Banking in Andorra

When choosing a place to relocate to, banking might not be the very first thing on your list of priorities. Without it, however, life in your new home country is going to be inconvenient. It therefore goes without saying that understanding the Andorra banking system before moving here is vital.
banking system

Four Local Banks

As of today, you’ll find four banking institutions within the borders of Andorra. At one point Andorra had five banks, but Vall Banc (previously known as Banca Privada d’Andorra, which closed shop following accusations of money laundering) has since been absorbed by Crèdit Andorrà.

Each of them are available to the general public and are accepting new individual accounts along with business banking clients. You can choose from the following Andorra banks:


Banc Sabadell d'Andorre

Crèdit Andorrà


Cadascun dels bancs esmentats anteriorment és nacional i pertany a Andorra. Principalment cobreixen les necessitats de banca privada i de consum de la població andorrana i les empreses locals.

While offshore banking was once important to the Andorran economy, the exchange of information treaties has resulted in a drop in this area.

Alguns bancs estan més "digitalitzats" que altres, però tots ofereixen serveis de banca per Internet. Tots ells ofereixen serveis de retirada i recàrrega de targetes, generalment amb Visa i Mastercard.

Payment processing is available through RedSys, although you’ll probably need help setting it up as it’s not a straightforward process. Mortgages for béns immobles Andorranos .

Building facades - With four banks to choose from, banking in Andorra is a pleasure.

Obrir un compte bancari a Andorra

To open an account here, you don’t have to have residency in Andorra. You can also do so as an individual or an empresa, provided you comply with the bank's internal regulations.

Whether you are opening a personal or company account will determine what information you need to provide, but be prepared to show documents such as:

A valid passport or government-issued identity card

Proof of address

Economic activity and asset origins

A reference letter from your bank

One thing to note is that you will need to comply with anti-money laundering standards and the FATCA protocol. This means that you might have to indicate the origin of your funds and provide documents for transactions above a certain value.

Andorra’s banks offer a wide range of services, including multi-currency accounts and various financial products. They also offer means for diversification from traditional Spanish and French banking practices.

La moneda andorrana

Before you can set up a bank account in Andorra, you’ll want to familiarise yourself with the national currency of Andorra.

In 2011, a monetary agreement was made between Andorra and the EU—this agreement came into force in April 2012, establishing the Euro as the official currency.

Andorra did not have its own currency prior to unofficially  adopting the Euro in 2002, but most commonly used the Spanish Peseta and also accepted the French Franc.

Principals Característiques dels Bancs Andorrans

El sector bancari ha demostrat que és una part essencial de l'economia andorrana; no només representa una cinquena part del PIB total del país, sinó que també és un nexe d'unió important entre Andorra i l'economia mundial.

Les principals característiques del sistema bancari andorrà són les següents:

Competició saludable

Being a micronation that houses just over 77,000 people, Andorra’s financial market is relatively small. This makes it difficult for the limited number of financial institutions to gain market share, thus promoting the need for more competition.

Això requereix serveis d'alt valor i un alt nivell de confiança en tot moment. Els bancs han adoptat la tendència digital i cada cop són més moderns i complint.


Privacy is paramount with any country’s banking practices. Historically, many banks here offered numbered accounts without shared names or records. This resulted in foreign residents favouring Andorra as a banking haven.

Nowadays, Andorra has embraced a more transparent banking model, while maintaining privacy for all residents.


The banking system here has recently been overhauled; reforms have been made to both the tax system and how banks report to financial regulators. The goal is that each bank remains in compliance with the OECD and other international organisations. As a result, many banks have had to update their processes to reflect those standards.

Intercanvi automàtic d'informació i informes comuns (AEOI)

Ja l'any 2014, Andorra va prendre la decisió de signar la declaració d'intercanvi automàtic d'informació en matèria fiscal. L'objectiu era lluitar contra l'evasió fiscal i facilitar-ne el compliment a través d'una norma comuna d'informació.

Aquesta norma d'informació requereix que totes les jurisdiccions recopilin la informació financera adequada de tots els bancs i institucions financeres. Aleshores poden intercanviar automàticament aquesta informació amb altres jurisdiccions.

Com afecta l'AEOI als residents

Local financial institutions do not have to share information about your account with the Andorran authorities. However, the Andorran authorities will be made aware of any accounts that you have abroad.

Pel que fa a la confidencialitat, aquest és un avantatge definitiu. Això significa que els residents a Andorra poden declarar adequadament els seus ingressos al govern. Tota la informació financera dins del país es mantindrà confidencial. Els bancs d'Andorra respecten realment la privadesa dels seus clients.

Confidencialitat de les Operacions Bancàries de No Residents a Andorra

Si no és resident a Andorra, la informació següent es pot compartir amb altres jurisdiccions i autoritats:

Taxpayer ID number



Account number

Birth date

Saldos del compte i informació de les transaccions

Beneficiaris finals (comptes de les societats)

Les institucions andorranes van començar a recollir aquesta informació per primera vegada l'any 2017 i actualment utilitzen un "enfocament estret" per informar.

Li facilitarem la feina

Tant si és resident com si no, el procés per crear un compte bancari a Andorra no és el més fàcil. Tanmateix, amb l'ajuda adequada, pot ser bastant senzill.

There are only four financial institutions here in Andorra and each has their own strengths and weaknesses. If you’re not sure which is right for you, or you need help with setting up a bank account, contact us today!

Our team of experts is well equipped to make your transition to this lovely country as smooth and easy as possible.