Legislation allows to open a bank account remotely

Parliament yesterday 88 votes in favor and no votes against adopted the amendments to the law that will give residents and e-residents of Estonia the opportunity to open a bank account without visiting bank office. It will be possible to open a bank account, for example, interacting with a representative of bank through a video call. Identification of a person is still a need for identity document in the home country, but the opening of an account becomes much more comfortable this way.

Some limits will be applied for this mode of authentication. Individual persons each month will be able to transfer money in the amount of up to EUR 10 000, but legal persons up to EUR 25 000.

Links:
http://geenius.ee/uudis/riigikogu-vottis-vastu-seaduse-mis-lubab-pangakontot-avada-ilma-kontorisse-minemata
https://www.siseministeerium.ee/en/news/draft-legislation-allows-open-bank-account-without-going-bank-branch

2 thoughts on “Legislation allows to open a bank account remotely

  1. user469294 Post author

    Update: All bigger banks operating in Estonia will allow for bank accounts to be opened using video conferencing as a means of identification in the future in a step that will provide an important opportunity for the country’s e-residents.

    A regulation from the Minister of Finance entered into force on Monday which sets the rules regarding how and which operations can be performed by banks using video ID to confirm customers’ identity, reported ETV’s news broadcast “Aktuaalne kaamera.”

    http://news.err.ee/v/business/c2549d97-0140-49af-91ae-c2082b6dde81/banks-to-allow-remote-account-opening-with-video-id

    Reply

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