International Banking in Andorra

27 August 2020

Andorra is a European micro-state located in the Central Pyrenees between Spain and France. Andorra's stable economical and political environment, competitive tax framework, solid financial sector make it an attractive investment destination for international investors. Andorra is also a nice living destination due to its safety, multilingual culture, high life expectancy and quality of life, unique climate and breath-taking landscapes. Andorra's immigration law allows to obtain passive residency for investors and business owners.

The Andorran banking sector is one of the driving forces of the economy which accounts for nearly 20% of Andorra's GDP. The Andorran banking sector consists of five banks, and is dominated by three private banks with domestic capital: AndBank, Credit Andorra and Mora Banc, which comprise about 85% of aggregated banking assets. Main business areas of Andorran banks are private banking and asset management, insurance, and retail banking for both individuals and companies. Andorran banks serve both domestic and international customers, individuals and corporates. Account opening usually requires a branch visit, but is rather simple and straight-forward procedure.

International Banking Services

International banking services, provided to non-residents of Andorra include not only traditional retail and business banking, but also private banking, wealth management, portfolio management, wealth and tax planning, and online brokerage. Vall Banc also assists in setting up companies and obtaining residency in Andorra.

Country of Origin
AD Andorra
% Market
30.82%
Services
retail banking
private banking
corporate banking
asset management
wealth management
wealth planning
Clients
natural persons
high net worth individuals
companies
Country of Origin
ES Spain
% Market
6.12%
Services
retail banking
private banking
asset management
corporate banking
Clients
individuals
companies
Country of Origin
AD Andorra
% Market
35.41%
Services
retail banking
private banking
wealth management
business banking
corporate and investment banking
wealth planning
Clients
natural persons
high net worth individuals
self-employed professionals
companies
Country of Origin
AD Andorra
% Market
20.62%
Services
retail banking
private banking
asset management
online brokerage
business banking
Clients
natural persons
children and minors
public employees
self-employed professionals
high net worth individuals
entrepreneurs
companies
Country of Origin
AD Andorra
% Market
7.03%
Services
retail banking
wealth management
setting up companies
obtaining residency
Clients
natural persons
high net worth individuals

Market share (% Market) is calculated using total assets (2019).

Bank Accounts in Andorra

With all the variety of international banking services offered in Andorra, the starting point for using it is a current account. 5 banks (ouf of 5) offer non-resident accounts, usually to both natural persons and business entities.

Required Documents

Andorran banks will need the following documents to open a non-resident account for a natural person:

To open a corporate account, a bank in Andorra will normally need:

Account Opening Procedure and Account Access

Banks operating in Andorra do not allow online account opening, and it's necessary to visit a branch of the chosen bank; all of the banks provide online banking services to access the account.

Account Currencies

Accounts can be opened in Euros as well as in foreign currencies.

International Transfers

All Andorra's banks are connected to SWIFT, so the banks can send and receive SWIFT transfers.

Since March 2019, Andorran banks are able to send and receive SEPA Credit Transfers (SCT); the banks will progressively adhere to other SEPA schemes, such as SEPA Direct Debit (SDD), and SEPA Instant Credit Transfer (SCT Inst).

Card Providers

All Andorra's banks offer Visa payment cards, while Credit Andorra also provides MasterCard and Maestro cards.

Customer Support

Andorra is a multilingual country, all banks provide customer support in Catalan, Spanish, French and English; Russian and German speaking customer managers are also available.

Currencies
EUEUR
Transfers
SWIFT
SEPA
Card Providers
VisaVisa
Website Languages
ESSpanish
Catalan
GBEnglish
FRFrench
Currencies
EUEUR
USUSD
Transfers
SWIFT
SEPA
Card Providers
VisaVisa
Website Languages
Catalan
DEGerman
ESSpanish
GBEnglish
FRFrench
Currencies
EUEUR
Transfers
SWIFT
SEPA
Card Providers
VisaVisa
MaestroMaestro
MasterCardMasterCard
Website Languages
Catalan
ESSpanish
GBEnglish
FRFrench
Currencies
EUEUR
foreign currencies
Transfers
SWIFT
SEPA
Card Providers
VisaVisa
Website Languages
ESSpanish
Catalan
FRFrench
GBEnglish
Currencies
EUEUR
CHCHF
USUSD
Transfers
SWIFT
SEPA
Card Providers
VisaVisa
Website Languages
Catalan
GBEnglish
ESSpanish
FRFrench

