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Thread: CMB Bank Increase in Monthly Charges for Non Resident Bank Accounts

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    CMB Bank Increase in Monthly Charges for Non Resident Bank Accounts

    Just a heads up for any non residents with a CMB Account. Received a letter through today stating that the monthly fee for Non Resident Bank Accounts is increasing from 30th September 2016 to $25 per month.

    The excuse (cough... Reason) given is the ongoing cost of regulatory requirements...

    So it will now be $300 a year to hold an account.. We shifted from ArubaBank a few years ago because of a similar rise.

    Think we are running out of banks to transfer to !!

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    Senior Member act1966's Avatar
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    We're considering dropping our Aruba bank account (we're at RBC). We'll just pay all local bills through our property manager or in person when we're on the island.

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    Quote Originally Posted by act1966 View Post
    We're considering dropping our Aruba bank account (we're at RBC). We'll just pay all local bills through our property manager or in person when we're on the island.
    Was thinking something similar...

    Just pay Water, Elmar & Setar in advance and top up each time we come over...

    It's sad really that the banks seem to mostly just see Non Residents as an easy source of revenue.

    Are RBC any better with charges ?

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    Senior Member act1966's Avatar
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    God, no. They're terrible and have a minimum deposit required in a non-interest bearing account - so they get the exorbitant monthly fee, the deposit "tax", the transaction fees and you don't get any interest on your minimum balance of 2500 AWG (I think that's what the level is). And they don't bother responding to service requests/emails. They're making out like bandits.

    Quote Originally Posted by elephant_guy View Post
    Was thinking something similar...

    Just pay Water, Elmar & Setar in advance and top up each time we come over...

    It's sad really that the banks seem to mostly just see Non Residents as an easy source of revenue.

    Are RBC any better with charges ?

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    Quote Originally Posted by act1966 View Post
    God, no. They're terrible and have a minimum deposit required in a non-interest bearing account - so they get the exorbitant monthly fee, the deposit "tax", the transaction fees and you don't get any interest on your minimum balance of 2500 AWG (I think that's what the level is). And they don't bother responding to service requests/emails. They're making out like bandits.
    Thanks for the info Act..

    Looks like it's going to be back to using the MasterCard/ATM from home and keeping my money under the Mattress while I'm in Aruba !!

    The banks in Aruba really do take everyone (especially tourists) for a ride..

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    Senior Member act1966's Avatar
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    No problem, EG. I wish there was a better way to move money than wires and having local accounts. I'd be thrilled if all utilities and government tax agencies took credit cards for payment. They'd get paid faster!!

    Quote Originally Posted by elephant_guy View Post
    Thanks for the info Act..

    Looks like it's going to be back to using the MasterCard/ATM from home and keeping my money under the Mattress while I'm in Aruba !!

    The banks in Aruba really do take everyone (especially tourists) for a ride..

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    Just an update to the above. Contacted CMB yesterday they confirmed the $25 US Dollar charge for non resident Dollar Accounts but stated that the charges for non resident AWG (Aruba Florin) accounts will actually be AWG 25.00 and not US $25 per month.

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    Senior Member Retagger's Avatar
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    @ elephant guy - I have a non-resident Florin account and I just received a letter from CMB and it states that ALL non-resident accounts, will be increased to $25.00 US dollars effective September 30, 2016.

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    Quote Originally Posted by Retagger View Post
    @ elephant guy - I have a non-resident Florin account and I just received a letter from CMB and it states that ALL non-resident accounts, will be increased to $25.00 US dollars effective September 30, 2016.
    Hi David

    I got the letter here in London too last week which caused me to post this message. I was a bit confused in that you would think for an AWG (Florin) Account the charges would be in Florins not dollars. Because of this I found a web chat section of the CMB website and had it confirmed in writing that the monthly cost for Florin accounts would now be AWG 25.00 and definitely not US $25.00. Can PM you or email a copy of the Web Chat if it's helpful to anyone. It would have been much easier if they had made it clear of the charges for both $ and AWG accounts !! Maybe most Non Residents have Dollar accounts...

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

    I got the letter here in London too last week which caused me to post this message. I was a bit confused in that you would think for an AWG (Florin) Account the charges would be in Florins not dollars. Because of this I found a web chat section of the CMB website and had it confirmed in writing that the monthly cost for Florin accounts would now be AWG 25.00 and definitely not US $25.00. Can PM you or email a copy of the Web Chat if it's helpful to anyone. It would have been much easier if they had made it clear of the charges for both $ and AWG accounts !! Maybe most Non Residents have Dollar accounts...
    Clarity isn't a strong suit of Aruba banks

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