The banks in Andorra are ranked as part of the world’s top twenty banks. This is in terms of private investment allocation. In Andorra, Banking privacy is a guarantee, and it is, in fact, in the country’s constitution.

Additionally, private numbered accounts and safety deposit boxes are still the norm here. You will find these services in almost all locally owned banks and those that are highly liquid. When we investigated and spoke to one of the banks, we were surprised to note that the liquidity ratio is 30%.

Stability, privacy, and liquidity, however, come at a price. While most banks will not require you to have a minimum deposit, they will charge you a significant annual fee. Nevertheless, this yearly fee gives you access to all the benefits you will be looking for, such as security and banking, specializing significantly in wealth management.

With an Andorran bank, you can manage and access your account from anywhere in the world. Don’t worry, though; they fully comply with the international anti-money laundering standards. They have some of the strictest banking jurisdictions in terms of compliance.

The Principality of Andorra is known for its excellent living standards. This is because natural parks and snowy peaks surround it. Most people who visit this paradise would love to settle there, and if you move here, opening a bank account is one of the most critical steps.

There are many traditional and well-structured banks with a solid foundation, solvency, and high liquidity. These are significant assets, as we have mentioned above.

Here, the banks have the following characteristics, which you need to take into account before embarking on financial investment in the country.

Andorran Banks

Andorran banks are world-renowned for their competitiveness and their high solvency levels. This is essential for the transfer of capital, especially when setting up or creating a new company in the country.

They have some significant players in the financial sphere regardless of multiple challenges. The seven central parishes of the country have ATMs and agencies that represent the five Andorran banks. Generally, they are open to the public from Mondays to Fridays from 9 in the morning till 5 pm.

The agencies are, however, closed over the weekends.

There aren’t too many banks – around five or so. 

Here’s what you need to open an account;

-A valid passport.

-Proof of address, although this will depend on the bank, you are opening. They mainly will not require a local address.

-Proof of source of income.

-CV

-Referencies

As a non-resident, you can open a bank account. Still, Andorra has tightened the compliance regulations, which means that it may take a bit longer since you will have to provide all of the information needed to comply with the new regulatory standards.

All the banks in the country are full service.

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Types of Banks 

All banks in Andorra are either classified as national or local. They provide the following services;

-Consumer banking services.

-Private banking services

-Commercial banking services

Generally, the local banks are highly specialized when it comes to wealth management. Their high liquidity levels make them ideal for protecting their client’s wealth.

The banks are accustomed to handling significant clients as well as large-scale operations. They are known worldwide for their logistical support and expertise in financial investments, corporate purchases, and business creation.

Another highlight of these banks is their rigor and efficient customer service. This cultivates close relationships based on trust from investors who wish to grow their capital base using their banking systems.

The Currency

In Andorra, the official currency has been the euro since 2002 when most European countries adopted it. This facilitates investments and trade greatly. Since 2014, the Principality has issued Andorran euros with the coat of arms of Andorra, the church of Santa Coloma, and Casa de la Vall.

The Solvency Advantage

The solvency of Andorran banks is one of the reasons for their success. Their liquidity/capital ratio far exceeds all the requirements and recommendations.

Their expertise in managing their balance sheet and efficiency in securing financial strategies gives them excellent stability for the internal market and relationships with other countries.

Modernity and Tradition

The banks operate in the strictest form of respect for tradition and private banking. Their immutable workings constitute a renowned system of sophistication, quality, and reliability for financial and monetary councils, which they offer their investors and clients.

The banks work to find solutions that are suitable for long-term, medium-term, and short-term investors, depending on their needs.

Multiple investment options such as mutual funds, traditional savings, and bonds are available in all banks, especially those with a dense banking network.

Turn to MUNDO’s specialists for available options that we can work out in Andorra; this will significantly reduce the amount of money you lose in conversion. Additionally, you will get a European Virtual Bank that has an IBAN that you can use for sending and receiving money within the EU free of charge. 

Need a bank account in an Andorran bank? Contact us!

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