Andorra Banc Agrícol Reig, SA

Customer Rating
 (4.0; 9 ratings)
Country of Origin
AD Andorra

Andorra Banc Agrícol Reig (Andbank), SA was created in August 2001 as a result of the merger between Banc Agrícol i Comercial d’Andorra, SA (founded in 1930) and Banca Reig, SA (founded in 1956). Andbank operates as a universal bank providing retail, private, corporate banking, assset and wealth management services in Andorra and internationally.

Andorra Banc Agrícol Reig, SA is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Andorra Banc Agrícol Reig, SA provides products and services in the areas of retail banking, private banking, corporate banking, asset management, wealth management, wealth planning. Andorra Banc Agrícol Reig, SA offers a range of products including current accounts, salary accounts, savings accounts, pension plans, mutual funds, investment funds, consumer loans, mortgage loans, structured products. Andorra Banc Agrícol Reig, SA makes its solutions available to natural persons, high net worth individuals, companies.

Offshore Account in Andorra Banc Agrícol Reig, SA

Opening an account in Andorra Banc Agrícol Reig, SA can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card
proof of address

Identity Verification

branch visit

While onboarding a private individual Andorra Banc Agrícol Reig, SA will ask him/her to provide the following documents: passport or ID card; proof of address. For corporate clients Andorra Banc Agrícol Reig, SA will ask to provide corporate documentation as well as information about controlling persons. Andorra Banc Agrícol Reig, SA may request additional documentation or information depending on the case. Andorra Banc Agrícol Reig, SA performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
ESSpanish
Catalan
GBEnglish
FRFrench
Mobile App (Andbank Wealth) Supported Languages
Catalan
GBEnglish
FRFrench
ESSpanish

Account Currencies

EUEUR

Card Providers

VisaVisa

Banc Sabadell d’Andorra, SA

Customer Rating
 (3.4; 5 ratings)
Country of Origin
ES Spain

BancSabadell d’Andorra was established in Andorra 2000 as a result of the alliance between the Banc Sabadell group and a consortium of Andorran business owners. BancSabadell d’Andorra offers full range of banking services - retail and corporate banking, private bankings and brokerage services.

Banc Sabadell d’Andorra, SA is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Banc Sabadell d’Andorra, SA provides products and services in the areas of retail banking, private banking, asset management, corporate banking. Banc Sabadell d’Andorra, SA offers a range of products including current accounts, debit cards, salary accounts, junior accounts, professional accounts, savings accounts, investment funds, pension plans, consumer loans, vehicle loans, mortgage loans, bank guarantees. Banc Sabadell d’Andorra, SA makes its solutions available to individuals, companies.

Offshore Account in Banc Sabadell d’Andorra, SA

Opening an account in Banc Sabadell d’Andorra, SA can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card
employment details

Identity Verification

branch visit

While onboarding a private individual Banc Sabadell d’Andorra, SA will ask him/her to provide the following documents: passport or ID card; employment details. For corporate clients Banc Sabadell d’Andorra, SA will ask to provide corporate documentation as well as information about controlling persons. Banc Sabadell d’Andorra, SA may request additional documentation or information depending on the case. Banc Sabadell d’Andorra, SA performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
Catalan
DEGerman
ESSpanish
GBEnglish
FRFrench

Account Currencies

EUEUR
USUSD

Card Providers

VisaVisa

Crèdit Andorrà, SA

Customer Rating
 (2.3; 12 ratings)
Country of Origin
AD Andorra

Incorporated in 1949, Crèdit Andorrà provides retail, corporate banking and private banking, asset and wealth management on an international scale. Crèdit Andorrà also offers financial advising and insurance products.

Crèdit Andorrà, SA is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Crèdit Andorrà, SA provides products and services in the areas of retail banking, private banking, wealth management, business banking, corporate and investment banking, wealth planning. Crèdit Andorrà, SA offers a range of products including current accounts, salary accounts, seasonal salary accounts, children accounts, debit cards, credit cards, pension plans, retirement plans, education savings plans, consumer loans, mortgage loans, investment funds. Crèdit Andorrà, SA makes its solutions available to natural persons, high net worth individuals, self-employed professionals, companies.

