How to open a bank account in Bank of Andorra

Beginning of cooperation Last contact Last update
April, 2018 December, 2021 March, 2021

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Primary requirements:
- opens current accounts;
- the minimum account balance is EUR 500,000;
- fixed transfer fee - 150 EUR;
- opens accounts for companies from various jurisdictions, including offshore;
- the term for opening an account - case by case (check with the consultant)

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated BBB-
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    Year of foundation 1938
    History Founded in 1938
    Personnel There are Russian-speaking staff. Assistance in opening an account and in difficult situations, in other cases - cooperation with English-speaking employees

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    500 000 No restrictions 50 000 1 No restrictions
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    Minimum balance, € Minimum account balance - 500,000 EUR
    Transactions permitted per month The number of transfers is not limited
    Initial deposit of funds, € The initial payment can range from EUR 50,000 to EUR 100,000 with a mandatory annual replenishment of the account balance up to EUR 500,000
    Deadline for the initial deposit, month Soon after opening an account
    Minimum turnover, €/year No restrictions
    How fast payments are executed Payments are made the next day

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    150 0 800 No restrictions 1 000
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    Outcoming transfer, € The amount of payment for the transfer is fixed and amounts to 150 EUR
    Incoming transfer, € The Bank does not charge for incoming payments
    Account maintenance, €/year Account maintenance fee is 800 EUR per year
    Payment limit for credit cards, €/day Payment limit for credit cards - at the request of the client and in agreement with the bank
    Funds to be blocked for CC issue, € Страховое покрытие - 1 000 EUR
    Distant access to the account Internet banking in passive mode: it is possible to receive detailed information about all transactions and account balances, but it is not possible to conduct transactions online
    Financial products The bank specializes in providing banking services to both individuals and companies, providing the most suitable banking products and services for each of its clients. Banking services can be tailored to each client individually. The bank has a very functional and convenient Private Banking. The bank opens both savings and checking accounts. Works with cryptocurrencies (investments through a note or fund)
    Credit/debit cards VISA (150 EUR per year)

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank A visit to the bank to open an account is not required. A meeting with a representative of the Bank in Moscow or a conversation via Skype is possible. Preliminary documents are submitted to the Bank for approval, and then the procedure for opening an account takes place
    Required Completed bank forms. Copies of passports of beneficiaries and account managers. TIN is required instead of UB. Standard set of corporate documents.
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Moderately detailed: an exhaustive list of counterparties for incoming and outgoing transfers is required, contracts with counterparties, financial / management reporting for the company and / or a bank statement for 12 months, a summary of the beneficiary and account manager
     
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