Most non-resident friendly bank in Estonia: LHV

  • Feb. 2nd 2020
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  • BankApply
Most non-resident friendly bank in Estonia: LHV

LHV is an Estonian banking and financial services company headquartered in the capital of the country. It was founded by Rain Lõhmus and Andres Viisemann in 1999 as an investment union, but it was just in 2009 when LHV began to offer deposits and business loans.

LHV was fully cash-free until 2015 when its first ten ATMs were installed. Before that, it operated integrally with electronic transfers and card payments. Nowadays, LHV has become the fourth largest bank in Estonia, and it also operates in Latvia, Lithuania, and Finland. LHV is the bank which most foreign entrepreneurs and Estonian e-residents use.

LHV has been unaffected by the money-laundry scandals which lead to closing of Danske bank’s Estonian branch, as there aren’t any reports which indicate that LHV has been part of any money-laundry schemas. Currently, LHV has about  200.000 clients which include private individuals, small and medium-sized companies, and institutional investors.

LHV caters to private and business accounts with reasonable fees - IBAN transfers are free, and there are no account maintenance fees for residents. To apply for a LHV bank account you would need to have an Estonian company and fairly simple business. Meaning, it’s likely you won’t succeed with bank account opening at LHV if you are dealing with cryptocurrencies, have a complicated shareholder structure, or are even dealing with physical products in general.

LHV is widely seen as a crypto-friendly bank, but it’s not really the case. Coinbase has an account at LHV, but it’s largely thanks to the known name and strong image of Coinbase. New crypto exchanges and businesses rarely succeed with bank account opening at LHV, although it’s not as difficult if you’re only investing in cryptos or trading on your own behalf (not providing a service).

LHV remains as one of the most popular options for Estonian e-residents.

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