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  • Using Forex Online To Replenish Or Increase...

Using Forex Online to Replenish or Increase Your Credit Card’s Foreign Exchange Limit – What You Need to Know

  • Central Bank Of Barbados
  • 29 Feb,2024
  • 261
  • Blog,
  • Forex Online
  • Print

How do I apply for an increase in my credit or debit card’s foreign exchange limit using Forex Online?

If you haven’t already registered with Forex Online, you’ll need to create an account (learn how to register below)*. Log on to the Forex Online portal, select “Form CD – Credit/debit Card Replenishment/Increase in Foreign Exchange Limit,” complete the application form, upload the requested documentation, and hit “Submit.” 

*To create a Forex Online account, go to the portal’s homepage and select “REGISTER NOW.” You’ll need to provide a valid email address as well as other basic information, including your full name, I.D. number, and address.

What information do I need to submit when I’m applying to replenish or increase the foreign exchange limit on my debit or credit card?

You’ll need to provide your name, I.D. number, address, and email address as well as the name of your commercial bank, the type of card (i.e., credit or debit card), and the last four digits of your card’s number (you do not need to enter the full number). You’ll also need to upload supporting documentation based on the reason for your application. 

How long will the approval process take?

Your application will be processed within two business days once you have submitted all the required documentation.

How will I know if my application has been approved?

You will receive a notification to your registered email address from the Central Bank of Barbados. If you do not receive an email within two business days, please check your spam or junk folder.

What happens after I get approval? Will my bank be notified that my limit has been increased?

Your bank will be notified of the approval so they can activate the approved foreign exchange limit on the card.

How often can I get a replenishment or an increase in my foreign exchange limit?

There is no pre-set number of times your limit can be increased. Each application is accessed on a case by case basis and in accordance with the exchange control guidelines. 

How do I know how much of my foreign exchange limit on my debit or credit card I have used?

The foreign exchange limits for personal travel is BBD 20,000 and BBD 60,000 for business-related travel.  Most banks include your foreign exchange balance on your monthly credit card statement or on their online banking app. 

What’s the difference between replenishment and an increase?

“Replenishment” means you are applying to top-up the existing foreign exchange limit on your card. For example, if you have already used BBD $15,000 of your card’s BBD $20,000.00, but need to purchase something that will cost more than the BBD $5,000, you would apply to have your limit replenished. 

An increase means you are applying for a higher amount than the existing foreign exchange limit on your card. For example, if the foreign exchange limit on your card is BBD $20,000.00 and you want to apply to take it to BBD $30,000.00.

Do I apply for the replenishment or increase or does my commercial bank?

You, as the cardholder, should apply for the increase. However, if necessary, your commercial bank can apply on your behalf as your agent. You would need to request them to do so.

Can I apply for an increase on my credit card limit as well?

No. Your credit card limit (as distinct from your annual foreign exchange limit) is determined by your commercial bank. You will need to contact your bank if you wish to have that limit increased.

Can I use this for both debit and credit cards?

Yes. You can apply to increase your foreign exchange limit on both credit cards and Visa/Mastercard debit cards.

What’s the maximum increase I can apply for?

There is currently no stipulated maximum increase, but we would encourage you to apply to replenish your current foreign limit or, if the circumstances warrant, increase it when you have a legitimate need to. Remember that your application will be approved based on your reason for applying and the supporting documentation you provide. 

Do I have to say why I am applying?

Yes. You must state the reason you want the replenishment or increase. This is important because your reason and the supporting documentation you provide determine whether the amount you applied for will be approved.

Can I apply on someone else’s behalf?

Yes. You can apply on another cardholder’s behalf. To do this, however, you would need to register as an agent in Forex Online.

What is my foreign exchange limit on credit cards?

The foreign exchange limit for personal reasons is BBD $20,000.00 and BBD $60,000 for business-related credit cards.