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PROVIDER REVIEW

LHV

Estonian companies wanting a local bank, EE IBAN and deep accounting integration.

Reviewed by Karin Rand Banking / Fintech www.lhv.ee ↗
OVERVIEW

About LHV

LHV is an Estonian bank and a strong fit for companies that want a local banking relationship, an Estonian IBAN and close integration with Estonian accounting software. It is particularly relevant when the company has a real connection to Estonia and wants its bank and bookkeeping workflow to work closely together.

LHV Connect links bank data with accounting and business software, including Merit, SimplBooks, Standard Books, Directo, Envoice and other partners. Business users can be given separate internet-bank rights, which makes accountant access and internal finance controls practical.

For an Estonian company with non-resident ownership, LHV applies a separate non-resident price structure: the published account-opening application fee is €300 and the monthly fee is €30. E-residency by itself is not sufficient for account opening; LHV asks the company to demonstrate a clear connection to Estonia.

Key strengths

  • Traditional Estonian bank with an EE IBAN and local banking infrastructure.
  • Excellent accounting-software connectivity through LHV Connect.
  • Supports separate business-user rights, making accountant and finance-team access straightforward.
  • Strong fit for companies with substantive operations or business links in Estonia.

Key limitations

  • Non-resident ownership can trigger a €300 application fee and €30 monthly fee.
  • E-residency alone is not enough: the company must demonstrate a clear connection to Estonia.
  • Less suitable for location-independent companies whose main need is inexpensive global multi-currency payments.
May not suit

Location-independent e-resident companies with weak Estonia connection or founders who do not want to visit Estonia for non-resident onboarding.

ACCOUNT & PAYMENTS

How the account works

Account / IBANEE IBAN.
CurrenciesEUR plus foreign-currency account/payment support.
SEPAYes
SWIFTYes
USD local detailsNo US-local account details; USD and other international payments are available via bank transfer/SWIFT.
FX pricingBank FX pricing applies; rates depend on currency and transaction.
TEAM & ACCOUNTING

Finance workflow

Team access

Yes — business internet-bank user rights can be granted to multiple users.

Accountant access

Yes — accountant access and direct accounting-software workflows are supported.

Payment approvals

Business user/signing rights are available; exact approval setup depends on representation rights and account configuration.

API

Yes

Accounting integrations

LHV Connect integrates with Merit, SimplBooks, Standard Books, Directo, SmartAccounts, Envoice and other finance systems / service providers.

FUND PROTECTION

How customer funds are protected

Traditional Estonian bank. Eligible deposits are protected under the applicable statutory deposit guarantee framework, subject to eligibility and limits.

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