What are Foreign Currency Accounts in the banking system in Barbados?

Foreign Currency Accounts are local bank accounts denominated in a currency other than the Barbados Dollar. Consequently, these accounts are not subject to the 2% Foreign Exchange Fee, but are usually still subject to exchange controls if the account holder is a resident. [1]

Local banks will only allow a customer to open and maintain a bank account in Barbados if they have an appropriate visa or permit allowing them to reside in Barbados. If that visa or permit expires, the bank account is normally closed shortly thereafter.

If you are residing in Barbados on the Welcome Stamp visa, you can open a local bank account if you wish. You can choose to hold a foreign currency account, or an External Account denominated in Barbados Dollars.

[1] See Exchange Control Circular No. 3 for the definition of 'residents' for exchange control purposes.