Sending money from Andorra: what you need to know

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🏁 A functional banking system, but with nuances

Sending money from Andorra is perfectly feasible, but not always as automatic as in the European Union. Although Andorra belongs to the SEPA area and uses the euro thanks to the Monetary Agreement with the EU, the practical implementation of this framework is not entirely homogeneous.

This article explains — clearly and practically — how international payments work from Andorra, what limitations exist, what options are available, and what you must consider as a private individual or business owner.

➤ To understand the Monetary Agreement, we recommend The Monetary Agreement between Andorra and the European Union.

💶 SEPA and the Monetary Agreement: a common framework with unequal application

Andorra uses the euro and is part of SEPA for euro-denominated transfers. This allows sending and receiving SEPA payments with most European entities.

However, the Monetary Agreement does not require Andorra to adopt all EU banking rules. In practice, this means:

• fees may differ from those of EU-based banks,
• some services are not fully harmonised,
• Andorran banks apply stricter compliance criteria, especially for transfers outside Europe.

In short: SEPA works, but with nuances regarding cost, speed and documentary requirements.

➤ For a technical overview, see SEPA in Andorra.

🏦 Why companies need an Andorran bank account

For any Andorran company, holding a local bank account is not optional. It is essential to:

• incorporate the company (see Setting up a company in Andorra),
• comply with tax obligations (IRPF, IS, IGI, CASS) — detailed in Taxation in Andorra: structure, tax rates and real advantages,
• pay salaries and local suppliers,
• prove effective activity to the Administration,
• operate normally within the country.

Some neobanks or international platforms may complement the structure, but they do not replace an Andorran bank account. For international payments, foreign accounts may be practical as a secondary option.

📉 A banking system historically focused on private banking

For decades, Andorra’s banks specialised mainly in international private banking. As a result:

• commercial banking products were limited,
• local business needs were relatively basic,
• the small size of the market slowed down innovation.

This legacy explains why certain fees still exist for European transfers and why some modern services arrived later than in the EU. Nonetheless, the sector is evolving quickly.

➤ For a complete overview, see Andorra’s banking system: banks, regulation and recent developments.

💳 New payment methods available in Andorra

In recent years, several new options have appeared:

P2P payments

• BIZUM exists in Andorra, but with limited features (not for merchants or mass payments).
• Other European instant-payment systems are not yet fully deployed.

E-commerce and online payments

Local banks now offer:

• PayLink (URL-based payment),
• their own e-commerce gateways,
• wallet systems such as Money by Crèdit Andorrà.

Neobanks and fintech

Some limitations remain:

• PayPal does not directly verify Andorran accounts,
• Revolut does not offer all products to Andorran residents.

Hybrid solutions based on foreign accounts can nevertheless be useful for international operators.

🌍 Sending money outside Europe: when things get complicated

Because Andorra is not an EU member, banks may apply their own risk-assessment criteria.

Transfers to countries considered:

• high-risk by the FATF,
• under MONEYVAL monitoring,
• part of grey-list or non-cooperative jurisdictions,

may lead to:

• longer processing times,
• additional documentary requirements,
• or the impossibility of completing the transfer.

In such cases, compliant alternative routes must be explored.

➤ For details, see FATF and MONEYVAL: what they are and how they affect Andorra.

Opening bank accounts outside Andorra: possible, but not easy

Many clients ask whether an Andorran company can open a bank account in Europe.

The answer is: yes, but it is not easy. The main reasons:

• Andorra is a small, low-priority market for major banks,
• compliance is stricter for non-EU jurisdictions,
• most retail banks do not onboard international structures.

Still, real options exist:

• some neobanks accept Andorran companies,
• some traditional European banks are beginning to do so depending on sector and risk.

🤝 Our experience: there are always solutions

At ELYSIUM, we have helped dozens of clients — entrepreneurs, consultancies, digital professionals, e-commerce operators and HNWI — to work seamlessly with both local and international banks.

There are always alternatives, though not always immediate. Activity, solvency and origin of funds must often be demonstrated.

We can assist you in building a secure and efficient banking setup tailored to your business.

Conclusion

Sending money from Andorra is entirely feasible, but requires understanding:

• how SEPA works in a small but integrated jurisdiction,
• the limits of the Monetary Agreement,
• the particularities of local banks,
• the limited direct options available,
• the alternatives when international restrictions apply.

With proper planning and guidance, banking operations from Andorra are stable and predictable. But they are not identical to those in EU member states — a nuance often surprising for newcomers.

If you would like a personalised assessment, you can book your meeting below or fill out the contact form.

Last revision: November 2025.