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Thread: Banks and Money

  1. #1
    MissyB is offline Newbie 510 points
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    Banks and Money

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    I ask alot of questions.. So more to come.

    Do we use a US money or the florin?

    Do u suggest getting a good bank in the US or getting one in Aruba?

    Are we allowed to get accounts in Aruba?

    How do you pay rent to your landlord?

  2. #2
    hollboy is offline Member 510 points
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    Xavier's website has some info on banking: XUSOM - Xavier University School of Medicine Foundation at Aruba

  3. #3
    MissyB is offline Newbie 510 points
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    Only has a little bit of info

    I read that does not answer all of my questions though.

  4. #4
    GADoctor is offline Member 512 points
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    You can use either one, they are universally accepted. In fact, much more people use dollars than florins.

    Good bank in US. Accounts are not as easy as you would think to open, and there is no point in having one.

    Pay in cash usually. But for the larger ones, such as punto di oro, you can pay by credit.

  5. #5
    JennyZhu is offline Newbie 510 points
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    Quote Originally Posted by MissyB View Post
    I ask alot of questions.. So more to come.

    Do we use a US money or the florin?

    Do u suggest getting a good bank in the US or getting one in Aruba?

    Are we allowed to get accounts in Aruba?

    How do you pay rent to your landlord?
    The whole island accepts both currency. $1 = 1.75 florin - at restaurants, shopping malls, supermarkets, casinos, bars etc. However, if you change the currency at the bank, it fluctuates between 1.77 and 1.80.

    You can open an account on the island if you would like..The Caribbean Merchantile Bank (CMB) on the island is associated with Bank of America in the states, and RBTT Bank on the island is associated with Wachovia in the states. A lot of students just use their credit cards from back home at ATMs, restaurants etc.

    We are allowed to get accounts in Aruba, though you will have to request the school for a letter stating you are a student so you can apply for a student account so they will not charge you any monthly fees.

    Most private landlords ask for cash - can be in florin or dollars. If your apt is rented through a real estate agent - they accept credit cards and debit cards.

  6. #6
    riggly is offline Newbie 510 points
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    opening a bank account is the Worst idea here on the island, #1 its a crazy hassle because you need 100% immigration approved before they'll verify you. All that aside when u deposit $ here they say it's dollars in your acct, but what they've done (because you're not a local) is convert the currency to florins, then when u want to withdraw they convert it back out - 2 things about this: first they charge u 3% (depending on the bank) to get your cash out if u deposited dollars, secondly, which isn't really relevent because the currency here is so stable, but you could potentially lose value if the currency takes a diver w/all the converting.

    Best thing to do is bring cash from home & hide it real well, or use an international ATM they charge like 2% @ a max $500 per transaction so you pay $10 for every $500 you pull out. IF you need > cash NEVER use western union here they're crazy expensive total comes out to almost 7% (as high as 10%), use moneygram (just google the site i can't post links on valuemd evidentally) , ur parents/spouse just goes to a local walmart/CVS & they can send up to $2,500 per transaction @ a 2% charge ($50 per $2,500) but as many as they want in a day, all you do is goto a local bank like those listed above show em ur email printout receipt & they'll give you the cash-

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