New online application for replenishing or increasing foreign exchange limits on credit cards

Starting March 4, Barbadians will be able to apply to replenish or increase the foreign exchange limit on their debit and credit cards using the Central Bank of Barbados’ Forex Online portal.

“There is an annual foreign exchange allowance of the equivalent of Barbados $20,000 on debit or credit cards for personal use and $60,000 for cards used for business purposes,” revealed Darrin Downes, Director (Ag.) of the Bank’s Foreign Exchange and Fund Management Department.

“Previously, if you had exhausted that limit and needed to top it up, or if you needed to make a purchase that exceeded that amount, you would either send the Central Bank an email or have your bank apply on your behalf. That could result in some back and forth if we needed to request additional information or documentation.

“Moving to Forex Online will streamline the process because before you can submit the application, you will be prompted to upload the relevant documentation based on your reason for making the request. After your application has been processed, you will receive confirmation via email, and your bank will also be notified.”

Downes assured the public that the application process is a straightforward one. “Apart from stating why you’re applying and uploading supporting documentation, you’ll only need to provide basic personal information and the last four digits of your credit or debit card. You should not enter the full card number.”

He added, “If you’ve never used Forex Online before, you will need to create an account, but doing this is straightforward as well. All you’ll need is your ID number and a working email address.

The Central Bank of Barbados launched Forex Online in 2022. In addition to the newly added form, Barbadians can use it to apply for permission to purchase or transfer foreign currency. The portal currently has 24,000 registered users and receives approximately 250 applications per day. 

Source: CBB