The 3 Banks in Andorra: 2026 Comparison
Andbank, MoraBanc, Creand: Which Bank Should You Choose Based on Your Profile?
Andorran Banking Sector 2026: Three institutions make up the entire Andorran banking market. Deposits are guaranteed up to €100,000 per depositor and per bank by FAGADI—Fons Andorrà de Garantia de Dipòsits (Law 20/2018, Art. 8). The sector is supervised by the AFA (Autoritat Financera Andorrana), in accordance with the prudential framework aligned with European CRD IV standards.
The Andorran banking system is one of the most concentrated and stable in Europe. Three banks, three histories, three distinct market positions. Andbank, founded in 2001 through the merger of Banc Agrícol (1930) and Banca Reig (1956), is the international benchmark. MoraBanc, the successor to the Comptoir Andorran de Change founded in 1938, has established itself in private banking. Creand (Crèdit Andorrà), founded in 1949 and operating in Andorra, Spain, Luxembourg, and the United States, serves residents and entrepreneurs. Understanding the differences between these three institutions is the first decision to make in any plan to relocate or invest in the Principality.
Are you planning to move to or invest in Andorra?
Choosing the right financial institution, preparing the application, and verifying the source of funds: our experts guide you through every step to maximize your chances of approval.
Discuss my project with an expert, 10+ countries · The Banker (FT) 3×
, International assets
€7.5 billion in assets under management
HNWI · Citywire
€5.3 billion in assets under management
Andorra · Spain · Luxembourg · USA
First and foremost, the key distinction: checking account or investment account?
Before comparing the three institutions, it is essential to make this distinction. The type of account available to you depends directly on your tax residency status in Andorra—and many projects run into trouble on this point.
| Criterion | Andorran tax resident | Non-resident (foreign investor) |
|---|---|---|
| Available account types | Full-Service Checking Account | Investment Account Only |
| Covered Uses | Recurring expenses, direct deposit of income, SEPA transfers, debit card | Wealth Management, Investment, Portfolio Management |
| Eligibility Requirements | Actual tax residency in Andorra | No residency requirement, but restricted access to the placement |
| Estimated initial deposit | Starting at a few hundred euros | May vary by institution and program |
| Daily Expenses in Andorra | Local Checking Account — Card, Wire Transfer, Direct Debit | A European card or neobank (Wise) is sufficient |
| Access to Financial Markets | Yes, included in the current offer | Yes—that is the main purpose of the investment account |
| In-person attendance is required | Yes — sign in person at a branch | Yes — sign in person at a branch |
A non-resident international investor does not need an Andorran checking account. The euro circulates freely in the Principality, and any European bank card works without restriction. For a non-resident, the added value of an Andorran account lies in wealth management: access to markets, discretionary management, multi-currency diversification, and capital gains subject to Andorran personal income tax capped at 10% once tax residency is established (Law 5/2014, Art. 43).
A Brief Comparison of the Three Andorran Banks
| Criterion | Andbank | MoraBanc | Creand |
|---|---|---|---|
| Year Founded | 1930 / 1956 (merger in 2001) | 1938 | 1949 |
| Headquarters | Escaldes-Engordany | Andorra la Vella | Andorra la Vella |
| Assets under management | Not published globally | 7.5 billion euros+ | 5.3 billion euros+ |
| International Presence | 10+ countries (ES, LU, BR, MX, UY, CH, US…) | Mainly Andorra | Andorra, Spain, Luxembourg, the U.S. (Miami), Panama |
| Primary Positioning | International Wealth Management | Private Banking, HNWI | Residents, business owners, and self-employed professionals |
| Non-residents are welcome | Yes | Yes | Yes |
| Multi-currency services | Yes — wide international selection | Yes — international profiles | Yes — EUR and major currencies |
| Discretionary Management | Yes — history major | Yes — premium positioning | Yes — depending on the profile |
| Business Services | Via Andbank Business | Holding Companies and Wealth Management Structures | Comprehensive Services for Mid-Sized Companies, Limited Liability Companies, and Independent Professionals |
| Official Recognition | The Banker (FT) — Ranked No. 3 among Andorran banks | Citywire — First Andorran Bank to Be Recognized | UN Global Compact, 2030 Agenda |
| ESG Commitment | Responsible Investment Policies | ESG Portfolio Integrated into Management | Strategic ESG Commitment — UN 2030 |
| Mobile app | Yes | Yes | Yes |
| Ideal Profile | Non-resident investors, international assets, portfolio management | HNWI, premium private bank, +1 M€ | Long-term resident, entrepreneur, family |
Data updated in June 2026. Assets under management at MoraBanc and Creand are based on the latest available reports. Every financial situation requires a personalized analysis.
