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If you want to live in Andorra, you should know that it is essential to know the 3 main banks in the country.
If you want to live in Andorra, you should know that it is essential to know the 3 main banks in the country. All of them offer high-quality services, have a consolidated network of offices and ATMs so you can count on cash at all times. from of ICOB we indicate you the banks in Andorra which you can access.
Andorra goes adopt the euro as the official currency in 2002, replacing the Spanish peseta and the French franc. In 2011, the Andorran government agreed with the European Union to issue Andorran euros from 2014. It is the only country that has four designs of the euro, highlighting the coat of arms of Andorra, the Romanesque church of Santa Coloma, the Casa de la Vall and the representations of local fauna such as the chamois and the trencalòs.
These are the 3 banks you have at your disposal in Andorra. Also, at ICOB we have a team of expert advisors to help you with any questions you may have regarding this.
Andbank is a firm dedicated to the management of investment funds, committed to serving individuals, companies and institutions. Since its inception, it has demonstrated a constant commitment to the investment objectives of its clients, using their assets with professionalism and rigor.
The responsibility towards investors guides your decisions, focusing on preserving capital and maximizing investment potential with minimal risk. Thanks to its global experts, it provides a comprehensive view of the markets and the different investment strategies. Its services include discretionary management, global advice, real estate and investment instruments.
In Andbank, I would add that they have a second brand called MYANDBANK.
It is the first new Andorran bank managed entirely by an application that can be downloaded from the Apple Store and Google Play platforms.
It allows the creation of personal accounts and, from 2024, also of Andorran companies.
Wise, also known as TransferWise, is a Belgian neobank that offers a wide range of digital financial services. Founded in 2011, its mission is to provide users with more efficient banking solutions, especially in international transactions and money transfers.
1. Available for personal and business customers: Access Wise regardless of whether you are an individual or a company, to manage your finances efficiently.
2. Send and receive payments conveniently: Simplify your financial transactions by sending and receiving payments easily and conveniently.
3. Get a linked Wise card for in-person, online and mobile spending: Control your spending everywhere with a Wise card that you can use both physically and on your online and mobile purchases.
4. Wide variety of multi-currency and international options: Access a wide range of financial options that allow you to manage multiple currencies and conduct international transactions without complications.
5. No current account fees, you only pay for the services you use: Forget monthly account maintenance fees, you'll only pay for the services you really need and use.
6. Currency exchange uses the mid-market exchange rate: Make currency exchanges with complete transparency and confidence, using the mid-market exchange rate to get the best conditions.
Paxum is based in Dominica (an independent Caribbean island since 1978, a member of the Commonwealth of Nations). Both accept accounts of individuals and legal entities from Andorra.
In addition, they have international operations in locations such as Miami and Switzerland. Its origin dates back to 1958, when it was recognized with several awards, especially in the areas of digitization and solvency.
Currently, they have services of personal management to offer more accessibility to the finances of companies and individuals. One of its main values is the transparency, so they make all the information available to the client in a clear way, guaranteeing reliability and security in all operations.
1. No monthly maintenance fee: Enjoy the convenience of using Paxum without having to worry about paying a monthly maintenance fee, allowing you to manage your finances without hidden costs.
2. Free USD ACH Account: Get a free US dollar ACH account, giving you the flexibility to receive and send payments in one of the world's major currencies at no extra charge.
3. Free IBAN account in EUR: Access an IBAN account in euros for free, which allows you to carry out transactions in euros without opening or maintenance fees, facilitating your financial operations in the common European currency.
4. Multiple currencies: With Paxum, you have the ability to manage multiple currencies, allowing you to diversify your funds and trade in different financial markets without complications.
5. Receive payments from Paxum.com customers: Take advantage of the opportunity to receive payments from Paxum.com customers easily and efficiently, allowing you to expand your customer base and improve your business operations.
6. Online and mobile banking: Access your accounts and perform your banking operations online and from your mobile device with Paxum, giving you the convenience of managing your money anytime, anywhere with internet access.
The opening of a bank account in Andorra is available to both individuals and businesses, regardless of place of residence. The required documentation may vary depending on the personal circumstances, including the legal typology of the holder, the amounts of the transactions, the type of residence and the assets to be maintained.
Some of the documents that can be requested include the personal identification through the DNI, driver's license or passport, tax statements and banking In addition, it will be necessary to provide documentation that justifies the lawful origin of the funds, since Andorran banks have a firm policy against money laundering.
This means that the proof of solvency it is an additional step that involves the presentation of payrolls, tax returns or accounting results in the case of companies and businesses. For those with Andorran residence, specific documentation related to this status will be required, such as residence card, temporary residence number and tax or social security number.
In conclusion, choose one of the Andorran banks it is a fundamental step to establish your residence in the country. Andbank, Creand and Morabanc offer comprehensive financial services with a focus on transparency and international soundness. In addition, the adoption of the euro and the issuance of Andorran euros highlight the country's integration into the European economy. fromICOB we help you throughout the process, ensuring informed financial decisions.
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