In this article, we’re looking at the best banks in Curaçao for expats, foreigners, and foreign entities.
If you would like to access our free banking series on Curaçao, click the link and unlock our team’s expert take on institutions in the island country of Curaçao, Curaçao banking requirements, personal and business banking in Curaçao, and much more.
You can also use the table of contents and jump to the section that covers your area of interest in Curaçao.
Table of Contents
- What Are the Best Banks in Curaçao?
- What Are the Benefits of Opening an Account With Curaçao Banks?
- Frequently Asked Curaçao Banking Questions?
- Alternative Countries to Banking in Curaçao
- Ready to Open an Offshore Bank Account?
What Are the Best Banks in Curaçao?
The best banks in Curaçao include both domestic and foreign banking institutions, like Maduro & Curiel’s Bank, RBC Caribbean, and CIBC First Caribbean. However, these banks and other top-rated financial institutions in Curaçao can be difficult to access if you are applying as a foreign or non-resident individual or entity.
With this in mind, most applicants looking for personal or corporate banking will choose to apply with one of the banks that specifically caters to foreign non-resident clients in Curaçao. These banks tend to be international and offshore banks with offices located in Curaçao’s capital city Willemstad. Generally, their product offering includes offshore banking services for non-residents.
Not surprisingly, compared to larger offshore banking jurisdictions, Curaçao has fewer account opening options available. With this in mind, it is important to consider all of your options before deciding whether opening an account in Curaçao is right for you or your entity. Likewise, you should also take time to assess the Curaçao economy, Curaçao banking regulations, and the Curaçao financial industry more broadly.
And, needless to say, before applying for accounts with a specific Curaçao bank, you should confirm that they offer the type of currency account and Curaçao banking services you require, cater to clients with your profile, and will accept an initial deposit you can afford.
If you would like to explore a more detailed schedule of financial establishments and lists of banks in Curaçao, you can click here to access our free guide. Alternatively, we’ve also compiled details on the major global banking institutions and the largest banks in Curaçao, though these banks are typically not available to foreign non-residents.
By taking the time to assess these Curaçao specific factors, you will be able to confirm whether Curaçao is a suitable banking jurisdiction for your needs. Likewise, by assessing each Curaçao bank directly, you will end up finding the best bank in Curaçao for your unique requirements.
What Are the Best Banks for Expats in Curaçao?
Before discussing the best Curaçao banks for expats, it’s important to point out that we are defining “expats” as foreign individuals who have the legal right to work or reside in Curaçao, either on a visa or with residency status.
Not surprisingly, expats in Curaçao typically have more options to consider than foreign non-residents who do not reside in the country. That said, even with the legal right to be in the country, Curaçao financial institutions can still be difficult to access.
With this in mind, we typically suggest that expats in Curaçao look for financial institutions with the following attributes.
Characteristics of the Best Banks in Curaçao for Expats
- Accepting foreigners with Curaçao residency and work permits
- Flexible requirements for proof of address in Curaçao
- Minimum deposit requirements for foreigners with clear ties to Curaçao
- Low-cost domestic transfers between Curaçao banks
- Accepts deposits via transfer services from outside of Curaçao
- Reasonable hours for in-person services in Willemstad
- English-speaking customer support
Again, these are the characteristics that individuals living and working in Curaçao should consider when deciding which accounts to apply for.
If you fit into this category and would like to explore your personalized financial options through Curaçao personal banking, you can click this link to access our free guide now. Alternatively, if your objectives are more aligned with overseas financial planning and Curaçao offshore banking, you may find our dedicated offshore banking guide more helpful.
What Are the Best Banks for Foreign Non-Residents in Curaçao?
Foreign non-residents of Curaçao, meaning individuals without the legal right to reside or work in Curaçao, need to consider Curaçao banks that specifically cater to international clients.
Fortunately, Curaçao does have international options to choose from. However, it’s important to note that these Curaçao financial institutions tend to cater to specific clients and can have restrictions on certain services.
When it comes to foreigners opening accounts in Curaçao, we typically suggest Curaçao financial institutions with the following attributes.
Characteristics of the Best Banks in Curaçao for Foreign Non-Residents
- Accepting foreign non-residents of Curaçao
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Does not require Curaçao documents you don’t have
- Does not require ties to Curaçao that you don’t have
- Requires a deposit amount you can afford
- Allows transfers to/from Curaçao and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers international debit and credit cards
- Has competent customer support available by email and phone
If you are a foreign non-resident of Curaçao and you would like to explore your options further, you can use the personal guide linked above.
Alternatively, if you’re looking to make a larger deposit, you can explore luxury financial planning with Curaçao private banking using our free guide here.
What Are the Best Banks for Foreign Entities in Curaçao?
Foreign entities refer to legal entities registered as holding companies, operating businesses, and foreign trusts and foundations outside of Curaçao.
Importantly, while these entities often struggle to bank elsewhere, Curaçao is a stable and relatively clean offshore jurisdiction that these entities can usually access.
Of course, in order to open accounts with a Curaçao bank, these entities need to pass account opening compliance regulations, meet Curaçao banking requirements, and make a qualifying deposit. That said, certain Curaçao banks are more comfortable with high-risk business activities and will take the time to closely assess businesses that other jurisdictions may immediately reject.
