FAQ
It means that whenever an invoice is generated by your accounting software, a payment link or button is automatically appended to it. If the client clicks on said link or button, a page opens up in their browser on which they can choose their payment method (e.g. a transfer from their home bank). This then opens up their bank’s payment page, where they can log in to their account and confirm the transfer.
This makes paying invoices quicker and easier, because the payer no longer has to copy and paste any of the invoice details. Your company’s IT specialist or partner will have no trouble integrating the system – all they need to do is look at the documentation for both Montonio and your own accounting software. Montonio’s payment link documentation can be found here.
- No, it’s not just a campaign. Our aim is to offer the bonus on an ongoing basis, so there’s no end date attached to it. That said, as with our other products, we reserve the right to amend the terms and conditions of the offer or to terminate it altogether, providing sufficient advance notification to this effect.
- You’re right, it does sound good – and there’s no catch! We’re able to offer this service by combining Coop Pank’s strengths with those of Montonio. Of course, this means that businesses have to be active clients of both our companies.
- Coop Pank pays the bonus into your company’s current account once a month. It works like this: you pay your Montonio invoices; Montonio submits a monthly report to us on clients who have entered into the merchant bonus agreements; we check whether you’ve met the conditions needed for you to earn the bonus; and if you have, we calculate it and transfer the amount to your company’s account in Coop Pank.
- No. The bonus is only calculated on the cost of the Montonio payment solution (i.e. monthly fee of service plan, sending payment links, bank payments, credit card payments and payment services like Apple Pay and Google Pay). The cost of deliveries, hire purchase and other services is not covered.
- The bonus covers up to €30 (excl. VAT) of the cost of the Montonio service or ca 200 payments. If you make more payments, the amount of the bonus increases accordingly. For a more precise indication of the amount of the bonus, e-mail makselahendused@cooppank.ee. You’ll find Montonio’s price list here.
- Open a Coop Pank account for your company.
- Enter into the merchant bonus agreement. If you run into problems, e-mail makselahendused@cooppank.ee or call +372 5690 4988.
- Sign up to Montonio:
- Create a Montonio account for yourself.
- Montonio will confirm that your account has been set up and give you access to Live API keys.
- Integrate Montonio into your website.
- Authorise Montonio to forward your monthly payment data summaries to Coop Pank. (This is needed for the calculation of the bonus.)
- More information can be obtained from Montonio’s customer support.
Yes, it is possible if the company has a designated user with administrative rights. To obtain administrator rights, a member of the company's board should contact the company's business client manager in Coop Pank.
Yes, it is possible to add a new user with an Estonian personal identification number.
Changes to the internet bank agreement, made in the e-channel by a user with company administrator rights, are usually activated immediately after confirmation with PIN2. In certain cases, the change needs to be confirmed by a bank employee, but in most cases the change is activated within the same working day. If the change requires confirmation by the bank, a corresponding message is displayed in the change view.
According to Money Laundering and Terrorist Financing Prevention Act, it is necessary to identify all users, who have the rights to make transactions, at the bank office. If a user who has not previously been identified at a bank office is added to the company's account, the person needs to identify himself at the nearest Coop Pank office within 30 days (take along your personal identification document).
- No – they’re designed for company owners whose businesses are only just starting out and aren’t yet deemed creditworthy by banks but who still need funds to kick-start their business and make something of their plans. A small loan is one way of doing that, but has to be taken out and repaid by the entrepreneur as a private client.
- A loan taken out as a private client can be used, for example, to make a contribution to your company’s share capital or simply to inject funds into your business. Owners borrowing money for their companies is quite standard practice. If you don’t have any experience in this regard, we suggest consulting an adviser before taking out a loan. They’ll outline the different financing options available to you and how you can go about getting them. There’s a network of County Development Centres in Estonia at which professional business consultants offer free advice.
- A loan taken out as a private client can be used, for example, to make a contribution to your company’s share capital or simply to inject funds into your business. Owners borrowing money for their companies is quite standard practice. If you don’t have any experience in this regard, we suggest consulting an adviser before taking out a loan. They’ll outline the different financing options available to you and how you can go about getting them. There’s a network of County Development Centres in Estonia at which professional business consultants offer free advice.
