Banks in Andorra

Banks in Andorra - the three you can choose from

Andorra has three retail banks. All three handle resident and non-resident accounts, multi-currency holdings, mortgages, investments and online banking. They differ in style, English-language support and the kind of profile they prioritise.

• Andbank — private banking and wealth-management services; discuss the account and investment services relevant to your circumstances.
• Creand — personal, business and wealth-management banking; compare the branch and online services you will use.
• MoraBanc — personal, business and private banking; ask about day-to-day account services and support in your preferred language.

The Autoritat Financera Andorrana (AFA) supervises the banking sector. Andorran Banking is the banking association; these are separate organisations. Eligible deposits are generally protected up to EUR 100,000 per depositor per bank under Andorra’s deposit guarantee scheme, subject to its conditions and exclusions.

How to open a bank account in Andorra

Account opening is documentation-driven. The five stages below help you prepare, but the bank decides whether to accept an application and how long its review requires. Start before you need to make a property payment or set up direct debits.

1. Profile review. Explain why you need the account, your residence and tax position, and the services you require. Both resident and non-resident applications remain subject to approval.
2. Document pack submission. Identity, proof of address, tax residency self-certification, source of funds evidence (see checklist below).
3. KYC review. Compliance team verifies documents, runs background checks and may request follow-up evidence.
4. In-person appointment. Account contracts signed, signature card completed, online banking activated.
5. Account live. IBAN issued, debit card ordered, direct debits can be set up.

Documents you will need (KYC pack)

• ID: passport or national ID for each account holder
• Proof of address: recent utility bill, lease or deed (typically less than 3 months old)
• Tax residency self-certification: with your tax identification number from your current country of residence (CRS form)
• Source of funds evidence: bank statements, payslips, dividend statements, sale contracts, inheritance documents or company accounts depending on profile
• Source of wealth narrative: short written explanation of how your wealth was built (especially for higher balances)
• Purpose of account: stated use - salary, savings, property purchase, family relocation, business operations
• Corporate documents (business accounts only): registry extract, articles, beneficial owner declaration, recent financials, trading evidence

Banks may request additional documents depending on profile complexity. Submitting a complete, consistent pack on day one is the single biggest factor in avoiding delays.

Resident vs non-resident bank accounts in Andorra

For resident accounts, the bank will normally ask for your residency documentation and Andorran address, alongside its financial and identity checks. Coordinate these with the rest of your move to Andorra.

Non-resident accounts are considered individually. Explain the connection with Andorra, such as a planned purchase, residency application or business activity, and how you intend to use the account. Requirements and minimum balances vary. A property plan or introduction does not guarantee acceptance; ask the bank to assess your profile before relying on an account for a contractual deadline.

Andorra bank account fees and minimums

Ask each bank for the tariff and conditions of the account it actually proposes. Compare the following items together, rather than choosing on the advertised maintenance fee alone:

• Account maintenance: annual or quarterly charge, and any conditions for a waiver.
• Debit card: issue, renewal and cash-withdrawal charges, including use abroad.
• Credit card: annual fee, credit approval, interest and foreign-currency costs.
• SEPA transfers: online and branch charges, limits and any urgent-payment fee.
• International transfers: sending and intermediary-bank fees, plus the exchange-rate margin.
• Mortgage costs: arrangement, valuation, insurance and other conditions in the written offer.
• Minimum opening balance: usually nominal for residents; non-resident accounts may require higher minimums or initial deposits

Premium and private banking tiers come with relationship managers, fee waivers and better FX rates - worth comparing if your profile fits.

Timelines - how long does it take to open an Andorran bank account?

• Resident applications: allow time for identity, address and financial checks.
• Non-resident applications: explain the Andorran connection and prepare tax and source-of-funds evidence.
• More complex files: additional countries, companies or asset sales can require further evidence and longer review.

There is no published statutory turnaround. Compliance review is the variable. The fastest applications come from clients with a clean document pack, a clear narrative for source of funds and a confirmed Andorran address.

Currencies, mortgages and investment

Ask about the currencies you need, conversion costs and whether balances require separate accounts. Mortgage applications are assessed on income, age, liabilities, the property valuation and the bank’s lending policy; there is no universal resident or non-resident loan percentage. Compare investment services, risk and charges separately from everyday banking. Our buying guide and purchase-cost guide explain how finance fits into the purchase.

How INVICO helps with banking in Andorra

• Match your profile to the most suitable bank and account tier
• Pre-check the KYC pack so it is complete and consistent before the appointment
• Coordinate meeting booking, follow-ups and any translation needs
• Coordinate banking with residency, property and practical setup, allowing for the bank’s own approval process.

If your move is partly tax-driven, read income tax in Andorra alongside this page - banking and tax residency need to align.

Frequently asked questions

How many banks are there in Andorra? Three retail banks: Andbank, Creand (formerly Credit Andorra) and MoraBanc. All three offer resident and non-resident accounts, mortgages, multi-currency banking and online banking.

Can a foreigner open a bank account in Andorra? Foreign applicants can apply, subject to the bank’s acceptance criteria. Be ready to explain the account’s purpose and provide identity, tax-residency and source-of-funds evidence.

How long does it take to open a bank account in Andorra? Timing depends on your documents and the bank’s compliance review. Ask for an estimate after the bank has assessed the file, and leave time for further questions before a property payment is due.

What documents do I need to open an Andorran bank account? Passport or national ID, proof of address, tax residency self-certification (CRS form), source of funds evidence (statements, payslips, sale contracts), and a stated purpose for the account.

What is KYC and why does it matter? KYC (Know Your Customer) is the bank's compliance process to verify your identity, source of funds and source of wealth. Andorran banks apply KYC strictly. A complete, consistent document pack is the fastest way through.

What is source of funds and how do I prove it? Source of funds is the immediate origin of the money you will deposit (salary, sale proceeds, dividends, inheritance). You prove it with statements, payslips, sale contracts or estate documents. Source of wealth is the broader background story of how your wealth was built - usually a short written explanation.

Can I open an Andorran bank account remotely before I arrive? Document preparation and initial discussions can often start remotely. Ask the bank which identity checks and signatures require attendance, and arrange any visit before fixing a completion date.

Are deposits in Andorran banks protected? Eligible deposits are generally covered up to EUR 100,000 per depositor per bank. Check the guarantee scheme’s eligibility and exclusions; investments are not the same as protected deposits.

Do Andorran banks offer mortgages to non-residents? Non-residents can be considered for property finance. The amount, term, interest rate and fees depend on the borrower, valuation and bank policy. Obtain a written offer before relying on finance.

What are the fees for an Andorran bank account? Charges depend on the bank and product. Request the current tariff for maintenance, cards, transfers, currency conversion and minimum balances, including the conditions attached to any discount.

Which is the best bank in Andorra? Compare Andbank, Creand and MoraBanc against the services you need, language support, account conditions and total charges. The best fit for a mortgage borrower may differ from that for an investment portfolio.

Can I get an IBAN with an Andorran bank? Yes. Andorran IBANs start with AD and Andorra is part of SEPA, so euro transfers in and out work like any other eurozone country.

Next step

If you want help matching to the right bank and preparing the KYC pack before your appointment, we can do that as part of your move to Andorra plan or as a standalone introduction.

Further reading: residency.