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Central Bank of Barbados Introduces Forex Online

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The Central Bank of Barbados has introduced a new foreign exchange system called CBB Forex Online, enabling people to apply for foreign exchange and remit funds abroad. The system is intended to improve exchange controls by helping the central bank monitor trends and minimize irregularities across the entire system. It is available 24 hours a day and makes applications easier and transactions faster. It also aligns with Barbados's efforts to become more globally competitive. copy trade คือ

Foreign currency account requirements


The Central Bank of Barbados (CBB) is introducing Forex Online in the beginning of January to make it easier for its customers to send and receive funds abroad. Forex Online is an electronic interface that is easy to use and is available 24 hours a day. It is also designed to provide an efficient exchange control system. It will allow the CBB to monitor trends and minimize irregularities throughout its system. It will also make the process easier and faster for customers.


Foreign currency account holders are required to submit a monthly statement to the Central Bank of Barbados containing details of all their receipts and payments. Once the account is approved, it is important to make sure that the amount in the account is within the allowed limit. This is done to prevent uncontrolled outflows of capital. Foreign currency account holders must be aware that the main purpose of these accounts is to save bank charges, and they do not receive preferential treatment.


The Central Bank of Barbados has also liberalized the rules on foreign currency transactions. Beginning Monday, February 17, 2020, this new policy makes it easier for Barbadians to access foreign exchange for education and medical purposes. It will also allow authorised dealers to remit payments abroad without the need for prior approval. Authorised dealers include First Citizens Bank, CIBC FirstCaribbean, and The Bank of Nova Scotia.


Besides the account opening process, you should also ensure that the bank has received your letter of approval from your employer. If you don't have the appropriate documentation, you should consider visiting your bank branch. It is recommended that you obtain your foreign currency before leaving for the trip. It is also a good idea to contact the bank before you travel if you plan on spending a large amount of money while abroad.


Those living in Barbados can also take up to BDS$500 in BARBADOS NOTES abroad. However, these notes can only be encashed in Barbados or in a CARICOM territory. Authorised dealers in Barbados can also exchange E.C. dollar notes, although not for imports.

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