Detailed analysis of each institution
Andbank was founded in August 2001 through the merger of two long-standing institutions: Banc Agrícol i Comercial d’Andorra (founded in 1930) and Banca Reig (founded in 1956). Under the leadership of Manel Cerqueda Donadeu since 2002, the group has expanded its presence to more than ten countries—Spain, Luxembourg, Switzerland, Brazil, Mexico, Uruguay, the United States, and Panama—specializing in international private wealth management. Its three consecutive awards as the best Andorran bank by The Banker (Financial Times) have established it as the industry’s leading institution.
For a non-resident investor looking to access financial markets from Andorra, or for a future resident seeking a bank with an international reach comparable to what they are accustomed to in France, Switzerland, or Asia, Andbank is naturally the first choice.
- Operations in 10+ countries — a trusted partner for international wealth management
- 3 awards from *The Banker* (Financial Times) — Best Andorran Bank
- Discretionary management and direct access to global markets
- Extensive Multi-Currency Services
- Myinvestor Subsidiary in Spain — Expanded Ecosystem
- Strict documentation requirements regarding the source of funds
- Less focused on providing routine services to local entrepreneurs than Creand
Bonaventura Mora founded the Comptoir Andorran de Change in 1938. It was not until 1952 that the institution became a full-fledged bank, authorized to conduct all foreign exchange transactions. It took the name Banca Mora in 1956, then adopted the MoraBanc brand in 2011. With €7.5 billion in assets under management, MoraBanc is now the Andorran bank with the highest volume of assets. Its recognition by Citywire—the first media outlet specializing in asset management to honor an Andorran bank—validates its recognized expertise in private banking.
The Mora Banc Group comprises several specialized entities: Mora Private Banking, Mora Asset Management, Mora Wealth Management, and Mora Assegurances. This integrated ecosystem provides comprehensive wealth management services, ranging from insurance to alternative asset management and estate planning.
- €7.5 billion in assets under management — the largest amount in the Andorran sector
- Citywire — First Andorran Bank Recognized for Asset Management
- Integrated ecosystem: banking, insurance, asset management, wealth management
- Alternative products not available through retail banking
- ESG Portfolio Integrated into Discretionary Management
- Premium positioning — suitable for substantial assets
- Less focused on services for operational businesses
- A more limited international presence than Andbank
Creand (formerly Crèdit Andorrà) was founded in 1949. Antoni Pintat Mas has served as its chairman since 2016, and Xavier Cornella Castel has been its CEO since 2018. The group operates in Andorra, Spain (Creand Wealth Management), Luxembourg, the United States (Miami), and Panama. With €5.3 billion in assets under management, Creand has established itself as the leading bank for foreign residents moving to Andorra, entrepreneurs setting up an Andorran SL, and professionals establishing themselves there.
Its ESG commitment is a cornerstone of its business: Creand is a signatory to the United Nations Global Compact and aligns its strategy with the 2030 Agenda. This commitment is not merely a public relations ploy but a genuine differentiator for high-net-worth individuals who prioritize responsible stewardship of their wealth.
- Comprehensive range of business services — limited liability companies (LLCs), holding companies, independent professionals, financing
- Dedicated support for expatriates during the settlement phase
- Consistent international presence (ES, LU, US)
- Core ESG Commitment — UN Global Compact, 2030 Agenda
- Mobile app and comprehensive digital services
- Less focused on large HNWI portfolios than MoraBanc
- Less extensive international presence than Andbank for multi-country profiles
Which Andorran bank is right for you based on your profile?
Expatriate currently settling in
→ CreandComprehensive checking account, direct deposit of income, business services as needed, and assistance with setting up your business. Creand is the natural choice for anyone settling in the Principality.
Nonresident Investor (International Assets)
→ AndbankOperates in more than 10 countries, offers discretionary management, multi-currency accounts, and direct access to global markets. Three-time winner of The Banker (FT) award. The go-to choice for clients from Switzerland, Asia, and the Americas.
HNWI (net worth > 1 M€, private banking)
→ MoraBanc€7.5 billion in assets under management, an integrated ecosystem (banking, insurance, wealth management), alternative products, and Citywire. The most specialized positioning in high-end wealth management.
Entrepreneur Setting Up an Andorran SL
→ CreandComprehensive business solutions, financing, business accounts, and operational support. The combination of Creand (checking account) and Andbank (wealth management) is often the best option.
