Opening a bank account in Andorra: what to know

Andorra is becoming an increasingly popular destination for expats, particularly those currently residing in Spain.

With its breathtaking Pyrenean landscapes, favorable tax environment, and close proximity to the Spanish border, the appeal is obvious. If you plan to settle down or spend significant time in the Principality, getting your local finances in order is a top priority.

In this guide, we’ll walk you through the steps to open a bank account in Andorra, review the leading local banks, and introduce a modern alternative: the Wise multi-currency account.

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What documents do you need?

Due to Andorra's strict compliance and anti-money laundering (AML) regulations, opening an account involves more paperwork than you might expect in Spain. While specific requirements vary by institution, here is the standard documentation you should prepare:

• Proof of Identity: A valid passport or national identity card. If you are already an Andorran resident, your residence card (targeta de residència) is required.
• Proof of Address: A recent utility bill, bank statement, or official document showing your full name and current address. Don't worry if you have a Spanish address; this is perfectly acceptable for non-resident applications.
• Proof of Financial Standing (Solvency): Banks must verify that your funds are legitimate. You will likely be asked for recent payslips, your latest tax returns, or, if you are self-employed, your company’s audited financial statements.
• Social Security Number: This is only necessary if you are an official resident of Andorra.

Can you open an account remotely?

When dealing with traditional Andorran banks, opening an account entirely from abroad is rare. While institutions like MoraBanc or Creand allow you to start the process via their app or email, you will almost always need to schedule a face-to-face meeting in Andorra to sign the final documents.

If you’d prefer to skip the trip and manage everything online, the Wise multi-currency account is an excellent alternative. It allows you to open a fully functional Euro account from your phone or computer, complete with its own IBAN and local account details for several countries.

If you have your heart set on a traditional bank but want to avoid the administrative headache, you can hire a specialized relocation agency. They can manage the compliance paperwork for you, though these services come at a premium.

Can you open a bank account as a non-resident?

Yes, Andorran banks generally accept non-resident clients, provided you pass their rigorous compliance checks. You will need to provide clear documentation regarding the origin of your wealth.

There is also an important rule for Spanish residents to keep in mind. According to Circular 4/2012 of the Bank of Spain, any resident in Spain with bank accounts abroad must notify the authorities using the ETE form.

This is where Wise offers a more streamlined experience for expats moving between Spain and Andorra. Because Wise operates as an Electronic Money Institution rather than a traditional foreign bank, these specific reporting requirements may differ. This makes it easier to manage your money remotely and use it seamlessly for daily transactions in the Principality.

Wise: The multi-currency account for global citizens

When you open a Wise account, you get dedicated Eurozone account details instantly. This allows you to send and receive Euros just like you would with a traditional Spanish or Andorran bank.

However, the real advantage is Wise's global flexibility. You can hold and manage over 40 currencies in one place and access local account numbers for the UK, USA, Australia, and New Zealand. This allows you to receive international transfers like a local, bypassing the high wire fees typically charged by traditional banks.

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What are the main banks in Andorra?

If you require specific local products—such as a mortgage for a Pyrenean property or a business loan—you will need a traditional Andorran account. Following a period of consolidation and several mergers, the sector is now dominated by three major players. Although Catalan is the official language, all these banks provide service in Spanish, English, and French.

Bank fees and costs in Andorra

Banking in Andorra is generally more expensive than in Spain. Because the local industry focuses heavily on private banking and wealth management, retail customers often encounter high maintenance fees:

Note: International transfers outside the SEPA zone often carry high percentage-based fees and hidden markups on the exchange rate. Additionally, closing a non-resident or investment account can trigger substantial exit fees.

Moving money to or from Andorra? Save with Wise

Traditional banks are rarely the most cost-effective way to move money across borders. Between steep wire fees and inflated exchange rates, the costs add up fast. Wise offers a transparent alternative built for people without borders:

• A Global Community: Join over 15 million customers who trust Wise to move billions of euros securely every month.
• The Real Exchange Rate: Unlike many banks in Andorra or Spain, Wise uses the mid-market exchange rate with no hidden markups.
• Low, Transparent Fees: You’ll see exactly what you’re paying before you hit send. No surprises and no "hidden" deductions from intermediary banks.
• Total Control: Use a single, intuitive app to hold, convert, and spend in over 40 different currencies.
• Spend Like a Local: Use your Wise debit card at shops in Andorra or anywhere else in the world, at the most favorable rate Wise can offer.

If you are looking for a fast, 100% online solution with significantly lower costs than traditional Andorran institutions, Wise is the perfect companion for your expat journey.

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