Money in Aruba? Transfer money overseas, Investing money, Offshore Banking, Paper money, Most people just spent it, using their credit card.
Money in Aruba
Transfer money overseas, Investing money, Offshore Banking, Paper money, Most people just spent it, cash ( Paper money ), or credit card ( Plastic money ).
The time that these were being used to pay is long gone.
In Aruba, just like the rest of the world, they now use Paper Money and credit cards. With Offshore Banking we don't even see the money. We just know it's there.Most people these days use plastic money. Many people are missing that crispy sound of brand new paper money. Investing money is different too.No more briefcases filled with cash, all those bundles of paper money. Getting your money in Aruba or wherever in the world is just a mouse-click away.
Transfer money overseas is now a matter of nano seconds.This is not Offshore Banking which is a Tax related form of money management.
Aruba was part of the Netherlands Antilles until 1986.Until than they had the Antillean guilder
1 Gold Peça = 90 Reaal
The (Dutch) Guilder or Florin was introduced on the islands in 1828 after the Reaal.
In 1940, following the German occupation of the Netherlands, the link to the Dutch Guilder was broken, and now linked to the U.S. Dollar.
Aruba's currency now is the florin denoted by the letters 'Awg.' (U.S.A. have USD) but also widely known as 'Afl.' (Aruban Florin), Paper money and Coins
The official rate at which banks accept U.S. dollar banknotes is Awg. 1,77 and checks at Awg. 1,78. The rate of exchange granted by shops and hotels ranges from Awg. 1,75 to Awg. 1,80 per U.S. dollar. U.S. Dollars are widely accepted in Aruba, and banks can exchange other foreign currency.
Traveler's checks are widely accepted and there is no charge for using them in hotels, restaurants and stores. Major credit cards are accepted at most establishments.Personal checks are normally not accepted.
In Aruba you can get around with Paper money, Plastic money and Traveler’s checks, and ATM cards.
If you ran out of Traveler’s checks or cash and forgot your credit cards or ATM card back home, don’t worry.Let someone back home deposit the money at a Western Union office. They can transfer money overseas for you within hours.
The Aruban florin is divided into 100 cents and there are coins of 5, 10, 25, 50 cents, 1 florin (100 cents) as well as the 5 florin coin. The square shaped 50 cent "yotin" coin is probably Aruba's best-known coin.
Banknotes are issued in denominations of 10, 25, 50, 100 and 500 florins.
Many souvenirs are made with the square 50 cent coin while the coin itself makes a unique gift for numismatic friends.
Cash ( Paper Money )may be obtained with MasterCard, Visa and American Express cards at credit card offices, banks, in some casinos and via Western Union. ATM cards and credit cards are accepted by ATMs of Aruba Bank, Banco di Caribe, RBTT Bank, and Caribbean Mercantile Bank. The card must have either a Cirrus or Visa Plus logo. ATM instructions are normally given in Dutch, English, Spanish and Papiamento. Cash is normally dispensed in local currency Crispy Paper Money
ATM machinesTravelers with ATM cards bearing the CIRRUS, MAESTRO or Plus System network logos can withdraw cash in Aruban florins. Home bank accounts will be debited in dollars at a favorable exchange rate, and a service charge will apply. Before departing for Aruba, it's important to verify whether your PIN number will work in Aruba.
Opening a bank account
You might want to open a bank account in Aruba, which is possible.However, a recommendation from your bank back home and/or a letter from a lawyer or notary, ( a recognized professional) is required.
If you like to buy property on the island which means investing money, it is strongly recommended that a lawyer or notary, (a doctor of civil law under the Dutch law) advises you for your own protection.This way your interests are protected and you will have the correct information before you transfer money overseas
Banking hours: in Aruba:
Weekdays from 8:00 a.m. to 4:00 p.m. Some banks close during lunchtime (12:00 - 1:30 p.m.) and s ome are open longer on Fridays (until 5 or 6 p.m.).
Credit Card & Traveler's Check Representatives
American ExpressS.E.L. Maduro & Sons, Rockefellerstr. 1, Oranjestad, Tel. 23888, office hours 8:00 - 12:00 noon and 1:00 p.m. - 5:00 p.m., Monday through Friday. Closed on official holidays. Services include personal check cashing, refunds, exchangeand replacement of American Express Traveler checks, American Express Card replacement service, report of lost or stolen American Express Cards.
Visa/Master CardAruba Bank, Caribbean Mercantile Bank and Interbank. Services available to cardholders include cash advance, report of lost or stolen Visa/Master Card. Either your passport or two other valid identifications are required.
Caribbean Mercantile Bank
The Aruba Banks listed above can also dispense US currency.
Bank at the AirportCaribbean Mercantile Bank is located at the Queen Beatrix International Airport, is open seven days a week from 8:00 a.m. to 4 p.m., Monday to Friday and 10 a.m. to 6 p.m., Saturday and Sunday.
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