Banks in Aruba for expats: Advantages & disadvantages

Moving to another country isn’t just about packing bags and buying a ticket. It also means handling a long list of practical tasks, with managing your money being one of the most important. If you’re about to settle in the Dutch Caribbean, knowing the best banks in Aruba for expats will really help you.

Opening a bank account isn’t something to take ligmhtly. Choosing the right bank helps you avoid unnecessary fees, simplify local payments, receive your salary and make transfers easily. Also, having an account within the local banking system is a key step to fully integrate into your new environment (in this case, Aruba). It may even be a requirement for other migration procedures or to rent a home.

Don’t worry, because we’ve created a guide to the best banks for foreigners in Aruba: We’ll explain what each one offers, the requirements to open an account, and more. The goal is to help you start this new chapter of your life on the island with everything in order.

Why open a bank account in Aruba?

Even if you can’t wait to arrive in Aruba and enjoy its Caribbean beaches, you should first prioritise some practical matters. They may feel tedious, but they’ll make your life on the island much easier later. In that sense, having a local bank account is one of the first steps to settling comfortably in Aruba. Remember that using a foreign card can become expensive and inconvenient. Currency conversion fees, withdrawal limits, and security blocks for “unusual use” are more common than you might think.

Also, if you plan to stay on the island for more than a few weeks — whether to work, study, invest or simply enjoy a well-deserved retirement in paradise — it’s best to manage your finances in Aruban florins (AWG) or US dollars, with an account that lets you pay for services, rent accommodation, or receive payments without depending on banks from your home country.

Opening an account in an Aruban bank also makes local transfers easier. It allows access to financial services such as loans or mortgages and, in some cases, it’s even required for migration or employment procedures.

What are the requirements to open a bank account in Aruba?

You already know opening a bank account should be among your first tasks once you land on the island. Still, it’s normal to have questions about it: Will I be able to open an account easily? Will they ask for many documents? What if they reject me?

These doubts are totally normal. However, if you meet the requirements we’ll explain below, you shouldn’t face any issues. You don’t need to be a permanent resident, but you must prove your identity, show a valid reason to operate from the island, and present certain documents. Let’s review the most common requirements one by one.

1. Valid passport

This is the most important document you’ll need to present. It must be valid, but that shouldn’t worry you — if you passed immigration control when arriving in Aruba, your passport is already fine. Remember, it must also be in good condition, with all details clearly visible and no torn or damaged pages.

2. Proof of residence

This requirement may vary depending on the bank and your migration status. Some banks allow you to open accounts as a “non-resident”, while others need proof that you already live — or will soon live — in Aruba. You can use a rental contract in your name, a recent utility bill (water, electricity, or internet) showing your address, or a certificate of residence issued by the local authority.

If you haven’t moved yet, it’s best to check with the bank whether they accept your home-country address as a temporary one or if you’ll need to provide a letter of intent to reside.

3. Bank reference

Some banks might request a recommendation letter from your current bank, whether it’s in your home country or elsewhere. This letter usually states that you’re a responsible client and that your account has no outstanding debts. Not every bank requires it, but it’s better to have one ready just in case.

4. Proof of income or economic activity

For the bank, one of the key aspects is knowing where the money you’ll deposit comes from. This is linked to international regulations that aim to prevent money laundering. So, they might ask you to prove your income or explain your professional activity. This could include:

• Employment contract if you already work in Aruba.
• Income certificate if you’re self-employed.
• Recent bank statements.
• Tax returns.
• Letter from your employer or client if you work remotely.

5. Application form and in-person interview

Each bank has its own account opening form. Generally, they’ll ask for personal details, migration status, the account type you wish to open, and a statement of the intended use of the account (for instance: receiving salary, paying bills, or saving).

In most cases, you’ll need to visit the branch in person to finalise the process, even if you started it online or from abroad. Expect some routine questions, like how much money you plan to move or whether you’ll use the account for international transfers. Having your answers prepared can save time.

