Costs of Banking in Curaçao: Opening & Operating Accounts

Curaçao banking costs include transactions fees, card withdrawals fees, and non-resident fees for account maintenance. However, when comparing fees to other jurisdictions, the cost of banking in Curaçao is still reasonable.

The costs of banking in Curaçao vary depending on how an applicant opens a Curaçao bank account, the services they use, and even the currencies they hold.

We’ll dig into each of these cost variables for Curaçao below. On the other hand, if you would like access to our free Caribbean banking series, Curaçao-specific, click the link and unlock our team’s expert take on Curaçao banks, Curaçao opening requirements, sending money to Curaçao, and much more.

You can also use the table of contents and jump to the section that matches your Curaçao banking needs and continue learning about the costs of banking in Curaçao.

Table of Contents

  1. Costs of Banking in Curaçao?
  2. How Much Does It Cost to Open a Bank Account in Curaçao?
  3. Costs of Operating a Bank Account in Curaçao?
  4. Frequently Asked Curaçao Banking Questions
  5. Ready to Open an Offshore Bank Account?

Costs of Banking in Curaçao?

The costs of banking in Curaçao for foreign non-resident individuals and entities include foreign transaction fees, maintenance fees, and payment card fees. Prior to opening in Curaçao, it is important to consider how these fees can impact the overall cost of banking here.

To help you better understand the costs of banking in Curaçao, we will start with a general look at the relevant expenses. This will then be followed by overseas wealth management, Curaçao personal banking, Curaçao business banking, as well as Curaçao private banking.

Key Takeaways

  • Curaçao is a moderately expensive banking jurisdiction
  • Account opening fees are rare for most applicants
  • Deposit requirements are low compared to other countries
  • Transaction fees are high and can be a deterrent to opening here

Let’s explore how much it costs to open a bank account in Curaçao, broken down by account type.

How Much Does it Cost to Open a Bank Account in Curaçao?

When it comes to opening and operating a bank account in Curaçao, there are five (5) main expense categories you should consider prior to applying for accounts.

Not surprisingly, the costs will vary depending on which Curaçao bank you open with and your client profile. But, generally speaking, the registered institutions and the list of operating banks in Curaçao have been known to charge compliance and due diligence fees, maintenance fees, transaction fees (domestic and international), payment card fees, and fees for special requests.

Costs to Open and Operate a Bank Account in Curaçao

  • Compliance and due diligence fees
  • Maintenance fees
  • Transaction fees (domestic and international)
  • Payment card fees
  • Fees for special requests

Importantly, banks in Curaçao vary widely in the way they charge fees to foreign and non-resident individuals and entities. Unfortunately, regardless of whether you bank with one of the leading global financial groups and the largest banks in Curaçao or a smaller alternative, you will need to compare fees before applying.

Likewise, while foreigners with Curaçao residency can access a wide range of banks in Curaçao, non-residents with no ties to Curaçao will have limited (and more expensive) options.

So, needless to say, it’s best to review all of your banking options in Curaçao to ensure you’re choosing prime banking services with the best bank in Curaçao for you and your financial needs.

That said, there are additional fees that you may be charged when opening a bank account in Curaçao. With this in mind, let’s look at the extra charges and explore how much it really costs to open offshore bank accounts in Curaçao.

How Much Does it Cost to Open Offshore Bank Accounts in Curaçao?

Offshore bank accounts in Curaçao can include personal bank accounts, business bank accounts, or private (or premium) bank accounts. We will cover each of these accounts and their Curaçao specific cost considerations below.

But first, we want to discuss the costs that everyone should expect when opening a bank account in Curaçao. These costs center around the account opening terms and Curaçao banking requirements that most Curaçao banks will require you to provide. More specifically, the costs involved with obtaining documents from other banks and jurisdictions.

Curaçao Account Opening Document Costs

  • Bank reference letters (Certain banks charge fees)
  • Document authentication (Required in certain instances)
  • Certificate of good standing (Certain entities older than one year)
  • Sending documents to the bank by courier (Sometimes required)

Of course, if you are planning on visiting Willemstad (the capital city of Curaçao) to open your Curaçao bank account in person, you will have many more (and much higher) expenses to consider as well.

If you are looking for cross-border banking solutions or Curaçao offshore banking, you can use this link to access our free guide.

On the other hand, if you are looking to open a personal bank account in Curaçao, here are the Curaçao-specific costs to be aware of.

How Much Does it Cost to Open Personal Bank Accounts in Curaçao?

Whether you are a Curaçao permanent resident or a non-resident of Curaçao, you can open a Curaçao bank account without paying application or opening fees. Of course, you still need to pass each bank’s onboarding and compliance process.

That said, certain individuals that Curaçao banks deem high-risk may need to pay additional due diligence and compliance costs. However, this is common in many offshore banking jurisdictions.

Again, as mentioned above, foreign currency transactions can be particularly expensive in Curaçao. So, depending on the specific currencies you plan on holding, you should review the exact fees prior to applying for accounts.

Alternatively, if you are looking for corporate leading services or Curaçao business banking, here are the Curaçao-specific costs to be aware of.

How Much Does it Cost to Open Business Bank Accounts in Curaçao?

As mentioned, banks in Curaçao have a higher risk tolerance and accept offshore and foreign companies operating in higher-risk industries. As a result, account opening here can be a suitable option for businesses struggling to open elsewhere.

