The Andorra banking sector is one of the principality’s most important industries. That means, in part, that it’s highly regulated and, as a new resident in Andorra, it will be relatively easy to find a bank.
Banking in Andorra is controlled by five banking groups, Andbank, BancSabadell d’Andorra, Crèdit Andorrà, MoraBanc and Vall Banc (formerly BPA). Banks in Andorra focus on serving local clientele with retail and private banking services for residents and commercial banking for local businesses.
If you want to apply for residency in Andorra, it’s a legal requirement to have a bank account denominated in Euros. That means that it’s best to have a bank account open with an Andorran bank before moving here. It will also come in handy when paying for all the costs of moving to Andorra and setting up a home here.