Fees and Transaction Limits in BiMPay

Since the announcement that the Central Bank of Barbados was developing BiMPay, a national instant payment system that will make it possible to send and receive money to and from anyone in Barbados any time of day, any day of the year within 10 seconds, Barbadians have wanted to learn more about what to expect. Two of the questions people have been asking are “What will it cost me to use BiMPay?” and “Are there limits to how much money I can send or receive?”

So, before the system goes live, here’s what you need to know.

Are There Fees Associated with Using BiMPay?

If you’re an individual, the answer is no. 

When you send money to a friend, make a payment, or receive funds through BiMPay, you will not have to pay to use the system. This applies whether you access BiMPay through your financial institution’s online or mobile banking platform or through a BiMPay e-wallet that’s to your account.

There will also be no fees for small businesses whose revenue falls below a specific threshold. Larger businesses may be subject to fees, however. Those fees would be set by their financial institution based on the arrangements they have with them. So, if you own a business, you should check with your bank or credit union to understand what fees will apply to you.

What About Transaction Limits?

The maximum limit the system allows for a single transaction is $500,000, but your bank or credit union will set a limit for you based on your risk profile.

However, if you don’t have a bank or credit union account and are using BiMPay through the e-wallet, there will be pre-set transaction limits. That’s because when you register the wallet with the custodian institution, rather than an extensive Know Your Customer (KYC) process, you will go through simplified due diligence – you’ll have to provide significantly less documentation. This allows you to get started quickly, but it also means the financial institution facilitating your transactions can’t do a detailed risk assessment of you.

If you’re using the e-wallet through a custodian, you’ll be allowed to receive up to $750 daily, $2,500 monthly, and $30,000 annually. However, the amount you can spend is only limited by how much money you have in your wallet. 

These limits are set to balance access and security. They ensure that people without traditional accounts can still take advantage of the benefits of BiMPay, while remaining compliant with anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements and safeguarding against fraudulent activity. 

The Central Bank designed BiMPay to be not only convenient and fast, but also inclusive. By making it free to individuals and small businesses and by offering an e-wallet with a meaningful limit for people who might not have the documentation that financial institutions typically require, it ensures that every Barbadian who wants to use digital payments has the option to do so.