Andorra Banking System

If you plan to move to Andorra or spend a longer period there, learn how to open a bank account in Andorra. In this guide, you will find step-by-step instructions on the Andorra banking system. We compare fees and the most popular banks in the Principality of Andorra.

Andorra Bank Account List

If you need a mortgage or a credit you will have to open a bank account with a traditional bank. In this table, you can see which are the most important banks in Andorra. Keep in mind that the official language in this country is Catalan, although you will also be served in Spanish, French, or English in almost any bank. This is a list of five banks in Andorra:

• Crèdit Andorrà (Creand) is one of the main banking entities in the country and has more than 60 years of experience in the sector. Creand offers solutions in commercial, personal asset, and wealth management.
• Banc Sabadell d’Andorra is a branch of the Spanish Banco Sabadell and has been operating since 1881. In 2000 it entered the Andorran market and has been gaining ground little by little.
• Andbank is a financial group of internationally recognized solvency, operating in 11 countries. AndBank products range from savings and investment accounts for individuals to financing for companies.
• MoraBanc founded in 1938 has been able to adapt to changing times. In 2019 MoraBanc received the award for the best banking app in Andorra at the World Finance Awards.
• Vallbanc is a young entity, which came to the market in 2015. Vall Banc currently belongs to the J. C. Flowers & Co, an American firm that has been operating since 1988 in the financial sector.

Since the reform of the Andorra tax system and with the lifting of banking secrecy, Andorra has been off the OECD’s grey list of tax havens. Nevertheless, Andorran banks continue to offer interesting advantages for angel investors. The government applied a policy of openness in favor of foreign investments in Andorra, such as real estate, economy, business, or finance. In 2019 Andorra has entered the Single Euro Payments Area (SEPA), which means a further step towards the international integration of the Andorran financial center for entities operating from the country.

Open Bank Account in Andorra

Who Can Open Andorran Bank Account?

It is not necessary to apply for residency in Andorra or form a company to open a bank account in Andorra. In the Principality, opening a bank account is rather easy and offers many advantages, not available at many traditional European banks. An Andorran bank account allows access to numerous products, tools, and additional services, such as holding accounts in several currencies. Andorran banks are unmatched when it comes to setting up strategies to optimize all types of investments: classic savings, investment funds, or bonds. Investing in Andorran banking is a great opportunity for financial connoisseurs.

Applying for an Account in Andorra

How to open a bank account in Andorra? Nothing could be simpler. When moving to Andorra, to proceed with the opening of a bank account gather the required documents. To verify the personal information of an investor, the Andorran bank requires a copy of an identity document (passport and/or identity card), a proof of fiscal domicile (for example bills proving water or electricity services) as well as a letter of recommendation from your main bank.

What Documents are Required?

The documents required may vary slightly from one bank to another. But as a general rule you will be required:

• Identity document: if you are a resident or native of Andorra you can present your residence card or ID card. Otherwise, a copy of your ID card or passport will suffice.
• Proof of residence: a bill, legal document, or bank statement showing your full name and address.
• Proof of solvency: some banks in Andorra may ask you to prove that you have enough money to cover their high fees. Valid examples are a recent payslip or your profit balances if you are self-employed or an entrepreneur.
• Social Security number (CASS number): you will only be asked for this if you are a resident in the country.

Remote Bank Account Application

Some bank entities such as Morabanc or Banc Sabadell in Andorra allow you to open your bank account remotely, although it is a rather slow process. Application is not fully automated, but you fill in a form, and an agent contacts you after a few days to tell you the next steps to follow. Andorra Partner can take care of all the paperwork for you!

Andorra Bank Account for Non-Resident

Banks in Andorra do not put any obstacles in the way of opening an account, even if you are a non-resident. What can happen is that some may limit their service offer to non-resident customers.

Andorra Private Banking Services

Among all the features that differentiate Andorra private banking from traditional or personal banking, the most notable is its exclusive treatment. If you have the capital, you will be able to access premium services: a personal advisor, with whom you can carry out operations on your portfolio, SICAVs, an analysis of your investment preferences, needs, and risk profile, with which to recommend the best product. In addition, many Andorran bank entities offer other benefits such as commission-free accounts, cards, etc.

Banks in Andorra: Fees and Operational Cost

Each bank entity in Andorra applies the amounts it deems appropriate in this regard. You will spot a big difference between some banks, that is why we advise you to analyze in detail terms and conditions. Bear in mind that the commissions applied by Andorran banks are usually higher than those of Spanish/French banks.

As a general rule, you will have to pay a commission for:

• Opening account
• Maintenance (some banks charge a semi-annual fee, while others charge a monthly fee)
• Applying for debit or credit cards
• Withdrawing money from ATMs not belonging to the bank
• Use of cards abroad (to pay or withdraw money from an ATM)
• Deposit money in a currency other than the Euro
• Transfers abroad
• Closing account
• Keeping inactive account

When you make a transfer in a currency other than Euro, banks often apply surcharges when making the conversion. Instead of using the official exchange rates, they add a surcharge and pocket additional commission for the transaction.

Andorra Financial System: Advantages

Taking into account that the banks in Andorra are legal, safe, and do not belong to the blacklist of tax havens, what are the advantages? Banks based in Andorra allow you to save money as their fees are lower than in Spanish/French banks. Andorran banks are very safe, as they allow you to ensure your money up to a maximum amount of €100,000. It is a very interesting guarantee as you will know in advance that, no matter what happens, you will never lose the money. In addition to the above advantages, you have the opportunity to buy property from Andorran banks in the same way as Spanish banks by obtaining loans.

• Solvency among the best in the world
• Exclusive financial products and tools
• Diversified service offer
• Extensive experience in international transactions
• The policy of openness to foreign investors
• Euro as currency

Now that you have all this information, you know all the steps you need to do to open an Andorran bank account. However, if you still need help, you can contact us and we will give you the best possible advice so you can get started as soon as possible. Do you have a bank account in an Andorran bank already? Tell us more about your experience.

Anti-Money Laundering Policy in Andorra

The banking system in Andorra has a restrictive position in terms of money laundering prevention policy. Due to the removal of Andorra banking secrecy, the origin of the funds must be justified, as well as the full traceability of the money operations. At Andorra Partner, we work with the best Andorran legal and tax consultant, offering traditional and cryptocurrency experience.

On November 24, 2011, the General Council of Andorra approved the ratification of the Monetary Agreement between the Principality of Andorra and the European Union, accompanied by an annex listing legal acts and regulatory provisions that Andorra has undertaken to implement in its legal system.

The Principality is also compliant with the majority of FATF recommendations to prevent risks of terrorist financing abuse in the non-profit sector.

Andorra Banks: FAQ