The largest banks in Curaçao include local banks, regional banks, and subsidiaries of foreign banks. Not surprisingly, they are different in terms of size, target clients, and available services.
In this article, we’re going to share the largest banks operating here and help you navigate your options when choosing where to open accounts on the island country of Curaçao.
This article is part of our free series on bank account opening in Curaçao, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Largest Banks in Curaçao
- Non-Resident Banking in Curaçao
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Largest Banks in Curaçao
The largest banks in Curaçao in terms of assets are Maduro & Curiel’s Bank, Banco di Caribe, and Orco Bank with USD 5.3 billion, USD 950 million, and USD 675 million, respectively.
However, several regional and international subsidiaries operate in Curaçao as well, including Republic Bank, RBC Caribbean, and CIBC FirstCaribbean with assets of USD 16 billion, USD 14.5 billion, and USD 13 billion, respectively.
Importantly, these regional banks and foreign subsidiaries typically operate in 10 to 15 different jurisdictions across the Caribbean, providing a significantly larger consumer base. Comparatively, the local banks that operate in Curaçao are typically restricted to Aruba, Bonaire, Curaçao, and Sint Maarten.
Like elsewhere in the Caribbean, most operating financial parties, including the list of banks in Curaçao, will want to see local economic substance. In certain instances, this can include economic substance to the region. Likewise, each bank will have preferred client profiles, required minimums, online banking features, and specific Curaçao banking services they want clients to use.
With this in mind, finding the right financial institution needs to be a combination of finding a trustworthy bank in addition to a bank that will accept your client profile.
This means you need to understand your own client profile, banking needs, desired deposit level, where you plan to send and receive money from, including how often you need to send money to Curaçao, and much more before you start the process of applying for accounts. We’ll discuss this in greater detail below. But, for now, let’s take a look at the largest banks in Curaçao.
Largest Banks in Curaçao
- Maduro & Curiel’s Bank (USD 5.3 billion in total assets)
- Banco di Caribe (USD 950 million in total assets)
- Orco Bank (USD 675 million in total assets)
As mentioned, these are the largest local banks. However, there are regional and foreign subsidiaries operating in Curaçao as well, including:
Largest Regional & Foreign Banks in Curaçao
- Republic Bank (USD 16 billion in total assets)
- RBC Caribbean (USD 14.5 billion in total assets)
- CIBC First Caribbean (USD 13 billion in total assets)
Non-Resident Banking in Curaçao
Importantly, if you are looking for personal, business, high-net-worth wealth management, or private banking in Curaçao as a foreign non-resident and you do not have clear ties to the jurisdiction, there may be better options suited to your needs elsewhere.
With this in mind, it’s important to directly compare all of the account opening options and banking services available to you. This also includes the type of currency you want to hold, whether it’s the Antillean Guiler, the currency of Curaçao, or a foreign currency. This way you ensure you’re ensuring you find a bank that will open accounts for you and meet your banking needs.
This is especially important if you are opening an account as a non-resident to access Curaçao personal banking services. But also, if you are opening an account as a foreign entity to access Curaçao business banking. In these instances, the largest banks in the country are often more difficult to open with, not to mention getting them to respond to your account opening requests can be a challenge.
Additionally, it’s also important to consider the market vulnerabilities and the risks of banking in Curaçao and how they could impact your account opening experience before applying to open an account.
If you would like to start directly comparing your account opening options and whether offshore banking in Curaçao is right for you, you can immediately access hundreds of banks in the GlobalBanks IQ Database. Each bank profile includes detailed regulatory demands, Curaçao banking requirements, preferred clients, important considerations and risks, and much more. You can see everything you get instant access to when you join GlobalBanks IQ below.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about banking in Curaçao. If you have further questions you would like answered, don’t hesitate to get in touch.
What Is the Largest Financial Institution in Curaçao?
The largest financial institution in Curaçao that operates primarily in the local market is Maduro & Curiel’s Bank, with total assets in excess of USD 5.3 billion at the end of 2022 financial year. However, there are regional and foreign banks with consolidated assets that are much higher, including Republic Bank with USD 16 billion in total assets at the end of the 2022 financial year. However, Republic Bank operates across many jurisdictions while Maduro & Curiel’s Bank operates in four (significantly smaller) neighboring jurisdictions.
Which Is the Best Bank in Curaçao?
The most respected financial firms and the best banks in Curaçao will depend on the person (or business) applying to open an account. Likewise, the client profile and specific banking services they are interested in will influence the available choices. Fortunately, for many foreigners, there are various banking options available that offer diverse non-resident financial services. However, it’s important to confirm whether or not the bank meets your banking needs and has deposit fees and Curaçao banking costs you can afford before applying to open an account.
Can a Foreigner Open a Bank Account in Curaçao?
Yes, a foreigner can open a bank account in Curaçao. In fact, foreign non-resident individuals and certain foreign non-resident entities are eligible to open bank accounts in Curaçao. That said, client types, financial services, special financial incentives, Curaçao banking benefits, and account opening requirements can vary between banks in Curaçao. So, bank selection is an important factor when opening a bank account in Curaçao.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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