Open a business account for your start-up in Estonia

2 years ago   •   .5 min read

.By İlayda Birol
.Table of contents

If you're a startup entrepreneur, you probably have lots of things to keep track of. You need to make sure that your employees are happy and productive, you have enough money in the account to pay your vendors and staff, and you're spending money on the right things. But one thing that's often overlooked is choosing the correct account type for your company. If you plan on growing your business beyond Estonia, it's important that the business account be up-to-date with all foreign currency transactions so that it doesn't cause delays when trying to transfer funds or pay bills outside of Estonia.

What is a business account?

A business account is an account that is opened in the name of your company. Any person who is authorised to do so (the person who opened it) can use it to pay for things like office supplies, travel expenses and wages.

Can foreigners start a business in Estonia?
Learn about opening a company in Estonia as a foreigner, opening a business bank account and all other requirements on the wamo blog.

Why should you open a business account for your start-up in Estonia?

If you're thinking about opening a business account for your start-up in Estonia, there are several reasons why it's important to do so:

  • You can use the account to pay employees and suppliers. This is one of the most obvious uses of a business account. You can use it to pay wages and bills on behalf of your company. This will help ensure that no mistakes are made when paying these bills, as well as make sure that every employee receives their fair share of money from the company.
  • You can use it to pay taxes. If taxes aren't being paid properly by your company, then this could lead towards legal problems for both yourself as an individual as well as your entire team at some point down the road. It's therefore vital that you set up these tax payments properly in order to avoid any issues later on.

How to choose a provider for your business account?

You will have to choose a financial service provider based on the following criteria:

  • Look for institutions that offer good service. The level of service is important, and it's something you should consider when choosing your provider. You don't want to be waiting on hold for hours or paying unexpected fees just to get your money sent somewhere!
  • Look for options that offer good interest rates. If there's one thing businesses love, it's making money! So look at how much interest they pay on their business accounts and see if they're competitive compared to other choics in the area (or even online). Then make sure the terms are good too—some may require higher deposits than others, but this could work out better if you need more capital in order to grow your business quickly!
  • Look for the platforms that are easy to use. No matter what industry you're in or where you live geographically speaking (island nation? rural community?), having access online 24/7 through mobile apps makes everything much easier than dealing with branches only during regular office hours which might not always fit into our schedules since most businesses tend to operate outside normal working hours due to time constraints.
Top 5 digital banking options in Estonia
Do you need a bank account in Estonia? You can find detailed information about digital banking options and bank accounts in Estonia on the wamo blog.

Which Estonian institutions offer business accounts?

Compared to other countries, it's relatively easy to open a business account in Estonia. Every financial institution has some form of business account with varying fees and features. Eesti Pank - Established in 1919, Eesti Pank is the central bank of Estonia. They offer several different types of business accounts for local Estonian businesses with varying levels of service and fees.

Swedbank - One of the largest banks in Scandinavia, Swedbank also offers several types of business accounts for international companies looking to do business across Europe.

LHV - A private bank based in Tallinn, LHV offers several different types of local and European business accounts that can be used as a payment account or corporate card (ECC).

Nordea - Nordea is one of Europe's largest banks headquartered in Finland offering local Estonian companies various options from just opening an account at their branch office up through full online financial services

Should you open a business account in Estonia or elsewhere?

You can open a business account in any country, but there are advantages and disadvantages to opening a business account in your home country or elsewhere.

Advantages of opening a business account in your home country:

  • You're familiar with the tax system, laws, regulations and other nuances that come with doing business there. You know where to find important information if something goes wrong or you need help from the government.
  • Your customers will be more comfortable dealing with someone who speaks their language and understands their culture. It's also easier for them to make payments online if they're based nearby.

Open your business account fast with wamo

From the moment you start your company a business account is an important thing to have. Thankfully these days it’s easier than ever to open a business account whether in Estonia or from another country. Given all the advantages of opening a business account in Estonia, it's definitely worth considering as a viable option for your startup.

So, if you’re ready to get going and want to have a business account fast, why not take a look at wamo? Registering for a wamo business account takes just 10 minutes. Moreover, there’s minimal paperwork, you save time and money and you don’t need to go anywhere near a queue at a branch - do it all from the comfort of your own home, or office… or wherever you are. The wamo business account has been designed specifically to make managing business finances and international transactions easy for small business owners. We know that for business owners today, the world can be your shopfront and making and managing transactions must take the global marketplace and remote service into account.

If you’re starting a new business and looking for some help, we hope this article has given you some ideas on what to do next. As always, if you have any questions or need more information about opening an account in Estonia, please do not hesitate to contact us via Chat on the website or by emailing


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