Can I set up a business bank account remotely?

Last updated: March 28, 2018

Yes. You currently have 2 options to open a business bank account with Xolo Leap, one which can't be done remotely and one which can:

  • Open a standard business bank account (requires traveling to Estonia)

For a standard business bank account with a bank card, we recommend opening an LHV bank account via Xolo Leap. For now, LHV require a physical face-to-face meeting with a bank representative. To make the process a little smoother, Xolo will help you get pre-acceptance for your business bank account before traveling, and we’ll assist you with relevant banking procedures both before and during your trip to Tallinn, Estonia.

  • Open a TransferWise payment services provider (PSP) account online

For a PSP account (IBAN) which enables receiving and sending money, we recommend using TransferWise borderless which can be opened remotely. Xolo Leap supports you doing business with both TransferWise borderless and if your business requirements grow, you can migrate to a standard business bank account at LHV (or use two business bank accounts with Xolo Leap in parallel).

You can read more about the differences between these banking options on our blog or in this FAQ article.

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