Understanding Exchange Controls - Travel Allowances

Author(s): Central Bank Of Barbados

Created 16 Aug, 2019
Tags Exchange Controls
Categories General Press Release
Views: 2695

The Central Bank of Barbados has increased the annual allowance for both holiday and business travel to the foreign equivalent of BBD $20,000 and BBD $60,000 per year, respectively.

These changes are part of a broader adjustment to Barbados’ exchange control regime, which also includes making it easier for Barbadian residents to open foreign currency accounts.

Novaline Brewster, Chief of Corporate Communications at the Central Bank sat down with Ian Collymore, Director (Ag.), Foreign Exchange and Export Credits to discuss the new limits, including:

  • How much of the foreign currency Barbadians purchase can be in cash
  • What happens if someone needs to exceed the annual limit
  • Whether these limits apply to people using money from foreign currency accounts

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