A meeting between the Public Entity Saba and management of RBC Royal Bank N.V. (“RBC”) on Friday, April 14, 2023, to discuss banking matters on Saba has resulted in some concrete agreements that will benefit Saba residents.

Saba pensioners who receive their pension on their RBC bank account will no longer see a deduction of the transfer fee from their monthly pension payment. To avoid the fee, RBC will be processing these transactions manually going forward. As this manual process requires more time, effective May 2023, pension payments will be credited to the respective accounts 2 – 3 days later than usual.

In addition, RBC committed to making the necessary adjustments to Instant Payment Systems (IPSM) in coordination with the Central bank of Curaçao and St. Maarten (CBCS) effective June 30, 2023, to allow local transfers between RBC Saba accounts and accounts held at banks in the Caribbean Netherlands islands, Curaçao and St. Maarten.

The bank’s management further pledged — in coordination with, and assistance of the Dutch Central Bank (DNB) — to bring more coins to Saba, in an effort to help alleviate the shortage.

RBC management took the opportunity to explain the dynamics of being the only local bank operating in Saba and reinforce the bank’s commitment to the Saba clients and the wider community. RBC and the Public Entity Saba confirmed their ongoing collaboration to make banking on Saba more efficient and transparent, and to find solutions for the issues customers have been experiencing.

RBC is keen on supporting the local economy in Saba and welcomes its residents, while the bank continues to focus on providing the best client experience and make things easier and more convenient. Citizens and residents of Saba can open a personal account within one week, by visiting the bank’s branch and providing two forms of valid photo identification and a document for verification of one’s home address, for example a recent utility bill.

Present at the meeting with the Public Entity Saba on April 14 on behalf of RBC were Pierrot Hurtado, Country Manager RBC Curaçao and Bonaire and Area Vice-President Personal Banking Dutch Caribbean, and Cheryl Pantophlet-Valies, Country Manager for RBC Saba and St. Maarten.

Commissioner Bruce Zagers has been pleading for better service levels for the people and the businesses of Saba in the Taskforce which is a joint effort from the Public Entity Saba and the Dutch Government. He emphasized that progress on the availability of banking service is essential to the people and businesses of Saba.

GIS