Our foreign exchange services are readily available at all our branches. We will gladly exchange following currency:
We will exchange
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Some facts about the Arubian Guilder or "florin":
- Abbreviated as "AFL" coded as "AWG"
- In existence since 1986.
- Pegged to the U.S. dollar at 1.79 per US$ 1.00
About foreign exchange tax
Pursuant to the State Ordinance on foreign exchange tax, a 1.3% tax is levied on payments made by residents to non-residents. Certain groups of companies (mainly government-related) are also exempt by virtue of the State Decrees on foreign exchange commission exemption of September 1995, July 1998 and October 2001. Additionally, based on article 12 of the State Ordinance on the free zone of July 2000, the companies concerned may request an exemption to the extent that their payments for goods and services are linked to re-exports. Offshore companies and Aruba Exempt Corporations are considered non-resident for the purpose of foreign exchange control, and are, therefore, completely exempted.
About foreign exchange control
Pursuant to the State Ordinance on foreign exchange transactions, the bank is responsible for the implementation of the regulations concerning foreign exchange transactions for account and risk of the government. These regulations are used to monitor and regulate the in- and outflows of foreign currencies. Payments to and receipts from non-residents may be made in any convertible currency. For purposes of the compilation of the balance of payments, all payments made by residents to non-residents and receipts from non-residents via the local commercial banks and authorized foreign bank accounts should be reported to the bank.
There is a maximum limit per calendar year to the amount that residents can receive and/ or send without permit: AFL 300,000.- for individuals, and AFL 750,000.- for commercial entities.
Transactions between residents and non-residents should be reported before posting, as a permit might be required (depending on the reason for the transaction).
Note: The above-mentioned rates apply only for selling/ buying at Aruba Bank branches and do not apply for (ATM) Cash withdrawals.
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