ESG Profile / Responsible Investing
→ Creand or MoraBancCreand is aligned with the UN 2030 Agenda and the Global Compact. MoraBanc incorporates a comprehensive ESG portfolio into its asset management. Both meet this profile.
Multi-bank profile (residential + asset management)
→ Creand + AndbankThe "two-bank" strategy is common among expatriates with significant assets: Creand for checking accounts and day-to-day banking services, and Andbank for international wealth management.
Olivier, 52 — Executive, Geneva → Andorra
€4.5 million portfolio · Investment income · Swiss holding company to be restructuredOlivier ran a technology company from Geneva. After selling a portion of his shares, his net worth reached €4.5 million, generating annual investment income of approximately €220,000. The Swiss tax system—with cantonal and federal taxes on capital income in Zurich that can exceed 40%—made restructuring in Andorra imperative.
Engage structured the transition around two banking channels: Creand for the Andorran checking account upon obtaining passive residency (a €1 million investment in Andorran government bonds), and Andbank for the discretionary management of the €3.5 million portfolio. The bank account application package—including proof of the origin of funds from the sale of Swiss business shares, a letter of recommendation from the Geneva-based bank, and three full fiscal years of financial statements—was prepared in 5 weeks. The accounts were activated in a total of 10 weeks.
“Having two Andorran banks—one for day-to-day banking and one for managing my assets—has allowed me to have the right people to turn to for every need. The annual tax savings are real and permanent.”
How to Open a Bank Account in Andorra
The process is more rigorous than in France, Belgium, or Switzerland. Andorran financial institutions apply strict AML/CFT standards, aligned with OECD guidelines. Thoroughly preparing your application is a necessary—and often sufficient—condition for successfully opening an account.
Choosing the Right School for You
Residence status, amount of assets to be held in the country, needs (checking account vs. investment), desired services. A common mistake: choosing the most well-known bank rather than the one best suited to your needs. An Engage expert can guide you before you contact the banks.
Compile the documentation file
A valid passport, proof of tax residence in your current country of residence, pay stubs or proof of income for the past three fiscal years, your most recent complete tax return, a letter of recommendation from your current primary bank (a document that is often overlooked—request it now, as the processing time is often underestimated), and proof of the source of the funds to be deposited.
Prequalification (if available)
Some institutions offer a pre-qualification step online or via videoconference to verify that an application is complete before applicants have to travel. This step does not replace the in-person signature, but it prevents applicants from having to travel for an incomplete application.
In-person visit to a branch (required)
The opening contract must be signed in person in Andorra. None of the three institutions offers a 100% remote opening process. Be sure to schedule your appointment several weeks in advance.
Processing by the Compliance Department
Once signed, the application is forwarded to the compliance department. Processing time: 2 to 8 weeks, depending on the institution, the complexity of the application, and the source of the funds. Complete and well-documented applications are processed in 3 to 4 weeks.
Activation and First Deposit
Account activated, access granted, card issued (for residents). Total processing time: 4 to 12 weeks, depending on the individual’s profile and the institution. Planning ahead is always the best strategy.
Mistakes to Avoid
Underestimating the requirement regarding the source of funds
The three Andorran banks apply rigorous AML/CFT standards. Funds originating from jurisdictions perceived as high-risk—the United Arab Emirates, Hong Kong, Singapore, and certain offshore structures—must be fully traceable: bank statements covering 2 to 3 years, proof of asset transfers, corporate documents, and potentially a letter from a legal advisor. Any application that is incomplete in this regard is systematically rejected.
Confusing bank registration with tax residence
Opening an Andorran investment account does not establish Andorran tax residency. In order for capital gains to be taxed under the Andorran IRPF (10%, Law 5/2014, Art. 43) rather than under the tax system of your current country of residence, you must obtain effective Andorran tax residency. The bank is a tool; residency is the prerequisite.
Overlooking the bank reference letter
The three Andorran financial institutions almost always require a letter of recommendation from your current primary bank. It must be recent (less than 3 months old), on letterhead, and attest to the length and quality of your banking relationship. Obtaining this letter can sometimes take 2 to 4 weeks—it is essential to request it well in advance.
Try a 100% remote opening
None of the three Andorran banks offers a fully online account opening process for non-residents. Intermediaries that claim to help open an Andorran account without requiring any in-person visits do not provide direct access to Andorran financial institutions—this is a legitimate cause for concern.
Exclude the deposit insurance for high-net-worth individuals
FAGADI guarantees €100,000 per depositor and per institution (Law 20/2018, Art. 8). For assets exceeding this threshold—which is the case for most clients of Andorran banks—spreading assets across two institutions (for example, Andbank for wealth management and Creand for the checking account) allows for maximizing effective coverage.
