Money flows between the United States and Aruba regularly, and for varied reasons. In 2016, while around U.S. $3 million was sent from the United States to Aruba as remittances, around U.S. $1 million made its way in the opposite direction. In 2017, bilateral trade of goods between both countries accounted for over U.S. $1 billion.
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The U.S. dollar has been in circulation since 1792. Outside of the U.S., its use as official currency is also found in the Caribbean, the British Virgin Islands, Turks and Caicos Islands, two British Overseas Territories, and Zimbabwe. Its unofficial use is found in places such as Panama, Haiti, Belize, Liberia, Costa Rica, Myanmar, Nepal, and Cambodia.
The U.S. dollar is the most heavily traded currency in the world. Its share in the global foreign exchange market turnover was over 87% in April 2016. It is estimated that in excess of U.S. $5 trillion makes its way through the forex market every day. The U.S. dollar is also the most preferred reserve currency in the world.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
Aruba adopted the Aruban florin as its official currency in 1986. It replaced the then in use Netherlands Antillean guilder at par. While Aruba ceased to be a part of the Antilles in 1986, it has not gained complete autonomy yet. The back of 1, 2½, and 5 florin coins still display a profile view of the Kingdom of the Netherlands’ current head of state.
|Bank notes||10, 25, 50, 100, 500 florin|
|Coins||5, 10, 25, 50 cent, 1, 2 1/2, 5 florin|
U.S. Dollar / Aruban Florin Historical Rates
Since its introduction in 1986, the value of the Aruban florin has been pegged to the U.S. dollar at the rate of U.S. $1 = AWG 1.79. However, the florin’s street value tends to hover around AWG 1.75 against the U.S. dollar. Use of the U.S. dollar in Aruba is fairly common, and most establishments tend to offer an exchange rate of around AWG 1.75 against the U.S. dollar.
USD/AWG in the last five years
|U.S. $1 =|
|1 July, 2013||AWG 1.7855|
|1 July, 2014||AWG 1.7855|
|1 July, 2015||AWG 1.7855|
|1 July, 2016||AWG 1.7855|
|1 July, 2017||AWG 1.7905|
USD/AWG in the last five months
|U.S. $1 =|
|1 April, 2018||AWG 1.7725|
|1 May, 2018||AWG 1.7725|
|1 June, 2018||AWG 1.7800|
|1 July, 2018||AWG 1.7850|
|1 August, 2018||AWG 1.7800|
What Affects USD/AWG Rates?
As long as the Aruban florin remains pegged to the U.S. dollar, there will be little fluctuation in the USD/AWG exchange rate. Going forward, if the Centrale Bank van Aruba (CBA), Aruba’s central bank, feels that if there is a significant change in the country’s economic condition, a revision of the peg might be in order.
Some of the other factors that may have a bearing on the performance of the USD/AWG currency pair include tourism in Aruba as well as the gross domestic products (GDPs), interest rate changes, and trade balances of both countries.
Sending money from Aruba to the United States or the other way around requires that you pay close attention to the USD/AWG interest rate provided by different money transfer companies. Other aspects that need your attention include transfer fees, turnaround times, transfer methods, and modes of payment.