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Arubasurfclub
02-12-2018, 12:03 PM
Looking to open an account and so reading the last thread RBC thread it sounds like not to choose them although i use them in Canada without any issues, the Banks in Aruba are a separate entity.

Aruba Bank or CIBC??? any input?

Andrea J.
02-12-2018, 12:09 PM
welcome to your 1st posting "arubasurfclub"

Arubasurfclub
02-12-2018, 12:27 PM
Thank you, Good to be here

vincep
02-12-2018, 08:03 PM
According to my neighbor in Aruba who is a full time Aruban Resident, all of the banks in Aruba are equally bad.

However, according to several Aruban friends RBC is by far the worst.

I can tell you personally that RBC in Aruba is beyond terrible.

Unfortunately I am stuck with them until I can travel to Aruba and open an account with a different bank.

act1966
02-13-2018, 06:56 AM
Not Aruba Bank... They're terrible. Most of our neighbors and friends use CMB. Or you can roll the dice on CIBC... They don't have a lot of branches though.

robin
02-13-2018, 08:46 AM
all the banks charge a lot in monthly fees

vincep
02-13-2018, 10:46 AM
all the banks charge a lot in monthly fees

That's true.

However the worst part is that when you have a problem; RBC typically ignores you and or makes you jump through hoops to fix a problem that's ( usually) caused by an incompetent employee.

I just found out that my standing order was set up improperly and now I was instructed to send a net banking message to correct this.

I don't know why I have to do this; when they already know what I want and are aware of the problem?

GuillermoCh
01-18-2019, 02:47 PM
Hi guys! Is it possible to open an account as a foreign without being property owner yet?

Andrea J.
01-18-2019, 04:38 PM
yes
contact member/customer services at the bank that you are interested in.
there will be significant paperwork and time involved.


Hi guys! Is it possible to open an account as a foreign without being property owner yet?

robin
01-18-2019, 05:38 PM
We looked into it and they all have very high fees.

Arawak
01-18-2019, 06:52 PM
I'de go with CMB or Aruba Bank. RBC has terrifying service. I personally have Aruba Bank and i've been with them for 15 plus years and they usually try to be helpful at least if issues come up. I don't know that many people who have CMB, but havnt heard much negatives. CIBC is a new bank that opened just last year or the year before. So I wouldn't jump on board with them just yet.

Mohair
01-18-2019, 11:40 PM
Unless you have to open an account I would avoid it. We were able to purchase our condo without doing so. We have a property manager who takes care of our local bills.

schexc
01-19-2019, 07:00 AM
We do the same. No bank account needed for us.


Unless you have to open an account I would avoid it. We were able to purchase our condo without doing so. We have a property manager who takes care of our local bills.

vincep
01-19-2019, 06:37 PM
Hi guys! Is it possible to open an account as a foreign without being property owner yet?

No. You must be a property owner.

vincep
01-19-2019, 06:38 PM
Unless you have to open an account I would avoid it. We were able to purchase our condo without doing so. We have a property manager who takes care of our local bills.

You're better off opening the account. This way all the bills will be paid automatically. Much cheaper than a property manager.

GuillermoCh
01-20-2019, 12:05 AM
Thanks to all of you for your responses.

schexc
01-20-2019, 03:26 AM
Are you buying a home on the island?

aquaman
01-20-2019, 08:51 AM
If you open an account be aware that with ArubaBank there are different fees applied. It is more expensive to maintain a $USD account than a Florin account.

Andrea J.
01-20-2019, 10:14 AM
re: the question of a NON property owner being allowed to have an account in an Aruba bank.

I have friends that are long term renters on Aruba and they have accounts in Aruba banks.

No. You must be a property owner.

robin
01-20-2019, 02:31 PM
We do own in Aruba but do not have a bank account. All our condo fees and utilities are billed together from the condo association and are paid through the management company. The management company also pays our taxes. The only thing we pay for is car insurance and registration using cash.

Aruba4ever
01-20-2019, 03:16 PM
Do you have to write the management company a check each month or do they do things on a yearly basis?



