PDA

View Full Version : Non Resident Bank Account



eehliii
10-15-2021, 12:22 PM
Hi there!

We just recently closed on a house in Aruba! :D We are based in the US and want to open a bank account there. We contacted Aruba bank and they require deposit of $60,000 USD and to maintain it... do all banks in Aruba require that big of a deposit?

We are also looking for any banker recommendations!

Thanks in advance :D

Andrea J.
10-15-2021, 02:26 PM
welcome to the aruba.com community forum.

I know that many property owners in Aruba are very unhappy with the bank fees.

good luck!!


Hi there!

We just recently closed on a house in Aruba! :D We are based in the US and want to open a bank account there. We contacted Aruba bank and they require deposit of $60,000 USD and to maintain it... do all banks in Aruba require that big of a deposit?

We are also looking for any banker recommendations!

Thanks in advance :D

WaltVB
10-15-2021, 03:20 PM
Welcome to the forum and congrats on your purchase. Here's something on the subject: Arubabank Increases Non Resident Account Charges to $35 per Month (https://www.aruba.com/forum/f34/arubabank-increases-non-resident-account-charges-35-per-month-63133/)

cpjones
10-15-2021, 04:14 PM
Welcome to the forum.... and congratulations on your purchase!

act1966
10-15-2021, 11:19 PM
do all banks in Aruba require that big of a deposit?


No. Check with CIBC, RBC and CMB.

Tim nel
10-16-2021, 01:19 PM
We have had a bank account since 2005. Started with RBTT which I believe is RBC now, then we switched to Aruba Bank where we had a mortgage. We did have to maintain a least a 5000 balance, when the mortgage was paid that went away. They all have monthly fee's. I was always amazed how they charge for a deposit but don't charge for a withdrawal when you go into the bank, you would think if anything that it would be the other way around....that's Aruba for ya!!

act1966
10-16-2021, 02:41 PM
The Aruba banking system needs serious financial reform - particularly to entice investment in the island. They'll never get out from under the thumb of the Netherlands otherwise. The central bank is making it an absolute nightmare to bring money into the country... yes, yes, yes..."money laundering"... but they're targeting the wrong sectors. It's no wonder a lot of Arubans keep off-shore accounts in the US.

robin
10-16-2021, 06:26 PM
Congrats on your new home!

Tuckahoe
10-18-2021, 12:23 AM
Congratulations on your new home! Best wishes for making many happy memories there!



Hi there!

We just recently closed on a house in Aruba! :D We are based in the US and want to open a bank account there. We contacted Aruba bank and they require deposit of $60,000 USD and to maintain it... do all banks in Aruba require that big of a deposit?

We are also looking for any banker recommendations!

Thanks in advance :D

act1966
10-19-2021, 06:14 AM
Just FYI for everybody: CIBC First Caribbean is being bought by Aruba Bank.

tnaruba
10-23-2021, 03:07 PM
I opened an RBC non-resident account a few months ago and it was not too bad a process. They provide a list of documents required. Minimums were around $3000 not $60K like Aruba Bank as you said. I was floored bc I looked into Aruba Bank first bc noticed they had most ATMs so figured best option but nope.

SuzanneT
12-15-2021, 11:16 AM
Hi and congrats on closing on your new house. We also bought a condo in Aruba and are closing in January. Also having problem with the $60,000 deposit
to maintain. Did you find any other bank that does not require that much deposit. I heard somewhere that if you are over 65 you can pay using debit card?

SuzanneT
12-15-2021, 11:22 AM
Good Morning, We are also closing on condo in January. We are also non-residents from New Jersey. Aruba bank was just too much with the deposit. Would be interested in RBC. Not sure where it is located. Do you have contact information and/or address? Would greatly appreciate the info.

act1966
12-15-2021, 02:12 PM
Good Morning, We are also closing on condo in January. We are also non-residents from New Jersey. Aruba bank was just too much with the deposit. Would be interested in RBC. Not sure where it is located. Do you have contact information and/or address? Would greatly appreciate the info.

The main RBC branch is near Lings on Italastraat. We gave up trying to open there as nobody would respond to emails or phone calls. We ended up going with CMB.

WaltVB
12-15-2021, 02:51 PM
Welcome to the forum SuzanneT and congrats on your purchase. Hope the banking goes smoothly for you.

