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


Cada uno de los bancos mencionados anteriormente es nacional y pertenece a Andorra. Atienden principalmente a las necesidades de banca privada y consumo de la población andorrana y del comercio local.

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

Algunos bancos están más "digitalizados" que otros, pero todos ofrecen servicios de banca por Internet. Todos ellos ofrecen servicios de retiro y recarga de tarjetas, generalmente con Visa y 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 bienes inmuebles andorranos .

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

Abrir una cuenta bancaria en 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.

Principales Características de los Bancos Andorranos

El sector bancario ha demostrado ser una parte esencial de la economía andorrana; no solo representa una quinta parte del PIB total del país, sino que también es un importante nexo de unión entre Andorra y la economía mundial.

Las principales características del sistema bancario andorrano son las siguientes:

Competencia sana

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.

Esto requiere servicios de alto valor y un alto nivel de confianza en todo momento. Los bancos han adoptado la tendencia digital y se están volviendo cada vez más modernos y compatibles.

La confidencialidad

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.

Intercambio Automático de Información y Reporte Común (AEOI)

Ya en 2014, Andorra tomó la decisión de firmar la declaración de intercambio automático de información en materia fiscal. El objetivo era combatir la evasión fiscal y facilitar el cumplimiento a través de un Estándar Común de Información.

Este estándar de informes requiere que todas las jurisdicciones recopilen información financiera adecuada de todos los bancos e instituciones financieras. Luego pueden intercambiar automáticamente esta información con otras jurisdicciones.

Cómo afecta la AEOI a los residentes

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.

En lo que respecta a la confidencialidad, este es un punto a favor definitivo. Esto significa que los residentes de Andorra pueden reportar sus ingresos adecuadamente al gobierno. Toda la información financiera dentro del país permanecerá confidencial. Los bancos en Andorra realmente respetan la privacidad de sus clientes.

Confidencialidad de las Operaciones Bancarias de No Residentes en Andorra

Si no es residente de Andorra, la siguiente información puede ser compartida con otras jurisdicciones y autoridades:

Taxpayer ID number



Account number

Birth date

Saldos de las cuenta e información sobre las transacciones

Beneficiarios finales (cuentas de las sociedades)

Las instituciones andorranas comenzaron a recopilar esta información por primera vez en 2017 y actualmente utilizan un "enfoque estrecho" para informar.

Le facilitamos la faena

Tanto si es residente como no residente, el proceso de apertura de una cuenta bancaria en Andorra no es el más sencillo. Sin embargo, con la ayuda adecuada, puede ser bastante simple.

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.