- No – you can simply make your monthly repayments from your account in the bank you normally bank with.
That said, here at Coop Pank we make banking as easy and affordable as possible for businesses. Click here for an overview of the offers we make to our business clients. If you’re planning on setting up an online store for yourself, you should consider the Montonio payment solution, since Coop Pank pays merchants using Montonio a bonus – meaning there’s even more reason to use it!
If the company has yet to be registered, the share capital can only be returned on the basis of a court order. A court will issue such an order on the basis of an application submitted by the founders i.e. the representative of the company.
If the company has been registered but you don’t want to open a current account in Coop Pank, the share capital can only be returned on the basis of a Registry Department order. The department will issue such an order on the basis of an application submitted by the administrator.
A start-up account for a company established in the presence of a notary can be opened at one of our branches. When coming in to the branch, make sure you have the following documents with you:
- The company’s memorandum of association (if there is more than one founder) or foundation resolution (if there is one founder), notarially attested;
- Personal ID of the representative (passport or ID card).
You can check your PIN at any time in the Internet or mobile bank, and there’s no limit on how many times you can check it – simply do so any time you need to remind yourself of it.
Viewing your PIN is entirely safe, since you’ll be asked to identify yourself again using biometrics or another means of authentication.
Note that you can change your PIN at any ATM provided that the machine’s operator enables this.
If you’ve lost your card or it’s been stolen, immediately block it in the mobile or Internet bank or call us on 669 0966. Let us know even if you’re not sure you’ve lost it – it can be blocked temporarily. To order a new card, call us on 669 0966 or send us a notification in the Internet or mobile bank. This will ensure that your credit card agreement continues on the same terms and conditions.
You can check and, if necessary, change your card limits in either the mobile or Internet bank.
In addition to your cash limits and payment for purchases, you can also set a limit on your contactless payments (up to €50) and disallow your card from being used to make online purchases.
If you set limits on your card, bear in mind that they should be as low as possible and that you only enable the functions you use on a daily basis. That way you’ll always be as well protected as you can be against card fraud. Besides, changing your limits in the mobile or Internet bank is so easy that you can do it in a matter of seconds any time you need to.
With a Coop Pank card you can withdraw cash from any bank’s ATM and from all 320 Coop stores.
Withdrawals are free of charge if you’ve joined our Rahn or Rändrahn plan. If you have the Rahn plan, you can withdraw up to €1000 per month free of charge anywhere in Europe.
With the Rändrahn plan you can withdraw up to €10 000 per month free of charge anywhere in the world.
Cash deposits can be made with a Coop Pank card at any Coop store.
With the Rahn or Rändrahn plan, cash deposits are free of charge and you can pay in up to €1000 a day.
If you discover a transaction you didn’t make or one involving an unknown service provider, close your card and inform the bank immediately.
You can close your card in the mobile or Internet bank or by calling us on 669 0966.
To challenge a transaction, submit a statement to us in the Internet or mobile bank.
You can use the contactless option to make quick and easy payments of up to €50 without entering your PIN or inserting your card in the terminal. All you have to do is tap your card against or hold it close to the terminal.
Contactless payments are safe: for security reasons, the bank will occasionally ask you to confirm a transaction with your PIN, even for smaller amounts.
You can make contactless payments anywhere, in Estonia or abroad – just look for the contactless payment sign on the terminal. The maximum amount allowed for contactless payments may vary from country to country.
Click on ‘Open account’, use Smart ID, Mobile ID or your ID card to log in, fill in the form and enter into the agreement. The account will then be opened immediately.
If you were unable to sign the agreement, this means we received your application but will get in touch with you as soon as possible to ask for further information, if needed. Be prepared to describe your business model to us as precisely as you can and to tell us who you plan to perform transactions with. All banks are obliged to follow the ‘know your customer’ principle.
If you’d like to, you can open a business client’s account at one of our branches. Such an account can only be opened by the company’s legal representative.
When you open a business client’s account, either the Corporate Plan or the Apartment Association Plan is automatically activated depending on the form your legal entity takes. If you’re a business client of Coop Pank but your company has yet to subscribe to any plan, contact your business client manager.
