What is required to open an account in Andorra?
MoraBanking | 03.20.2017 | Deborah Van Der Wekken
The financial sector in Andorra is modern, set up to operate globally and forms one of the country’s soundest economic hubs. The financial and insurance sectors account for roughly 20% of Andorra’s GDP (Source: Andorran Banking, 2020).
Founded in 1952, MoraBanc is one of Europe’s leading banks in terms of solvency (25.5% CET1 fully loaded, 27,3% phase in at 31/12/2020. Source: MoraBanc 2020 Annual Report).
We have drawn up a practical list of the documents you may need to submit an application if you are thinking of opening an account at our bank.
It is a basic list, but additional or different information and documents may be asked for following an examination of each particular case.
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ID documents
This is the documentation that enables the person or persons who are going to open an account to be identified.
You will have to bring in the original copy of your passport or a valid ID document. If your ID document does not bear your address or if it is not up to date, you will also have to provide a copy of a utility bill (electricity, water, etc.) in which your name and address appear.
Should the account be for a business or company, you will be required to provide its documents of incorporation and tax identification number, in addition to certified powers of attorney granted to the people who will be responsible for opening and operating the account.
We will also require documents that accredit the account holders’ business activity, according to whether they are employees, self-employed or the owners of a business.
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Tax and banking documents
Depending on an applicant’s business activity and tax residency, certain documents will be required that provide details about that person’s tax and financial position.
Whether you are a business, self-employed, a freelancer or a natural person, these documents will normally consist of a letter of reference from a bank, bank account statements for the past year, a copy of the last tax return filed in the country of tax residency and, in certain cases, a certificate of this residency.
Depending on a company’s business and country of origin, or that of the future account holder, further information may be required that gives more details about their tax and financial position.
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Proof of the source of funds
This is documentation that accredits the source of funds that will be paid into the account, such as payslips, bills or bank statements in the event that the funds come from other banks.
It is important that you state your specific circumstances, as the documentation required will vary depending on the situation of each person or company.
If you have any queries or would like further information about this post, you can call TeleBanc at +376 884 884 or use the contact form on our website.
We hope you will soon become one of our customers!
Information on the processing of personal data
In compliance with Law 15/2003 of 18 December on protection of personal data, the customer authorizes that the applicant’s personal data entered on this form will be incorporated into files owned and managed by MORA BANC GRUP, SA – MORA BANC, SAU (hereafter referred to as “MoraBanc”) to process the requested service and, if necessary, to comply with the contracts finally entered into, and also to ensure correct operational procedures.
The applicant expressly authorises MoraBanc to send him/her commercial and promotional communications for products and services and information on the Bank itself, social or other activities, in hardcopy by post or by electronic means (among others, short messages (SMS) to mobile phones, e-mail, etc.). This consent can always be withdrawn, without retroactive effect.
The fact of filling out this form implies that the applicant acknowledges that the information and personal data provided are true, accurate and correct; otherwise, MoraBanc declines all responsibility for the lack of truthfulness or correctness of the data.
The applicant authorises the data provided to be communicated or shared with third parties forming part of the MoraBanc business group, entities which are primarily active in the financial, insurance and service sectors. The applicant is considered as having been informed of this transfer of information by means of this clause. The applicant accepts that he/she may be sent information on any product or service marketed by these companies.
The data processing manager is MoraBanc. The applicant is hereby informed that the rights of access, rectification, suppression or opposition may be exercised in the terms established in current legislation.
Any queries?
Write to us and we will respond to you
Information on the processing of personal data
In compliance with Law 15/2003 of 18 December on protection of personal data, the customer authorizes that the applicant’s personal data entered on this form will be incorporated into files owned and managed by MORA BANC GRUP, SA – MORA BANC, SAU (hereafter referred to as “MoraBanc”) to process the requested service and, if necessary, to comply with the contracts finally entered into, and also to ensure correct operational procedures.
The applicant expressly authorises MoraBanc to send him/her commercial and promotional communications for products and services and information on the Bank itself, social or other activities, in hardcopy by post or by electronic means (among others, short messages (SMS) to mobile phones, e-mail, etc.). This consent can always be withdrawn, without retroactive effect.
The fact of filling out this form implies that the applicant acknowledges that the information and personal data provided are true, accurate and correct; otherwise, MoraBanc declines all responsibility for the lack of truthfulness or correctness of the data.
The applicant authorises the data provided to be communicated or shared with third parties forming part of the MoraBanc business group, entities which are primarily active in the financial, insurance and service sectors. The applicant is considered as having been informed of this transfer of information by means of this clause. The applicant accepts that he/she may be sent information on any product or service marketed by these companies.
The data processing manager is MoraBanc. The applicant is hereby informed that the rights of access, rectification, suppression or opposition may be exercised in the terms established in current legislation.
Or call us on +376 884 884
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