External Accounts are local accounts denominated in Barbados Dollars that can only be held by non-residents. They cannot be 'overdrawn' without permission from the Central Bank of Barbados.
Like regular Barbados Dollar denominated accounts, they are subject to exchange controls, but the status of a person as a non-resident and any assets brought into Barbados are taken into consideration by the Central Bank when assessing requests to repatriate assets overseas or access foreign exchange.
External Accounts, like other Barbados Dollar denominated accounts, are subject to the 2% Foreign Exchange Fee when accessing the foreign exchange market.
Non-residents who later become residents are required to notify their bank or financial institution of the change in status, as their account can no longer be designated as an External Account.
If you are a foreign national residing in Barbados, you can open and maintain a bank account in Barbados as long as you have an appropriate visa or permit that allows you to live in Barbados (e.g. Permanent Residency, Immigrant Status, Right of Establishment, Reside and Work, or Welcome Stamp).
Travelling overseas with a Barbados Dollar account? Check your foreign currency limit with your bank. For most individuals, it's $20,000 BBD per year, in equivalent foreign currency. If your limit runs out while overseas, you WILL NOT be able to use your debit or credit card outside Barbados.
Always keep an eye on your foreign currency limit, and use the FOREX Online platform to request a replenishment at least 7 days before you anticipate running out. You can be stranded for several days without the ability to pay for anything if your limit runs out while overseas. Learn more.
See Exchange Control Circular No. 3 for the definition of 'non-resident' for exchange control purposes.