How to open a bank account in Creand (Crèdit Andorrà) SA

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2012

Last contact

April, 2024

Last update

October, 2023

the bank opens savings (deposit) accounts;
to open an account, a personal meeting with a potential client is mandatory;
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

April, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

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 bank is the leading Bank of Andorra in terms of business volume. 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.

Creand was the new name of the Crèdit Andorrà Group in 2021 for all banking divisions located in Andorra, Spain, Luxembourg, and the United States

Personnel

The employees of the Bank: 600 persons worldwide; 45 Private Bankers in Andorra. Russian-speaking personnel

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 5.

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

Minimum turnover, €/year

No restrictions on minimum turnover

How fast payments are executed

Same day or next day

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. 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)

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

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