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.
[Logo of Central Bank of Barbados]
CENTRAL BANK OF BARBADOS EXCHANGE CONTROL ACT, CAP.71
EXCHANGE CONTROL CIRCULAR
NUMBER 14
FEBRUARY 2020
TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES
CREDIT, DEBIT CARDS AND OTHER ELECTRONIC PAYMENT PRODUCTS
This Circular sets out the conditions under which foreign exchange facilities may be made available by way of credit, debit and other electronic means by Authorised Dealers to both residents and non-residents for travel services abroad or to facilitate payment for purchases abroad.
- Residents of Barbados
Residents of Barbados are allowed to use credit/debit/prepaid cards or other electronic means to make payments for transactions subject to the limits set out below:
Authorised dealers may facilitate payments on a card product for a customer as follows:
a) Private travel - Up to the equivalent BDS$20,000 in foreign currency per annum as per paragraph 1 (a) of Circular Number 13 or such additional amounts as may be approved by the Bank. b) Business travel up to the equivalent BDS$60,000 in foreign currency as per paragraph1(b) of Circular Number 13 or such additional amounts as may be approved by the Bank. c) Purchases abroad - without limit once the request is supported by similar customs documents and relevant invoices presented to the Authorised Dealer as required for imported goods. d) Such amounts as approved for education and medical cases. (Circulars 11 & 12).
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- Non-Residents
Non-residents may be issued with credit, debit and other electronic payment means on condition that the settlement is from external sources or from an external account or a foreign currency account of the non-resident.
[Signature]
Ian R. Collymore Director, Foreign Exchange and Export Credits Department
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