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

How to open a bank account in Crèdit Andorrà SA

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November, 2012 December, 2021 October, 2021

GSL reference about the bank

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Primary requirements:
- 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)

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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
    1 283 1 A-
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    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

    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 5 500 000 3 No restrictions
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    300 0 250 1 500 0
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    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

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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 Necessary Exhaustive Savings & current
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    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 Personal; Corporate; Savings
    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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