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Thread: Arubabank Increases Non Resident Account Charges to $35 per Month

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    Arubabank Increases Non Resident Account Charges to $35 per Month

    Hi Everyone

    Just to let you know that we went into Arubabank yesterday and completely by accident found out that from this month (Jan 2015) they are increasing the monthly charges for a Florin account to $35 for Non Residents. Previously this was around $6 a month. We got no email or letter giving prior notice and on the way out of the branch we saw a small sign (very small !!) placed on the reception desk which briefly outlined the increase.

    I have no idea how this will affect the Dollar Accounts with Arubabank as the previous monthly charge was $10.

    Yesterday I walked into CMB and found out that the Non Resident Florin Accounts with CMB are $8 a month so am now in process of moving banks.

    Pretty poor service by Arubabank - Not just because of the lack of the prior notice of the changes, but also the distinct impression that they see us Non Residents (and Ex Pat Aruba Residents) as cash cows to be milked...

    I won't start a rant but with interest rates for savings at around 1% compared to home loans of 8-10% and car loans of 18% on the island rates are little short of a rip off for the locals who have never known any different. Oops... Look it has turned into a mini rant !!

    Hope this helps anyone who was unaware of these changes...

    Mick
    Last edited by elephant_guy; 01-15-2015 at 08:15 AM.

  2. #2
    Super Moderator Jacki's Avatar
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    Thanks for the info Mick. Is a Florin account mandatory? Do you need it to pay utilities, etc?
    Jacki ~ loving Aruba from NJ

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    Senior Member act1966's Avatar
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    Quote Originally Posted by elephant_guy View Post
    Hi Everyone

    Just to let you know that we went into Arubabank yesterday and completely by accident found out that from this month (Jan 2015) they are increasing the monthly charges for a Florin account to $35 for Non Residents. Previously this was around $6 a month. We got no email or letter giving prior notice and on the way out of the branch we saw a small sign (very small !!) placed on the reception desk which briefly outlined the increase.

    I have no idea how this will affect the Dollar Accounts with Arubabank as the previous monthly charge was $10.

    Yesterday I walked into CMB and found out that the Non Resident Florin Accounts with CMB are $8 a month so am now in process of moving banks.

    Pretty poor service by Arubabank - Not just because of the lack of the prior notice of the changes, but also the distinct impression that they see us Non Residents (and Ex Pat Aruba Residents) as cash cows to be milked...

    I won't start a rant but with interest rates for savings at around 1% compared to home loans of 8-10% and car loans of 18% on the island rates are little short of a rip off for the locals who have never known any different. Oops... Look it has turned into a mini rant !!

    Hope this helps anyone who was unaware of these changes...

    Mick
    Is that $35 USD per month?!? Is the fee waived if you keep a certain balance in your account? And are they still taking the percentage off non-resident account deposits? That is ridiculous. I'm not surprised though... we had nothing but trouble with Aruba Bank when trying to set up accounts there and finally gave up and opened accounts at RBC.

    For a country that's trying to distance itself from a questionable banking past for off-shoring, they don't seem too concerned about banking reputation with the international community. This is definitely a misstep to attract foreign investment.

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    Senior Member act1966's Avatar
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    I just looked at RBC (effective Feb 2015) and Aruba Bank (effective Jan 2015) table of fees (I couldn't find the CMB table online).

    Non-resident account fee at RBC is 15 AFL - that's still not cheap considering non-residents have to maintain a 2500 AFL balance.

    Aruba Bank is charging 100 AFL for a cheque book - they're probably trying to get away from cheque processing and move to all electronic - I can understand that "persuasion" fee.

    Aruba Bank is completely off the map in non-resident fee structures and given the ability to transfer and withdraw funds electronically from anywhere in the world through our domestic accounts, they're dissuading foreign investment in their bank (i.e. deposits that they can use for investment)...

    I wonder if they're in trouble...?

    RBC Fee Table:

    http://www.rbcroyalbank.com/caribbea...nd-service.pdf

    Aruba Bank Fee Table:

    https://www.arubabank.com/sites/defa...Jan%202015.pdf

    I also wonder if non-residents are going to start pushing for other ways to pay local fees/utilities (credit cards, PayPal, BitCoin etc.) and not even maintain a local account....?
    Last edited by act1966; 01-15-2015 at 10:07 AM.

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    Quote Originally Posted by Jacki View Post
    Thanks for the info Mick. Is a Florin account mandatory? Do you need it to pay utilities, etc?
    Power and Water are both billed in AWG (Florins) and as far as I know they must be paid in Florins if you use a bank transfer. If you personally attend the offices of (Elmar - Electricity or Web - Water) I imagine it would be possible to pay in dollars as they are widely accepted (mostly at the rate of Afl 1.75).

