Opening a Bank Account in Andorra: Requirements, Banks and Compliance
Key Takeaways
- Three banks: Andbank, Creand, MoraBanc — all AFA-supervised.
- Opening takes 2–4 weeks and turns on source-of-funds documentation.
- Minimum deposits: ~€1,000 basic, up to €50,000 standard, €350,000–500,000 private banking.
- A current account needs proof of an Andorran address.
- It is the most common cause of residency delays — start early.
Andorra has three main banks — Andbank, Creand and MoraBanc — all supervised by the AFA regulator. Opening an account takes two to four weeks and turns entirely on source-of-funds compliance: you must document where your money came from. Minimum deposits range from about €1,000 for a basic account to €350,000–500,000 for private banking. A current account needs proof of an Andorran address.
The banks
Consolidation has left three groups:
- Andbank — international private banking focus, strong wealth-management arm.
- Creand (formerly Crèdit Andorrà) — the largest, full retail and corporate services.
- MoraBanc — family-owned, retail and private banking, known for digital tools.
All three are members of and supervised by the AFA (Autoritat Financera Andorrana). Deposits are protected by the Andorran guarantee scheme.
What you need
- Identity: passport and, for a current account, proof of an Andorran address.
- Source of funds: the heart of the process. Expect to show employment contracts, company accounts, sale agreements, prior tax returns, or investment statements tracing where your wealth came from.
- Purpose: a clear reason for the account — residency, a property purchase, running an Andorran company.
- Tax number: non-residents need an NRT before opening.
Minimum deposits
| Account type | Typical minimum |
|---|---|
| Basic / transactional | €1,000–10,000 |
| Standard, higher-profile client | Up to ~€50,000 |
| Private banking | €350,000–500,000 in assets under management |
Timeline and process
- Initial meeting (in person or remote) and account application.
- Submit the compliance file — identity, source of funds, purpose.
- The bank’s compliance department reviews it against AML and counter-terrorism-financing rules.
- Approval and account opening — typically 2–4 weeks once documents are complete, longer for complex wealth structures.
Resident vs non-resident
You can open a deposit, savings or private-banking account as a non-resident. A current account generally requires proof of an Andorran address, so in practice it follows your housing arrangement. Opening the account is usually one of the first steps in both the active and passive residency processes, because the company capital or the investment funds have to land somewhere.
Practical tips
- Start early — the bank step is the most common cause of residency delays.
- Over-document rather than under-document your source of funds; a clean, complete file moves fast, a thin one stalls.
- If your wealth is in crypto, be ready for extra questions and choose a bank comfortable with digital-asset origins.
- Fees for private banking and custody are negotiable at higher asset levels.
Frequently asked questions
Can a foreigner open a bank account in Andorra?
Yes. Non-residents can open deposit, savings and private-banking accounts; a current account needs proof of an Andorran address. Source-of-funds documentation is required in all cases.
How long does it take to open an Andorran bank account?
Usually two to four weeks once your documents are complete. Complex wealth structures take longer.
What is the minimum to open an account in Andorra?
From around €1,000 for a basic account, up to €50,000 for some standard accounts, and €350,000–500,000 for private banking.
Which is the best bank in Andorra?
Andbank, Creand and MoraBanc are the three options. Andbank and MoraBanc lean toward private and wealth clients; Creand is the largest for full retail and corporate needs.
Last reviewed: 3 September 2026. General information, not financial advice; bank requirements and minimums change and this page may become out of date. Speak to our team.
