Business Bank Account for a Foreign-Owned Estonian Company

An Estonian company owned and managed from abroad can open a business account, but rarely at the first attempt with a traditional Estonian bank. Most foreign-owned companies start with an electronic money institution such as Revolut Business or Wise Business, and add a bank later when the business has history. This guide explains why banks are cautious, what the providers ask, and how to prepare an application that gets through onboarding.

The guide is general information. Every bank and payment provider decides on its own customers under its own risk policy; nobody can guarantee that an account will be opened.

Why onboarding is strict

Banks and e-money institutions are obliged entities under the anti-money-laundering rules. Before opening an account they must identify the company, its management and beneficial owners, understand the business and the expected flows of money, and assess the risk. A company whose management, owners and customers are all outside Estonia has, in their eyes, a weaker connection with the country — so the quality of the explanation decides the outcome.

What the providers ask

identification of every director and beneficial owner (passport or ID card, proof of address, often a live selfie check);
a clear description of the business: what you sell, to whom, in which countries, through which channels;
expected monthly turnover, number and size of payments, main counterparties and their countries;
the source of the funds that will come in, and for larger amounts the source of wealth of the owners;
a website or other evidence that the business is real.

Inconsistent answers — a turnover that does not fit the business, a country list that changes between questions, a website that describes something else — are the most common reason for a refusal.

How we help

With the assistance with a Revolut Business or Wise account (€350, or €350 with a new company) we prepare the business description and the source-of-funds note, check every answer for consistency before it is submitted, and help you answer the provider's follow-up questions. The online banking opening handbook (€300) explains which Estonian and EU banks and e-money institutions to approach, in which order, and how to present your company.

If you prefer to write the application yourself, the bank application review (€300, or €300 with a new company) is a second pair of eyes before you submit: you send us your draft answers and business description, and we send written comments on what the provider is likely to ask about, what is unclear and which documents to add. It is prepared by hand and is usually delivered by email within one to five working days. The decision on the account is always the provider's own.

Licensed and regulated businesses — payment institutions, crypto-asset service providers, fund managers — need providers that accept their risk profile. For them our compliance team offers introductions to banking and payment partners.

What you receive

a complete, consistent application file for the provider;
help with the provider's questions until its decision;
with the handbook: a written plan for the next providers if the first says no.
with the application review: written comments on your own draft and one round of follow-up questions.

No VAT is added to the prices; the provider's own fees are paid to the provider. All communication takes place by email.

Ready to start? Assistance with a Revolut Business or Wise account, or the banking handbook, with your company. Order.

To see which of our services your company needs, open the Business Navigator.

Frequently asked questions

Can a foreign-owned Estonian company open a bank account remotely?

Usually yes with an electronic money institution such as Revolut Business or Wise Business; traditional Estonian banks are more cautious with companies managed from abroad. The decision is always the provider's. A consistent description of the business and the flows of funds is what gets an application through.

Why do banks refuse Estonian companies owned from abroad?

Banks must understand the business, the owners and the expected payments under the anti-money-laundering rules. Inconsistent answers, turnover that does not fit the business, unclear source of funds or high-risk countries are the usual reasons for a refusal.

How long does the bank application review take?

It is prepared by hand and is usually delivered by email within one to five working days after we have your draft. You order and pay for it in the order form together with your company or separately; it includes one round of follow-up questions by email.

Business bank account for an Estonian company