6/20/2016

Banking for e-residents becomes easier

(official link to follow)

http://geenius.ee/uudis/riigikogu-vottis-vastu-seaduse-mis-lubab-pangakontot-avada-ilma-kontorisse-minemata

Summary:

Opening a bank account following an online interview through conferencing programme such as Skype will become possible shortly.  This was considered to be a large hurdle for some e-residents who lived so far away from Estonia.  Currently German banks offer similar online interview / ID check via online conference programme for its citizens residing outside EU to enable then to open a bank account in SEPA.

There is, however, a maximum monthly transaction limit imposed (refer to the link above) which may be seen by some the threshold too low. This still is a welcoming compromise for many and if this is not adequate the simplest way is to arrange a trip to beautiful Estonia.