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ADVICE #145

How to choose a Bank in Estonia?

In Estonia a total of eight banks operating deposit accounts and individuals, with the bulk of the market is controlled by only two universal institution: Swedbank AS (about 50 branches, half in Tallinn) and SEB Pank AS (more than 20 offices, 7 of them in Tallinn). In addition, there are small local banks and specialized organizations with a banking license, mainly engaged in lending or servicing of legal entities.

Also in Estonia there are branches of several foreign banks. Almost the entire banking capital of the country controlled by foreign financial groups, mostly from Sweden (including the two largest banks). Small banks are owned by Danish, Norwegian and local companies and individuals.

If the client wants to have an account in a major Bank with a relatively extensive network of branches and ATMs, the choice essentially boils down to two options. Other banks can be considered if there is a need to obtain non-personal services or to save on maintenance, limiting the minimal set of operations.

From the point of view of saving pay attention to the cost of opening non-resident accounts: some banks it reaches 200 Euro. The same applies to annual maintenance cost: non-residents can pay a lot more than the local inhabitants can. A significant advantage to other Estonian banks foreign ones is restful service in Russian, including a fully translated websites of banks and Russian speaking personal assistants, which can solve all the issues associated with the service.

Эстония

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