Andorra (AD)
Andorra is a tiny parliamentary co-principality nestled in the Pyrenees mountains between France and Spain, governed jointly by the French President and the Bishop of Urgell.
Banking in Andorra
Recommended banks, payment culture and credit score basics.
Andorra has a well-developed private banking sector with three commercial banks remaining after consolidation: Creand (formerly Crèdit Andorrà, which absorbed Vall Banc in 2022), MoraBanc (which integrated BancSabadell d'Andorra in 2022), and Andbank. Andorra participates in CRS (Common Reporting Standard) and FATCA — accounts are automatically reported to the holder's home country tax authority. Andorra is compliant with EU anti-money-laundering standards. Opening an account requires thorough KYC documentation including source of funds proof. For residents, the process is more straightforward than for non-residents.
Recommended banks
Creand (formerly Crèdit Andorrà)
EnglishMonthly fee: €0–15/month depending on account type
Requirements: Valid residence permit, CASS registration, proof of address, employment contract or income proof, passport. KYC process: 2–4 weeks.
- + Largest Andorran bank — extensive ATM network and branch coverage
- + Online banking in Catalan, Spanish, and English
- + Good range of mortgage products for property purchase
- + International wire transfers (SEPA + SWIFT)
- + Strong private banking division for high-net-worth expats
- - Account opening requires thorough source-of-funds documentation
- - Some account types have significant minimum balance requirements
- - Private banking services require substantial assets under management
MoraBanc
EnglishMonthly fee: €5–12/month
Requirements: Valid Andorran residence permit or employment authorisation, passport, proof of address, source of income documentation.
- + Strong digital banking platform — well-regarded mobile app
- + Good for everyday banking, transfers, and card payments
- + SEPA transfers to EU/EEA accounts without extra fees
- + Multilingual staff (Catalan, Spanish, French, English)
- + Competitive mortgages for Andorran property
- - Limited physical branches outside Andorra la Vella area
- - International transfers outside SEPA zone incur fees
Andbank
EnglishMonthly fee: €8–20/month
Requirements: Residence documentation, KYC compliance package — typically 2–3 weeks to open.
- + International presence in Spain, Portugal, Luxembourg, and Latin America
- + Excellent for investment accounts and wealth management
- + Good for expats with assets in multiple jurisdictions
- + Accepts multi-currency accounts
- - Focused on private/wealth management — less suitable for basic current account needs
- - Higher minimum balances for premium services
Revolut (via EU entity)
EnglishMonthly fee: €0–13.99/month
Requirements: Andorran address accepted. EU entity (Lithuania-regulated). No physical branch. Digital verification.
- + Instant account opening — no Andorran residency required initially
- + Multi-currency accounts — ideal for expats receiving income in multiple currencies
- + Fee-free international transfers and competitive exchange rates
- + Works as a bridge account before opening Andorran bank account
- - Not an Andorran bank — cannot be used for CASS contribution payments
- - EU deposit guarantee (€100,000) but not Andorran
- - Not accepted by all Andorran landlords and service providers
Payment culture
Card payments (Visa, Mastercard) are widely accepted in Andorra — virtually all shops, restaurants, and hotels take card. Contactless and Apple/Google Pay supported at most modern terminals. Cash (euros) is still used for small purchases, markets, and some smaller establishments. ATMs are plentiful in Andorra la Vella and major shopping areas. No AmEx preference — Visa/Mastercard dominate. Duty-free shopping often requires payment in cash or card (no foreign currency).
Cash access
ATMs (Cajers automàtics) are widely available across all 7 parishes. Major Andorran banks (Crèdit Andorrà, MoraBanc) have ATM networks. Foreign cards: generally accepted at all ATMs but international card fees apply (typically €2–5 per withdrawal depending on your home bank). No Euronet ATMs — Andorran bank ATMs are the safe choice. The main commercial areas in Andorra la Vella have ATMs on virtually every block.
No formal credit scoring system
Andorra does not have a centralised credit reference agency equivalent to Spain's CIRBE or France's Banque de France. Banks assess creditworthiness individually through income documentation, bank statements, employment contracts, and existing debt obligations.
When applying for a mortgage or significant loan, Andorran banks rely on income verification, employment stability, and asset documentation rather than a formal credit score. Your financial history in your home country may be requested. Non-resident expats: bring 3 years of tax returns and bank statements from your home country for any major credit application.
International transfers
SEPA transfers are available to all EU/EEA countries and Switzerland — generally processed same-day or next business day at low or zero fees. SWIFT international transfers to non-SEPA countries: fees vary by bank (typically €15–30 per transfer). Wise, Revolut, and Remitly are popular among expats for international transfers — significantly lower fees than traditional Andorran banks for non-SEPA transactions. Most Andorran banks have IBAN accounts (Andorra IBAN format: AD + 20 digits).