Bank accounts in Estonia
Estonia is a small country in size and population. It is found in Northern Europe in the Baltic Region. It has a population of 1.3 million and it is regarded as one of the most technologically advanced countries in the word.
Offshore banking: What is it?
When you operate a bank account in a different country other than the one you are officially residing in, you will have an off-shore account. There are many benefits that you may find in an offshore account. These include:
- A secure account for your money
- Tax benefits in some cases
- Ease in handling the finances in international trade.
Most of the banking systems that offer offshore banking services will also provide a great variety in the range of currencies and services that you can take advantage of.
Estonia has an advanced banking system that is governed under European Union rules and regulation. This means that your funds will be safe and secure. It is also one of the most ‘wired’ countries in the world which implies that the banks here in Estonia are advanced in terms of systems and speed of transactions as well as international money transfers. You will be doing a good thing to open an Estonian bank account.
Almost all of the Estonian bank ownership is under SEB, Swedbank, Danske Bank and Nordea, which are all stable banking institutions from the Nordic region. These banks were an exemplification of stability, especially during the financial turmoil of the last decade, and in technological advancements in the baking industry. What this implies is that when you open an Estonian bank account, you can rest assured that the integrity of the banking system here is impeccable.
The top notch IT infrastructure in Estonia is unparalleled almost anywhere in the developed world. Banking here is fully digitized with futuristic user interfaces that will let you review your banking affairs from anywhere in the world through advanced internet banking. Add this to the comparatively reasonable fees to maintain and operate an Estonian bank account and you have a complete account with all the services and quality of services that you will be looking for in an offshore account with modest fees.
The fact that you can apply for an ID card for Estonian residency as a foreigner and it can be used digitally to enter into binding contracts means that you can obtain e-Residency which will allow operating and trading with your account internationally.
Different banks have different systems for account opening but generally, it is very easy to open an Estonian bank account. You will be allowed to maintain your account in different currencies as to your preference. All major cards will be accepted in Estonian Automated Teller Machines (ATMs) for your convenience. With more than 9 banks licensed to trade in Estonia and over seven overseas credit institutions branches, you have plenty of good banks to choose from.