LHV Pank
Estonia's own bank — the original e-Resident banking partner
LHV Business
Free business account with Estonian IBAN...
Free
LHV is the only major Estonian bank that actively works with e-Residents. Founded in Tallinn, it's also the bank that powers Wise's European payment infrastructure. LHV offers fee-free SEPA transfers, no account maintenance fees, and an Estonian IBAN (EE prefix). The catch: account opening requires in-person identification in Estonia, and approval rates for non-residents have dropped significantly since 2020.
I had an LHV account for my first Estonian company in 2016-2017. The conditions were excellent — zero fees, free SEPA transfers, a MasterCard with no annual fee. But opening the account required a trip to Tallinn for in-person identification. When I switched to Wise in 2018, it was a relief: everything online, no travel to Estonia needed. The only advantage of the LHV account was the Estonian IBAN — some clients preferred an EE-IBAN. In practice, Wise's Belgian IBAN never caused a single issue in 8+ years.
— Sebastian Kühn, e-Resident since 2015
Pros & Cons
Pros
- Estonian IBAN (EE prefix) — preferred by some clients and authorities
- No account fees, no SEPA transfer fees
- MasterCard debit card with no annual fee
- Full EU banking license with €100,000 deposit insurance
- Powers Wise's European infrastructure — proven reliability
Cons
- Requires in-person identification in Tallinn — dealbreaker for most e-Residents
- High rejection rate for non-residents since 2020 (~80-90%)
- Limited online services compared to Wise/Revolut
- No multi-currency accounts
- Cash withdrawal fee: €1 in EU