Andrea J.
12-15-2021, 09:58 PM
welcome to the aruba.com community forum

let us know how the whole condo purchase goes please!!
Good Morning, We are also closing on condo in January. We are also non-residents from New Jersey. Aruba bank was just too much with the deposit. Would be interested in RBC. Not sure where it is located. Do you have contact information and/or address? Would greatly appreciate the info.

hineskl
12-19-2021, 04:00 PM
Just got back from Aruba. The $60,000 is a new governmental policy that is required for "non belongers" (my word) to be able to get a mortgage on the island. Previous policy by the banks was 3 months of mortgage amount held in the bank, at least through Aruba Bank. Was told that the new government rule is being represented as an "investment in the island". I believe that all banks are required to collect this $60 grand on top of the normal fees associated with the purchase of your home if you finance with a bank in Aruba. The good news is that the money is still yours and is held in your account. The bad news it is your money held in a bank account until your mortgage is paid in full. Pretty much limits who can purchase a home on the island. FYI Aruba Bank monthly fee for a "non belonger" or "US dollar account" is $37.10 a month. I looked for this in writing and was not able to find this policy anywhere, but this is what the people selling the homes have been told.

Aruba4ever
12-19-2021, 04:37 PM
The added 60k will certainly affect who is able to purchase in Aruba. The "free loan" of the 60k to the government is a bit over the top IMO but if you want to own in Aruba it is what it is I guess.


Just got back from Aruba. The $60,000 is a new governmental policy that is required for "non belongers" (my word) to be able to get a mortgage on the island. Previous policy by the banks was 3 months of mortgage amount held in the bank, at least through Aruba Bank. Was told that the new government rule is being represented as an "investment in the island". I believe that all banks are required to collect this $60 grand on top of the normal fees associated with the purchase of your home if you finance with a bank in Aruba. The good news is that the money is still yours and is held in your account. The bad news it is your money held in a bank account until your mortgage is paid in full. Pretty much limits who can purchase a home on the island. FYI Aruba Bank monthly fee for a "non belonger" or "US dollar account" is $37.10 a month. I looked for this in writing and was not able to find this policy anywhere, but this is what the people selling the homes have been told.

schexc
12-19-2021, 06:23 PM
Just got back from Aruba. The $60,000 is a new governmental policy that is required for "non belongers" (my word) to be able to get a mortgage on the island. Previous policy by the banks was 3 months of mortgage amount held in the bank, at least through Aruba Bank. Was told that the new government rule is being represented as an "investment in the island". I believe that all banks are required to collect this $60 grand on top of the normal fees associated with the purchase of your home if you finance with a bank in Aruba. The good news is that the money is still yours and is held in your account. The bad news it is your money held in a bank account until your mortgage is paid in full. Pretty much limits who can purchase a home on the island. FYI Aruba Bank monthly fee for a "non belonger" or "US dollar account" is $37.10 a month. I looked for this in writing and was not able to find this policy anywhere, but this is what the people selling the homes have been told.

So this is only for tourists that have a mortgage?

Aruba4ever
12-19-2021, 07:26 PM
Sounds like it- another reason not to finance on the island I guess.


So this is only for tourists that have a mortgage?

SuzanneT
12-27-2021, 10:42 AM
Hi guys, Sue T. here. Hope your Holidays were well.
We are closing on a condo in Aruba January 10, 2021 and are also in need of a bank. We were in contact with Arubabank and they want us to keep $60,000 in bank account as balance in order to open non resident account. Not so happy with that idea. Any other options for New Jersey couple coming to Aruba. Seems
like you know your banks in Aruba

SuzanneT
12-27-2021, 10:47 AM
Hello and Congrats on your house in Aruba. We are closing on a Condo January 10th. We are also based in US, New Jersey, and want to open
a bank in Aruba. Were in contact with Aruba bank and got the same response. We were wondering if you got any information of another
bank to use to pay your bills there. Thanks Sue T.

angv
12-27-2021, 02:30 PM
Hello and Congrats on your house in Aruba. We are closing on a Condo January 10th. We are also based in US, New Jersey, and want to open
a bank in Aruba. Were in contact with Aruba bank and got the same response. We were wondering if you got any information of another
bank to use to pay your bills there. Thanks Sue T.


Try RBC Royal Bank. We had no problem opening a Florin account and wiring money to Aruba. You will need a lot of paper work to get it open. We found the fees to be very low and have a debit card we use on the island. I believe they have info on web site as to what you need to open the account. Best Of Luck