There are 4 Andorran banking institutions: 4 Andorran – Crèdit Andorrà S.A., Andbanc, and Mora Banc and an Andorran registered and licensed affilliate of the Spanish Bank: Banc de Sabadell.
News of the recent Banca Privada d’Andorra scandal reached distant corners of the world, and temporarily tainted the integrity of the Andorran Banking System. Extensive investigation took place (and is currently continuing) and no evident wrong doing was discovered. The positive to come from the international investigation is that the other 4 banks were also investigated internally as well as by international company Pricewaterhouse Cooper. The four remaining Private Banks of Andorra are some of the most stringently regulated banks in the world. Peace of mind for current and future clients.
Foreign banking institutions may open branches in Andorra subject to criteria laid down by the INAF – The Andorran National Institute of Finance. Banking (The Andorran Central Bank) is Swiss style and confidential accounts are available. Client confidentiality is observed.
The total lack of exchange control in Andorra permits banking in any currency although the euro is used as a base for making an exchange. The rates are quoted in “real time”, and aligned to Euro-currency rates at the Swiss Exchange in Zurich. To open an account you will need an introduction from a reputable local company or institution, your passport and a recent utilities bill showing your current address. Andorra complies with due diligence requirements set out by the EU and subject to satisfactory references your account can be up and running in a matter of days. There are no restrictions on remitting funds to and from Andorra in any currency but the Andorran banks impose strict observance of money laundering regulations.