What steps should you follow to open a bank account?

Opening an account in Aruba isn’t very different from doing so elsewhere. Still, it’s helpful to understand the process beforehand. That way, you’ll move faster and avoid issues. Here are the general steps to follow, whether you choose a local bank or an international one with a branch on the island:

1. Choose the bank that best fits your profile: Before starting, be clear about your goal — receiving payments, making transfers, paying bills, or saving in local or foreign currency. Knowing this helps you pick the ideal bank and the right account type.
2. Gather the required documentation: Although it can vary between banks, you’ll usually need all the documents mentioned earlier — a valid passport, proof of address, income or economic activity evidence, a bank reference letter, and the bank’s application form.
3. Book an appointment or visit the branch: Some banks require a prior appointment, especially during high season. Others accept walk-ins, though you might face long waits. It’s always best to check in advance by phone or email.
4. Complete the opening and verification form: At the branch, you’ll fill out a form with personal details, address, reason for opening the account, and account type. They might also ask basic questions to comply with anti-money laundering regulations.
5. Wait for approval and account activation: Once you’ve submitted your documents, the bank will review your application. If everything’s fine, your account will be opened within one to five business days. Some banks issue your debit card immediately; others send it by post.
6. Activate online banking or the mobile app: Don’t forget to request online banking access or download the bank’s app. You’ll then be able to check transactions, make transfers, pay bills, or track expenses anywhere.

What types of banks for foreigners exist in Aruba?

When you decide to open a bank account in Aruba, you’ll find several financial institutions offering products for residents, expats, and long-term visitors. Although all operate under the supervision of the Central Bank of Aruba, not all work the same or provide identical services.

That’s why it’s important to research the different types of banks available on the island and understand what they can offer you as a foreigner. After all, the best bank for a retiree receiving a pension and paying bills won’t be the same as for a digital nomad who needs fast transfers or an investor looking for local opportunities.

Broadly speaking, banks offering services to foreigners in Aruba fall into three categories: neobanks or digital banks, local banks, and international banks. Let’s see what sets them apart and which might suit you best.

1. Neobanks or digital banks

Neobanks, also known as digital banks, are financial institutions that operate entirely online. They have no physical branches and are managed fully through an app or website. They’re ideal for people who value flexibility, technology, and seamless international operations.

If you’re a digital nomad or work remotely, you’re probably already familiar with this kind of bank. In that case, it’s best to choose one with solid online banking, low international transfer fees, and fast support. For example, a smart option could be combining Wise or Revolut (for cross-border transfers) with a local bank like CMB or Aruba Bank for local payments or cash withdrawals without high fees.

Even if you’re not a nomad, as a foreigner, a digital bank can help you open an account without being in Aruba physically (meaning you can do it before moving), handle money in different currencies, avoid high transfer fees, and access a card (physical or virtual) to pay in shops or withdraw cash. The advantages are many, and here’s a quick list:

• Quick, paper-free account opening.
• No maintenance fees (or very low ones).
• Good integration with financial management apps.
• Some offer European IBANs or USD accounts.

Examples of neobanks usable from Aruba:

• Wise (formerly TransferWise): Ideal for moving money between countries.
• Revolut: Lets you operate in multiple currencies and includes a physical card.
• N26: European bank with a great user experience, though availability depends on your residence country.

Local banks

Local banks are those based in Aruba or with a strong presence on the island. They’re adapted to the country’s economic and regulatory context, offer products in Aruban florins (AWG) and US dollars, and usually employ multilingual staff, which makes service much easier for foreigners. Therefore, they’re a great choice if you’re looking to:

• Have an account in local or US currency.
• Access both online and in-branch banking services.
• Apply for personal loans, debit or credit cards, or mortgages (in some cases).

These banks also offer strong advantages since they’re deeply integrated into the local economy. They’re practical for paying rent, utilities, and daily expenses. You’ll also receive personalised service in branches, which helps a lot — especially if you’re still unfamiliar with digital banking.

