Banks in Andorra – Open an Andorran bank account
Do you need information about banks in Andorra? On this page you will find everything you need to know about banks in Andorra and how to open an account in Andorra.
A crucial element in selecting locations for the establishment and operation of a company, is the easy and agile accompaniment by the country’s commercial banks.
At present, there are only national banks in Andorra, so no non-Andorran banks have been established in the country.
These banks provide private and consumer banking and commercial banking services to Andorran companies.
Opening a bank account: requirements and documentation
When opening a bank account in Andorra, it is very important to keep in mind that the bank will require you to present a lot of information and documentation in exchange for opening the account in Andorra.
This documentation and information will be based on justifying the origin of your funds.
Remember that banks in Andorra are private banking entities, so they can decide if they are interested in you as a client or not, so pay attention to how you present your professional activity to the bank in Andorra.
Banks in Andorra that are currently available
In Andorra there are currently 3 banks throughout the country.
Generally the offices of these banks are open to the public from Monday to Friday from 09:30 to 17:00 without interruption, but they are closed on weekends.
There are ATMs throughout the country of the different banks.
The list of banks in Andorra is rather short. These banks are the following:
- Creand: the former Crèdit Andorrà, which changed its name from Crèdit Andorrà to Creand during 2023.
- Morabanc: one of the best banks in Andorra. It has corporate banking and private banking.
- Andbank: Andorran bank that also has commercial banking and private banking. Andbanc is one of the most international banks in the country, with branches in several countries, including Spain.
Digital banks or neobanks available in Andorra
There is no Neobank in Andorra, but only the Andorran banks mentioned above.
However, the agility of Andorran banks to open a business account in Andorra is relatively scarce, so many businessmen finally choose to work with online banks.
A good alternative is to use the Wise bank service, which provides an online service to open your company bank account in Andorra in less than a week.
Solvency of Andorran Banks
The liquidity and capital adequacy of banks in Andorra generally exceeds the requirements of the EU banking sector, making it a top-tier banking institution.
However, Andorra’s bank is less likely to receive funding from the European Central Bank and its financial strategy is a little different.
So the product is more stable, allowing for less variation in internal forces. Therefore, it is a fact that Andorra’s economy may not undergo major changes.
Foreign accounts for Andorran companies or individuals
As Andorran banks are less competitive with international payments, an interesting solution to open business bank accounts in Spain or in other EU countries that accept Andorran clients is to open a bank account in Andorra.
Spanish banks face fierce competition and are forced to drastically reduce commission rates and become extremely competent in the payments sector.
Therefore, this is a good solution, always in compliance with the regulations and having one of the most qualified tax advisors in Spain with Spanish identification numbers.
Now, what documentation do I need to open an account for my Andorran company abroad?
To begin with, you should bear in mind that you will need to re-prove the origin of your funds and those of your company.
As a general rule, both Andorran banks, as well as banks in the European Union, are obliged to carry out a process of verification of the operations and the origin of your funds, i.e. that it is declared money and that it does not come from an illicit activity, such as money laundering.
Therefore, you will need to gather the relevant documentation of your company (articles of incorporation, NRT, Register of companies, etc.) all apostilled in Andorra. In addition to bank statements showing the payment of your money, i.e. how the funds have been generated in the Principality.
This money laundering and money laundering prevention regulation, not only applies in the Principality but also in more and more countries. So it is a regulation that you will have already had to pass in other banks previously to avoid money laundering
What is the best bank to keep foreign money?
If you are looking for a private bank in Andorra banks, one of the best banks is MoraBanc.
Morabanc’s private banking offers personalized attention and fast problem solving. This bank has recently undergone a merger with Banc Sabadell of Andorra and has forged a private banking system much more powerful than the previous Morabanc system.
That is why we recommend both morabanc’s private banking and business banking. It has ATMs all over the country and foreign ATMs do not offer as high commissions for morabanc as for other Andorran entities.
The corporate cards offer both credit and debit and the private account allows the customer to get a better experience with platinum cards that offer services both inside and outside the Andorran system.
