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The Central Bank of Barbados has Upgraded its Foreign Currency Application Portal

The Central Bank of Barbados has added three additional forms to its foreign currency application portal, Forex Online. As a result, starting Thursday, June 1, Barbadians and other residents will now be able to complete all of their requests to purchase or transfer foreign currency electronically.

"With the addition of these new forms, people who want to make periodic foreign currency payments, such as a parent sending maintenance for their child who's studying abroad; or people or businesses paying for imports can complete their application using Forex Online. The same applies to those who are bringing in money from overseas to invest in Barbados," revealed Darrin Downes, Deputy Director of the Bank's Foreign Exchange and Export Credits Department.

Previously, the portal was used by individuals and businesses who were applying to purchase foreign currency for travel or to make one-off payments or transfers to people or entities abroad.

"Since we launched Forex Online in January 2022, we've had more than 15,000 people register to use it. Over the past 17 months, we've listened to their feedback and made adjustments to make the interface more user-friendly. Now, we feel it is time to bring the full suite of forms online to make applying for foreign currency much more convenient and efficient for Barbadians.”

The Forex Online portal is accessible through the Central Bank’s website, www.centralbank.org.bb