Estonia
Estonia, a Baltic country in Northern Europe, is renowned for its advanced digital infrastructure, innovative technology sector, and strong economic performance. With a population of approximately 1.3 million, Estonia has transformed into a high-income, modern economy since gaining independence in 1991. Its economy is diverse and developed, with key sectors including information technology, telecommunications, manufacturing, and services.
Known as “e-Estonia”, the country has embraced digital society and e-government initiatives, boosting efficiency and economic growth. After the COVID-19 pandemic, Estonia’s economy grew by 8.3% in 2022 and 4.5% in 2023, driven by IT, manufacturing, and domestic consumption. Growth is expected to moderate to around 2.7% in 2024.
Inflation peaked at 12.1% in 2023 and has eased to 7.5%, with projections of 4.5% by 2024. Unemployment remains low at 5.8%, supported by labor market policies. With low public debt, balanced fiscal management, and investments in digital infrastructure, education, healthcare, and renewable energy, Estonia ensures economic stability, resilience, and sustainable growth.
Top banks
Swedbank
Swedbank Estonia is one of the largest banks in Estonia, providing a wide range of banking and financial services for individuals, businesses, and corporate clients. The bank offers personal banking, business accounts, loans, savings solutions, investment services, and digital banking, making it a trusted choice for comprehensive financial management in Estonia.
SEB Bank
SEB Bank Estonia is a leading financial institution in Estonia, offering a comprehensive range of banking and financial services for individuals, businesses, and corporate clients. With a strong presence in the Estonian market, SEB Bank provides retail banking, corporate banking, investment services, loans, savings solutions, and digital banking, making it a trusted choice for secure and reliable financial management in Estonia.
LHV Pank
LHV Pank Estonia is a leading financial institution in Estonia, providing a comprehensive range of banking and financial services for individuals, businesses, and corporate clients. Known for its strong market presence and digital banking expertise, LHV Pank offers personal banking, business accounts, loans, savings solutions, investment services, and online banking, making it a trusted choice for innovative and secure financial management in Estonia.
Coop Pank
Coop Pank Estonia is a leading bank in Estonia, dedicated to providing accessible banking and financial services for individuals, families, and businesses across both urban and rural areas. The bank offers a wide range of personal banking, business accounts, loans, savings solutions, and digital banking services, making it a trusted choice for comprehensive and inclusive financial management in Estonia.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Top payment methods
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Estonia’s economy remains strong and resilient, driven by digital innovation, a diverse payment ecosystem, and robust economic fundamentals. With prudent fiscal policies, sustainable development initiatives, and a blend of traditional and modern payment methods, Estonia is well-positioned for long-term economic growth, financial stability, and prosperity.
Cash (Sularaha)
While digital payments are highly prevalent, cash remains a commonly used payment method in Estonia, especially for small transactions. Cash continues to play a role in everyday transactions despite the rise of digital payment methods.
Credit and Debit Cards
The use of credit and debit cards is extensive in Estonia, with major card networks like Visa, MasterCard, and American Express widely accepted. Contactless payment methods are becoming increasingly popular due to their convenience and security.
Bank Transfers (Pangaülekanded)
Bank transfers (Pangaülekanded) in Estonia are commonly used for larger transactions, such as real estate purchases, business payments, and utility bills. Estonia’s modern banking system supports efficient and secure domestic and international money transfers, making Pangaülekanded a reliable and convenient payment method. With the widespread use of online banking and digital payment platforms, managing financial transactions in Estonia has become faster and more accessible for both individuals and businesses.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are widely adopted in Estonia. Additionally, local mobile payment solutions such as Mobile-ID and Smart-ID are popular, offering quick and secure ways to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and Stripe are commonly used for eCommerce transactions. They provide secure and efficient ways to pay for goods and services online, supporting the growth of Estonia's digital economy.
Prepaid Cards
Prepaid cards are popular among younger consumers and those without access to traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Estonia, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, with the government working to integrate digital currencies into its financial system while ensuring compliance and security.
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