What are the advantages of opening a bank account in Andorra?
Andorran banking is known for being located in a neutral territory with a great management and political stability.
It is a safe place that is not part of the EU, however it complies with many of the requirements of some EU regulations, although it does not have the 100% legal requirements established by the EU system.
So your money is in a completely safe country at a judicial level and in any case politically.
What is Andorran private banking and how much do I need to open an account?
Andorran private banking has a highly professional management of clients’ assets worldwide.
Its aim is to meet the investment needs of the wealthy. In order for borrowers to be admitted to the Andorran banking elites, borrowers need a minimum investment of 100,000 euros.
Andorra’s private banking system is generally a way for companies to protect their money or capital over the long term in exchange for minimal investment in the bank’s financial market products. The administration can provide assistance in several ways.
Who can open a bank account in Andorra?
Any person or company can open an account in Andorra.
Depending on your needs, you will be referred to a private bank or a corporate bank.
The Euro is the official currency in Andorra, however, it is possible to open an account in euros or dollars.
Money laundering regulations consist of passing a regulatory compliance process by the bank, as well as providing sources of the origin of the capital funds.
There are also other services that offer similar services to Spanish or French banking, such as multi-currency accounts and a range of financial products.
It is important to note that Andorran banks can take more than a month to study the feasibility of opening your account. They can also refuse to open your account from one day to the next and without any explanation.
This sometimes happens because you do not present a good explanatory dossier to the Andorran bank, since all the activity must be completely clear to the Andorran bank compliance department so that they can understand your activity and activate your account as soon as possible.
For this, do not hesitate to contact us so that we can help you to prepare a dossier suitable to the requirements of the Andorran banks and so that you can enjoy your bank account in Andorra as soon as possible without problems.
How to open a bank account in Andorra for non-residents?
Andorran banks allow opening a bank account without being a resident. The documents required may differ from one bank to another, but generally a valid passport or identity card with proof of address and identity is required.
However, if the person in question is not a resident of Andorra, the case will be more complicated. The Andorran banking network prefers that its clients have Andorran residency.
In case you do not have the residence in Andorra, you will have to make a capital contribution in your name or in the name of the company of at least 100,000 Euros.
The bank will in any case verify the reason for not obtaining the residency process in Andorra and once analyzed the origin of the funds and your professional activity, will proceed to open your account without residency in Andorra.
We recommend you to invest in products offered by a reputable bank. These elements make it possible to make up for not having the residence in Andorra.
🇦🇩 What are the characteristics of Andorran banking?
Andorran banks (Andbank, Morabanc and Creand) have the political, economic and judicial security of the Principality.
Consult their websites for more information on the banks in Andorra and the subsidiary of each one of them. They are public limited companies (SA or SAU) which means that the share capital of the banks is higher.
They also offer an insurance line on their website.
Which banks in Andorra offer the best conditions
This is completely relative, since all banks negotiate the conditions of transfers, fees, commissions and even the insurances they offer.
It is important that once you have your residence in Andorra you go in person to talk to your manager in the specific bank and you can negotiate according to your volume of business all the conditions that they can offer you.
Andorran Banking and the Andorran Financial Authority (AFA)
Andorra Banking is the Association of Andorran Banks and represents the interests of the Principality’s banks, guaranteeing the prestige, development and competitiveness of the sector. Andorra Banking was also part of the Andorran business association CCIS and CEA.
The financial and banking sectors have become important components when it comes to investing or relocating to another country. Andorran Financial Services Industry has five banks with more than 85 years of experience in their sector. If you plan to invest in andorra, then know what banks are in Andorra. The main area of business includes financial institutions, private banking, business services management and insurance.
Contact us
If you have any questions about banking in Andorra or how to open a bank account in Andorra, we are at your disposal.
If you want to know the benefits of residency in Andorra as well as the taxes in Andorra, we are at your disposal for a first call without obligation, in which you can explain us first hand your problem step by step.
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