Opening a bank account in Andorra: Requirements, prices and steps

Do you need to open a bank account in Andorra? If you live in this small principality, want to invest or manage assets locally, you’ll need an account with an Andorran bank. Although the banking system works well, you must follow steps and provide documents, especially as a non-resident.

Throughout this article, we’ve prepared a guide so you understand available options, both online and in person. Also, learn the common requirements, key steps you must follow and estimated timelines until account activation. Therefore, don’t miss this practical information and discover how to deposit money in an Andorran bank.

How to open an online bank account in Andorra as a foreigner?

Currently, local banks rarely offer a fully online account opening process. However, you can choose a digital financial platform. With it, you can open an account remotely and operate across Europe, including Andorra. This option works well if you’re in the country as a digital nomad, studying, paying taxes or planning investments.

Steps to open an online account Steps vary by platform.

However, most follow a standard structure including registration, document upload, identity verification and approval. Here’s what you’ll need:

• Registration: Create an account with your details, such as name, email and country of residence.
• Choose account type: Select personal, multi-currency or business accounts.
• Remote identity verification: Provide valid ID and complete biometric checks using a selfie or short video.
• Tax residency declaration: State your country of residence and tax identification number.
• Profile review: The platform checks your data and may request additional documents.
• Approval and activation: Once approved, your account becomes active and receives an IBAN or regional identifier.
• Card request: Request a physical or virtual card for payments.

Requirements to open an online account

To open an account from abroad, requirements are simpler than traditional banks. These platforms focus on faster onboarding. Typically, you’ll need: A valid ID or passport, proof of address, email, phone number and intended account usage declaration.

Understand the difference between fintech and banks in Andorra

The term “fintech” comes from financial technology. It describes companies offering digital financial services through apps or websites, with simpler onboarding than traditional banks.

However, you must understand the difference from local banks. Although regulated in Europe and secure, they don’t offer the same guarantees as traditional banks:

• They don’t always hold a banking licence
• They don’t offer physical branches
• They don’t always provide a local banking identifier

However, this option works well if you need a quick remote solution and don’t require a local account. Instead, for residency, payments, investments or admin tasks, choose a traditional bank.

Platforms offering 100% online account opening

Some online banking platforms available from abroad

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How to open a bank account in Andorra as a non-resident?

If you are a non-resident citizen in Andorra, it means you have neither tax residence nor legal residency there. Consequently, banks see you as a foreign client, even if you spend some months living there. When opening a bank account in Andorra as a non-resident, banks apply different rules regarding verification, anti-money laundering and international compliance. Some of the main banks in Andorra that allow non-resident accounts are:

• Andbank
• Credit Andorrà / Creand
• MoraBanc
• Vallbanc
• Banc Sabadell d’Andorra

Typical minimum documentation

There is common mandatory documentation to open a non-resident account. However, each bank may request additional certificates. Unlike countries like Spain, Andorra doesn’t have codice fiscale. Instead, you’ll need proof of residence and financial activity:

• Passport or ID: Valid and in good condition.
• Proof of residence in your country: Via utility bill, bank statement or water/electricity invoice.
• Proof of income: Employment contract, payslips, bank statements or tax return.
• Documents showing source of funds: Required for anti-money laundering compliance.

In-branch process, step by step

Unlike fintechs, opening a non-resident account in Andorra requires in-person attendance, which extends activation times. It’s also recommended to hire a local advisor or manager because Andorran banks’ internal rules vary by nationality:

1. Contact the bank: Call or email to check non-resident requirements and schedule an appointment.
2. Prepare documentation: Passport, proof of address and income, plus source of funds. Allow 1–2 weeks.
3. Branch appointment: Submit documents to the bank officer in Andorra.
4. Evaluation: The bank verifies your identity and source of funds. This can involve authorities and take 1–4 weeks.
5. Initial deposit: Some banks require $1,175 (€1.000) to $5,881 (€5.000) to open the account.
6. Approval and activation: The account becomes active in 2–6 weeks.

How much does it cost to open and maintain a bank account in Andorra?

Fees for opening a bank account in Andorra are higher than other European countries, especially for non-residents. These accounts require more risk assessment and compliance checks. Below are approximate fees for main banks, both local and remote:

Approximate fees for main bank services in Andorra

Besides these fees, most banks charge high closure or inactivity fees of around $1,175 (€1.000). Some banks also require a minimum deposit from $1,175 (€1.000) to $5,881 (€5.000). Also, extra fees may apply for ATMs outside the network, account statements or bank certificates.

Online or in-branch account: Which suits you?

As seen above, the main factor in choosing online or in-branch accounts in Andorra is the high fees. Therefore, the best option depends on your intended account use:

• Online account: European IBAN, transfers, savings and invoice income.
• In-branch account: Andorran IBAN, transfers, savings, taxes, utilities, salaries, direct debits, rent or investments.

You can start with a 100% online fintech account for basic operations, then open a traditional bank account once you have sufficient funds and need full local services. Consider these scenarios:

Differences between opening an online or in-branch account in Andorra.

Staying connected in Andorra as a foreigner

To complete banking operations, you need a fast, stable and secure internet connection. If your stay is temporary, choose Holafly’s eSIM for Andorra. It suits short trips, offering unlimited data only on days you need, from $6.90 (€5.90) per day.

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Frequently asked questions about opening a bank account in Andorra

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