That said, there can be additional costs involved in applying for a Curaçao business bank account for foreign non-resident and offshore entities. This is primarily caused by the need to provide multiple documents, supporting letters, and the possible requirement of showing up in person in Curaçao to open an account.

With this in mind, we suggest reviewing our free guide on how to open a business bank account in Curaçao before deciding where to apply.

Additionally, it’s important to note that just because banks in Curaçao can accept certain higher-risk activities, it doesn’t mean they will accept your business. With this in mind, you should consider all of the jurisdictions and banks that you might be able to access prior to opening.

If you are looking to open a private bank account in Curaçao, here are the main costs to be aware of.

How Much Does it Cost to Open Private Bank Accounts in Curaçao?

Unlike personal and business banking, private banking has a long list of costs that prospective customers need to consider. That said, Curaçao is not a traditional banking jurisdiction and most applicants opening here are in search of standard offshore banking.

Of course, if you do open a private or premier account, you need to carefully assess the fees being levied against you. This is true whether you are looking to open private bank accounts in Curaçao, Saint Lucia, Switzerland, or any other jurisdiction.

Curaçao Private Banking Costs to Consider

  • Outbound transaction fees from Curaçao to abroad
  • Fees for executing investments through Curaçao banks
  • Active advisory fees charged by Curaçao banks
  • Fees for related services like accounting support, structuring, etc.
  • And much more

In most cases, the costs for high-net-worth services and Curaçao private banking are reasonable since banks here do not specialize in private banking as they do in other jurisdictions. That said, you’re also not going to find the same level of service.

Needless to say, every jurisdiction has something different to offer when it comes to private banking. So, if you are looking for specific wealth management incentives and banking benefits in Curaçao, you may want to compare a few similar jurisdictions as well before starting to apply.

Costs of Operating a Bank Account in Curaçao?

To recap, the costs of operating a bank account in Curaçao will differ depending on the type of account being opened and the client profile involved.

That said, the Curaçao banking services and account support that the client needs will also impact the costs associated with banking in the country. With this in mind, here is a look at the typical costs that you can expect when operating a bank account in Curaçao.

How Much Are Bank Fees in Curaçao?

The following are examples of standard bank fees charged by banks in Curaçao. Before applying for a bank account in Curaçao, always request an up-to-date fee list from each bank you are considering.

  • Account maintenance in Curaçao: USD 10
  • Inbound SWIFT fees in Curaçao: USD 6 + 0.125% of the amount
  • Outbound SWIFT fees in Curaçao: 0.125% of the amount (USD 10 min).
  • Inbound Curaçao transfers: often free
  • Outbound Curaçao transfers: USD 5

It’s important to note that Curaçao banks will charge additional fees as well, including fees for falling below the minimum account balance and fees for using your Curaçao ATM card.

Before opening accounts, you should confirm whether balance requirements are applied to each account (in the case of multicurrency) or if they only apply to your primary ANG account, the currency of Curaçao.

How Much Does It Cost to Use an ATM in Curaçao?

The following are examples of the costs to use an ATM in Curaçao and abroad with Curaçao bank cards. That said, each bank in Curaçao will set its own fees. So, before using a Curaçao ATM card abroad, be sure to confirm all relevant fees with the bank.

  • Domestic ATM withdrawal fees: USD o.56
  • International ATM withdrawal fees: 3% (USD 15 min)

How Much Does it Cost to Transfer Money to Curaçao?

The following are examples of how much it would cost to dispatch cash or send money to Curaçao from the United States using bank transfers via SWIFT and money transfer providers like Western Union.

  • International bank transfers to Curaçao: USD 6.
  • International money transfer to Curaçao: USD 25

What Are the Other Costs of Banking in Curaçao?

Different client risk profiles can experience additional expenses in terms of onboarding and account maintenance. Of course, If you plan on visiting Willemstad in order to open a Curaçao bank account, you will need to pay for flights, hotels, transportation, and daily expenses.

However, it’s important to note that showing up in Curaçao does not guarantee account opening success. This is especially true since there are only a handful of banks in Curaçao that accept foreign non-residents.

Additionally, certain individuals need to consider the additional costs of disclosing and making tax-related filings about their bank account in Curaçao to their home country. For example, US citizens are required to complete an FBAR (FinCen 114) and Form 8938 when their Curaçao bank account (and other foreign accounts) surpass certain thresholds.

Lastly, like everywhere, it’s important to note that there are banking challenges and risks of banking in Curaçao. So, be sure to use the available resources shared above in order to navigate your options and find the best country and bank for your needs.

Frequently Asked Curaçao Banking Questions

Below are a few questions we receive from people exploring the costs of banking in Curaçao. If you have further questions you would like answered, don’t hesitate to contact us directly.

What Are the Bank Fees in Curaçao?

The bank fees in Curaçao can range from annual or monthly maintenance fees to everyday transaction fees. That said, bank fees vary depending on the bank, account, and account holder. This is why it’s important to confirm each bank’s up-to-date fee structure before applying to open an account.

Can I Open a Bank Account in Curaçao?

Yes, you can open a bank account in Curaçao as long as you meet the account opening requirements and have a suitable client profile for your chosen bank. That said, most non-residents can open personal or business bank accounts in Curaçao. Of course, account opening requirements and deposit amounts will vary depending on the type of account you open.

What Is the Largest Bank in Curaçao?

The largest bank in Curaçao at the end of 2022 in terms of total assets is Maduro & Cruiel’s Bank with USD 5.3 million.

Ready to Open an Offshore Bank Account?

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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