Andorra’s Banking Sector: A Guide for New Residents

Major Banking Groups in Andorra

Andorra has four major banking groups controlling the market:

• Andbank: Focusing on retail banking services for residents and commercial banking for local businesses
• Creand: Providing a range of financial products and services to individuals and companies
• Mora Banc: Offering modern branches and ATMs across the country, making it easy to find a bank that meets your needs

Requirements for Opening a Bank Account in Andorra

To open an account with an Andorran bank, you’ll typically need to provide:

• A valid passport or national identity card
• Proof of current address (utility bill or bank statement)
• Reference letter from your current bank
• Proof of economic activity (for self-employed individuals and full-time workers)
• Proof of asset origins

Offshore Banking in Andorra: What’s Changed

Andorra’s commitment to transparency has led to the decline of traditional “offshore banking” secrecy. In 2015, Banca Privada d’Andorra was seized by the government after being listed as a source of money laundering by the US Treasury Department.

How Trustworthy Are Andorran Banks?

Andorran banks are considered to be in better-than-average standing in terms of solvency, with higher liquidity ratios and exceeding capital requirements set by the government. The country’s currency agreement with the EU has brought banking regulations more in line with European standards.

Accessing Andorran Banking

With at least one branch or ATM for each major bank located in every parish, it’s easy to find a financial institution that meets your needs:

• Bank branches typically operate from 9 am to 5 pm on weekdays
• Some may have restricted hours, but you can easily find a convenient location

Currency Exchange and Payment Methods

Since the Euro became the official currency in 2002, businesses in Andorra generally only accept Euros. Credit cards like American Express, Visa, and MasterCard are widely accepted, making it easy for newcomers to navigate the financial system.

Modern Banking Features in Andorra

Andorran banks offer a range of modern debit and credit card options with features like tap payments and compatibility with major payment networks:

• Convenient for residents to manage their finances and make transactions both locally and internationally
• Offers a secure and convenient environment for residents and expats alike to manage their finances

A Summary of Banking in Andorra

In conclusion, banking in Andorra is relatively straightforward, with four major banking groups dominating the market and a wide range of modern financial services available. With its commitment to transparency and adherence to European banking regulations, Andorra offers a secure and convenient environment for residents and expats alike to manage their finances.