Andorra’s banking sector is small but stable. Five main banks operate in the country — all of them private, all internationally oriented, and all actively competing for the business of new passive residents. Opening a bank account is required as part of the residency process, so understanding the landscape matters.
Here’s what you need to know before you walk into a branch.
The Five Andorran Banks
| Bank | Known For | English Service | Expat-Friendly? |
|---|---|---|---|
| Crèdit Andorrà | Largest bank, wealth management | Yes | Very |
| MoraBanc | Private banking, digital-forward | Yes | Very |
| Andbank | International wealth management, LATAM presence | Yes | Very |
| BancSabadell d’Andorra | Retail banking, everyday accounts | Partial | Yes |
| Vall Banc | Smaller, more conservative | Partial | Yes |
Crèdit Andorrà
The largest bank in Andorra by assets. Strong internationally, with subsidiaries in Luxembourg, Panama, and Miami. Well-suited to expats with international assets and structured wealth. Their private banking division is active and English-speaking. Minimum relationship balance for private banking: €250,000–500,000. For a standard account with residency: lower bar.
MoraBanc
One of the more modern, digital-forward options. Good app, English-language support, and an active international client base. MoraBanc has been particularly proactive in attracting foreign passive residents and digital entrepreneurs. Recommended for expats who want a smooth setup experience.
Andbank
Focused on wealth and asset management. Andbank has subsidiaries across Latin America (Panama, Uruguay, Brazil, Mexico) — useful context if you have existing financial structures in LatAm. Strong for structured wealth, trusts, and investment accounts. Less relevant for everyday banking.
What Documents Do You Need?
Andorra takes AML (anti-money laundering) compliance seriously. All banks require thorough documentation before opening an account, especially for foreign nationals. Expect to provide:
- Valid passport (sometimes two forms of ID)
- Proof of address in your home country (utility bill or bank statement, under 3 months old)
- Source of funds documentation — salary slips, investment statements, tax returns, or similar showing where your money comes from
- Proof of income or wealth — bank statements (6–12 months), investment portfolios, proof of property ownership
- Andorran tax ID (NRT) if you already have residency
- Purpose of account statement — banks may ask you to explain your banking relationship with Andorra
Some banks will ask for a complete net worth statement and documentation on the origin of significant assets. This is standard in small, low-tax jurisdictions — not a red flag, just a process.
Can You Open a Bank Account Before Getting Residency?
Yes — and often advisable. The passive residency application requires proof of financial solvency and a local account is useful for demonstrating ties to Andorra. Some banks will open a non-resident account first, which can be converted after residency is granted.
Typically the process is:
- Visit Andorra in person (banks generally require a physical appointment — remote account opening is not standard here)
- Bring your full documentation package
- Open the account and provide an initial deposit (minimums vary: €5,000–50,000 depending on the bank and account type)
- The bank performs due diligence (1–4 weeks)
- Account is confirmed and activated
Fees and Minimums
- Minimum opening deposit: €5,000–25,000 for standard accounts; €250,000+ for private banking
- Monthly account maintenance: €10–30/month depending on the account type
- Wire transfer fees: €15–30 for international transfers (SEPA free)
- ATM withdrawals (local): Free at your own bank, €2–5 at others
AEOI / CRS — Is Andorra Transparent?
Yes. Andorra participates in the Common Reporting Standard (CRS) — the OECD’s global automatic exchange of financial information. Andorra banks report account details (holder, balances, income) to the tax authorities of the account holder’s country of tax residence.
This means: if you become an Andorran tax resident, your reporting shifts to Andorra. If you’re still a tax resident of another country while holding an Andorran account, that country’s authorities will know about the account. Andorra is not a secrecy jurisdiction — it is a low-tax jurisdiction with full transparency.
For US citizens: FATCA applies. Andorra has a FATCA agreement in place. US citizens will still be required to file FBARs (FinCEN 114) on any Andorran accounts exceeding $10,000.
Everyday Banking in Andorra
The euro is the currency (though Andorra is not an EU member, it adopted the euro by treaty). Card acceptance is nearly universal. ATMs are available in Andorra la Vella. International transfers via SEPA are straightforward.
For day-to-day spending, many expats use a combination of their Andorran account (for local transactions and residency compliance) and a global digital bank like Wise or Revolut (for international transfers and currency management). This works well in practice.
Ready to Establish Your Andorra Base?
We assist clients with Andorra passive residency — including guidance on banking setup as part of the full process.
View Andorra Passive Residency →
Have questions? Book a consultation call first →
Frequently Asked Questions
Can I open an Andorran bank account remotely?
Generally no. Andorran banks require an in-person visit due to AML regulations. You should plan a trip to Andorra la Vella specifically for this purpose.
Is Andorra a tax haven?
No — Andorra is a low-tax jurisdiction, not a secrecy jurisdiction. It participates fully in CRS and FATCA. Your account details will be shared with relevant authorities.
Do I need an Andorran bank account for residency?
Yes. A local bank account is required as part of the passive residency application — it’s where your proof of financial solvency is demonstrated and where your CASS (healthcare) contributions are paid from.
Which Andorran bank is best for expats?
MoraBanc and Crèdit Andorrà are consistently the most expat-friendly in our experience. Both have strong English-language service and experience with international passive residents.
What an expat banking file should contain
An in-person meeting is only one part of Andorran bank onboarding. Prepare a coherent file showing identity, residence or planned residence, source of wealth, source of funds, expected activity, and the reason you want an account in Andorra. Banks may ask for tax-residence information, employment or business records, investment statements, property documents, and explanations for large transfers.
Keep the file consistent with the residency application. If the account is being opened as part of passive residency, the bank and immigration documents should tell the same story about assets, income, address, and family status. A bank account does not itself create tax residence, and a residency application does not guarantee banking approval.
Plan for maintenance as well as opening: transaction monitoring, annual tax-residency confirmations, updated passports, and evidence for unusual transfers. The cleanest applications are usually the ones that explain the money before the compliance team has to ask.
Related: Living in Andorra · Andorra tax system · Cost of living in Andorra
