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 exchange controls or the 2% Foreign Exchange Fee.

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).