GSL / Offshore and International Law / Offshore Banking / Crèdit Andorrà SA

How to open a bank account in Crèdit Andorrà SA

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2012

Last contact

October, 2022

Last update

September, 2022
  • the bank opens savings (deposit) accounts;
  • an account can be opened in Moscow by meeting with a bank representative (regularly visits Moscow);
  • the minimum account balance must be from EUR 500,000;
  • bank recommendations are needed;
  • the term for opening an account - case by case (check with the consultant)
GSL rating
Beginning of cooperation
November, 2012
Last contact
October, 2022
Last update
September, 2022
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General information and rating

1 283
Global rating
1
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1949
History
The Bank Crèdit Andorrà was founded in 1949 and it works more than 60 years. At the present time Crèdit Andorrà is the leading Bank of Andorra in terms of business volume (12 270 mln EUR profit in 2010). The largest network of offices in the country: 17 traditional branch offices and three automatized offices. In Andorra the Bank represents 35 % of the financial market. In the Bank’s structure there are four companies abroad: Private Investment Management in Geneva; two SICAV in Luxembourg; Banque de Patrimoines Privés, and Valira Capital Asset Management» in Madrid; and operational bases (representative office in Montevideo, Uruguay; «Banco Crèdit Andorrà (Panamá)»; brokering company «Crèdit Andorrà Panamá Securities»). Now the Bank is present in Spain, Luxembourg, Switzerland, United States of America, Mexico, Panama, and Uruguay. In the near future it is planned to open offices in Paraguay and some other countries of South America
Personnel
The employees of the Bank: 600 persons worldwide; 45 Private Bankers in Andorra. Russian-speaking personnel: Russian desk comprises 5 account managers plus Russian speaking Back office
Bank’s shareholders
69% of shares belong to 14 families which founded the Bank in 1949; 21% belong to the staff of the Bank
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    500 000
    Minimum balance, €
    5
    Transactions permitted per month
    500 000
    Initial deposit of funds, €
    3
    Deadline for the initial deposit, month
    Minimum balance, €
    Normally, the minimum balance is 500 000 EUR
    Transactions permitted per month
    Generally, the number of transactions permitted per month is five. The limits on transactions depend on the requirements of Compliance Department and are set individually. If the client is good for private sector it is possible to make five transactions per month. In case of transaction the client explanation to Account Manager is needed for the purpose of getting acceptance
    Initial deposit of funds, €
    The initial deposit of funds is at least 500 000 EUR
    Deadline for the initial deposit, month
    The deadline for the initial deposit is the period of 3 months

    Tariffs and services

    300
    Outcoming transfer, €
    0
    Incoming transfer, €
    250
    Account maintenance, €/year
    1 500
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The standard rate for outcoming transfer is 0.6 % + 28 EUR if SWIFT, not SEPA
    Incoming transfer, €
    Incoming transfer is free of charge
    Account maintenance, €/year
    Account maintenance fee is 250 EUR per year
    Funds to be blocked for CC issue, €
    Funds on the card are not blocked
    Distant access to the account
    The Bank provides with the Active and passive online banking. This option depends on the client needs. The available languages: English, Spanish, etc. E-banking is free of charge. There are Limits for transfers: 6 000 - 10 000 EUR. These limits are negotiable. It is preferable for the Bank to get the e-mails + phone-call confirmation in the case of transactions. The payments should be approved by the Bank managers
    Financial products
    Discretionary managed account; financial advisory services; brokerage execution services (direct access to the trading desk; English); structured products for portfolio investment; access to all markets worldwide; accounts for many currencies (RUB as well); access to MICEX; trade financial instruments (letter of credits, guarantees; very seldom); back-to-back loans: 90 % of the deposited sum at the LIBOR rate + 0.5 - 2%
    Credit/debit cards
    All possible Credit/debit cards are available
    Hold mail
    The hold mail service is provided at the rate of 120 EUR per year

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    It is possible to open an account without visiting the country where the Bank is located as far as it is possible to arrange the meeting with the Bank officer in Moscow. Time for bank account opening depends on the compliance procedures. Normally it takes 7 working days
    Required
    For the account opening procedure it is required to provide with the following set of documents: set of incorporation documents; bank reference letter (any bank); BO (copy of passport, proof of address); origin of funds (inheritance, sale of property, etc.). For private entrepreneurs it is required to show the legal active business which can generate the stated amount (name, Charter, documents that prove the trading volume, balance, income statements, certification of the ultimate beneficiaries; financial statements for Russian companies). The documents should be provided in Russian with the subsequent translation by the Bank’s representatives
    Types of accounts
    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
    The client should provide with the exhaustive business description for the purpose of proving presence of the legal active business which can generate the stated amount

    Banks of Andorra

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 030
    N/A
    N/A
    1 820
    1 283
    1
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