Yes – just inform your business client manager that your association wants to subscribe to it.
Current accounts can be opened in our Internet bank or at one of our branches. You can open up to three such accounts online. To open further accounts, contact your account manager or go to your nearest branch.
Current accounts can be opened and payments made in Coop Pank in EUR, DKK, NOK, SEK and USD*.
*Note that current accounts in USD are no longer being opened and that only intrabank payments have been able to be made in existing USD accounts since 5 May 2017.
Yes, confidential salary and pension payments can be made quickly and easily in our Internet bank. Consolidated payments are debited from your account as a single row, and only those with the right to view individual payments may do so. Watch an explanatory video.
If the apartment association has a management board, transactions can be performed by the member of the board named in the register without them needing to submit separate authorisation. In the event that the members of the board have joint representation rights, the board can only represent the association collectively.
An apartment association isn’t required to have a management board if there are 10 or fewer apartments in the building or if all of the apartments are owned by the same individual. If there is no management board, the association is jointly led and represented by all of the owners, who are regarded as members of the board with joint representation rights. However, this means that all owners must indicate their volition when transactions are performed on behalf of an apartment association: the consent of all owners is required, which is why all of them must come to a branch of the bank or issue a joint power of attorney or a digitally signed letter of authorisation on the bank’s letterhead granting someone the authority to represent the apartment association in order to open an account and enter into other agreements.
Presentation of authorisation at a bank branch:
- Fill in the authorisation form.
- Digitally signed forms can be e-mailed in advance to klienditugi@cooppank.ee, noting the branch you’ll later come to in order to open your account.
- We also accept simple written letters of authorisation signed at a branch in front of a member of our staff.
The easiest way is to download the Coop Pank app onto your phone and set up free app notifications about changes in your account balance.
To enter into an agreement for SMS notifications, go to your nearest branch. SMS notifications cost €0.20 or the price indicated in your plan.
Send us a bank message from the app or Internet bank indicating the number of the account you’d like to close. No active deposits or credit products may be linked to the account.
No, a cash deposit is always a separate transaction and cannot be made together with a purchase. If you also want to make a purchase, the store employee will perform 2 different transactions - cash deposit and purchase of goods.
The minimum limit of a single cash deposit transaction is €5. A cash deposit up to €4000 is free of charge in the Corporate Plan. A client can deposit up to €1000 per day and up to €10 000 per month.
You won’t be able to conclude the transaction. You can check the deposit of your cash deposits via the Internet or Mobile Banks.
Immediately, so you can start using it straight away.
The person serving you will always count the cash being deposited in full view. The amount can also be seen on the card terminal screen, so make sure you check it before confirming the transaction with your PIN. The person serving you cannot see the balance of your account.
No, you can only deposit cash into your own account in Coop Pank.
Cash withdrawal is available at all 320 Coop stores in Estonia. You can take out up to € 1000 at a time. In the Apartment Building Plan, cash withdrawal is up to € 500 per month free of charge.
The person at the till does not see how much money you have in your account. If you’re not certain and want to make sure that you have money in your account, we advise you to check your account balance before the transaction using our Internet or Mobile Banks.
There are two limits on a debit card: cash limit and payment limit. Cash withdrawal is issued at the expense of the cash limit and purchases are covered by the payment limit. Thus, it’s possible that you have enough money on the card, but the transaction is rejected by the bank because you have exceeded the relevant limit. You can change the card limits on the Internet and Mobile Bank, or at a branch of the bank.
You must always confirm cash withdrawal at Coop stores with your PIN. This is necessary for security purposes and to confirm the identity of the card user.
If you wish to recall a payment, submit a bank notice to this effect including the date on which the payment was executed, the recipient and the amount. A payment issued by the bank can only be recalled with the recipient’s consent. If they don’t grant it, the payment can’t be recalled. The fee for recalling a payment is €20 and requires the recipient’s consent. We recommend getting in touch with the recipient first and asking them to return the payment. If you’d rather instigate the recalling of the payment via the bank, confirm in your bank notice that you agree to pay the fee.
The transfer of payments between banks can take time. We suggest checking with the other bank whether they’ve issued the payment. It’s also a good idea to double-check the name and account number of the recipient. If they don’t match, the payment will be returned.
