Opening the (first) bank account

Marketplace

To manage a company you need a bank account, so I went, one more time, to e-Residence Marketplace to search a bank account.

https://marketplace.e-resident.gov.ee/

You must know that there are only a few number of options when searching a business bank and some of them are not ‘true’ banks, they are fintechs.

The reason is that Estonia has had (or has) a lot of issues with money laundering and banks try to avoid them. So, there is only a real bank in the Marketplace and you must travel to Estonia to open an account.

What I need

Well, in my case, I was looking for:

• IBAN: to send and receive money.
• Share capital contribution payments: to pay the Share capital.
• Debit card: to pay some services

The best choice is…

I couldn’t travel to Estonia until next summer. So my best option was:

https://www.paysera.com/v2/en-GB/index

https://marketplace.e-resident.gov.ee/company/paysera

Paysera LT UAB offers both businesses and individuals a constantly growing ecosystem of value-added services of innovative digital payments. In everything we do, our focus is on the future of digital payments and we constantly strive to develop our own technology by spotting market trends early on and building a competitive economic infrastructure for the internet. With a constantly changing environment, new digital sales channels and global markets, we try to ensure clear and fast decisions in financial expertise. Paysera LT UAB is authorised to offer payment services in Estonia.

Firstly you must open a personal account, then you can open a business account. Their prices are affordable and I am happy with them. For me, there is only an issue, the IBAN is from Lithuania, but I will talk about that in another post. May be, for you is not an issue.

A lot of people complains about how difficult is to open a bank account using e-Residency, but for me it has been quite easy.