How to open a bank account in Andorra

How to open a bank account in Andorra

The beautiful Principality of Andorra is known for great quality of living with its towns - including its capital Andorra la Vella - being nested between beautiful snowy peaks and surrounded by natural parks. No wonder Andorra attracts plenty of foreigners looking to live in a small piece of paradise which happens to feature discounted shopping options and surprisingly low cost of living all things considered. There are more advantages: it is near some major cities, including Barcelona and Toulouse and yes the main language there is Catalan.

If you are looking to move there, opening a bank account in Andorra is an important step to take and here is our guide on how to proceed.

Documents needed to open a bank account in Andorra

Opening a bank account in Andorra is not too difficult, mostly because there aren't many banks (5 banks or so), there are no free accounts and you will be pressed to move about the process if you don't at least speak Spanish. You are likely to wait around a bit to find English speaking staff, so please be patient. Generally speaking, this is what you will need:

  • Passport
  • Proof of Address (depending on the bank you will not be required to have a local address
  • Optionally: proof of income

We suggest you call ahead to setup an account as that will make things a bit easier for you and you will be able to find out all the correct documentation beforehand.

Can I open a bank account in Andorra as a non-resident?

Yes it is possible to open a bank account as a non-resident in Andorra, however there has been an increase in compliance regulation as of recent so be ready to have to wait a bit and to provide information to make sure you comply to regulatory standards.

Best banks in Andorra

Since all banks in Andorra are small and few (it is a small country after all) there is a small selection of banks, but the local retail banks are full service.

  • Vallbanc: formed recently and with brand new online banking infrastructure and enough ATms around the country, this is a rather exclusive bank that if you need a bank account it is best to give them a call and find out more details about each local branch's procedures. See their list of branches and ATMs here.
  • Morabanc: this is a full service bank with options for everyone and every type of investment and business. Their accounts are for resident only, but there are exceptions which you can find out by contacting the bank directly or visiting an branch or you can start the account process here.
  • Credit Andorra: another full service bank with account offers for youths, families, temporary workers and all the traditional accounts featuring debit cards, cheques and services such as ATMs, insurance, loans and accounts for businesses and investors. See their network of branches and ATMs here. Start the signup process online.
  • Andbank: a private family bank with top notch service and accounts for those looking to relocate, invest or hold capital in Andorra. It means that they create investment strategies while taking into consideration your family's strategy as well. If you need to open an account, expect to go through an extensive compliance and anti money laundering process.

Andorra is an amazing country and banking is something private and small with only 2 proper retail banks with the other 3 or 4 being specialized banking institutions more suited to the high net worth investor or company. We suggest you carefully look at each bank's fees structure (found online in all aforementioned banks) to investigate what best works best for you. Do not hesitate to call to find out information that could make your financial life easier in the country.

The virtual bank account alternative

Transferring money abroad from Andorra is expensive

If you regularly transfer money abroad, chances are you are using your bank and it is charging way too much without you noticing. This is because banks charge you on the conversion without telling you what they could really be charging. Say you want to send 10 thousand euros to India. You will get only 9000 euros or so worth of rupees on the other side of the transaction and that is not a good idea specially when you will be told it cost only a 50 euro flat fee.

With a virtual bank account by B2B Pay things are different. You get 9900 euros worth of rupees back in India because we transfer for a 1% flat fee, which is unheard of in the banking market. Plus you get an European Virtual Bank Account with an IBAN you can use to receive and send money within the EU for free and send money to 200 countries in 33 currencies for low fees.

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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