Central Bank of Barbados Clarifies Customer Fees and the Protection of Funds

The Central Bank of Barbados is aware of reports circulating on social media from customers who have described a transfer that did not complete and a fee they were charged to raise a dispute, which some understood to be a fee charged by the Central Bank. More than one customer has described a similar experience. The Bank wishes to correct the record and to reassure the public.

The Central Bank does not charge any customer any fee. It does not charge individuals or businesses to send or to receive a payment, and it does not charge any fee to raise or to resolve a dispute. BiMPay is the national instant payment system that moves funds between accounts; it is the infrastructure that carries a transfer, not a service for which the Central Bank bills customers. Any fee a customer is asked to pay is charged by that customer's own financial institution, not by the Central Bank.

Financial institutions are also not permitted during the current period to charge individuals for the transfers they initiate or for disputes arising from those transfers. These dispute-related fees are relaxed and will remain relaxed until mid-September 2026. No customer should be charged to raise a dispute at this time, and any customer who has been charged such a fee will be refunded by their institution.

On the movement of funds, a transfer that is delayed, or that leaves one account before it reaches the other, does not mean that the money is lost. Funds within the payment system are protected. Where a transfer does not complete, the amount is recovered and returned, and the customer is made whole by their financial institution. Customers are asked to report any such case promptly so that it can be resolved quickly.

Any customer whose transfer has not completed, or who has been charged a fee to make a transfer or to raise a dispute should contact the Central Bank's help desk at 424-2729, by email at helpdesk@bimpay.bb, or by WhatsApp at 851-2834. The Bank will follow up directly with the institution concerned, and every customer who was charged a fee in error will be refunded.

The Central Bank regrets the anxiety these experiences have caused and is determined that no customer is left out of pocket. The Bank is reminding all financial institutions of their obligations, including their obligation to communicate accurately with their customers, and not to attribute their own fees, or a delay in their own processing, to the Central Bank.

Members of the public are encouraged to verify information through official Central Bank channels before sharing it further. Please visit BiMPay.bb for more information.