In view of Coop Bank’s risk appetite, as well as wide-ranging sanctions and legal requirements, the bank doesn’t perform transactions with the countries listed here Those marked with an asterisk are countries with which no transactions can be performed.
Yes. In this case, all payments without reference numbers are revoked.
These can be generated for a company’s invoices using the reference number calculator on the Estonian Banking Association website.
No, because the banks operating in Estonia don’t offer direct debit services and therefore aren’t obliged to be part of the system. The direct debit service for payments within Estonia was terminated on 1 February 2014 upon the introduction of standing orders initiated on the basis of e-invoices.
Your company will need to enter into an agreement with an operator on the forwarding of e-invoices. This service is offered by Unifiedpost (Fitek AS, +372 651 9519, teenindus@unifiedpost.com) and Finbite OÜ (Omniva, +372 656 5400, sales.et@finbite.eu). You can also use other operators who forward e-invoices via Unifiedpost.
Yes, a company can use its own terminal provided it has a valid PCI certificate. When applying, enter the terminal’s data in the ‘Other information’ field. You’ll find a list of certified solutions here.
Payments accrue on working days as a net amount, which means that service fees have already been deducted from the card payment amount received in the bank account. If your company also rents a payment terminal, the fee for renting it is deducted once a month.
You can rent Ingenico or Verifone payment terminals, integrating them with a certified cash desk system if required. These terminals support magnetic stripe, chip and contactless payments. As the trader, you can choose the solution that best suits you, with a specialist providing support wherever needed. If you rent a terminal, you’re given training on how to use it and provided with a manual.
Nets Denmark A/S Estonia branch has come up with useful reports for traders for monitoring card payment settlements and analysing the card payments of their own business. You can get daily notifications of net settlement accruals in PDF format and have monthly CSV reports e-mailed to you. Moreover, when you sign up to the service agreement you can make use of the free web-based MyNets portal, which displays accrual data and monthly card payment summaries. A variety of reports can be generated in the portal, from which they can be downloaded in PDF, CSV or XML format.
MyPayments is an app that provides an overview of your company’s card payments and information and summaries you need on your customers’ buying behaviour. With it, you can obtain an overview of card payment turnover, the most active hours during the week, which countries your customers are from, how many of your customers regularly shop with you and more.
Getting started couldn’t be easier! Apply online or at a branch. You’ll then be contacted by someone from the Nets Denmark A/S Estonia branch, who’ll go over the details (if needed) and draw up a price offer for you. Once you’ve entered into your agreement, the payment terminal will be prepped and delivered to you, with help and training being provided on its installation and use.
Banknotes in euros or other currencies in use in Member States of the European Union may only be taken into Russia or Belarus for personal use. This restriction does not extend to the currencies of third countries.
In travelling to or returning from Russia or Belarus, cash in excess of 10,000 euros must be declared at Customs. More information about the declaration of cash can be found on the website of the Estonian Tax and Customs Board.
Banks are prohibited from accepting deposits of more than €100,000 from Russian and Belarusian citizens and residents. In terms of existing clients, this means that the account balance and value of deposits of such a client in the bank may not exceed €100,000 and that the bank may not pay the client interest on their current account balance and deposit if this means that the client’s assets in the bank would exceed €100,000.
This prohibition is not applied to citizens and residents of Russia and Belarus who hold the citizenship of a European Union Member State, a country belonging to the European Economic Area or Switzerland, or who hold a temporary or permanent residence permit in a European Union Member State, a country belonging to the European Economic Area or Switzerland.
Coop Pank AS suspended all payments to Russian and Belarusian banks on 8 April 2022. This restriction extends to all subsidiaries of Russian and Belarusian banks that may be registered or operate outside of Russia and Belarus.
Starting from 19 August 2022 Coop Pank AS no longer accepts payments linked to Russia or Belarus. This means that starting from 19 August 2022 it is no longer possible to receive payments in an account opened in Coop Pank AS initiated by:
- Russian and Belarusian banks or other financial institutions or via the subsidiaries of these banks or financial institutions operating in the EU;
- companies founded outside of Russia or Belarus but of which more than 50% of the owners are from Russia or Belarus; or
- companies founded in Russia or Belarus via any other bank or financial institution.
