Regulatory Alerts2020-02-13
Exchange Control Circular No. 14 - Credit, Debit Cards, and Other Electronic Payment Products
The Central Bank of Barbados issued Exchange Control Circular No. 14 to define the conditions under which Authorised Dealers may provide foreign exchange facilities via electronic payment products. The circular establishes specific annual spending limits for Barbadian residents, including BDS$20,000 for private travel and BDS$60,000 for business travel, while allowing unlimited purchases abroad with proper documentation. Additionally, it stipulates that non-residents may utilize these payment means only if settlement is derived from external sources or foreign currency accounts.
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