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Thread: Bank to Choose In Aruba

  1. #21
    Senior Member Aruba4ever's Avatar
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    Do you have to write the management company a check each month or do they do things on a yearly basis?


    Quote Originally Posted by robin View Post
    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.

  2. #22
    Senior Member robin's Avatar
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    Quote Originally Posted by Aruba4ever View Post
    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.




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  3. #23
    Junior Member GuillermoCh's Avatar
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    Quote Originally Posted by schexc View Post
    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.
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  4. #24
    Senior Member schexc's Avatar
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    We wired our dollars directly to an account that the developer gave us. Do you plan on renting your condo?




    OUR COUPLE'S RETREAT. THE PEARL CONDO HOTEL AT EAGLE BEACH. CONDO ACCOMMODATES TWO ADULTS. YOU MUST REQUEST UNIT #8. https://photos.app.goo.gl/lRquP1F4VtxyZhR42 RENTING DIRECTLY THROUGH http://www.thepearlaruba.com/.
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  5. #25
    Junior Member GuillermoCh's Avatar
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    Quote Originally Posted by schexc View Post
    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.
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  6. #26
    Senior Member schexc's Avatar
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    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.




    OUR COUPLE'S RETREAT. THE PEARL CONDO HOTEL AT EAGLE BEACH. CONDO ACCOMMODATES TWO ADULTS. YOU MUST REQUEST UNIT #8. https://photos.app.goo.gl/lRquP1F4VtxyZhR42 RENTING DIRECTLY THROUGH http://www.thepearlaruba.com/.
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  7. #27
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    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 $$ from the US to our account a couple of times a year. When I withdraw in person I have a choice of dollars or florins. When setting up the account we needed bank references from our USA bank. I would first see if you can get information via each bank's website. Visit each bank in August but keep in mind this will not be a quick process. Try to have them give you a set time for an appointment and get all the information in writing, not because they are dishonest just that there likely will be a lot of information. Good luck!
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  8. #28
    Junior Member GuillermoCh's Avatar
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    Quote Originally Posted by annf View Post
    We are property owners and do not rent our home to others. We do business at CMB (10 years) and have had no problems with them, thogh thre have been changes in policies and new fees. We decided to maintain a US dollar account. We set up accounts to have all monthly utilities, security etc paid automatically. CMB follows good banking policies and as US citizens we do have a US tax form (forget the number) on file. They are very concerned about money laundering and there has to be a paper trail, therefore we no longer can walk in and deposit cash, so I wire $$ 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!
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  9. #29
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    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?
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  10. #30
    Senior Member robin's Avatar
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    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.

    Quote Originally Posted by Gbracco View Post
    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?




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