We would like to inform our customers that the following is an official announcement from the Central Bank of Curaçao and Sint Maarten (CBCS).

Since 1996, under the Foreign Exchange Regulations, banks in Curaçao and Sint Maarten have been required to pay a 1% license fee to the Central Bank of Curaçao and Sint Maarten (CBCS) on transactions from resident accounts to non-resident accounts and for foreign currency purchases. This fee is passed on to the customers initiating the transactions. The collected license fees are then fully transferred by the CBCS to the respective governments of Curaçao and Sint Maarten.

In the past, if an ordering bank was unaware that the beneficiary account at another bank was held by a non-resident, the license fee might not have been charged. However, with the introduction of Instant Payment technology, this oversight has been addressed. Now, ordering banks receive information from beneficiary banks that clearly indicates whether the beneficiary account is held by a resident or a non-resident.

As a result, beginning May 1, 2024, the 1% license fee will be consistently applied to all applicable transactions between resident and non-resident accounts, ensuring full compliance with the law.

For more detailed information regarding license fee, please refer to the Foreign Exchange Regulations page on our website: https://www.centralbank.cw/publications/announcements/2024/announcement-regarding-license-fee-for-bank-transactions