started with international payments. You can open an Estonian business bank account relatively easily and doing this will allow you to make local payments and international transfers for your business. Of course with everything digital and online, you will be able to manage all your banking on your iPhone or Android device, as well as on the web. Your business will need to have an Estonian VAT number before you begin the application process for your business bank account. This is also known as a business ID number or an Estonian tax number. A VAT identification number is required for all businesses operating in Estonia and can be obtained online with the Estonian Tax and Customs Board.
wamo is a digital banking service that offers affordable business accounts for companies of all types — from startup businesses to large corporations.
Virtual business bank accounts like the one wamo offers are a great way to manage your company’s finances. You can make payments and receive funds, check your balance at any time, and transfer money between accounts. For example, you can use your virtual bank account to pay for office space or other expenses that need to be paid outside of Estonia.
Virtual bank accounts are also useful if you have employees who work remotely. If you provide an employee with a virtual bank account linked to their national ID card number, they will be able to withdraw cash from an ATM in Estonia without having an Estonian personal identification code (PIC). This makes it easier for them when travelling abroad on business trips or taking vacation time from work!
Register for a business account with wamo in 10 minutes
The initial registration for a wamo business account will take just 10 minutes and can be done via the wamo business app or from your desktop. Your account can be verified and up and running within 24 hours and you’ll be able to start making and taking payments instantly.
wamo is designed to be easy to use for both local payments and international transfers. It supports a wide range of currencies including USD, EUR, GBP. You don't need to be based in Estonia in order to open a wamo account - we can help you open an Estonian bank account from wherever you are in the world! So if you have any questions about starting an online business in Europe or getting started with e-commerce in Europe try wamo. Get in touch via Chat on the website or email firstname.lastname@example.org.