    Its definitely $35 a MONTH (No mistake) and current account balance does not reduce this in any way. Just back from an hour long meeting at CMB... All the bank references, proof of income, proof of residence (in and out if Aruba) etc all had to be gone through again.

    I can confirm that the current account (Checking Acc) is Afl15 ($9) a month in fees. I took the opportunity (sheesh did I really say that) to open a 1% interest savings account from which I can swop money to and from the Current Account online. No monthly charge for the Savings Account or Internet Banking and just a $5 fee to set up the Savings Acc (No charge Internet Banking).

    Once my regular bill payments have moved over to CMB (estimated 2 weeks) I'm going to have a heart to heart with Arubabank and let them know what a foolish path they have started going down. I truly think they believe that us ex pats and people who are retired etc have so much money that they wont even notice the changes in charging. Its sad really, but we have spoken with our feet..

    There was no minimum amount we were told that needed to be in the CMB Account also...

  6. #6
    Senior Member act1966's Avatar
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    Quote Originally Posted by elephant_guy View Post
    Power and Water are both billed in AWG (Florins) and as far as I know they must be paid in Florins if you use a bank transfer. If you personally attend the offices of (Elmar - Electricity or Web - Water) I imagine it would be possible to pay in dollars as they are widely accepted (mostly at the rate of Afl 1.75).

    Its definitely $35 a MONTH (No mistake) and current account balance does not reduce this in any way. Just back from an hour long meeting at CMB... All the bank references, proof of income, proof of residence (in and out if Aruba) etc all had to be gone through again.

    I can confirm that the current account (Checking Acc) is Afl15 ($9) a month in fees. I took the opportunity (sheesh did I really say that) to open a 1% interest savings account from which I can swop money to and from the Current Account online. No monthly charge for the Savings Account or Internet Banking and just a $5 fee to set up the Savings Acc (No charge Internet Banking).

    Once my regular bill payments have moved over to CMB (estimated 2 weeks) I'm going to have a heart to heart with Arubabank and let them know what a foolish path they have started going down. I truly think they believe that us ex pats and people who are retired etc have so much money that they wont even notice the changes in charging. Its sad really, but we have spoken with our feet..

    There was no minimum amount we were told that needed to be in the CMB Account also...
    Good to know... thanks for the information!

  7. #7
    Senior Member SkiChris's Avatar
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    Hello Mick,
    We have a bank account with Arubabank also. We did receive a notification letter in early December (dated November 25th) and we were shocked at the drastic increase in the monthly fee. We will be cancelling our account with them on our next visit to Aruba. We have always been unhappy with their service and this was the last straw. Thank you very much for the information on CMB's charges....I think I just found a new bank!
    Sunny Regards,
    Chris

  8. #8
    Senior Member Retagger's Avatar
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    I also use CMB to pay all of my house bills in Aruba and can confirm the monthly checking account fee is Afl. 15.00 per month. They have a great online banking system that makes it very easy to pay bills, transfer funds, check on balances, etc., via their website. I have being using CMB for many years with no major issues.

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    Yesterday I visited ArubaBank to discuss this. Yes indeed there is an increase. How much seems to depend on the type of account and the demonination...florins/Euros/Dollars. My account is in Florins. The manager double checked the increase for me and advised that the amount will now be 35Afl....not $35US. A local resident pays 5Afl for this same account type. We also have to pay a fee of 1.3% on deposits made by Wire transfer.

    In some ways the bloom is off the rose that Aruba once was for tourists and those wanting to purchase a home. We received notice yesterday that now Serlimar, the government owned garbage company is going to charge every home 300Afl a year to pickup. This is in addition to an increase in the property tax rate and the introduction of the 1% Health tax that both locals and tourists now have to pay, even though you cannot get any health service without paying for that service yourself. Also, the government is hitting private Villa rentals. To stay in a private Villa, a 9.5% tourist tax is payable on the rent, cleaning fee and any other expense related to the stay. In addition, a tourist levy of $3/night/bedroom used is payable!!! There is also the taxes for car rentals...pickup fee at airport then the actual tax on the daily rental. These annoying little taxes will probably result in a lot of "under the table" dealing.


    Maybe it is time to change the slogan from " Aruba...One Happy Island" to "Aruba...nickel and dime paradise"
    Last edited by aquaman; 01-17-2015 at 08:14 AM.

  10. #10
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    they probably studied the way the airlines do business. Airlines nickel & dime you.

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