We do own in Aruba but do not have a bank account. All our condo fees and utilities are billed together from the condo association and are paid through the management company. The management company also pays our taxes. The only thing we pay for is car insurance and registration using cash.

robin
01-20-2019, 04:12 PM
Do you have to write the management company a check each month or do they do things on a yearly basis?
The rental income covers most of it. We brought cash to cover the difference which was mainly because we replaced the AC unit.

GuillermoCh
01-21-2019, 03:21 PM
Are you buying a home on the island?
We are planning to buy a condo this year, and wanted to open an bank account to start sending money and making some deposits, just because where I live (Argentina) is not the best place to transfer a big ammount in just one transaction.

schexc
01-21-2019, 04:31 PM
We wired our dollars directly to an account that the developer gave us. Do you plan on renting your condo?

GuillermoCh
01-22-2019, 08:36 AM
We wired our dollars directly to an account that the developer gave us. Do you plan on renting your condo?

We run our own Travel Agency, and the idea is to rent the condo to our passengers.
I've been told the money have to be sent direct to the developer, but in our case it's gonna be much easier if we already have the money in an Aruba bank than doing it from our country.
We're gonna stay the entire next August on the island, so we'll probably visit some banks and developings in order to have the exact right information.

schexc
01-22-2019, 03:05 PM
Our management company pays all of our utilities, taxes, insurance and HOA fees. Over the course of a year the bank fees are minimal. Last year it was $37.20 total. The service is part of the management fee. The bank charges are additional. Since we rent and needed a management company anyway, it made sense for our situation.

annf
01-30-2019, 10:58 AM
We are property owners and do not rent our home to others. We do business at CMB (10 years) and have had no problems with them, thogh thre have been changes in policies and new fees. We decided to maintain a US dollar account. We set up accounts to have all monthly utilities, security etc paid automatically. CMB follows good banking policies and as US citizens we do have a US tax form (forget the number) on file. They are very concerned about money laundering and there has to be a paper trail, therefore we no longer can walk in and deposit cash, so I wire $$ from the US to our account a couple of times a year. When I withdraw in person I have a choice of dollars or florins. When setting up the account we needed bank references from our USA bank. I would first see if you can get information via each bank's website. Visit each bank in August but keep in mind this will not be a quick process. Try to have them give you a set time for an appointment and get all the information in writing, not because they are dishonest just that there likely will be a lot of information. Good luck!

GuillermoCh
01-30-2019, 07:29 PM
We are property owners and do not rent our home to others. We do business at CMB (10 years) and have had no problems with them, thogh thre have been changes in policies and new fees. We decided to maintain a US dollar account. We set up accounts to have all monthly utilities, security etc paid automatically. CMB follows good banking policies and as US citizens we do have a US tax form (forget the number) on file. They are very concerned about money laundering and there has to be a paper trail, therefore we no longer can walk in and deposit cash, so I wire $$ from the US to our account a couple of times a year. When I withdraw in person I have a choice of dollars or florins. When setting up the account we needed bank references from our USA bank. I would first see if you can get information via each bank's website. Visit each bank in August but keep in mind this will not be a quick process. Try to have them give you a set time for an appointment and get all the information in writing, not because they are dishonest just that there likely will be a lot of information. Good luck!

Thanks a lot for your advises! Hope to get the right information in order to make the right decision!

Gbracco
02-05-2019, 04:23 PM
OK, this is very informative. I am a new owner down there and have to contemplate paying bills. How do property owners pay utility bills and maintenance fees for a condo? Has anyone opened accounts to have proceeds from rentals deposited or have them deposited in accounts in the states?

robin
02-05-2019, 08:07 PM
We use Prestige Realty to manage our condo for rentals. They also take care of it for us. The rental income goes through them. They pay our condo fees, and utilities which are an add on to our condo fees, meaning the phone, internet, electric, water and cable are billed to the condo association (it is how it works at this complex). They also pay our taxes for us since we are not here when they are due. Any excess from rentals stays in the account with Prestige and if we owe them money, we can wire it or bring it in cash as we did this year(had to replace our AC unit and a few other extra bills). We do not have a bank account on the island, but do use the ATMs. Even if you do not rent, you do need someone to check on your property.


OK, this is very informative. I am a new owner down there and have to contemplate paying bills. How do property owners pay utility bills and maintenance fees for a condo? Has anyone opened accounts to have proceeds from rentals deposited or have them deposited in accounts in the states?