In short, if your goal is to stay in Aruba for more than a few months, these banks are an excellent way to join the country’s financial system.

Examples of local banks in Aruba:

• Aruba Bank: The largest bank in the country, offering multiple products for foreigners.
• Caribbean Mercantile Bank (CMB): Well known for its multilingual service.
• Banco di Caribe: Offers specific programmes for expats.

International banks

Finally, you’ll also find international banks operating in Aruba. As you might expect, these institutions have global recognition and operate in multiple countries. They’re particularly useful if you need to move funds between Aruba and your home country frequently or if you’re already a client elsewhere and want to maintain financial continuity.

Here are some advantages of international banks:

• They let you keep the same banking relationship while living in different countries.
• They offer strong international transfer networks.
• They’re experienced in managing non-resident accounts.
• They provide solid financial backing and global reliability.

Examples of international banks in Aruba:

• RBC Royal Bank (Royal Bank of Canada): Popular among Canadian and American residents.
• CIBC FirstCaribbean International Bank: With a strong presence across the Caribbean.
• Scotiabank: Its presence in Aruba is limited, yet it remains a trusted option for many investors.

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Which are the five best banks in Aruba for foreigners?

Below you’ll find a selection of the five best banks in Aruba for foreigners. As each customer’s profile is different, we’ve included international, local, and digital options. You’ll surely find one that suits your needs.

1. Aruba Bank: Ideal for professionals or families settling in Aruba

It’s the largest bank on the island and one of the most solid choices if you’ll live in Aruba long term. It has wide coverage, modern services, and products designed for foreign residents who need to operate in florins or US dollars.

Here’s a table with its key features, advantages, and disadvantages:

Aruba Bank features 2.

Caribbean Mercantile Bank (CMB): Recommended for expats and international workers

CMB is one of the most popular banks among foreigners in Aruba. It’s more flexible than others when opening accounts, offers highly rated customer service, and provides products tailored to those arriving for work or temporary residence.

Caribbean Mercantile Bank (CMB) features

3. RBC Royal Bank Aruba: Ideal for managing finances across multiple countries

RBC is part of the Royal Bank of Canada and a very reliable option if you need to move funds between Aruba and other countries, especially the United States, Canada, or the Caribbean. Its services mainly target clients with global profiles or higher purchasing power.

RBC Royal Bank Aruba features

4. Banco di Caribe: Another strong option for foreigners in Aruba

With a solid presence across the Caribbean, Banco di Caribe combines the personal attention of a local bank with a broad range of products. It’s popular among people who move to the island for work or study, as well as small business owners.

Banco di Caribe features

5. Wise: Perfect for digital nomads and multi-currency users

Although it isn’t a traditional bank and has no branches in Aruba, Wise (formerly known as TransferWise) has become one of the most practical choices for foreigners living or travelling across different countries. It lets you open a digital account from anywhere and manage over 50 currencies, including US dollars, without hidden fees.

You can combine this digital bank with a local one if you need to pay bills in Aruba. Still, because of its flexibility and global focus, it’s an excellent solution for people who value agility and live between more than one country.

Wise features

Best banks in Aruba for foreigners: Final verdict

We’ve presented several options for banks in Aruba for foreigners, but… which one’s the best? The truth is, there’s no single answer, since it depends heavily on each client’s profile and needs. So, the best bank for foreigners in Aruba will be the one that gives you exactly what you need at a reasonable cost. Still, if we had to recommend one, it would probably be Caribbean Mercantile Bank (CMB).

Why’s that? Because it combines the advantages of a traditional bank with a flexible attitude towards non-residents. It offers multi-currency accounts, multilingual customer service, accepts newcomers, and provides a solid digital experience. Therefore, it’s a great choice whether you plan to stay long-term or come for a temporary contract or extended stay.

To help you decide, here’s a comparison table of the five banks we selected as the best options for foreigners in Aruba:

Comparison of the best banks for foreigners in Aruba

Banks in Aruba for foreigners: Frequently asked questions

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