While the deposits to open in Curaçao for holding companies and certain operating businesses are considered reasonable, foreign trusts and foundations should expect to deposit more when opening Curaçao bank accounts.
With this in mind, we typically suggest Curaçao financial institutions with the following attributes for foreign entities
Characteristics of the Best Banks in Curaçao for Foreign Entities
- Accepting entities from outside of Curaçao
- Accepts your entity’s specific country of registration
- Accepts the citizenship and residency of the shareholder and directors
- Supports the specific industry or purpose of the entity
- Does not require Curaçao documents your entity doesn’t have
- Does not require ties to Curaçao that your entity doesn’t have
- Requires a deposit amount your entity can provide
- Allows transfers to/from Curaçao and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Has competent customer support available by email and phone
If you’re interested in exploring corporate financial planning through Curaçao business banking as a foreign entity, you can click this link to access our free guide now.
What Are the Benefits of Opening an Account With Curaçao Banks?
When compared to other offshore jurisdictions, the potential financial incentives and benefits of banking in Curaçao include easy access, clean country reputation, stability, strength of correspondent bank relationships, and acceptance of certain high-risk businesses.
Here is a full list of the benefits you can receive when you open accounts in Curaçao.
Benefits of Opening a Bank Account in Curaçao
- Remote account opening and online account management
- Relatively low deposit amounts compared to other offshore jurisdictions
- Accepting individuals from most citizenships and residencies
- More accepting of certain high-risk businesses, especially those involved in gaming, gambling, and even online casinos
That said, there are certain limitations that prospective customers need to consider before opening accounts in Curaçao as well. And, one of the biggest limitations involves foreign currency. In certain instances, you may need bank approval in order to open foreign currency accounts, such as USD. Of course, if you are looking for direct access to the Netherlands Antillean Guilder (ANG), the currency of Curaçao, you’re all set.
Foreign Bank Account Services in Curaçao
- Online account management
- International debit cards
- International credit cards
- International transfers
- Domestic transfers
- Fixed deposit accounts
- Investment products
Needless to say, many of these benefits can be obtained when opening accounts outside of Curaçao as well. With this in mind, let’s take a look at the alternative countries to Curaçao that you may want to consider.
Alternative Countries to Banking in Curaçao
There are a number of alternative countries you may want to consider instead of banking in Curaçao. However, each Curaçao alternative has its own unique considerations. Likewise, similar to Curaçao, they tend to cater to specific client profiles.
In the case of Curaçao, applicants typically include individuals with clear ties or rationale for wanting to open a bank account here. For this reason, Curaçao is often suitable for anyone looking for a banking jurisdiction with a clean reputation, minimum balance requirements, low account opening deposits, and regional ties.
Of course, it’s important to keep in mind that there are specific financial expenses and costs to banking in Curaçao and in the alternative jurisdictions you might be considering. Likewise, depending on where you are located, you may have difficulties transferring a payment or sending money to Curaçao from your existing accounts.
With this in mind, it’s important to compare all of the alternative jurisdictions you are considering directly to banking options in Curaçao. That way, you’ll be sure to find the best banks for your unique requirements.
Here are a few alternative banking hubs to Curaçao that you might want to consider. These first three alternatives were selected because they are home to institutions with similar onboarding processes and deposit requirements as Curaçao. However, the last two typically cater to a different clientele than banks in Curaçao. With this in mind, they may be worth considering if you decide that Curaçao is not the right fit for your needs.
Alternatives to Banking in Curaçao
- Saint Lucia
- Panama
- Mauritius
- Switzerland
- Singapore
Needless to say, there are risks to banking in any of these countries just as there are regulatory threats and risks to banking in Curaçao as a foreign non-resident.
So, before deciding where to apply, don’t forget to do your research, understand the risks of each country and bank, and choose the option that best meets your profile and needs.
Frequently Asked Curaçao Banking Questions
Below are a few of the most common questions we receive from people searching for the best Curaçao banking options. If you have further questions you would like answered, don’t hesitate to contact us directly.
What Banks Are There in Curaçao?
The banks in Curaçao include both local and foreign financial institutions. In fact, there are a total of 49 banks that are licensed to operate in Curaçao, including 8 local general banks, 3 subsidiaries of foreign banks, 2 branches of foreign banks, 8 credit unions, 2 savings banks, 6 consolidated international banks, and 20 non-consolidated international banks.
Can Foreigners Open Bank Accounts in Curaçao?
Yes, foreigners can open bank accounts in Curaçao. In fact, most foreigners can open accounts 100% remotely. Of course, not all banks in Curaçao accept foreigners. And, of the banks that do, not all offer the international banking services that you desire. So, if you are looking to open an account remotely in Curaçao as a foreigner, you need to choose a bank that offers the services you want and will realistically accept you as a client.
What Is the Largest Bank in Curaçao?
The largest bank in Curaçao in terms of total assets is Maudro & Curiel’s Bank. At the end of 2022, Maudro & Curiel’s Bank had a total of USD 5.3 billion in assets.
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