WILLEMSTAD – As of today, July 1, every bank in Curaçao will be legally required to open a basic payment account within ten working days for anyone residing legally on the island. This obligation comes under the new Landsverordening basisbetaalrekening (Basic Payment Account Ordinance), aimed at preventing financial exclusion. 

The law mandates all banks and payment service providers to offer a simplified bank account to individuals who currently lack access to the traditional banking system. 

With a basic payment account, residents can deposit and withdraw money, make payments with a debit card, and access essential banking services such as transfers. However, credit features like overdraft facilities are not included. Additionally, a maximum of NAf 3,000 per month may be deposited into the account. 

Mandatory for All Banks Offering Regular Accounts 

All banks that offer standard accounts must now provide this basic service. Rejections are only allowed under specific circumstances, such as if the applicant already holds a bank account, faces identification issues, or has a history of financial misconduct. Importantly, lacking a permanent address cannot be used as grounds for denial. 

Fast Processing Required 

Once a complete application is submitted, banks must either open the account within ten working days or provide a written explanation—free of charge—if the request is denied. In such cases, the bank must also inform the applicant of their right to file a complaint with the Central Bank of Curaçao and Sint Maarten. 

Applicants are required to present a valid ID, proof of address, and income details when applying for the account. The measure is part of broader efforts to increase financial inclusion and ensure every legal resident in Curaçao has access to basic banking services.