If you're moving to Estonia, here's how to manage your money
Estonia's banking landscape has some surprises for newcomers. Here's what you need to know before you arrive.
Banking Overview in Estonia
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Low |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in Estonia
Foreigners can open bank accounts in Estonia. The process difficulty is rated as Low, which means the process is straightforward with standard documentation.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Visa or entry stamp
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Estonia. While you may be able to send money to Estonia, full local account features may not be available. Check their website for the latest on Estonia-specific services.
N26
N26 is available in Estonia. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.
International Transfers
When transferring money to or from Estonia, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Estonia is approximately €2,031 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
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Frequently Asked Questions
How do ATM withdrawals work in Estonia?
ATMs are widely available in Estonia. Your bank's ATM network is usually free; out-of-network ATMs may charge €1-5 per withdrawal. International cards may incur additional fees.
Are there any fees for maintaining a bank account in Estonia?
Many banks in Estonia charge monthly maintenance fees ranging from €2 to €15. Some offer free accounts if you maintain a minimum balance or receive a regular salary. Digital banks like N26 often have free basic accounts.
What are the best banks for expats in Estonia?
For expats in Estonia, options depend on your needs. Digital ID helpful. LHV and Swedbank very accessible. N26 is available and offers a fully digital experience. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
How do international money transfers work from Estonia?
You can transfer money from Estonia via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Can I get a credit card as an expat in Estonia?
Credit card availability for expats in Estonia depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Digital banks may offer debit cards more quickly. Start with a debit card and apply for credit later.
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