Opening your account
estonian company formation
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| Account type | Electronic Money account (i) | Business current account | Business bank account |
| Guarantees on deposits | Not applicable Deposits are not covered by FSCS, any guarantee fund or compensation scheme |
Not applicable Deposits are not covered by any guarantee fund or compensation scheme |
€100 000 Estonian state-backed guarantee of €100 000 on all deposits |
| Supported currencies | Multicurrency account Over 40 different currencies supportedSend money to 50+ countriesLocal account details provided for GBP/EUR/USD/AUD |
EUR Holvi only accepts payments in euros from SEPA countriesStandard IBAN & SWIFT/BIC |
Multi-currency account 15 different currencies supported (excl. USD) Standard IBAN & SWIFT/BIC |
| International bank transfers via SWIFT | Yes | No | Yes |
| Availability for LeapIN customers | E-residents globally | E-residents globally | E-residents globally |
| Customers currently not supported | Countries listed on TW website
US residents from the states not listed on TW website FATF high-risk and non-cooperative jurisdictions |
US residents and/or under the US FATCA report requirement.
FATF high-risk and non-cooperative jurisdictions |
FATF high-risk and non-cooperative jurisdictions |
| Remote online onboarding | Yes | Yes | No. Visit to Estonia required for a F2F bank meeting |
| LeapIN supported on-boarding & KYC | No A separate KYC process designed by TransferWise, no integration with LeapIN |
No A separate KYC process designed by Holvi, no integration with LeapIN |
Yes Integrated KYC process – pre-filled application forms, digital signing & pre-acceptance for a bank account before traveling |
| Integration with LeapIN | Manually supported via export & import of statements | Manually supported via export & import of statements | Seamless API integration – automatic sync of transactions and account balance |
| Mobile app | Yes Mobile app for transferring money |
Yes Mobile app for uploading receipts and invoices |
Yes Fully functional mobile banking application |
| Monthly fee | FREE No monthly fees, no setup cost |
Starting from €9 per month e-Residency account tailored to e-Residents |
€100 setup fee and €10 monthly fee starting from 01.11.2018 -50% discount from LHV’s regular price listfor LeapIN customers |
| Bank cards | Not yet available for business customers | FREE Holvi Business Mastercard Foreign currency exchange fee 2% |
€2 per month LHV Business Debit Mastercard Online purchases supported |
| SEPA bank transfer fees | A fixed charge | 50 transfers for FREE (per month, in & out) After this €0.25 per transfer |
FREE |
| Top up of the account | FREE via bank transfer Charges when adding by card | FREE via bank transfer 2.5% per payment when using instant top up | FREE via bank transfer |
| Withdraw to bank | A fixed charge | 50 transfers included monthly After this €0.25 per transfer |
Not applicable |
| Account limits for transactions | Limits to USD transactions apply | NIA | Adjustable, depending on your agreement terms |
| Support for payment gateways | NIA (To be tested…) | Yes Using Holvi with external service providers |
Yes PayPal, Braintree, EveryPay etc |
| Other benefits & features | TW has gained access to the UK Faster Payments Service (FPS) Switch between currencies & make payments at the best possible rate. No setup or monthly charges Instant local bank details in the UK, US Australia and the Eurozone: GBP – Acc. No & Sort Code EUR – Standard IBAN & SWIFT/BIC USD – ABA & Acc. No AUD – Acc. No & BSB code |
Holvi card is seamlessly connected to your Holvi mobile app Built-in online store app. Holvi solution includes some basic bookkeeping features like: – automatically recorded invoices – reports like general ledger and accounting journal – creating & sending sales invoices. Please note that Holvi bookkeeping features are not sufficient for accounting and compliance of your Estonian company |
International payments also available with currency exchange through TransferWise. Close integration with EveryPay payment gateway. Secure online banking Fixed-term and demand deposits Free of charge SEPA payments, deposits and reasonable withdrawals |
| Source | TW Borderless | Holvi | LHV Bank |
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What are the bank and transaction fees?
If you use bank accounts, payment gateways etc. to make or receive payments, the following fees may occur:
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Bank/merchant account setup fees
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Bank/merchant account maintenance fees
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Gateway fees
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Service fees per transaction charged by banks or gateways involved
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Currency exchange fees
You can also check the full LHV price list (Valid starting from 1st of November 2018), TransferWise borderless pricing, or Holvi pricing, for more information.
These fees are all considered business expenses, as long as the relevant transactions were related to your business activities.
Which currencies are supported by LeapIN partner banks?
If you bank with LHV, then you can send and receive the following currencies to and from your bank account:
AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RUB, SEK.
Please note that it’s not possible to receive USD to your LHV bank account.
LHV won’t automatically convert the funds you receive into euros. If you wish to convert them, you’ll need to create a currency exchange order in your online bank to convert between currencies.
With TransferWise borderless you can hold money in over 40 currencies within your borderless account.
And Holvi currently only supports euros.
REF :If you wanna be e-residence and opening a company contact to https://www.xolo.io/