Arubabank Increases Non Resident Account Charges to $35 per Month

[act1966]

So far, we have been able to have all of our bills paid by our management company, including utilities, taxes (the amount still under appeal for the last three years), insurance, car insurance and registration. Hopefully, that day doesn't come to an end.

Us too. We ended up closing our Aruban bank account. The banks here are terrible. It's embarrassing that two of them are divisions of Canadian banks. I spoke to execs at both in Canada and there's an "arms length" problem and general indifference to Caribbean banking.

[annf]

The short answer is 'NO' I spoke with the manager of finance at WEB and he stated they will probably never accept cc. Reason was the bank processing fee he claimed.

Also, a Aruba debit card is now required to pay vehicle registration/tax and to pay taxes unless you are a senior. Cash is no longer accepted. Just went through this in February this year.

Yup....husband and I both said "a perk of being old is we can pay in cash'. What I really want to know is....did you wear the appropriate clothes and shoes?

[elephant_guy]

Yup....husband and I both said "a perk of being old is we can pay in cash'. What I really want to know is....did you wear the appropriate clothes and shoes?

Hahaha..... That's hilarious as I actually WAS refused entry to the main public tax office last month because I was wearing shorts and flip flops. Guy on the door was very apologetic but sent me away all the same !! I had to come back the next day with trousers and shoes. I half considered turning up in a dinner jacket and bow tie, that would have stumped them. Hahahaha...

[aquaman]

Yup....husband and I both said "a perk of being old is we can pay in cash'. What I really want to know is....did you wear the appropriate clothes and shoes?

For the first time in months I wore shoes instead of either bare feet or flip flops. As for clothes I will leave that to your imagination. The funniest 'clothing moment' I have had here was when I was to meet the Prime Minister. I dressed appropriately in dress shorts and a casual shirt. The receptionist and admin staff almost had heart attacks. I was allowed to enter the sacred halls of governance after I reluctantly agreed to do up the top button of my shirt.

[act1966]

Aruba Bank added this to their non-resident requirements:

*Non-resident clients are required to bring and maintain a minimum balance of Awg100,000.00 (USD 60,000.00) on a savings account or Time Deposit.

Yeah... no...

I'm starting to understand why Aruba is in such dire financial straits.

[Andrea J.]

Wow!!QUOTE=act1966;381882]Aruba Bank added this to their non-resident requirements:

*Non-resident clients are required to bring and maintain a minimum balance of Awg100,000.00 (USD 60,000.00) on a savings account or Time Deposit.

Yeah... no...

I'm starting to understand why Aruba is in such dire financial straits.[/QUOTE]

[WaltVB]

Aruba Bank added this to their non-resident requirements:

*Non-resident clients are required to bring and maintain a minimum balance of Awg100,000.00 (USD 60,000.00) on a savings account or Time Deposit.

Yeah... no...

I'm starting to understand why Aruba is in such dire financial straits.

Which is why we will never consider buying in Aruba. The money isn't the problem, it's the principle. The old saying it's a nice place to visit...

[schexc]

We've been fortunate to own property on the island without a bank account. Having one sure does not sound favorable.

[act1966]

We've been fortunate to own property on the island without a bank account. Having one sure does not sound favorable.

Aruba Bank is extra special.

[elephant_guy]

Aruba Bank added this to their non-resident requirements:

*Non-resident clients are required to bring and maintain a minimum balance of Awg100,000.00 (USD 60,000.00) on a savings account or Time Deposit.

Yeah... no...

I'm starting to understand why Aruba is in such dire financial straits.

Totally Crazy....

When I left ArubaBank and CMB I wrote to each of them providing some detailed feedback as to why I was going. Excessive charges specifically targeted at visitors and unnecessary bureaucracy were both close to the top of my list. I got zero response or even an acknowledgement email was received from either.

As I outlined at the start of this thread, the only conclusion that can reasonably be drawn is that the majority of the banks in Aruba see tourists and non residents simply as 'Cash Cows' to milk for as much money as possible. About 9 months ago I took up the CIBC Current Account mentioned on this or another thread which has a 3 Florin a month charge and couldn't be happier !! This charge is for both Residents and Non Residents. Great website and app, no secret charges, no ATM or Debit Card transaction fees. And... No once a year monster charge to 'review your account for money laundering legislation requirements' or other nonsense. Just 3 florins a month no hassle.... The application process was a dream compared to either ArubaBank or CMB. The majority of documents were accepted by email with a single visit to the branch for the inspection of a few required 'original' documents (Passport etc).

If anybody wants the email/telephone of the CIBC Applications Person I dealt with PM me - They were very efficient and professional. Anyone on the island can also start off the process by dropping into the branch which is right in the Tanki Flip roundabout at the Route 2/Route 4 junction.

The best way in my view to deal with these non resident 'unfriendly' banks is to talk with our feet.....