Can I set up a business bank account remotely?

Last updated: March 28, 2018

Yes. You currently have 2 options to open a business bank account with LeapIN, one which can't be done remotely and one which can:

  • Open a standard business bank account (requires traveling to Estonia)

For a standard business bank account with a bank card, we recommend opening an LHV bank account via LeapIN. For now, LHV require a physical face-to-face meeting with a bank representative. To make the process a little smoother, LeapIN will help you get
pre-acceptance for your business bank account before traveling, and we’ll assist you with relevant banking procedures both before and during your trip to Tallinn, Estonia.

  • Open an account online with a payment services provider (PSP) e.g. TransferWise, or Holvi

For a PSP account (IBAN) which enables receiving and sending money, we recommend using Transferwise borderless or Holvi. You can open these accounts remotely. LeapIN supports you doing business with both Transferwise borderless and Holvi and if your business requirements grow, you can migrate to a standard business bank account at LHV (or use two business bank accounts with LeapIN in parallel).

You can read more about the differences between these banking options on our blog or in this FAQ article.

Please note - in order to receive a bank card (excluding Holvi) or pay dividends you still need to open a business bank account with an Estonian bank. We expect the issue of paying dividends to be solved in 2019.

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