Sample Timeline for Opening an Andorran Bank Account
Tax Benefits on Capital Income in Andorra
An Andorran bank is not merely a means of storing assets—it is a wealth-building tool in its own right for any tax resident of the Principality. Income from movable capital (dividends, interest, capital gains) is subject to personal income tax (IRPF) at a rate capped at 10% (Law 5/2014, Art. 43), with no social security contributions or wealth tax. In France, the same income is subject to a single flat-rate withholding tax of 30% (12.8% income tax + 17.2% social security contributions), or even the progressive tax scale of up to 62.2% including these deductions.
Essential requirement: Andorran tax residency
Simply having a bank account in Andorra is not enough. To qualify for Andorra’s tax treatment of capital gains, you must be a tax resident of Andorra as defined by Llei 5/2014 (Art. 8): permanent residence in the Principality, the center of vital interests located in Andorra, or actual presence for more than 183 days per year (or 90 days for passive residency). Since the 2022 Franco-Andorran treaty, this residency status has been fully recognized by the French tax authorities.
A well-prepared application to open an Andorran bank account is approved. A poorly prepared application is rejected—regardless of the quality of the applicant’s profile. Rejections are almost never due to the client’s ineligibility but rather to insufficient documentation. Our experts have assisted with account openings at all three Andorran banks for clients from France, Switzerland, the Benelux countries, Asia, and the Americas. Every situation is different. Each application deserves a customized approach.
Andbank, MoraBanc, or Creand: Which One Is Right for You?
The choice depends on your status, your assets, your tax profile, and your financial goals. Our experts will guide you and prepare your application to maximize your chances of approval.
Schedule an appointment with an expertFAQ — Andorran Banks 2026
How many banks are there in Andorra?
Three banks operate in Andorra: Andbank (Andorra Banc Agrícol Reig SA, formed by the merger of Banc Agrícol in 1930 and Banca Reig in 1956), MoraBanc (Mora Banc SAU, founded in 1938 under the name Comptoir Andorran de Change), and Creand (Crèdit Andorrà, founded in 1949). All three are licensed by the AFA and are members of FAGADI.
Can a non-resident open an account at an Andorran bank?
Yes, but only an investment account intended for wealth management. A checking account—for direct deposit of income, a debit card, and day-to-day expenses—is reserved for individuals with effective tax residency in Andorra. For a non-resident wishing to access financial markets from Andorra or diversify their assets, an investment account is the appropriate tool. For day-to-day expenses during stays in the Principality, European bank cards work without restriction, as the euro is the official currency.
Are deposits guaranteed at Andorran banks?
Yes. Deposits are guaranteed up to €100,000 per depositor and per institution, pursuant to Article 8 of Law 20/2018, by the FAGADI (Andorran Deposit Guarantee Fund). This limit is identical to that of the French FGDR and the European DGS. For assets exceeding this threshold, spreading them across the three institutions allows you to maximize effective coverage.
Do you have to travel to Andorra to open an account?
Yes. You must sign the account opening agreement in person at any of the three branches in Andorra. Some branches offer an online pre-qualification process, but this does not replace the need to visit a branch to finalize the process. Plan your trip and schedule an appointment several weeks in advance.
Is income earned in an Andorran account subject to taxation in France?
It depends on your tax residency. If you are a tax resident of France, your worldwide investment income—including income generated in an Andorran account—remains subject to French taxation. Having a bank account in Andorra alone does not establish Andorran tax residency. However, if you have obtained Andorran tax residency (recognized by France since the 2022 treaty), your investment income is taxed under the Andorran personal income tax (IRPF) at a maximum rate of 10% (Law 5/2014, Art. 43).
What is the difference between Andbank, MoraBanc, and Creand?
Andbank is the international leader, operating in more than 10 countries, specializing in multi-currency wealth management, and a three-time award winner from The Banker. MoraBanc, with €7.5 billion in assets under management and recognized by Citywire, specializes in private banking for high-net-worth individuals, offering an integrated ecosystem that includes insurance and wealth management. Creand, founded in 1949 and operating in Andorra, Spain, Luxembourg, and the United States, primarily serves long-term residents, entrepreneurs, and professionals, with the most comprehensive ESG focus in the sector.
Can you have accounts at multiple Andorran banks at the same time?
Yes, and this is often the best strategy for expatriates with significant assets. The most common setup is to use Creand for the Andorran checking account and day-to-day banking services, combined with Andbank for discretionary portfolio management. This arrangement also allows for optimal use of FAGADI coverage (€100,000 per institution) for imported assets.
