Exempt Transactions

“The Foreign Exchange Fee (FXF) only applies to purchases of foreign currency and payments related to foreign currency transactions, so persons converting foreign currency to Barbados dollars or receiving foreign wire transfers or Bank drafts will not have to pay the FXF.

• Transactions from foreign currency accounts held by residents or non-residents.
• Transactions from foreign currency accounts held by the international business and financial services sector.
• Foreign currency trades on the interbank market between authorised foreign exchange dealers.
• Foreign currency trades between the Central Bank of Barbados and authorised foreign exchange dealers.
• Foreign currency “cover transactions” provided by the Central Bank of Barbados to authorised foreign exchange dealers for their customers.
• Foreign currency sales by authorised foreign exchange dealers to credit card providers or money service providers related to the settlement of transactions, where there is evidence that the FXF has already been applied to the originating transactions.
• Foreign currency sales by authorised foreign exchange dealers related to select entities, where documentary evidence has been provided to the authorised dealer that the Government of Barbados has granted exemption from the application of new taxes or fees.
• Foreign currency sales related to the settlement of transactions for the bulk purchase of petroleum, diesel or jet fuel, where documentary evidence has been provided to the authorised dealer.
• Foreign currency sales made by the Central Bank of Barbados or authorised foreign exchange dealers related to:
  • The Government of Barbados; and
  • Debt service payments of statutory bodies.
• Foreign currency sales made by the Central Bank of Barbados or authorised foreign exchange dealers related to:
• Diplomatic Missions, Consulates General and members of the diplomatic or consulate service together with members of their families forming part of their household.
• International and regional organizations or agencies for which general or specific permissions have been granted for a waiver on the payment of taxes in Barbados, together with their staff as stipulated in the governing agreement.
• Updated February 13, 2019