WILLEMSTAD/PHILIPSBURG — Transaction fees of local banks in Curaçao are among the lowest in the region. That is the outcome of a comparative analyses of bank transaction fees in Curaçao and Sint Maarten valid per 2022 conducted by the Centrale Bank van Curaçao en Sint Maarten (CBCS). In this analysis the transaction fees of local banks are compared with several countries in the region and the Netherlands. The countries included in the comparison are Aruba, Bahamas, Barbados, Belize, Jamaica, Sint Maarten and Trinidad & Tobago. The research was conducted in cooperation with all 7 local banks and 1 credit institution in Curaçao and was a follow up on previous research by the CBCS titled ‘Households’ financial affairs in Curaçao 2020’. 81% of the respondents at that time agreed that there is a need to reduce the transaction fees, implying these fees are too high. In view of this, the CBCS committed itself to investigate the extent of this matter.
Fees development 2022 vs 2019
The CBCS compared previously collected fees per 2019 with the current fees per 2022 to see whether there have been fee changes during the last few years. The results show that since 2019 most banks increased their administration fees, especially their in-branch service fees (Figure 1)1. However, the online banking services remained free of charge or in some instances even decreased in the effort to promote the use of digital payments.
Latest Local News
Social dialogue key to economic and social development, enabling inclusive transitions....
~The new ILO Social Dialogue Report 2024 shows the potential of peak-level social dialogue in promoting decent work in an era of unprecedented change.~To...
Minister of VROMI engages in candid discussion with waste collection companies...
PHILIPSBURG:--- Minister Patrice Gumbs of Public Housing, Spatial Planning, Environment, and Infrastructure (VROMI), along with representatives of the Ministry, held a constructive meeting with...
Ministry of VROMI reminds Community to identify plots in Cay Bay...
~Mapping and beautification to begin in 2025.~To read more: https://smn-news.com/index.php/st-maarten-st-martin-news/46600-ministry-of-vromi-reminds-community-to-identify-plots-in-cay-bay-cemetery.html
SXM DOET Empowers Youth with New Volunteerism and Sustainability Initiatives. |...
PHILIPSBURG:--- Every year, St. Maarteners celebrate SXM DOET Weekend, an initiative that started in the Netherlands over 20 years ago, inspiring the Dutch Caribbean...
Disaster Reserve Fund, an initiative of the Steering Committee of the...
PHILIPSBURG: --- The announcement made last week by Prime Minister Dr. Luc Mercelina that he would establish the Disaster Reserve Fund for Housing Projects...
View comments
Hide comments