Know The Details Of How To Open A Bank Account In Andorra

The European country Andorra is famous for tourism and expats. The neighboring country of France and Spain is enchanted for its friendly weather, good landscapes, Low taxes, and low prices compared to other European states. People around the world plan to relocate to Andorra for some months, or form some years, or for the rest of the life. If you are thinking to spend some months or years there in Andorra or thinking to settle down there, then you will definitely abrircuentabancariaenandorra.

Benefits of opening a bank account there

The banks in Andorra are out of the control and regulations of the European central bank and its controlled rate of interest. That is why the banks offer greater profits to your savings. Besides that, interestingly, in Andorra, companies as well as individuals live outside the country, can open bank accounts.

Documents that are needed

Though the requirement of personal documents required for opening an Andorra bank account varies from bank to bank, the general mandatory requirements are discussed here.

  • Identification proof: Opening an account for the residents of Andorra is simple as they only need to give their residence proof. For outsiders, the passport or a valid identity record of the outsider’s native country is required to give proof as an identification document. For the companies, the incorporation certificate, tax identification number, or some notarial documents are required to prove the professional activity of the company.
  • Bank documents: For the residents, they have to show their legal residence documents as proof of full name and address and bank documents. While outsiders may have to show their native bank account documents or the last income tax return file.
  • Self-employment documents: Andorra banks may ask you if you have sufficient balance to pay off their commissions, or if you are a self-employed or an entrepreneur, you may need to show payroll receipts or benefit balances.

If you are the resident, then the social security number can be asked from you. If you are not a resident of Andorra, then some of the benefits of opening the bank account in Andorra may be prohibited or kept limited.

Another easy way to proceed is TransferWise multi-currency account through which you can execute the operations in Andorra having your native country bank account. Transferwise is an electronic money institution that allows you to transact euros locally at no extra cost.

Thus, abrir cuenta bancaria en andorra is very comprehensive. Due to the higher solvency of Andorran banks, your money will be safe under Andorra’s financial authority.