COREDO > Opening a Bank Account in Andorra

Opening a Bank Account in Andorra

Banking System of Andorra

Andorra is a prestigious European jurisdiction with a stable banking system, a high level of confidentiality, and modern financial regulation. Andorran banks offer international clients multi-currency accounts, reliable infrastructure, and services in line with European compliance standards.

COREDO assists individuals and companies with opening bank accounts in Andorra, providing full support throughout the entire process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

Various types of accounts are available at Andorran banks depending on the client’s needs:

A corporate bank account

is intended for legal entities and allows settlement operations within the framework of commercial activities.

A payment institution account (PI account)

is an alternative for companies that require access to payment services without full banking support.

A personal bank account

is provided to individuals for managing personal finances, savings and investments.

Client Requirements

Andorra adheres to strict standards in the area of anti-money laundering and countering the financing of terrorism. The primary regulatory act is Law 14/2017 of 22 June 2017 on the Prevention of Money Laundering and Terrorist Financing (Llei 14/2017), supplemented by Law 37/2021, which implements the provisions of the EU’s fifth AML Directive. Supervision of AML compliance is carried out by the Andorran Financial Intelligence Unit — UIFAND (Unitat d’Intel·ligència Financera d’Andorra).

Andorran banks are required to identify clients and beneficial owners before establishing business relationships. As part of the KYC (Know Your Customer) procedure, the official UIFAND form is completed. Corporate clients are required to disclose the ownership structure, information about beneficial owners and confirmation of the source of funds.

Non-residents can open accounts subject to passing Enhanced Due Diligence, which includes confirmation of the origin of capital and the purposes of fund placement.

Account Opening Process and Timelines

The procedure for opening a bank account in Andorra with COREDO’s support includes the following stages:

Preliminary Client Analysis.

COREDO specialists assess the client’s profile, analyse the business structure and determine the optimal bank and account type.

01

Document preparation.

A complete set of documents is compiled in accordance with the requirements of the selected bank and AFA regulations.

02

Application submission.

Documents are submitted to the bank, and if necessary, a personal meeting between the client and bank representatives is arranged.

03

Compliance review.

The bank carries out KYC/AML procedures, including document verification and database screening.

04

Account opening.

Upon successful completion of the review, the account is activated, and the client receives the account details and access to online banking.

05

Standard verification and account opening timelines are from 14 business days. Actual timelines depend on the completeness of the documents provided and the internal procedures of the selected bank.

COREDO Service Fees

Legal Entities

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The cost includes full support of the process, from the preliminary analysis to receiving the account details. The deposit is transferred directly to the bank and is not a COREDO commission.

Required Documents

To open a corporate bank account in Andorra, the following documents are generally required: the company’s incorporation documents (articles of association, certificate of registration) with an apostille, identity documents of directors, beneficial owners and authorised representatives, confirmation of the company’s registered office, documents confirming the source of funds and the nature of business activities, financial statements for the most recent period, the completed bank questionnaire and the UIFAND form.

For individuals, the standard set includes: a valid international passport, proof of residential address (bank statement or utility bill), documents on the origin of funds (income certificate, tax declaration), and a completed bank questionnaire.

The specific list of documents may vary depending on the bank, account type and client profile.

Advantages of Working with COREDO

COREDO provides clients with a number of significant advantages when opening a bank account in Andorra. Professional experience since 2016 enables effective interaction with Andorran banks and minimises the risk of rejection. COREDO specialists ensure full support at all stages — from the initial analysis to obtaining account access. Transparent pricing with fixed fees at each stage eliminates hidden charges. An individual approach to each client allows the selection of the optimal bank and account type taking into account the specifics of the business.

Contact us

Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since 2017, heading the legal team since 2020. Specialises in banking law, corporate structuring and interaction with financial regulators.

Daniil Saprykin

Head of Customer Success at COREDO. Coordinates the client support process at all stages of bank account opening and ensures prompt resolution of arising issues.

Frequently Asked Questions

Can non-residents open a bank account in Andorra?

Yes, Andorran banks accept non-residents subject to passing Enhanced Due Diligence. It is necessary to provide documents confirming the source of funds and the purposes of capital placement. COREDO helps prepare a complete set of documents for successful completion of the review.

What currencies are available for bank accounts in Andorra?

Andorran banks offer multi-currency accounts. The primary currency is the euro, and accounts in US dollars, Swiss francs, British pounds and other currencies are also available depending on the bank.

Is Andorra a member of the European Union?

Andorra is not a member of the EU, however it uses the euro as its official currency. The principality actively harmonises its financial legislation with EU standards, including in the area of AML/CFT. Currently, the process of preparing the Association Agreement between Andorra and the EU is underway, which envisages a phased accession to the single market for financial services.

How long does it take to open an account?

Standard verification and account opening timelines are from 14 business days. The actual timeline depends on the completeness of documents, the results of the compliance review and the internal procedures of the bank.

Which regulator oversees banking activities in Andorra?

Prudential supervision of the banking sector is carried out by the Autoritat Financera Andorrana (AFA). Oversight of AML/CFT compliance is assigned to the financial intelligence unit UIFAND.

Submit Application

For an individual consultation on opening a bank account in Andorra, contact COREDO specialists. We will analyse your profile and offer the optimal solution.