Banking in Aruba intertwines with the global banking system and as such is subject to not only local news but by international events as well. Most Aruba banks hold a significant amount of international assets. Therefore, to ascertain a true perspective on the viability of your banking deposits, it's prudent to know how news and trends impact the banks in Aruba from a local and a global perspective. Aruba’s reputation for an offshore tax haven and money laundering is another factor that influences the banking trends within the industry.

The primary avenues to obtain the banks in Aruba news and trends are online news feeds, local institutions and ratings agencies. The online news feeds allow you access to many different local and international resources through one website. Local institutions such as Caribbean Financial Action Task Force and the Central Bank of Aruba provide industry news from a local point of view. However, before you begin to research these outlets, there are a few items to consider:

1. Review the Aruba commercial banking online news feeds.

2. Use the local Aruba banking institutions resources for industry news and trends.

3. Obtain the ratings information for corporate banking in Aruba.

Action Steps
The best contacts and resources to help you get it done

Examine the business banking in Aruba news feeds available on the Internet

News feeds essentially search the Internet for articles that relate to Aruban banking and display on one easy-to-access web page. Whether it's information on monetary policy issued by the Central Bank of Aruba or about a specific bank, these websites save the time and resources spent searching on your own.

I recommend: Evaluate the news and trend resources available from the Tax News Network. Assess the news feed offered by the EIN News.

Utilize the local commercial banking in Aruba industry resources for the latest news and trends

News and trends in Aruban banking begins with the local banks. Therefore, it's imperative to monitor these outlets on a regular basis. The Central Bank of Aruba is a primary source of banking news in the country. The Caribbean Financial Action Task Force, while not a wholly Aruban agency, is the main regulatory body that fights money laundering in the region. This agency has a crucial impact on the Aruban banking system.

I recommend: Study the news releases from the Central Bank of Aruba for industry news and trends. Monitor the regulatory news offered at the Caribbean Financial Action Task Force. Contact the AIB Bank for the news about the Aruba banking institution.

Monitor the bank in Aruba credit ratings information

International credit rating agencies offer an excellent evaluation tool to use to spot trends and ascertain industry news. However, if you choose not to use a ratings service, another option is to contact the banks directly and ask for their ratings information. Either way, with a ratings report, you can use their information to spot trends within the industry.

I recommend: Register to receive Fitch Ratings on Aruba commercial banks. Request a ratings report from a local bank, such as the Aruba Bank.

Finding the right Aruba bank to handle your finances should be at the top of your "to-do" list if you're moving to or setting up a business in the southern Caribbean island.

Take the time to carefully research your options for banking in Aruba. Volatility in the financial sector of all countries is not uncommon these days. Here a few thing to keep in mind:

1. Collect all of the information you can on banking and Aruba commercial banking institutions before you move or conduct any business in the country.
2. Seek help with finding the right bank in Aruba from people who have already gone through the process. Ask friends, family, expatriates or anyone who has banked in the nation on the steps you need to take to get things done.
3. Use the largest commercial banks in Aruba for personal use since they will be the ones that give you the most access and services.
   

Action Steps
The best contacts and resources to help you get it done

Assemble general information on Aruba banks

It is important to know all you can about business banking in Aruba before you being the process of opening a bank account in the country. You want to know about the bank's policies, foreign investment, the exchange rate and any other information you can think of to make your business or personal transactions easier.

I recommend: Visit Aruba gives detailed information on banking in Aruba from the exchange rate to the availability of ATM’s throughout the island. EscapeArtists.com has a host of information for anyone looking to move or do business in Aruba.

Contact expatriates for advice on banks in Aruba

If you don't know where to begin when banking in Aruba seek out expatriates for advice. They have already made the transition from US to Aruba so they can give you the information you need to begin that process.

I recommend: The Aruba.com forums are a good place to meet people who have moved to Aruba and ask them for information about Aruba banks. Aruba Forum is a site where you can communicate with expats and tourists regarding all aspects of life on Aruba.

Use the largest Aruba banking institutions for everyday business

Just as there are benefits to using the big banks here in the US there are advantages to using the biggest Aruba commercial banks for your everyday banking in the island nation. Using the largest Aruba banks will give you more access to branches throughout the nation, more access to ATM's as well as just making your transition to Aruba much easier.

I recommend: Aruba Bank and Banco di Caribe are two of the biggest banks on the island and are equipped with ATM machines throughout the nation. Be warned however, cash is generally dispensed in local currency not dollars.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Pay attention to the actions of the Central Bank of Aruba. The decisions they make will affect monetary policy, other Aruba banking institutions and the economy as a whole.

Banks in Aruba have a history of questionable banking activities, but there's been an effort to clean up these practices. Still, it helps to know as much information as you can prior to making any deposits.

First, you'll need to know the basic structure of the banking system. Next, it helps to identify the regulatory bodies that govern the industry. Using banks in Aruba key terms you can begin to assemble the necessary information to make a prudent financial decisions.

Action Steps
The best contacts and resources to help you get it done

Banco di Caribe

The Banco di Caribe is one of the largest banks in Aruba. This institution imposes strict regulatory standards to ensure the financial security of its deposits.

I recommend: Review the banking standards and history of the Banco di Caribe for more information.

Central Bank of Aruba

The Central Bank of Aruba is responsible for banking and monetary stability within the country. This entity issues currency, monetary policy and acts as the banker for the government.

I recommend: Study the scope and purpose of the Central Bank of Aruba for further details.

Aruba Bank

Aruba bank is one of the oldest and biggest holders of deposits in the country. Aruba bank has an affiliation agreement with such international banks as JP Morgan Chase and Bank of America to facilitate transactions for U.S. companies.

I recommend: Examine the definition and values of the Aruba Bank for an in-depth view of the bank.

Aruban Guilder or Florin

The main currency of Aruba is the Aruban Guilder or as it's sometimes called the Florin. It's prudent to know the currency exchange rate in relation to the U.S. Dollar before making any deposit in Aruba, especially if the account calls for a conversion.

I recommend: Check out Go Currency for information on the Aruban Guilder, including a definition and current conversion rates.

Aruba Financial Center Association

The Aruba Financial Center Association is a private entity whose primary goal is to stimulate economic development in the country. This organization is excellent resource for local business and banking information.

I recommend: Go to the Aruba Financial Center Association for information on its activities and resources.

Caribbean Financial Action Task Force

The Caribbean Financial Action Task Force is the regional regulatory body responsible for anti-money laundering actions in the Aruban banking system. Before making any deposits, it's important to contact this entity for current banking information in Aruba.

I recommend: Review the goals of the Caribbean Financial Action Task Force for a greater explanation of the organization.