Residents of Saba and St. Eustatius may soon regain access to Dutch banking services, as ING becomes the first major bank to announce its return to the Caribbean islands. The bank plans to offer checking and savings accounts credit cards and loans—ensuring a similar level of service as provided in the Netherlands, including on islands like Texel.However, due to regulatory complexities, the rollout is expected no earlier than late 2026. In the interim, the Dutch Central Bank (DNB) is stepping in to install additional ATMs on both islands in the coming months, ensuring residents maintain access to cash.

Why Dutch Banks Left—And Why ING Is Returning

Years ago, Dutch banks withdrew from the Caribbean Netherlands, citing high compliance costs tied to anti-money laundering regulations and the logistical challenges of serving a small customer base. Adding to the complexity, transactions on Saba and St. Eustatius are conducted in U.S. dollars rather than euros, despite the islands being special municipalities of the Netherlands.

While online banking with Dutch institutions remains an option, ABN Amro no longer accepts new customers from the islands, and Rabobank only serves those with a “clear economic link” to the Netherlands.

ING’s reversal comes from a sense of “social responsibility,” according to CEO Peter Jacobs of ING Netherlands. “We should be there for all Dutch citizens,” he stated. The bank will offer dollar-denominated accounts and establish physical offices on both islands. Business accounts will also be available—but only for locally operating companies, excluding entities like trust offices.

Past Challenges and Future Plans

ING previously exited the Caribbean in 2009 after its subsidiary, Netherlands Caribbean Bank (NCB), violated U.S. sanctions by processing transactions to Cuba. The bank later paid a $619 million fine in 2012.

This time, ING is proceeding cautiously. While the return is not yet finalized, the bank is working to secure the necessary licenses and comply with financial regulations. A final decision is expected next year.

Meanwhile, DNB is taking steps to bolster cash access, planning to double the number of ATMs (currently four per island) by year’s end. These machines will allow free dollar withdrawals and cash deposits for businesses. The provider has not yet been confirmed, but DNB aims for implementation in the second half of 2024.

For now, Rabobank and ABN Amro have no plans to follow ING’s lead, leaving the latter as the sole Dutch bank re-entering the Caribbean market.

NOS