External Accounts are local accounts denominated in Barbados Dollars that can only be held by non-residents. [1] 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 account 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.
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).
[1] See Exchange Control Circular No. 3 for the definition of 'non-residents' for exchange control purposes.