Offshore Account in Crèdit Andorrà, SA

Opening an account in Crèdit Andorrà, SA can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual Crèdit Andorrà, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Crèdit Andorrà, SA will ask to provide corporate documentation as well as information about controlling persons. Crèdit Andorrà, SA may request additional documentation or information depending on the case. Crèdit Andorrà, SA performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
Catalan
ESSpanish
GBEnglish
FRFrench
Mobile App (Crèdit Andorrà) Supported Languages
GBEnglish

Account Currencies

EUEUR

Card Providers

VisaVisa
MaestroMaestro
MasterCardMasterCard

Mora Banc Grup, SA

Customer Rating
 (3.8; 27 ratings)
Country of Origin
AD Andorra

Incorporated in 1958 as Banca Coma, it changed its name to Banc Internacional d’Andorra, SA in 1970 and to Mora Banc Group, SA in November 2011. MoraBanc Grup offers services in commercial banking, private banking and asset management, investment banking, wealth management and investment funds, and insurance, in addition to offering its customers differentiated and exclusive products. Mora Banc Grup and Mora Banc, SAU operate together under the MoraBanc brand name and they present their financial statements and other data in a consolidated manner.

Mora Banc Grup, SA is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Mora Banc Grup, SA provides products and services in the areas of retail banking, private banking, asset management, online brokerage, business banking. Mora Banc Grup, SA offers a range of products including current accounts, junior accounts, debit cards, credit cards, deposit accounts, combined deposits, savings plans, investment funds, consumer loans, car loans, mortgage loans. Mora Banc Grup, SA makes its solutions available to natural persons, children and minors, public employees, self-employed professionals, high net worth individuals, entrepreneurs, companies.

Offshore Account in Mora Banc Grup, SA

Opening an account in Mora Banc Grup, SA can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport or ID card
proof of address
wage slip, tax return, bank reference or bank statement

Identity Verification

branch visit

While onboarding a private individual Mora Banc Grup, SA will ask him/her to provide the following documents: passport or ID card; proof of address; wage slip, tax return, bank reference or bank statement. For corporate clients Mora Banc Grup, SA will ask to provide corporate documentation as well as information about controlling persons. Mora Banc Grup, SA may request additional documentation or information depending on the case. Mora Banc Grup, SA performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
ESSpanish
Catalan
FRFrench
GBEnglish
Mobile App (MoraBanc) Supported Languages
Catalan
GBEnglish
FRFrench
ESSpanish

Account Currencies

EUEUR
foreign currencies

Card Providers

VisaVisa

Vall Banc, SAU

Customer Rating
 (3.2; 11 ratings)
Country of Origin
AD Andorra

Vall Banc SAU was formed in June 2015 as a bridge bank for Banca Privada d'Andorra (BPA) to segregate BPA’s assets and liabilities that are considered to be legitimate. In 2018 Vall Banc SAU was acquired by J.C. Flowers, a private investment firm dedicated to investing globally in the financial services industry. Vall Banc offers domestic retail banking and international wealth management services.

Vall Banc, SAU is focused on retail banking for residents of Andorra, private banking and asset management for International clients. Vall Banc, SAU provides products and services in the areas of retail banking, wealth management, setting up companies, obtaining residency. Vall Banc, SAU offers a range of products including current accounts, deposit accounts, combined deposits, investment funds, credit cards. Vall Banc, SAU makes its solutions available to natural persons, high net worth individuals.

Offshore Account in Vall Banc, SAU

Opening an account in Vall Banc, SAU can be done in a few steps:
1.
Book an appointment
2.
Visit bank branch

Required Documents

passport or ID card
proof of address

Identity Verification

branch visit

While onboarding a private individual Vall Banc, SAU will ask him/her to provide the following documents: passport or ID card; proof of address. For corporate clients Vall Banc, SAU will ask to provide corporate documentation as well as information about controlling persons. Vall Banc, SAU may request additional documentation or information depending on the case. Vall Banc, SAU performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.
Website Languages
Catalan
GBEnglish
ESSpanish
FRFrench

Account Currencies

EUEUR
CHCHF
USUSD

Card Providers

VisaVisa

See Also