Personal Account Opening in Andorra
Andbank is the oldest firm of private bankers in Andorra, with over 90 years' experience in the sector. It has offices in 11 countries, and maintains a thriving network of over 40 subsidiaries across Europe, America, and Asia.
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FACTS & INFO
REQUIREMENTS FOR ACCOUNT SETUP:
- Personal presence is not mandatory, but it is advisable to meet with the bank when depositing high amounts of money.
- Minimum balance €1m.
- Initial deposit of €1m.
- The account will be activated within 7-10 business days (upon receipt by the bank of all duly completed forms and relevant information).
For each authorised signatory please provide:
- Notarized copy of a valid passport. The passport must be signed and the signature must match the signature in the application form. The photograph must be clear and of good quality.
- Original or notarized copy of a utility bill / bank statement dated within 3 months as verification of residential address.
- Original or notarized copy of a bank reference letter, dated within 3 months.
- Power of attorney (where applicable).
- Personal CV.
- Documents that are not in English must be accompanied by a certified translation.
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to your order during checkout. Shipping costs for international courier services are set automatically depending on geographic zones.
About the Bank
Founded in 1930, Andbank is the oldest firm of private Bankers in Andorra. It has offices and subsidiaries in several countries, including Switzerland, Luxembourg, Spain, Monaco, Israel, Panama, the Bahamas, the BVIs, Mexico, Uruguay, Brazil, and the USA.
The bank prides itself on its five core values: the client always comes first; respect for the individual; meritocracy and professionalism; creativity and entrepreneurship; and transparency and honesty.
WHAT ANDBANK OFFERS:
- Full range of banking services
- Accounts in various currencies
- Wealth planning
- Asset management
- Investment consultancy
- Credit business
- Advise and support for external asset managers
- Wide net of correspondent banks
- Clients may send instructions via email to their private banker for executing payments
- Account allocation timeframe of 7 to 10 business days (upon receipt of the original documents by the bank)
BANK TARIFFS AND CHARGES
For private banking accounts, all fees and commissions are negotiated at account opening depending on the account volume. Usual commissions for private banking accounts are as follows:
- Account maintenance fee – €1,000 per year.
- Securities purchase / sale – from 0.2% of transaction amount to 0.8% of transaction amount, depending on the account volume.
- Custody fee – from 0.2% of AUM pa to 0.9% of AUM pa, depending on the account volume.
- Wire transfers – €50 flat fee, irrespective of the transferred amount.
PLEASE NOTE: Bank tariffs may be changed anytime at the sole discretion of the bank. Therefore, we suggest that you contact us or visit the bank’s website for updated details on specific fees and charges.
The Starting Business professional service fee for the assistance of bank account opening does not include any bank charges and commissions, account maintenance fees, transaction fees, initial deposit, or minimum balance.