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


Chacune des banques citées ci-dessus est nationale et appartient à l'Andorre. Elles répondent principalement aux besoins bancaires privés et de consommation de la population andorrane et des entreprises locales.

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

Certaines banques sont plus "numérisées" que d'autres, mais toutes proposent des services bancaires sur Internet. Toutes offrent des services de cartes de retrait et de recharge, généralement avec Visa et 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 les biens immobiliers andorrans sont également disponibles.

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

Ouverture d'un Compte Bancaire en Andorre

To open an account here, you don’t have to have residency in Andorra. You can also do so as an individual or an entreprise, 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 Monnaie Andorrane

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 Caractéristiques des Banques Andorranes

Le secteur bancaire s'est révélé être un élément essentiel de l'économie andorrane ; non seulement il représente un cinquième du PIB total du pays, mais il constitue également une importante ligne de vie entre Andorre et l'économie mondiale.

Les principales caractéristiques du système bancaire andorran sont les suivantes:

La Concurrence Saine

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.

Cela nécessite des services de grande valeur et un niveau de confiance élevé à tout moment. Les banques ont adopté la tendance numérique et deviennent constamment plus modernes et plus conformes.

La Confidentialité

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.

La Transparence

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.

Échange Automatique d'Informations et Déclaration Commune (AEOI)

Dès 2014, Andorre a pris la décision de signer la déclaration de l'Échange Automatique d'Informations en matière fiscale. L'objectif était de lutter contre l'évasion fiscale et de faciliter la conformité via une Norme Commune de Déclaration.

Cette norme de déclaration exige que toutes les juridictions collectent des informations financières appropriées auprès de toutes les banques et institutions financières. Elles peuvent ensuite échanger automatiquement ces informations avec d'autres juridictions.

Comment l'AEOI Affecte les Résidents

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 ce qui concerne la confidentialité, il s'agit là d'un point positif certain. Cela signifie que les résidents d'Andorre peuvent déclarer leurs revenus de manière appropriée au gouvernement. Toutes les informations financières à l'intérieur du pays resteront confidentielles. Les banques d'Andorre respectent vraiment la confidentialité de leur clientèle.

Confidentialité des Opérations Bancaires des Non-Résidents en Andorre

Si vous êtes un non-résident d'Andorre, les informations suivantes peuvent être partagées avec d'autres juridictions et autorités:

Taxpayer ID number



Account number

Birth date

Soldes des comptes et informations sur les transactions

Propriétaires bénéficiaires ultimes (comptes de sociétés)

Les établissements andorrans ont commencé à collecter ces informations pour la première fois en 2017 et utilisent actuellement une "approche étroite" pour la déclaration.

Nous Vous Simplifierons La Tâche

Que vous soyez résident ou non-résident, le processus de création d'un compte bancaire en Andorre n'est pas le plus facile qui soit. Toutefois, avec l'aide appropriée, cela peut être assez 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.