Coop Pank AS may also decline to perform a transaction if it identifies a Russian or Belarusian party in the goods supply chain or otherwise involved in the transaction or if the final beneficiary of the goods or service is Russian or Belarusian.
As an exception, payments linked to Russia or Belarus will be accepted if they pertain to the national interests of Estonia or humanitarian reasons, such as benefits or pensions. We will also allow our clients, as an exception and for valid reasons, to accept payments related to exiting businesses linked to Russia or Belarus.
Citizens and residents of and companies registered in the European Union who have decided to continue pursuing business relations with Russia or Belarus must bear in mind that they are obliged to follow and comply with all of the sanctions imposed by the European Union. The most up-to-date overview of sanctions can be found on the European Union sanctions map.
Countries, for which settlements are limited.
Mastercard suspended its operations in Russia on 10 March, as a result of which Coop Pank cards can no longer be used for transactions in Russia. Coop Pank cards can be used for all outside Russia transactions as usual.
Ukrainian citizens can open an account free of charge and no administration fee is charged on the account either. Furthermore, those who sign up to our Rahn Plan will have the monthly fee waived until the end of the year.
A Ukrainian citizen wishing to open an account must present one of the following documents:
- Ukrainian internal passport, ID card, driving licence with a printout of the temporary protection decision, or
- Ukrainian foreign travel passport (travel document), or
- Estonian residence permit card.
To open an account just visit our nearest bank branch.
If a Ukrainian citizen starts a new company in Estonia (from 24 February 2022) and wants to open an account in Coop Pank, the account opening fee will be waived. Other services will be charged according to the ordinary price list, and whether we agree to open the account depends on the bank’s risk appetite.
Information is available on the kriis.ee website: https://kriis.ee/uudised/siseministeerium-lihtsustas-sojapogenikele-isikukoodi-andmist and https://kriis.ee/julgeolekuolukord-euroopas/info-ukraina-sojapogenikele.
Yes. Estonian banks and ATMs are operating as normal and there has been no increase in demand for cash. Should the desire to withdraw cash increase, banks will be able to meet this demand in cooperation with the Bank of Estonia.
Private and company deposits in Estonian banks are guaranteed up to the value of €100,000 per depositor per bank via the Guarantee Fund.
For example, if someone deposits €1 million in a bank operating in Estonia and another million in another bank operating in the country, the amount they are guaranteed is €200,000.
Estonian banks and bank services are functioning as normal, and the availability of cash is ensured. That said, everyone should have a small amount of cash to hand at any given time. A sensible amount would be enough to cover ordinary needs for a few days. We don’t recommend holding on to larger amounts of money in cash. The money that clients and companies hold in bank accounts is guaranteed, and there are specific plans in place in local banks to ensure their continued operation and the availability of money in various crisis scenarios. We also recommend familiarising yourself with the state’s guidelines on the website www.kriis.ee
EU Sanctions Map: https://www.sanctionsmap.eu/#/main
Webpage of UN Security Council: https://www.un.org/securitycouncil/sanctions/information
Webpage of Ministry of Foreign Affairs: https://www.vm.ee/rahvusvahelised-sanktsioonid
Webpage of Financial Intelligence Unit: https://fiu.ee/rahvusvahelised-sanktsioonid/rahvusvahelised-finantssanktsioonid
Webpage of U.S. Department of the Treasury: https://ofac.treasury.gov/sanctions-programs-and-country-information
Banks keep a constant and very close watch on economic, geopolitical and security developments in the countries they operate in. For banks here in Estonia that now involves keeping an even closer eye on things, but nothing all that different to our everyday work has arisen so far.
Take a look at this press release issued by the Bank of Estonia: "How does the war in Ukraine affect banking in Estonia?’".
Given the ongoing situation, we call on everyone to apply critical thinking to information they read online and to put their trust in reliable sources. Remember that scammers make the most of any situation – they play on people’s emotions to get them to make rash decisions and cheat them out of money. They might play up the risk of a cyberattack to scare you, or exploit your good side by pretending to represent a charity. Be on your guard, and think critically! More information about how to recognise scams can be found on the website of the Banking Association.