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Announcement regarding License Fee for Bank Transactions

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Announcement regarding License Fee for Bank Transactions

Since 1996, according to the Foreign Exchange Regulations, banks in Curaçao and Sint Maarten are required to pay to the CBCS a 1% license fee on the value of transactions from resident accounts to non-resident accounts and for the purchase of foreign currency. The banks pass this fee on to the ordering customers. The license fee collected by the CBCS is transferred fully to the respective governments of Curaçao and Sint Maarten.

However, in the event that ordering banks were unaware about the beneficiary account at another bank belonging to a non-resident, the license fee was not charged. This issue has been resolved with the implementation of Instant Payment technology. Ordering banks now receive information from beneficiary banks indicating whether the beneficiary account belongs to a resident or non-resident. Therefore, effective May 1, 2024, in compliance with the law, the license fee will be consistently applied to all transactions between resident and non-resident accounts.

For more detailed information regarding license fee, please refer to the Foreign Exchange Regulations page.

Willemstad, April 22, 2024
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN

Last updated: 15.05.2024 11:05