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 focus, strong international and wealth management offering, comfortable with non-resident profiles
• Creand (formerly Credit Andorra) - the largest local bank, broad branch network, strong on residential and business banking
• MoraBanc - mid-sized, modern digital experience, often quicker turnaround on standard files

All three are members of the AFA (Associacio de Bancs Andorrans) and supervised by the AFA financial regulator. Deposits are protected up to EUR 100,000 per holder per bank under the Andorran deposit guarantee scheme.

How to open a bank account in Andorra

The process is documentation-driven and runs in five stages. Most clients complete it in two to four weeks once documents are ready.

1. Profile review. The bank assesses fit before booking an appointment. Resident applications are straightforward; non-resident profiles need a clear reason for an Andorran account.
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

Resident accounts are standard once you have your residency permit and an Andorran address - the application aligns naturally with the rest of your move to Andorra setup.

Non-resident accounts are considered case by case. Banks will want a clear, legitimate reason: a planned property purchase, a planned residency application, or a substantive Andorran business connection. Speculative non-resident applications without a concrete Andorran link are routinely declined. If you are weighing a non-resident account purely as a holding solution, talk to us first - in many cases the cleanest path is to align banking with a residency route.

Andorra bank account fees and minimums

Each bank publishes an official fee schedule. Headline figures to expect:

• Account maintenance: EUR 60-150 per year for standard current accounts, higher for premium tiers
• Debit card: EUR 30-60 per year
• Credit card: EUR 60-120 per year depending on tier
• SEPA transfers: typically free or very low cost within the eurozone
• SWIFT (international) transfers: EUR 15-40 per outgoing transfer plus correspondent fees
• Mortgage arrangement: typically 1% of loan value, capped or negotiable on larger files
• 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?

• Simple resident profile, complete documents: 5-10 working days from appointment
• Standard non-resident profile, clean documents: 2-4 weeks
• Complex profile or follow-up evidence requested: 4-8 weeks or longer

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

All three banks support multi-currency accounts (EUR, USD, GBP, CHF as standard). Andorran mortgages are available to residents and to non-residents buying property locally - typical loan-to-value 60-70% for non-residents, up to 80% for residents with proven income. Wealth management and investment services are a strong part of the Andorran banking offer, particularly at Andbank and Creand. For property-linked banking see our buy property in Andorra guide and property buying costs for the cost of finance.

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
• Align banking with residency, property and practical setup so nothing blocks your move-in date

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? Yes, but the bank will require a clear reason for an Andorran account: residency, property purchase or substantive Andorran business connection. Speculative applications are routinely declined.

How long does it take to open a bank account in Andorra? Typically 2-4 weeks for a standard non-resident profile, faster for residents with a complete document pack. Complex profiles can take 4-8 weeks or more.

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? Some preparation can happen remotely (document submission, profile review), but the bank will require a formal in-person appointment to sign contracts and verify documents. We start the prep as soon as dates are confirmed.

Are deposits in Andorran banks protected? Yes. Deposits are protected up to EUR 100,000 per holder per bank under the Andorran deposit guarantee scheme.

Do Andorran banks offer mortgages to non-residents? Yes. Typical loan-to-value is 60-70% for non-residents buying Andorran property, up to 80% for residents with proven income. Arrangement fee is around 1% of loan value.

What are the fees for an Andorran bank account? Standard current account maintenance is EUR 60-150 per year, debit card EUR 30-60, credit card EUR 60-120. SEPA transfers are typically free or low cost. SWIFT transfers EUR 15-40 plus correspondent fees.

Which is the best bank in Andorra? No single answer - it depends on your profile. Andbank suits private banking and international wealth management. Creand has the broadest local network and is strong on residential and business banking. MoraBanc tends to be the quickest on standard files with a more modern digital experience.

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.