Banks of Andorra. Banking secrecy

Banks of Andorra. Banking secrecy

In 2024 Andorra is represented by three banking groups:

Creand (formerly Crèdit Andorrà) is a financial group from the Principality of Andorra and with a presence in Spain, Luxembourg, the United States (Miami) and Panama. In 2022, it had a business volume that exceeded €25,000 More …

Mora Banc Grup is a banking group in the Principality of Andorra owned by the Mora family. In 1958 the entity was created as Banca Coma SL, later it would become Banc Internacional d’Andorra SA, parent of the commercially known Banc Internacional Banca Mora or BIBM group. In 2011 the company changed its name to Mora Banc Grup SA, under the MoraBanc trademark. More …

Andbank, corporate name Andorra Banc Agrícol Reig, SA, former commercial name Andbanc, is a banking group of the Principality of Andorra resulting from the union of two banks with Andorran capital, Banc Agrícol i Comercial d’Andorra and Banca Reig. It is owned by the Cerqueda and Reig families. It is the only bank in Andorra that does not have alliances with multinational banks. More …

Main facts

  • Banking sector is managed by the Financial Authority of Andorra AFA (former Financial Institution of Andorra (INAF).
  • The Association of Andorran Banks (Associació de Bancs Andorrans) is responsible for representing the interests of the Principality’s banking entities and looks after the prestige, development, competitiveness and best practices of the banking sector in Andorra and internationally.
  • The banking secrecy is regulated by the legislation: the Law on Banking Secrecy with amendments from May 11, 1995.
  • Tax information exchange presupposes the format of individual applications (the Law 9/2009—September 7), i.e. automatic information exchange is prohibited.  All applications should be reasoned or should have a legal confirmation  of the fact that an applicant has got an account at the given Andorran bank.

Open bank account

The documents for “compliance” procedure: a copy of passport with the registration at the place of residence, the confirmation of money origin source (for example, the certificate on real estate sale), tax office statement on the absence of debts, the portfolio of corporate charter documents and finance statements (for legal bodies).

Accounts: personal, digital personal (without name for internal usage), corporate and saving (up to 30 global currencies).

Minimum deposit:  no (the recommended minimum account balance—250 000 euro)

The amount of transactions: up to 10 large-scale transactions per month, discussed with a personal manager.

The limits on maximum turnover: no

Account service: 500-600 euro annually

Transfer rates: 0.50-0.60% of transfer sum. Discussed with a personal manager

Account dealing: 0.3-0.5% of face value

Banking cards (annual service): from 20 euro (visa “electron”) – to 200 euro (visa “platinum”). ATM cashing terms are from 4% in euro up to 5% in other currencies. The insurance of any card type is available.

Banking cards credit limit: 1500 euro per day. Discussed with a personal manager

Account management: e-banking is free. Interface is English and Spanish. It is preferable to confirm transactions by phone or e-mail.

The selection of the bank: is determined after the consultation with a client, when the preferences are clear

International expansion: EU countries, Southern and Northern America (depending on the bank)

Main services


Classical fixed deposit

  • Simple structured products
  • Credit cards
  • The list of recommended bonds
  • The list of recommended shares
  • Credit line or “shoulder”


  • The list of recommended hedge funds
  • Futures and warrants
  • Exchange traded funds

History in figueres

Source: Department of statistics

Banking system  2000 2005 2010 2013 2014
Number of Branches 53 53 56 40 42
Number of employees 1.134 1.180 1.703 2.462 2.804
Network of cash dispensers 134 151 151 153
Financial aggregate (million EUR)
Balance Sheet 10.572,0 9.994,9 13.142,2 15.869,7 14.046,6
Shareholders’ equity 972,3 1.202,0 1.325,6 1.524,2 1.376,8
Credit investment (gross) 2.114,3 4.804,2 7.136,0 7.148,9 6.337,8
Managed resources 19.868,9 25.736,9 27.866,9 41.267,8 43.965,8
Financial margin 162,4 129,9 181,3 198,2 148,3
Ordinary margin 452,6 520,4 523,7 681,0 608,8
Net profit 288,6 285,1 200,5 205,2 183,3
Solvency 33,99% 23,65% 21,58% 22,00% 20,75%
Liquidity 85,82% 59,97% 71,90% 66,71% 68,11%
ROE 29,68% 21,26% 14,24% 12,61% 12,36%
Efficiency 26,15% 0,36 40,03% 47,96% 45,35%
Doubtful debts 0,52% 2,93% 4,77% 4,12%

See here bank offices, ATM and cash machines on a map of Andorra

See here Andorra business guide