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Banking

Andorra - Banking


There are six banks operating in Andorra. These are: Credit Andorra, CaixaBank, Banc Agricol i Comercial, Banca Mora-Internacional, Banca Privada and Banc Sabadell. Foreign banking institutions may not open branches in Andorra. Banking is Swiss style and numbered accounts are available. Complete confidentiality is observed. The total lack of exchange control in Andorra permits banking in any currency although the Euro is used as a base for making an exchange. The rates are quoted daily, based on Euros, and aligned to Euro-currency rates at the Swiss Exchange in Zurich. To open an account takes about 20-30 minutes. You will need your passport. A deposit of around 100 Euros is all that is necessary. You will receive your passbook about a week later. There are no restrictions on remitting funds to and from Andorra in any currency but money laundering regulations are observed by the Andorran banks.

It is only over the last 20 years that Andorran banks have evolved from money-changers to deposit takers. Facilities offered still fall short of the more sophisticated banking centres of Switzerland and the Channel Islands. However, one must remember that the Andorran banks have not sought to become 'International', they see their job as assisting in the promotion of Andorran commerce and industry and at the same time adopting a conservative policy. They will readily lend money for the purchase of Andorran property, thus supporting the property market.

Interest on deposits is not that generous for the small investor. Larger depositors are rewarded with better rates if below those available in the Channel Islands. However, the small difference is more than balanced by the advantages of being based in a TAX FREE country.

Exchange rates are quoted in Euros for approximately 20 currencies, morning and afternoon, Monday to Friday. These are based on the Zurich market and all Andorran banks conform. They also conform to interest rates on deposits and mortgages.

There is no exchange control in Andorra. The currency in general use is the Euro.


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