BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados (CBB) says Barbadians wishing to apply to replenish or increase the foreign currency limit on their debit and credit cards can now do so using its Forex Online portal.
“There is an annual foreign exchange allowance of the equivalent of Barbados BDS$20,000 (One BDS$=US$0.50 cents) on debit or credit cards for personal use and BDS$60,000 for cards used for business purposes,” said Darrin Downes, the acting director of the CBB’s Foreign Exchange and Fund Management Department.
“Previously, if you had exhausted that limit and needed to top it up, or if you needed to make a purchase that exceeded that amount, you would either email the Central Bank or have your bank apply on your behalf. That could result in some back and forth if we needed to request additional information or documentation.
“Moving to Forex Online will streamline the process because before you can apply, you will be prompted to upload the relevant documentation based on your reason for making the request. After your application has been processed, you will receive confirmation via email, and your bank will also be notified,” he added.
Downes told Barbadians, apart from stating why they are applying and uploading supporting documentation, “you’ll only need to provide basic personal information and the last four digits of your credit or debit card. You should not enter the whole card number.
“If you’ve never used Forex Online before, you must create an account, but doing this is also straightforward. All you’ll need is your ID number and a working email address,” he said.
The CBB launched Forex Online in 2022, and the bank said that in addition to the newly added form, Barbadians can use it to apply for permission to purchase or transfer foreign currency.
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