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Thread: Bank recommendation

  1. #11
    Junior Member
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    Hello everyone. My wife and I are coming back (again) for another visit to Aruba. This time we're going to look at condos and plan to buy one in 2021. Our kids are leaving the house within 18 months, and we plan to spend winters there. I've been researching leading up to the trip, and I'll share the info I've found below. It seems some on here don't have bank accounts in Aruba at all, while still owning property. Does it make sense to have an account to start a relationship with a bank prior to trying to obtain a mortgage? I'd like to have an account open if I'm going to be there a few months a year.

    Below is what I've found. All of the banks require an EXTENSIVE list of items to open the account.

    Aruba Bank
    Financing max 60%, interest rate 6.8%, amortization period up to 65 years of age (unless you can provide proof that you still have income after your pension time).

    Non-resident bank accounts have a requirement of $60,000 USD. - No requirement to own or rent in Aruba.

    RBC
    Financing max 65%, interest rate 4.99%, amortization period 15 years.

    Non-resident bank accounts have a minimum of $100 deposited. - No requirement to own or rent property in Aruba.

    CMB
    Financing 50%, the interest rate goes between 5.95%- 6.5%, depending on loan to value, amortization period max 10 years.

    I was not provided information about non-resident accounts.

    CIBC
    Financing 50%, interest rate 6.5%, amortization period max 15 years.

    I was not given a minimum deposit to open an account, however was told I must own property in Aruba to have a bank account. The person I corresponded with sighted that was a requirement from the Central bank of Aruba. However, I have not heard that anywhere else.

    Banco di Caribe

    From what I've seen online, they provide 60% LTV loans. However no one at the bank responded to any emails or web based forms I filled out.


    Hope this helps some people here.
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  2. #12
    Aruba since 1979
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    Andrea J.'s Avatar
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    welcome to the Aruba.com community forum Spokeyourname.
    I cannot answer ANY of your questions.

    I do know that some homeowners DO NOT have bank accounts.
    We stayed at an apartment resort a few times and they required payment in full at check in ..in cash.
    I asked why cash, and they told me they did not have a bank account in Aruba as it was too costly.


    Quote Originally Posted by Spokeyourname View Post
    Hello everyone. My wife and I are coming back (again) for another visit to Aruba. This time we're going to look at condos and plan to buy one in 2021. Our kids are leaving the house within 18 months, and we plan to spend winters there. I've been researching leading up to the trip, and I'll share the info I've found below. It seems some on here don't have bank accounts in Aruba at all, while still owning property. Does it make sense to have an account to start a relationship with a bank prior to trying to obtain a mortgage? I'd like to have an account open if I'm going to be there a few months a year.

    Below is what I've found. All of the banks require an EXTENSIVE list of items to open the account.

    Aruba Bank
    Financing max 60%, interest rate 6.8%, amortization period up to 65 years of age (unless you can provide proof that you still have income after your pension time).

    Non-resident bank accounts have a requirement of $60,000 USD. - No requirement to own or rent in Aruba.

    RBC
    Financing max 65%, interest rate 4.99%, amortization period 15 years.

    Non-resident bank accounts have a minimum of $100 deposited. - No requirement to own or rent property in Aruba.

    CMB
    Financing 50%, the interest rate goes between 5.95%- 6.5%, depending on loan to value, amortization period max 10 years.

    I was not provided information about non-resident accounts.

    CIBC
    Financing 50%, interest rate 6.5%, amortization period max 15 years.

    I was not given a minimum deposit to open an account, however was told I must own property in Aruba to have a bank account. The person I corresponded with sighted that was a requirement from the Central bank of Aruba. However, I have not heard that anywhere else.

    Banco di Caribe

    From what I've seen online, they provide 60% LTV loans. However no one at the bank responded to any emails or web based forms I filled out.


    Hope this helps some people here.
    Last edited by Andrea J.; 12-29-2020 at 06:41 PM.
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  3. #13
    Super Moderator WaltVB's Avatar
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    Thanks spokeyourname. Welcome to the forum!

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  4. #14
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    Thanks for the welcome. I'm actually in commercial (apartment) lending in the states using the government programs. I'm accustomed to lots of paperwork, but this is crazy.

    RBC seems to have very attractive mortgage terms, but I've read in several places they are unbearable to bank with. Aruba Bank keeps being recommended by many people including locals we know. But parking 60k in an account is ridiculous. 10-15k I could handle, but having 60k idle in an account seems excessive.
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