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Andorra – Banking

Main Local Banks in Andorra

Andorra has a limited number of banks, with five main local banks operating in the country. These banks are:

Each of these banks offers a range of products and services, including current and savings accounts, investment services, and loans.

Presence of UK and USA Banks in Andorra

There are no major UK or USA banks with a presence in Andorra. However, some international banks, such as HSBC and BNP Paribas, offer services to clients in Andorra through their offices in neighboring countries.

Accounts and Services Aimed at Expats

Several banks in Andorra offer accounts and services specifically aimed at expats. These accounts can include features such as multilingual customer support and the ability to hold multiple currencies. For example, Andbank offers an international banking service designed specifically for expats, which includes personalized account management and investment advice.

Typical Bank Opening Hours

Banking hours in Andorra can vary depending on the bank and the location. Generally, banks are open from Monday to Friday, from 9 am to 1 pm and from 3 pm to 5 pm. Some banks may have extended hours, and some branches may be open on Saturdays. It is always best to check with the bank directly for their specific opening hours.

Areas of Concern for Expats

Expats should be aware of the banking secrecy laws in Andorra. While Andorra has been working to increase transparency in its banking sector, some individuals may still view Andorra as a destination for offshore banking. Expats should also be aware that Andorra is not a member of the European Union, and therefore may have different regulations and laws than EU member states.


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Opening a Bank Account

Opening a bank account in Andorra is a relatively straightforward process for expats. Here are the steps to follow:

  1. Choose a bank: Research the different banks in Andorra and choose one that offers services that suit your needs. Make sure to check whether the bank offers services in English or another language you speak fluently.
  2. Schedule an appointment: Contact the bank to schedule an appointment to open an account. Some banks may allow you to make an appointment online or over the phone.
  3. Prepare your documents: You will need to bring several documents to the appointment, including your passport or ID card, proof of residency in Andorra, and proof of income or employment. You may also need to provide additional documentation, such as bank statements or references from your previous bank.
  4. Attend the appointment: On the day of your appointment, go to the bank with your documents. The bank representative will guide you through the account opening process, which may include filling out forms and providing additional information.
  5. Receive your account details: Once your account is open, the bank will provide you with your account details, such as your account number and IBAN. You can start using your account right away, either online or by visiting a branch.

It’s worth noting that some banks in Andorra may require a minimum deposit to open an account, as well as ongoing maintenance fees. It’s important to check the fee schedule and make sure you understand the costs associated with your account before opening it.

In addition, expats should be aware that Andorra has strict anti-money laundering laws and regulations. This means that banks in Andorra may require additional documentation or information, such as the source of funds or the purpose of transactions. Expats should also be prepared to provide proof of residency in Andorra, such as a rental agreement or utility bill.

In summary, while Andorra may not have as many banks or as many international options as other countries, there are still several options available for expats. Andorra’s local banks offer a range of products and services, and some banks specifically cater to expats. Expats should be aware of Andorra’s banking secrecy laws and anti-money laundering regulations, as well as the different regulations and laws in place due to Andorra not being a member of the EU. Opening a bank account in Andorra is a relatively straightforward process, but expats should be prepared to provide the necessary documentation and understand any fees associated with their account.


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